Lec%2010

Lec%2010 - IE 343 Engineering Economics Lecture 1 Chapter 1...

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IE 343 Engineering Economics Lecture 1: Chapter 1 - Introduction Instructor: Tian Ni Aug. 22, 2011 IE 343 Fall 2011 1
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Engineering Economic Decisions IE 343 Fall 2011
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• Economics or Finance problems: – How to finance your university education? Borrow a loan? – You plan to purchase a house in the next 5 years. Starting from this month, how much do you need to save each month to make a down payment of 10% for a house that is estimated to be 1M? 3 IE 343 Fall 2011 Engineering Economic Decisions
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• Engineering problems: – Replace the current equipment with a new and more efficient one? – Make production in-house or outsource? – How to design a part to reduce the labor hours required for production? 4 IE 343 Fall 2011 Engineering Economic Decisions
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• What quantities of a product should you manufacture, in order to maximize your profit? • Is a particular project/investment worth undertaking? How much money is it going to earn?
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Lec%2010 - IE 343 Engineering Economics Lecture 1 Chapter 1...

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