If you aren’t costing, you aren’t engineering. Engineers must always consider the capital and running cost implications of every decision they make. For experienced engineers this becomes largely instinctive, but beginners will need to follow more rigorous approaches until instinct develops. Such techniques need to be no more rigorous than strictly required to avoid this becoming onerous, but some of the techniques used in academia lack sufficient rigor to be useful in professional practice.
Capital; operating; costs; budget pricing
Engineering … to define rudely but not inaptly, is the art of doing that well with one dollar, which any bungler can do with two after a fashion.
Arthur Mellen Wellington ...