Engineering Economy Sixteenth Edition by William G. Sullivan, Elin M. Wicks and C. Patrick Koelling | PDF Free Download.
A succinct job description for an engineer consists of two words: problem solver. Broadly speaking, engineers use knowledge to find new ways of doing things economically.
Engineering design solutions do not exist in a vacuum but within the context of a business opportunity.
Given that every problem has multiple solutions, the issue is, How does one rationally select the design with the most favorable economic result?
The answer to this question can also be put forth in two words: engineering economy.
Engineering economy provides a systematic framework for evaluating the economic aspects of competing design solutions.
Just as engineers model the stress on a support column, or the thermodynamic response of a steam turbine, they must also model the economic impact of their recommendations.
Engineering economy—what is it, and why is it important?
The initial reaction of many engineering students to these questions is, “Money matters will be handled by someone else.
They are not something I need to worry about.” In reality, any engineering project must be not only physically realizable but also economically affordable.
Understanding and applying economic principles to engineering have never been more important.
Engineering is more than a problem-solving activity focusing on the development of products, systems, and processes to satisfy a need or demand.
Beyond function and performance, solutions must also be viable economically
Design decisions affect limited resources such as time, material, labor, capital, and natural resources, not only initially (during conceptual design)
but also through the remaining phases of the life cycle (e.g., detailed design, manufacture and distribution, service, retirement and disposal).
A great solution can die a certain death if it is not profitable.
This book has two primary objectives:
(1) to provide students with a sound understanding of the principles, basic concepts, and methodology of engineering economy;
and (2) to help students develop proficiency with these methods and with the process for making rational decisions they are likely to encounter in professional practice.
Interestingly, an engineering economy course may be a student’s only college exposure to the systematic evaluation of alternative investment opportunities.
In this regard, Engineering Economy is intended to serve as a text for classroom instruction and as a basic reference for use by practicing engineers in all specialty areas (e.g., chemical, civil, computer, electrical, industrial, and mechanical engineering).
The book is also useful to persons engaged in the management of technical activities.
As a textbook, the sixteenth edition is written principally for the first formal course in engineering economy.
A three-credit-hour semester course should be able to cover the majority of topics in this edition,
and there is sufficient depth and breadth to enable an instructor to arrange course content to suit individual needs.
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