Engineering Economics of Life Cycle Cost Analysis, 2nd Edition

1Overview of Systems Life Cycle Costing

DOI: 10.1201/9781003254782-2

1.1 OVERVIEW OF ENGINEERING ECONOMIC ANALYSIS

With the globalization of the manufacturing industry and much of the services profession, the efficiencies derived from advances in technology (and the subsequent decrease in middle management positions), and the shifting of our economy to be service based, the roles of the technical organization and of engineers have dramatically changed. In the 21st century, technical organizations must be concerned with

• maintaining an agile, high-quality, and profitable business base of products or services in an unstable and global economy;

• hiring, managing, and retaining a highly qualified and trained staff of engineers, scientists, technicians, ...