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Basics of Engineering Economy 2nd Edition by Anthony Tarquin,Leland Blank
Edition 2ISBN: 978-0073376356Basics of Engineering Economy 2nd Edition by Anthony Tarquin,Leland Blank
Edition 2ISBN: 978-0073376356 Exercise 1
Discuss the importance of alternative identification in the engineering economic process.
Explanation
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Engineering economics is the branch of economics which helps in evaluating the alternatives and then deciding which alternative is most economical. The benefits and gains from an alternative over time are calculated and then economic feasibility of the alternative is evaluated.
Resources are limited, and every option opted does have an opportunity cost associated with it i.e. the benefit loss of the next best alternative which is not opted. Whenever a decision has to be taken, the decision maker has to choose from several alternatives. Now, it is very important that the person should clearly and correctly evaluated these alternatives economically, so that the resource could be invested in most beneficial option.
Resources are limited, and every option opted does have an opportunity cost associated with it i.e. the benefit loss of the next best alternative which is not opted. Whenever a decision has to be taken, the decision maker has to choose from several alternatives. Now, it is very important that the person should clearly and correctly evaluated these alternatives economically, so that the resource could be invested in most beneficial option.
Basics of Engineering Economy 2nd Edition by Anthony Tarquin,Leland Blank
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