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What is engineering economics and what is the nature and scope of it in engineering perspective?
Engineering economics is the application of economic techniques to the evaluation of design and engineering alternatives.1 The role of engineering economics is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint.
What is the engineering managerial economics?
Engineering economics is the body of knowledge devoted to the systematic evaluation of network of benefits resulting from proposed engineering and business ventures in relation to the expenditure associated with the undertaking.
Why do engineer need to study economics?
Note: the following is my opinion but is based on facts. Engineering is a great applied science that studies how to make solutions to practial, scientific problems. While engineering deals with how to solve these problems, economics is the complementary science of how to optimise these solutions. Economics analyses production mathematically and statistically. For engineering, microeconomics is the invaluable tool to determine optimisation with given resource constraints (mostly by Lagrangian multi-variate methods). Game theory analysis can help determine incentive structures engineering systems should take to make proper human actions. The best use of economics in engineering is to apply these solutions to different engineering solutions in order to achieve Pareto efficiency, or economic, efficiency (ironically, Pareto was an engineer himself). The best solutions in engineering are not always the best-designed or the ones of highest quality but also the ones which are cost-effective and effiicent given constraints. Economics can master these concepts.
What is the Difference between economics and engineering economics?
Economics is the theory of how to best divide resources up between between agents to maximize their utility. Engineering economics would be the theory of how to design a product in the most cost-efficient and reliable way.
Role of economics in your life?
role of economic in our parecticle life
What is engineering economics and what is the nature and scope of it in engineering perspective?
Engineering economics is the application of economic techniques to the evaluation of design and engineering alternatives.1 The role of engineering economics is to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint.
What is the role of chemical engineering in industry?
instrumentation engineering means measurement of physical parameters like voltage ,current etc In chemical industry ,to measure the dos of the medicine...
What is the engineering managerial economics?
Engineering economics is the body of knowledge devoted to the systematic evaluation of network of benefits resulting from proposed engineering and business ventures in relation to the expenditure associated with the undertaking.
What is the role of Managerial economics in the economy of Pakistan?
what is the role of managerial economics in Pakistan
What universities in he US offer distance learning courses in engineering economics?
what universities offer courses in engineering economics through corespondence study
What are the economics of Texas?
industry
What is the role of instrumentation engineer in chemical industry?
instrumentation engineering means measurement of physical parameters like voltage ,current etc In chemical industry ,to measure the dos of the medicine...
What is light engineering?
It is actually a kind of industry opposed to heavy industry. So this kind of engineering industry could be sinonimous with electronics and software industry.
What has the author Akhmad Suraji written?
Akhmad Suraji has written: 'Konstruksi Indonesia 2030 untuk kenyamanan lingkungan terbangun' -- subject(s): Infrastructure (Economics), Construction industry, Engineering
What role does economics play in your personal and organizations decisions?
What role does economics play in your personal and organizations decisions?
Why do engineer need to study economics?
Note: the following is my opinion but is based on facts. Engineering is a great applied science that studies how to make solutions to practial, scientific problems. While engineering deals with how to solve these problems, economics is the complementary science of how to optimise these solutions. Economics analyses production mathematically and statistically. For engineering, microeconomics is the invaluable tool to determine optimisation with given resource constraints (mostly by Lagrangian multi-variate methods). Game theory analysis can help determine incentive structures engineering systems should take to make proper human actions. The best use of economics in engineering is to apply these solutions to different engineering solutions in order to achieve Pareto efficiency, or economic, efficiency (ironically, Pareto was an engineer himself). The best solutions in engineering are not always the best-designed or the ones of highest quality but also the ones which are cost-effective and effiicent given constraints. Economics can master these concepts.
How physics related to engineering?
Engineering is Applied Physics , Economics (affordability) and Art (think Apple).
