Annotation
Engineering economics involves the systematic evaluation of the economic benefits of proposed solutions to engineering problems. The engineering economics involves technical analysing with emphasis on the economic aspects and hass the objective of assisting decisions. Engineering economics, previously known as engineering economy, is asaset of economics concerned with the use and "application of economic principles" in the analysis of engineering decisions. As a discipline, it is focused on the branch of economics known as microeconomics in that it studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Thus, it focuses on the decision making process, its context and environment. It is pragmatic by nature, integrating economic theory with engineering practice. Engineering is the profession in which knowledge of the mathematical and natural sciences gained by study experience and practice is applied with judgment to develop ways to utilise economically the material and forces of nature for the benefit of mankind. Engineering Economics is a subject of vital importance to Engineers. This subject helps one understand the need for the knowledge of Economics for being an effective manager and decision maker. Many colleges across the country have courses in engineering economics as a part of integrated studies for engineering students. Designed as a book for undèrgraduate and postgraduate students in various engineering and management disciplines, this comprehensive book shows how complex economic decisions can be made from a number of given alternatives.
