(855) 4-ESSAYS

Type a new keyword(s) and press Enter to search

Engineering Economy

            
            
             (Abstracted by Jafar Kabir Ansari, Principal, GEA.
            
             "Engineering economy is the discipline concerned with the economic aspects of engineering, and involves the systematic evaluation of the costs and benefits of proposed technical and business projects and ventures. The principles and methodology of engineering economy are an integral part of the daily management and operation of private sector companies and corporations, regulated public utilities, government units or agencies, and nonprofit organizations. They are utilized to analyze alternative uses of financial resources, particularly in relation to the physical assets and the operation of an organization. Last, but certainly not least, engineering economy will prove to be invaluable to you in assessing the economic merits of alternative uses of your personal funds." (saying by a Professor of University of California, Berkeley).
             Short History of Engineering Economy:.
             1887 - Arthur M. Wellington, a civil engineer, used the capitalized cost method of analysis to select the preferred lengths of rail lines or curvatures of the lines.
             1920s - C. L. Fish and O. B. Goldman looked at investment in engineered structures from the perspective of actuarial mathematics. Fish formulated an investment model related to the bond market. Goldman proposed a compound-interest procedure for determining comparative values.
             1930 - Eugene L. Grant published the first Engineering Economic textbook. "Grant can truthfully be called the father of Engineering Economy.".
             Some Applications of Engineering Economy.
             1. Selecting among alternative preliminary designs or detailed designs, as part of the design process.
             2. Estimating and analyzing the economic consequences of alternatives.
             3. Selecting among proposed projects within the annual capital budget limits.
             4. Analyzing whether the equipment in the service fleet should be replaced, and at what rate.
             5. Choosing between asset lease and purchase options to support a new project.


Essays Related to Engineering Economy

1. Genetic Engineering

... exactly the same as the body produces. This sort of experiment was a great breakthrough worldwide for it now allowed scientists to attempt to manipulate the human body cells. When genetic engineering first gained its popularity in the early 21st century, its intent was to alleviate hereditary diseases and birth defects. As research went on and technology improved, scientists found that not ... industry, even surpassing the computer industry. With rapid globalization, U.S. exports of services and manufactured goods will continue to grow and fuel the nation's economy for years to come. By...

  • Word Count: 1234
  • Approx Pages: 5
  • Grade Level: Undergraduate

2. The Finnish Economy

THE FINNISH ECONOMY THE ECONOMIC DEVELOPMENT After the Second World War Finland experienced 50 years of growth. War reparations to the Soviet Union forced Finland to build up their industry infrastructure to be able to repay their debt. A strong metal and engineering industry rose alongside the traditionally powerful forest industry. After the debt was paid Finland established a good trade relation to the Soviet ... due to low interest rates. The loans became unbearable to many businesses. In the 1990s the Finnish industry grew a third "supporting leg". Along with the forest sector and metal ...

  • Word Count: 1942
  • Approx Pages: 8
  • Has Bibliography
  • Grade Level: High School

3. A Look at Belgium's Economy

... there is a noticeable difference between the upper class and lower class, but the amount of Belgians in the middle class levels off the difference. The principal industries in Belgium are: engineering and metal products, motor vehicle assembly, processed food and beverage, chemicals, basic metals, textiles, glass, petroleum, and coal. The Gross National Product is approximately 9.384 billion BEF ... industry, mechanical, electrical and plastic equipment, construction and assemblage of automobiles, textiles, iron and steel, printing industry. Motor vehicle assembly, engineering, and proce...

  • Word Count: 4785
  • Approx Pages: 19
  • Has Bibliography

4. The Rise of Genetic Engineering

... widely used . There are many arguments in favor of the use of genetic engineering in the future. Among these are the promises that genetic engineering will 'feed the world' [source 2], produce better crops, and be altogether good for the economy. Many different organisms are being used in today's genetic engineering research and development, including plants, trees, animals, insects, bacteria and viruses. Today, even ... human genes are being used in genetic engineering [source 2]. The number of organisms used in genetic engineering research is steadily increasing, as is the number...

  • Word Count: 929
  • Approx Pages: 4
  • Has Bibliography
  • Grade Level: Undergraduate

5. Civil Engineering

... advancement of structures, businesses, cities, towns, and communities that are used daily. Although Civil Engineers are among the lowest paid in the field of Engineering, their salary may reach $117,000 per year. Entry-level salaries, however, are among the highest of all Engineers. Entry-level Civil Engineers with ... for thousands of years; it is necessary for the advancement of the world. The future of Civil Engineering depends greatly on the condition of the economy. Some predictions state that Civil Engineers are expected to experience steady employment for the maintenance and repai...

  • Word Count: 932
  • Approx Pages: 4

6. Academic Planning - Architecture and Engineering

... who prefer to manage in technical area pursue an MEM or MSTM, and those interested in more general management skills earn an MBA. Engineering management programs typically include classes in accounting, engineering economy, financial management, industrial and human resources management, industrial psychology, and quality control. Technology management programs usually provide instruction in production and operations ... realistic and why. 6. Time. Determine a deadline for each goal, and describe how you will monitor your progress Academic Goal #1 Description: Bachelor's Degree Measuremen...

  • Word Count: 785
  • Approx Pages: 3
  • Has Bibliography

7. Engineering

... , the aptitude for computing and design, practicality and creativity, the ability to work without supervision, the ability to accept responsibility, the knowledge of other engineering disciplines, and the willingness to contribute and adhere to the safety requirements of the operation (Civil Engineer). Just from that list of skills I can ... you take courses in mathematics, sciences, humanities, and social sciences. Then after being admitted to Case Western, you take two years of concentrated study in engineering. After the two years of the concentrated study, you would receive a Bachelo...

  • Word Count: 958
  • Approx Pages: 4

8. Immigration - Boosting the U.S. Economy

... new enhancements in transportation and communications, shipping and trading started to become common internally and with other countries, which boosted the economy of American greatly. Transportation, predominantly the railroads, allowed people to settle all over the country and it also moved a large ... many different markets, which keeps the circular flow of income running, which ultimately results in the benefit of the nation's economy. Also, the expansion in the workforce means that more disposable income will be spent in various markets and the government ... economy via deficit re...

  • Word Count: 1047
  • Approx Pages: 4
  • Has Bibliography
  • Grade Level: Undergraduate

9. Russian economy

... the GDP crashed, unemployment escalated and the living standards further dropped creating a major crisis in the country. However the somber financial situation ricocheted the following year and since then the economy has made substantial progress. This improvement has been reflected in a steady rise in the GDP, decline in inflation, drop in unemployment figures and increase in local and foreign investment. ... States with an investment of $4.08 billion and their leading investment sectors were transportation, communication, fuel and engineering. Following the United States was Cyprus wit...

  • Word Count: 1154
  • Approx Pages: 5
  • Grade Level: Undergraduate

Got a writing question? Ask our professional writer!
Submit My Question