chapter1introduction

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1、EngineeringEconomy:Chapter1.IntroductionFunction&Economy§TheEngineerisadesigner:Structures,Processes,Circuits,Mechanisms,ProductionSystems§Whatisansuccessfulengineeringdesign?¢FunctionÆTechnicallysoundPrimary¢Economy§CostÆLowcostProfitsexceedcosts§ProfitÆproduceprofits2009-3-3EngineeringEconomy2“We

2、LiveinaSeaofEconomicDecision”§Examplesofeconomicdecisionsthatyouwillface:-Youhavedecidedtopurchaseanewautomobile,andthenegotiatedpriceis$20,000.Youmakeadownpaymentof$2,000andfinancetheremaining$18,000.Atthispointtheloanofficerofthedealershipasksyou“Wouldyourathergowitha3%APRandnomanufacturer'srebat

3、e,orselecta5%APRwhichincludesa$1,500manufacturer’srebate?Whatelsedoyouneedtoknowtochoosethebetterdeal?Whatchoicewouldyoumake?2009-3-3EngineeringEconomy3Somegeneralquestionsthatanengineermightencounter:§Whichoneofseveralcompetingengineeringdesignsshouldbeselected?§Shouldthemachinenowinusebereplacedw

4、ithanewone?§Withlimitedcapitalavailable,whichinvestmentalternativeshouldbefunded?§Howmanyunitsofproductionhavetobesoldbeforeaprofitcanbemake?§Arethebenefitsexpectedfromapublicserviceprojectlargeenoughtomakeitsimplementationcostsacceptable?§Amongseveralproposalsforfundingthatyieldsubstantiallyequiva

5、lentworthwhileresultsbuthavedifferentcashflowpatterns,whichispreferable?2009-3-3EngineeringEconomy4Trade-offs:§Examples:¢SeaWater:DrinkingWater¢ElectricutilitiesforpeakenergyneedsÆtobalancethetrade-offinthemosteconomicalmannerAcommonQ:Howmuchcanthecompanyaffordtospendtoimplement……?2009-3-3Engineeri

6、ngEconomy5EngineeringEconomy§EngineeringEconomyinvolvestechnicalanalysis,withemphasisontheeconomicaspects,andhastheobjectiveofassistingdecisions.§CostconsiderationsandComparisonsarefundamentalaspectsofengineeringproblem§Comparison:alternativevisibility§Æfindthebest/searchfor,recognizeandgeneratealt

7、ernatives,andalsocompareandevaluatethem2009-3-3EngineeringEconomy61.2OriginsofEngineeringEconomy§Pioneer:ArthurM.Wellington,civilengineer-latterpartofnineteenthcentury;-addressedroleofeconomicanalysisinengi