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1 - Introduction.CR

1 - Introduction.CR - Engineering Economics ECO 1192...

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Engineering Economics ECO 1192 Lecture 1: Introduction Claude Théoret University of Ottawa
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Fall 2009 1. Introduction 2 General Information Availability Tbd Final Grade Two partial examinations: [email protected]% = 30% Two assignments: [email protected]% = 20% One final examination: 50%
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Fall 2009 1. Introduction 3 Course textbook Fraser, Bernhardt, Jewkes and Tajima, Engineering Economics in Canada , 4 th edition, Prentice Hall Canada, Scarborough, Ontario, 2009 Available at university bookstore On-going a ccess to an “engineering economics” text is highly recommended Copy of course text available at Morisset Library (Reserve Section)
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Fall 2009 1. Introduction 4 Bibliographical references Newnan, Whittaker, Lavelle and Eschenbach, Engineering Economic Analysis , Canadian Edition, Engineering Press, Inc., 2006 Park, C.S. Fundamentals of Engineering Economics , Pearson Prentice Hall, Upper Saddle River, N.J., 2004. Benninga, Simon, Principles of Finance with Excel , Oxford University Press, New York, 2006
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Fall 2009 1. Introduction 5 Course website: ECO 1192 1. PowerPoint lecture notes 2. Calendar of key events Lectures and references Review sessions: dates and location Examinations: coverage, dates and location 3. Two typical “problem-and-solution” sets Each set covers about 50% of the course 4. Typical Excel soilutions **Classroom PPT notes will have more applications than website lecture notes (but identical subject- matter content)
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Fall 2009 1. Introduction 6 Access to course website http://www.uottawa.ca From “Quick Picks”, select “Virtual Campus” Provide student number & password From the menu of your courses, select Engineering Economics (ECO1192A)
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Fall 2009 1. Introduction 7 Recommended reading Fraser et al.* chapter 1 Newnan et al. chapter 1 Park chapter 1
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Fall 2009 1. Introduction 8 Lecture objectives 1. Provide overview of economics 2. Describe science and engineering 3. Describe engineer economic studies 4. Show importance of time in decision-making 5. Provide a first look at cash flows 6. Project analyses
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Fall 2009 1. Introduction 9 The word Economy . . . comes from a Greek word for “One who manages a household.” Source: Mankiw et al. “Principles of Microeconomics”. 2 nd  Canadian Edition, Thomson-Nelson, 2002 Management of scarce resources
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Fall 2009 1. Introduction 10 Economics The study of 1. the choices made by individuals, businesses, governments, and societies as they cope with scarcity. 2. scarcity and efficiency. Scarcity is the inability to satisfy all of a society’s wants at a point in time.
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Fall 2009 1. Introduction 11 Economic problem Scarcity economic problem societal wants exceed resources available to produce goods and services to satisfy them wants are satisfied from the consumption of goods and services Rich and poor alike face scarcity no one can satisfy his or her wants or desires at a point in time
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Fall 2009 1. Introduction 12 Economic objective Satisfy as many societal wants as possible from available (although limited) productive
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