chapter_1_making_economic_decisions

chapter_1_making_economic_decisions - Chapter 1 Making...

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Copyright Oxford University Press 2009 Chapter 1 Making Economic Decisions
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Copyright Oxford University Press 2009 Types of Problems Role of Engineering Economic Analysis Problem-Solving / Decision-Making Process Ethical Dimensions in Engineering Decision-Making Chapter Outline
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Copyright Oxford University Press 2009 Distinguish between simple and complex problems Understand the role and purpose of engineering economic analysis Apply problem-solving / decision making process Understand ethical dimension of decision- making Solve simple problems associated with engineering decision-making process Learning Objectives
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Copyright Oxford University Press 2009 In 2005, only 11 hybrid vehicle models in U.S. (~1% of auto sale) By 2012, 52 hybrid vehicles will be available (~4.2% U.S. market) – predicted by J.D. Power Design Concerns: Engine power and acceleration, fuel mileage, refuels, safety, maintenance, fuel distribution, environmental issues, ethical issues,… Vignette: Alternative Fuel Vehicles
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Copyright Oxford University Press 2009 What marketplace dynamics drive or suppress the development of alternative fuel vehicles? Develop a list of concerns and questions that customers might have regarding the conversion to alternative fuel vehicles. Which are economic and which are non-economic factors? Are there any ethical aspects to the conversion to alternative fuel vehicles? Vignette: Alternative Fuel Vehicles
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Copyright Oxford University Press 2009 This course develops the tools to properly analyze and solve the economic problems that are commonly faced by engineers. Making Economic Decisions
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Copyright Oxford University Press 2009 Simple Problems Should I buy metro-rail pass or pay every time? Should our company pay the vendor cash or credit? Intermediate Problems Should I buy or lease my next car? Which CNC machine should the company purchase? Complex Problems Feasibility study of a new automobile plant. Planning for new highways. A Sea of Problems
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Copyright Oxford University Press 2009 A systematic tool for comparing alternatives by their economic merits. Most suitable for problems With importance, that require organized analysis of the economic aspects
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chapter_1_making_economic_decisions - Chapter 1 Making...

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