P01intro

P01intro - Introduction Division of Engineering Dr. P....

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Division of Engineering Dr. P. Kalim EGM 320 Chapter 1 Note all materials, examples and problems are taken from Contemporary Engineering Economics- 3rd Ed. By: Chan S. Park Return To: EGM 320 Web page Dr. Kalim We b page EGM320 Slide # 1 Introduction The learning objectives of this lecture is to understand the need for engineering economics. Learn how many types of businesses exist today? Need to practice the problems as assigned in the syllabus. Doubts? Go to EGM 320 course syllabus on my web page. Also work out the problems that are already solved in these lecture notes. Always check for time and dates for quizzes and exams in the announcements section of the EGM 320 page.
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Division of Engineering Dr. P. Kalim EGM 320 Chapter 1 Note all materials, examples and problems are taken from Contemporary Engineering Economics- 3rd Ed. By: Chan S. Park Return To: EGM 320 Web page Dr. Kalim We b page EGM320 Slide # 2 Why Engineering Economics? Engineers are planners, builders, problem solvers, managers, and decision makers. Engineering economics touches each of these activities. Plans and production must be financed and problems are eventually defined by dollar dimensions, and decisions are evaluated by their monetary consequences. Engineering economics is therefore closely aligned with problem solving and decision making at the operations level which can lead to sub-optimization, a condition in which a solution satisfies tactical objectives at the expense of strategic effectiveness. Careful attention to the collection and analysis of data minimizes this danger.
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Division of Engineering Dr. P. Kalim EGM 320 Chapter 1 Note all materials, examples and problems are taken from Contemporary Engineering Economics- 3rd Ed. By: Chan S. Park Return To: EGM 320 Web page Dr. Kalim We b page EGM320 Slide # 3 An engineering economist draws upon the accumulated knowledge of engineering and economics to identify alternative uses of limited resources and to select the preferred course of action. Evaluations rely mainly on mathematical models and cost data, but judgment and experience are pivotal inputs. Much of the management function is directed toward accomplishing economic objectives and is monitored by economic measures. Many accepted models are available for analyses of economic processes. Familiarity with these models should guide engineers in making decisions. Why Engineering Economics?
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Division of Engineering Dr. P. Kalim EGM 320 Chapter 1 Note all materials, examples and problems are taken from Contemporary Engineering Economics- 3rd Ed. By: Chan S. Park Return To: EGM 320 Web page Dr. Kalim We b page EGM320 Slide # 4 Engineering Decision Making; General Questions Which one of several competing engineering designs should be selected? Should the machine now in use be replaced with a new
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This note was uploaded on 04/07/2008 for the course EGM 320 taught by Professor Dr.kalim during the Spring '08 term at Wilkes.

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P01intro - Introduction Division of Engineering Dr. P....

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