ENG 2001 Lecture Notes - Lecture 1: Canadian Council Of Professional Engineers, Engineering Economics

• School: York University
• Department: Engineering
• Course: ENG 2001
• Professor: Regina Lee

Document Summary

Outline: introduction to engineering economics, time value of money, cash flow analysis, compound factors, comparison methods. What is this course about: this course deals with deciding among alternatives with respect to expected costs and benefits, in canada, the canadian engineering. Accreditation board requires that all accredited professional engineering programs provide at least one course in engineering economics. Engineering decision making: although engineering is still mainly a technical discipline, other skills are necessary. Making decisions: often the purpose of engineering is to formulate one or more technically feasible solutions. Engineering decision making: frequently, the basis for the choice is an economic one. Affects bid value or product price: other factors e. g. environmental, political may also be important or overriding concerns. Engineering economics: the original concept of engineering economics was that stated above how to choose the cheapest option. However, this needed some mathematical understanding of the situation: now, more management" decisions are being undertaken by engineers.