Hi, engineers
I have shared some material of economy for engineers
Link
Book pdf link
1.Economy for engineers book pdf
pdf overview
This is ppts for chapter 2 and 3
2.https://in.docworkspace.com/d/sIHX6n8Un75aFgQY
3.https://in.docworkspace.com/d/sIKn6n8Un2JeFgQY
SYLLABUS CONTENT
Unit-1: Economic Decisions Making
Overview, Problems, Role, Decision-making process.
Unit-2: Engineering Costs & Estimation
Fixed, Variable, Marginal & Average Costs, Sunk Costs, Opportunity Costs, Recurring And Nonrecurring Costs, Incremental Costs, Cash Costs vs Book Costs, Life-Cycle Costs; Types Of Estimate, Estimating Models - Per-Unit Model, Segmenting Model, Cost Indexes, Power-Sizing Model, Improvement & Learning Curve, Benefits. Case Study - Price and Income Elasticity of Demand in the real world
Unit-3: Cash Flow, Interest and Equivalence
Cash Flow – Diagrams, Categories & Computation, Time Value of Money, Debt repayment, Nominal & Effective Interest.
Unit-4: Cash Flow & Rate Of Return Analysis
Calculations, Treatment of Salvage Value, Annual Cash Flow Analysis, Analysis Periods; Internal Rate Of Return, Calculating Rate of Return, Incremental Analysis; Best Alternative Choosing An Analysis Method, Future Worth Analysis, Benefit-Cost Ratio Analysis, Sensitivity, And Breakeven Analysis. Economic Analysis In The Public Sector - Quantifying And Valuing Benefits & drawbacks. Case Study – Tata Motors
Unit-5: Inflation And Price Change
Definition, Effects, Causes, Price Change with Indexes, Types of Index, Composite vs Commodity Indexes, Use of Price Indexes In Engineering Economic Analysis, Cash Flows that inflate at different rates. Case Study – Competition in the Advertise Segment in India
Unit-6: Present Worth Analysis
End-Of-Year Convention, Viewpoint Of Economic Analysis Studies, Borrowed Money Viewpoint, Effect Of Inflation & Deflation, Taxes, Economic Criteria, Applying Present Worth Techniques, Multiple Alternatives.
Engineering is the profession in which knowledge of the mathematical and natural sciences gained by study experience and practice is applied with judgment to develop ways to utilize economically the material and forces of nature for the benefit of mankind.
Engineering Economics is a subject of vital importance to Engineers. This subject helps one understand the need for the knowledge of Economics for being an effective manager and decision-maker.
Engineering economics is concerned with the systematic evaluation of the benefits and costs of projects involving engineering design and analysis.
Engineering economics quantifies the benefits and costs associating with engineering projects to determine if they save enough money to warrant their capital investments. Engineering economics requires the application of engineering design and analysis principles to provide goods and services that satisfy the consumer at an affordable cost. Engineering economics is also relevant to the design engineer who considers material selection.
Engineers are planners and builders. They are also problem solvers, managers, and decision-makers. At the beginning of the 20th century, engineers were mainly concerned with the design, construction, operation of machines structures, and processes.
1. Engineering Economics is closely aligned with Conventional Micro-Economics.
2. Engineering Economics is devoted to problem-solving and decision-making at the operations level.
3. Engineering Economics can lead to sub-optimization of conditions in which a solution satisfies tactical objectives at the expense of strategic effectiveness.
4. Engineering Economics is useful to identify alternative uses of limited resources and to select the preferred course of action.
5. Engineering Economics is pragmatic in nature. It removes complicated abstract issues of economic theory.
6. Engineering Economics mainly uses the body of economic concepts and principles.
7. Engineering Economics integrates economic theory with engineering practice.
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