Given that every problem has multiple solutions, the issue is, How does one rationally select the design with the most favorable economic result? The answer to this question can also be put forth in two words: engineering economy. Engineering economy provides a systematic framework for evaluating the economic aspects of competing design solutions. Just as engineers model the stress on a support column, or the thermodynamic response of a steam turbine, they must also model the economic impact of their recommendations.
They are not something I need to worry about. Understanding and applying economic principles to engineering have never been more important.
Engineering is more than a problem-solving activity focusing on the development of products, systems, and processes to satisfy a need or demand. Beyond function and performance, solutions must also be viable economically. Translate PDF. Sullivan, Elin M.
Wicks, C. B Alt. But the margin in favor of the used system is quite small, so management may select the new system because of intangible factors improved reliability, improved image due to new technology, etc.
The wet cooling tower with natural draft heat removal from the condenser water is the most economical i. Note: If you were to pick the alternative with the highest total IRR, you would have incorrectly selected Alternative A. This is assumed to occur at the beginning of each year in the 8-year study period.
This is assumed to be incurred at the beginning of the 8-year study period. Since these future costs during the operation phase are percent of the life cycle costs, the greatest potential for lowering life cycle costs is during the acquisition phase in the definition of requirements and design activities. Note: One big cost is fuel, which is fixed for a given flight but variable with air speed. The captain can fly the aircraft at a lower speed to save fuel.
The unit demand, D, is one thousand board feet. The mine is expected to be profitable. Millions discover their favorite reads on issuu every month. Give your content the digital home it deserves.
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