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Engineering Decision 3

Engineering Decision 3

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Published by: tayyab236 on Feb 13, 2010
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10/08/2012

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Engineering Economics
Engr.Wajahat Maqbool
 
 
Engineering projects
 –
Use resources: raw materials, labor, money, time
 –
Can be undertaken in a variety of ways
Choose one alternative to a problem
 –
Determine the economically best alternative
Need to understand the relationship betweentime and money
In many decisions costs and benefits are themost important factors
What is Engineering Economy?
Engr.Wajahat Maqbool
 
 
Define problemChoose objectivesIdentify alternativesEvaluate consequencesSelect the bestImplementAudit results
The Decision Making Process
Engr.Wajahat Maqbool

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