Appendix A Economic Analysis
The main body of this textbook describes promising analytical and numerical techniques for engineering design optimization. This appendix departs from the main theme and contains an introduction to engineering decision making based on economic considerations. More detailed treatment of the subject can be found in texts by Grant and coworkers (1982) and Blank and Tarquin (1983).
A.1 Time Value of Money
Engineering systems are designed to perform specific tasks. Usually many alternative designs can perform the same task. The question is, which one of the alternatives is the best? Several factors such as precedents, social environment, aesthetic, economic, and psychological values can influence the final selection. ...
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