CHAPTER 1
Engineering Economy: A Prologue
Engineering economy is concerned with formulation, estimation and evaluation of the economic outcomes of alternatives that are available to accomplish a defined purpose. Engineering economy can also be defined as a collection of mathematical techniques that simplify economic comparison. Engineers use the knowledge of engineering economy in performing analysis, synthesizing and drawing conclusions as they work on projects of all sizes. In other words, the techniques and models of engineering economy assist engineers in making decisions. The success of engineering and business projects is normally measured in terms of financial efficiency. A project will be able to achieve maximum financial efficiency ...
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