ECOR 3800 Lecture Notes - Lecture 1: Engineering Economics, Microeconomics, Decision-Making
Officer hours: tuesdays & thursdays 9:30 - 11:30 at mc 3044. Scarcity of resources brings engineering and economics together. Engineering economics deals with concepts and techniques of analysis for evaluating the worth of systems, products, and services in relation to cost of resources consumed. Because of engineers" technical and analytical skills, they have increased influence in the decision - making process and often used in managerial capacity. Engineering economics: the science that deals with techniques of quantitative analysis useful for selecting a preferable alternative from several technically viable ones. The evaluation of costs and revenue/ benefits makes up the bulk of engineering economics, but limitations of such methods must be appreciated. Engineers are expected to seek solutions to complex socio - technical problems. Engineering mission: to transform the resources of nature for the benefit of the human race while avoiding adverse effects on the environment.