Question

-What is the meaning of engineering economy?

- As students of Engineering College, why do you need to study the engineering economy?

-Write down (in details) the steps of decision-making process.

-What are the benefits of these steps?

-How do we use the steps of decision-making process during our work on the ideas of engineering projects, especially when we want to choose the best alternatives or add any developments to our project?

Answer 1

It,s the cost benifit calculation of engineering projects design and analysis in systematic manner.

Becoz it's necessary for engineering students to make easier stategy of the decision making process for company in which they will work or doing.

Steps

1: realization or identification of the decision,which You want to make .

2: collect related information or data.

3: search or think about alternative available

4: Weigh the evidence

5.then choose or select the best suited or fit alternative

6: Take action. Or start to work in that direction which is required.

7: than Review of  decision which you had done& negative ,positive aspects of that.

These steps make easier to decision making and create a way forward to good decision making which is necessary for economical and efficient handle of engineer project and timely completion .these steps make governance a little bit easier,transparent and accountable etc.

These steps help in cost benifit analysis of engineering design ,analysis .And thus very helpfull in choosing best alternative available and according to engineering economy. Engineering projects timely completion as well as efficient working also fullfilled by these steps.