Business : Question2 Fixed With Examples Of Types And Principles Included

Question 2 - 1What are the common types of Engineering Economic Decisions? Give an example of each.Briefly describe the fundamental principles of Engineering Economics?Enginering economics is a concept that is growing rapidly in the business world. Therefunction is usually in the form of making new products or making them more economicallyefficient for the company. If they are more economically efficient for the company then theydrive up profit. A higher profit is something that a company is always looking for. The author ofthe text Fundamentals of Engineering Economics, Clan Park, explains the role of this newconcept in the business world, when it is written, Engineers are called upon to participate in avariety of strategic business decisions ranging from product design to marketing. The term"engineering economic decision" refers to all investment decisions relating to engineeringprojects. The most interesting facet of an economic decision, from an engineers point of view, isthe evaluation of costs and benefits associated with making a capital investment (Park). In asummary of the chapter, she further states, The five main types of engineering economicdecisions are (1) service or quality improvement, (2) new products or product expansion, (3)equipment and process selection, (4) cost reduction, and (5) equipment replacement (Park).Also, along with this, seven principles of economic engineering are focusing on the differencesin alternatives, u ...


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