MSci261-2007-Ch_1

MSci261-2007-Ch_1 - Chapter 1 Engineering decision making...

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Chapter 1 1 Chapter 1 Chapter 1 MSci 261: Managerial and Engineering Economics Spring 2007 Instructor: Bon Koo Engineering decision making Engineering decision making
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Chapter 1 2 What is Engineering Economics? What is Engineering Economics? “The science that deals with techniques of quantitative analysis useful for selecting a preferable alternative from several technically viable ones.” “The art of doing that well with one dollar what any bungler can do with two (Wellington, 1887).” The study of making a decision among several options in complex business environments.
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Chapter 1 3 Decision making process Decision making process 1. Formulate a problem or project E.g., material or process selection; equipment investment or replacement; new product development 1. Identify several technically feasible alternatives for the project Traditional role of engineers 1. Choose an economically best alternative Future role of engineers The main focus of this course
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MSci261-2007-Ch_1 - Chapter 1 Engineering decision making...

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