ECO 1192 Chapter Notes - Chapter 1: Sensitivity Analysis, Engineering Economics
16 Sep 2016
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Document Summary
Engineering as a profession has a long history. In the beginning, only the technical aspects of an engineer"s job were relevant. As time progressed, engineering became more complex and economical, political, and ethical issues had to be taken into account. Any project can has many solutions, each involving different levels of resources. If two solutions are effective, the less expensive one is preferred. This forms the basis of engineering economics: determining which of several alternatives is the most economical. Note: the least expensive solution is not always the answer. If the money isn"t available in the first place, it can"t be done. The cheapest option might not take environmental, political, or ethical awareness into account. Just as engineering itself has changed over the years, so has the nature of engineering economics. Originally, engineering economics was the body of knowledge that allowed the engineer to determine which of several alternatives was economically best.
