ch1[1] EEA

ch1[1] EEA - Engineering Economic Analysis 9th Edition...

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Engineering Economic Analysis - 9th Edition Newnan/Eschenbach/Lavelle Copyright 2004 by Oxford University Press, Inc. 1 Engineering Economic Analysis 9th Edition Chapter 1 MAKING ECONOMIC DECISIONS
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Engineering Economic Analysis - 9th Edition Newnan/Eschenbach/Lavelle Copyright 2004 by Oxford University Press, Inc. 2 The problems are often not isolated from each other. People are Surrounded by Problems Which career to pursue? What level of preparation is required for the career chosen? Where may the preparation be obtained? How to get up and get to class?
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Engineering Economic Analysis - 9th Edition Newnan/Eschenbach/Lavelle Copyright 2004 by Oxford University Press, Inc. 3 Decisions concerning these opportunities may be arrived at with the help of economic analysis. Organizations Have Opportunities • Do we make part A or B today? Should we use a drilling or boring machine? • Should we purchase a boring machine? • When must we replace the drilling machine? • Would a mechanized or computerized drilling machine be the preferred alternative? Where do we locate machinery in the plant?
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Engineering Economic Analysis - 9th Edition Newnan/Eschenbach/Lavelle Copyright 2004 by Oxford University Press, Inc. 4 Simple Problems: Simple Intermediate Complex Problems Can generally be worked in one’s head without extensive analysis.
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Engineering Economic Analysis - 9th Edition Newnan/Eschenbach/Lavelle Copyright 2004 by Oxford University Press, Inc. 5 Intermediate Problems Must be organized and analyzed Are sufficiently important to justify serious thought and action Have significant economic aspects Are primarily economic Are the principal subject of this course Assume an economic situation in equilibrium Are generally adequately solved with single-criteria decision making
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Engineering Economic Analysis - 9th Edition Newnan/Eschenbach/Lavelle Copyright 2004 by Oxford University Press, Inc. 6 Complex Problems Such problems represent a mixture of 3 elements: economic , political and humanistic .
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ch1[1] EEA - Engineering Economic Analysis 9th Edition...

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