Engineering economy provides a systematic framework for evaluating the economic aspects of competing design solutions. Just as an engineer models the stresses on a prop or the thermodynamic response of a steam turbine, an engineer must also model the economic impact of recommendations.
What are engineering economy? The initial reaction of many engineering students to such a question is, “Someone else will take care of the money. I don’t need to worry about it. “The reality is that any engineering project must be not only physically feasible but also economically affordable.
About the Book
The main objectives of this book are two fold:
- To provide students with a sound understanding of the principles, basic concepts, and methodologies of the engineering economy.
- To familiarize them with these methods and the processes for making rational decisions that they are likely to encounter in professional practice.
Interestingly, a course in engineering economics may be the only college course that exposes students to a systematic evaluation of alternative investment opportunities. In this regard, Engineering Economy is intended to serve as a textbook for class room use and as a basic reference for student use.
It is also intended to serve as a basic reference book to be used by practicing engineers in all disciplines (chemical engineering, civil engineering, computer engineering, electrical engineering, industrial engineering, mechanical engineering, etc.). It is also useful for those involved in the management of engineering activities.
As a textbook, the16th edition is written primarily for the first formal course in engineering economics; a three-credit semester course should be able to cover most of the topics in this edition, with sufficient depth and breadth to allow the instructor to arrange course content to suit individual needs.