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1、Engineering Economy,Lecture:XXXXXXX,About our course,Structure of the Course,Fundamentals of Engineering Economy Introduction to Engineering Economy Cost Concepts and Design Economics Money-Time Relationships and Equivalence Basic Topics in Engineering Economy Application of Money-Time Relationships
2、 Comparing Alternative Depreciation and Income Taxes Cost Estimation Techniques Price Changes and Exchange Rates Replacement Analysis Dealing with Uncertainty Additional Topics Evaluating Projects with the Benefit-Cost-Ratio Method Engineering Economy Studies in Investor-Owned Utilities Probabilisti
3、c Risk Analysis Capital Financing and Allocation Dealing with Multi-attributed Decision,INTRODUCTION TO ENGINEERING ECONOMY,CHAPTER 1,Introduction to Engineering Economy,WHAT IS ECONOMICS ?,The study of how limited resources is used to satisfy unlimited human wants.The study of how individuals and s
4、ocieties choose to use scarce resources that nature and previous generations have provided.,The efforts, skills, and knowledge of people which are applied to the production process,All gifts of nature, such as: water, air, minerals, sunshine, plant and tree growth, as well as the land itself which i
5、s applied to the production process,Real Capital (Physical Capital ) Tools, buildings, machinery - things which have been produced which are used in further production Financial Capital Assets and money which are used in the production process Human Capital Education and training applied to labor in
6、 the production process,Resource,Land,Labor,Capital,What is engineering,Engineering is the profession in which a knowledge of the mathematical and natural sciences gained by study, experience, and practice is applied with judgment to develop ways to utilize, economically, the materials and forces of
7、 nature for the benefit of mankind.,Engineering Economy involves the systematic evaluation of the economic merits of proposed solutions to engineering problems. To be economically acceptable, solutions to engineering problems must demonstrate a positive balance of long-term benefits over long-term c
8、ost, and they must also:,What is engineering economy,The perspective that ultimate economy is a primary concern to the engineer and the availability of sound techniques to address this concern differentiate this aspect of modern engineering practice from that of the past.,Pioneer: 1887, Arthur M. We
9、llington, civil engineer latter part of nineteenth century; addressed role of economic analysis in engineering projects; area of interest: railroad building.(The Economic Theory of Railway Location),1930, Eugene Grant published the first edition of his textbook. (Principles of Engineering Economy ),
10、1942, Woods and DeGarmo wrote the first edition of this book, later titled Engineering Economy,Principles,Develop the alternatives,Focus on the differences,Use a Consistent Viewpoint,Make Uncertainty Explicit,Consider All Relevant Criteria,Use a Common Unit of Measure,Revisit Your Decisions,Develop
11、the alternatives,The final choice (decision) is among alternatives. The alternatives need to be identified and then defined for subsequent analysis.,Focus on the differences,Only the differences in expected future outcomes among the alternatives are relevant to their comparison and should be conside
12、red in the decision.,The prospective outcomes of the alternatives, economic and other, should be consistently developed from a defined viewpoint (perspective).,Use a Consistent Viewpoint,Using a common unit of measurement to enumerate as many of the prospective outcomes as possible will make easier
13、the analysis and comparison of alternatives.,Use a Common Unit of Measure,Selection of a preferred alternative (decision making) requires the use of a criterion (or several criteria). The decision process should consider the outcomes enumerated in the monetary unit and those expressed in some other
14、unit of measurement or made explicit in a descriptive manner.,Consider All Relevant Criteria,Uncertainty is inherent in projecting (or estimating) the future outcomes of the alternatives and should be recognized in their analysis and comparison.,Make Uncertainty Explicit,Revisit Your Decisions,Impro
15、ved decision making results from an adaptive process; to the extent practicable, the initial projected outcomes of the selected alternative should be subsequently compared with actual results achieved.,An engineering economy study is accomplished using a structured procedure and mathematical modelin
16、g techniques. The economic results are then used in a decision situation that involves two or more alternatives and normally includes other engineering knowledge and input.,Engineering Economy Process,Problem recognition, definition, and evaluation,Development of the feasible alternatives,Development of prospective outcomes,Selection of a decision criterion,Analysis and comparison of the alternatives,Selection of the preferred alternative,Performance monitoring and post-evaluation of results,
