Engineering Economy Intro

Engineer Means

• Problem solver

• Find new ways doing things economically

• Engineering is the art of doing that well with one dollar which any bungler can do with two

• all of the above

Engineer uses physical and economic environment

• True

• False

It involves the systematic evaluation of the economic merits of proposed solutions to engineering problems.

• Engineering

• Engineering economy

• economy

According to him, Engineering economy is defined to be the study of economic theories and their application to engineering problems with concept of obtaining the maximum benefit at the least cost as a basis for decision.

• Matias Arreola

• Erick Kasner

• William G. Sullivan,

Engineering is more than a problem solving activity!

• true

• false

What is the first principle of engineering economy?

• Use a consistent viewpoint

• Use a common unit of measure.

• Develop the alternatives

• Focus on the differences.

what is the 3rd principle of Engineering Economy

• Use a common unit of measure.

• Consider all relevant criteria.

• Revisit your decisions.

• Use a consistent viewpoint

• Make uncertainty explicit

What is the last principle of Engg Eco?

• Develop the alternatives.

• Focus on the differences.

• Consider all relevant criteria.

• Revisit your decisions

• Make uncertainty explicit.

Use a common unit of measure. This is Principle # ?

• 1

• 2

• 3

• 4

What is the first step in Engg Eco analysis procedure

• development of feasible alternatives

• problem recognition

• development of outcomes