Question

the fundamentals of engineering economic decisions. The module will review the decision making process and the role of engineers in that decision. Economical decisions has to be made based on the collected information, which is considered as the best information available. A research must be done to thoroughly cover all aspects of the different alternatives. Some of the information will be either estimated or forecasted but in this case we have to understand the uncertainty associated with our prediction. We have to understand that economical decisions are not necessarily time constant

What were the most important concepts you learned from reviewing the material ?

How can you use the topic in better understanding your work or future career?

What questions are uppermost in your mind ? (questions must be related to the material presented this week)?

check

https://www.youtube.com/watch?v=1q8mZwytm0M&feature=youtu.be

Answer 1

Engineering economy : It is the use of economic principle with a mathematical analysis to solve problems in economics. By using these techniques of decision making we are able to invest money in a better way to gain profits.

1) The most important concept of Engineering economics or from the reviewing this article is the "Decision Making Process"

The main steps to be followed in decision making process are

1) Define a problem

2) Define the goals and objectives that you want to acheive by this problem

3) Collect information

4) Define alternative choices that are available.

5) Make realistic estimats.

6) Evaluate the data from the above steps

7) Select the best choice of alternative that will be feasible to you

8) Implement the solution that you obtained

2) This process is used in any field like where people are trying to release a new product or trying to solve a problem they are facing.

It will be helpful in my work when there is any problem when I can implement this steps to obtain the results which will have best output in my work.

In my carrer it will help me evaluate anything in a more rational and logical manner step my step and make a better choice.

This process can be used in any field.

Eg: Construction, Software companies etc