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Engineering economics, the application of economic concepts to engineering decisions, was developed in response to the growing need for engineers to make informed and educated decisions based on their design projects’ cost and revenue. Engineering project costs vary widely. For example, a new telecom system can be as low as $1 million while a large scale moon exploration mission can be as high as $100 billion. There is no exact science on how to determine a project’s cost, but the job of an engineer becomes much easier if he or she has a good grasp on what goes into determining those costs as well as how projects are valued and priced in the engineering market.
Technical engineers, designers, and managers can greatly benefit from an understanding of engineering economics because it helps them make informed decisions. This is important in many situations, e.g., designing a product with the right price, establishing collaborations between companies, choosing whether to outsource their work or not, and more. For example, an engineer working on a telecom system may be concerned about his project’s value in the market. If he’s done his homework, he will have an idea of how much similar systems are usually sold for in the engineering market. We will explore this in more detail later on, but basically, an understanding of engineering economics helps engineers make well-informed decisions about their projects.
Engineers can also use economic tools to help them determine the probability of a project’s success. For example, they can use engineering economics to predict the return on their investments for each project and find out whether it is worth taking on or not (see Internal Rate of Return and Benefit Cost Ratio ). This is important in helping managers make decisions that will affect profitability and growth of a company.
Engineers should have a solid understanding of engineering economics to help them make educated and informed decisions. The following paragraphs provide an introduction to the basics of engineering economics, from learning about common terminology used in this field to understanding how costs are calculated and project values determined. Engineering economics is a vast topic though, so be sure to do some more research if you’re truly interested in the subject.
A note on why we refer to this as "engineering economics" and not simply "economics". The reason is because, while economics provides the analytical framework used, engineering itself requires understanding and applying many additional concepts. For example: should a project be completed? What is its break-even point? Is it a good investment? What is its internal rate of return? Are there more projects that can be done? How much should the project cost and how much revenue will it generate? These questions are not normally asked in economics.
There’s nothing that hurts more than investing relentless hours preparing your assignment only to fail to get a good grade. But now that you are in the hands of the experts, where is that engineering economics homework that has been bugging you? We offer you well-written, fully revised and edited, and correctly referenced papers, nothing short of academic excellence. Economics is an important part of science that people should not ignore. It can either help or hurt you, but you will need it at the least to understand the world around you better. Here are some tips on how to get through your economics homework successfully. Be certain about what kind of economics assignment help you seek. Economics is broken down into many sub-fields, and they all have their own methods. So you can talk to your teacher about what kind of help you need from them. Don't let the conversation end with the teacher though; if they do not provide support that is helpful to you, then consider seeking a tutor or a school counselor for economics homework help.
As the name suggests, engineering economics is a combination of two disciplines where the study knowledge and practice experience of the mathematical and natural sciences helps develop ways to economically utilise the material and forces of nature for the betterment of humankind. Engineering economics deals with design evaluation to offer the best alternatives. So, it evaluates the suitability of various engineering projects from both economical and engineering perspective. The underlying principle in this course is to cost-benefit analysis of any engineering project. As an engineer, the subject makes you an effective manager, thanks to the knowledge of Economics, which makes you an effective decision-maker. You can base your decisions on a dynamic environment amidst the business risks. You can put theories of demand and supply, cost, production, competition, trade cycles, national income, and other micro and macro-economic methods. But engineering economics focuses on the operational level, as such, is much more related to conventional microeconomics than macroeconomics. Of course, this helps the engineer analyse tools to identify the most relevant decision process. Also see microeconomics homework help and macroeconomics homework help.
In this course, you cover two broad topics – basic engineering economics and risk analysis. These topics further narrow down to include the relationship between the time value of money and interest, and how this affects the decision of an engineer. Interest plays a critical role in decision making for engineers and project managers, and so further, the unit covers returns on investment and project management. There is also the effects of inflation and taxes in the decision theory Risk analysis plays an integral part in evaluating each engineering project. In the same area, students revisit the concepts of probability and statistics, which are useful in the evaluation and hence decision. In brief, your engineering economics homework is likely to be any of the following topics:
Our team provides you with homework topics to help students master engineering economics and its field.
Engineering economics homework is usually challenging, especially the decision theory, which requires more research. College students always have rough and busy schedules. Also, some scholars have to balance the engineering economics coursework with their professional duties. Studying and working can be quite a challenge as creating room for each may be a problem. So, many students choose to look for professionals for assignments and other coursework. Students tend to ask for help when they want to push their grades. As a student, sometimes time flies with you still holding on homework you should have long delivered. In such a situation, you have no option but to solicit the help of an engineering expert, or you risk failing the coursework.
Our experts commit to helping you with your engineering economics homework. We follow a systematic evaluation process of cost-benefit analysis, even in our solutions. Looking for engineering economics homework help? Well, it’s already here. Our experts provide homework help, assignment help, and project help in engineering economics across all academic levels. Please, email us or reach us through customer live chat support, and we will provide the detailed explanation you may need.
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