2The Science of Engineering EconomicsUnderstanding the Time Value of Money
2.1 INTRODUCTION AND THE TIME VALUE OF MONEY
The need for an in-depth understanding of economic analysis is twofold. First, in our flat, global, and complex world, engineers work on multidisciplinary projects that encompass “cradle to grave” dimensions, including finance, design, construction, operation, maintenance, and retirement. To compete in international markets, all industries face and must respond to increased competition in the form of lower-cost operations and competition from non-traditional sources. Second, economic analysis is important from the traditional perspectives of life cycle costing, analysis of alternatives, business ...
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