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how important is the knowledge of Capitalized Cost in our decision making both personal and professional life as future e

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter3: Introduction To Engineering Design

Section3.2: Additional Design Considerations

Problem 2BYG: Describe the process by which engineers evaluate alternatives.

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Concept explainers

Engineering Economics Principles

Engineering economics (engineering economy) is a sub-field of economics to study the use and application of the economic principles in the engineering analysis of decisions along with the systematic evaluation of the advantages of project costs inclusive of engineering design and analysis. It emphasizes microeconomics (a subset of economics) for researching the behavior of people in the decision-making process of assigning and determining multiple alternatives to the usage of some of the restrained resources and merging economic theory and engineering practice in a practical manner. It depicts the logical framework of economics in addition to the analytical application of statistics and mathematics.

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