Introduction to Engineering Economy

What is engineering economy?

• The way we make and use money

• Involves formulating, estimating, and evaluating the expected economic outcomes of alternatives designed.

• Goods bought from another country

Why engineering economy is important to Engineers?

• To make decision in purchasing/selling/disposal of material, machines, tools & equipments.

• To determine cost of manufacturing

• To decide the most economical/profiatable project for industry

• All the above

Concurrent engineering is a systematic approach to the integrated, concurrent design of products and their related processes, including manufacture and support.

• True

• False

All of the following are principles of engineering economy, except:

• Develop the alternatives

• Focus on the differences

• Use a common unit of measure

• Reconsider all relevant criteria

What is the process of developing newer, better things?

• Innovation

• Market

• Competition

Which word best describes a constraint?

• Option

• Oppurtinity

• Restriction

The engineering process begins

• when you brainstorm new ideas

• creating an advertisement

• identifying the need or solution to a problem

When finding the solution to an engineering problem, there is/are usually

• only one possible correct solution

• a very limited number of possible correct solutions

• many possible correct solutions

A team of engineers is asked to design a scooter for less than $30. They decide that they will only use recycled materials. Which of the following is the team’s constraint?

• designed to appeal to kids

• made out of recycled materials

• cost less than $20 to produce

Afiyah presented an idea for recycling empty milk cartons to her principal. If she followed the engineering design process, what was the first step in developing her idea?

• communicating the results of her research

• identifying the specific problem

• creating a prototype