CH1 - Chapter 1 Making Economic Decisions Copyright Oxford...

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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 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 Could apply to Product/Process Design, Purchase of Capital Equipment, Selection of Projects, Investment, and many other decision- making processes. Role of Engineering Economic Analysis
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1. Recognize Problem / Opportunity 2. Define Goals/Objectives 3. Assemble Relevant Data 4. Identify Feasible Alts 7. Predict Alts’ Outcomes 8. Choose the Best Alt. 9. Audit the Results
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This note was uploaded on 10/19/2011 for the course ENGINEERIN 110 taught by Professor King during the Spring '11 term at UCLA.

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CH1 - Chapter 1 Making Economic Decisions Copyright Oxford...

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