E421-15 - CHAPTER 15 CHAPTER COMMUNICATING COMMUNICATING...

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Unformatted text preview: CHAPTER 15 CHAPTER COMMUNICATING COMMUNICATING ENGINEERING ECONOMY STUDY RESULTS STUDY PURPOSE OF ENGINEERING ECONOMY STUDY ECONOMY • Provide timely and accurate information Provide concerning judicious expenditure of a firm’s investment capital investment • Approach to study: – Objectives are made complete and clear – Team representation is determined to provide different Team viewpoints in the decision-making – Viable alternatives are developed so that study Viable objectives can be achieved objectives – Necessary data regarding an investment project are Necessary collected collected – The data are transformed into information suitable for The appropriate decision making TOP MANAGER’S ROLES AND RESPONSIBILITIES RESPONSIBILITIES • While engineers are interested in technical and While economic details of a specific proposal, managers are principally concerned with impact of the proposed investment on the overall performance of the enterprise. of • Management’s responsibility is to select and Management’s monitor investment proposals that best support the corporation’s financial well-being. the • Understanding this role of top management is Understanding essential for engineers to have their specific proposals considered. proposals MANAGEMENT’S PERSPECTIVES MANAGEMENT’S • Decision makers often have strong Decision preferences for certain outcomes preferences • These preferences often direct search and These processing to maximize ways of attaining desired ends. desired • It is suggested that engineers should It understand senior management’s technical or economic preferences and respond accordingly. accordingly. – e.g.,engineers should use measure of merit that e.g.,engineers management prefers management COMMUNICATION STRATEGIES COMMUNICATION • Senior management often operates in a work Senior setting characterized by information fragmentation, variety, and discontinuity fragmentation, • They may not spend more than 10 – 15 They minutes reviewing a business case minutes • One effective strategy is to summarize each One project on a single piece of paper project • Engineers must take into account this broad Engineers perspective and develop strategies accordingly to sell their proposals accordingly – Bottom-line oriented HIGHLIGHTS OF YOUR BUSINESS CASE HIGHLIGHTS • Review objectives and team representation – Make sure objectives are clear and complete – Identify appropriateness of study team members • Keep written reports clear, concise, and short – Long and confusing reports discourage reading, waste Long time and money, and may hide real problem and your solution solution • Executive overview should be limited to one page – This may be the only part of report that management This reads reads • Organize report of findings and presentation Organize logically, and be as concise as necessary logically, ...
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