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Engineering Economics Overview and Guidelines

Engineering Economics lecturer Muhammad Ali Abdullah Mirza outlines key points about the course. Students are expected to attend class punctually with a calculator, participate actively, and stay focused. The course concepts are interconnected, so missing class could make following later lessons difficult. Grading will be based on a final exam, midterm, quizzes, assignments, and a project. Economics studies decision-making around fulfilling needs with scarce resources. Engineering applies scientific knowledge to develop cost-effective ways to benefit humanity, and engineering projects require economic evaluation for feasibility.

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Furqan Chaudhry
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50 views16 pages

Engineering Economics Overview and Guidelines

Engineering Economics lecturer Muhammad Ali Abdullah Mirza outlines key points about the course. Students are expected to attend class punctually with a calculator, participate actively, and stay focused. The course concepts are interconnected, so missing class could make following later lessons difficult. Grading will be based on a final exam, midterm, quizzes, assignments, and a project. Economics studies decision-making around fulfilling needs with scarce resources. Engineering applies scientific knowledge to develop cost-effective ways to benefit humanity, and engineering projects require economic evaluation for feasibility.

Uploaded by

Furqan Chaudhry
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Engineering Economics

Lecturer: Muhammad Ali Abdullah Mirza


Introduction
Classroom Rules

Please be punctual for class and bring a calculator

You can ask any question any time

I will be happy to go back and explain key concepts again (just ask!)

Please do participate in class – we should keep this interactive

And, of course … stay focused and don‘t talk with students sitting next to
you
Studying Engineering Economics

Very logical and organized

Not too difficult

Concepts are interconnected – if you miss a class, you might have


difficulty following the next one

Generally high attendance in classes


Grading Policy

S.No Assessment Total Grade


Percentage
1) Final Examination 50%

2) Mid Term Examination 30%

3) Quizzes 5%

4) Assignments 5%

5) Project 10%
What is Economics?

Economics is the study of decision making …

— … in order to fulfill human needs …


— … in the face of scarce resources
Three basic questions

 What gets produced?

 How is it produced?

 Who gets what is produced?


Branches of Economics

Economics

Microeconomics Macroeconomics

Studies decisions of individual Studies the behavior of aggregates


firms and households on a national scale
Why study Economics?

Reasons for studying economics

Understanding society Be an informed citizen

Examples Example
What could be the reasons for an unequal Which party should I vote for in the
wealth distribution in a country? next elections …
On what do my job opportunities … if I want good job opportunities?
after graduation depend on?
What is Engineering?

 Engineering is basically knowledge of mathematical and


natural sciences gained by study ,experience and practice
is applied with judgement in order to develop ways to;
- Utilize the material and forces economically
- For the benefit of mankind

 Engineering is not a science but application of science


Relationship b/w Engineering &
Economics

 Due to resource constraints, engineering is closely associated


with economics

 Engineering projects have to be evaluated in terms of


economics (worth & cost) before its undertaken

 Essential pre-requisite for successful engineering application is


economic feasibility
Engineering Economics

’’Engineering economics is the systematic


evaluation of economic merits of proposed
solutions to engineering problems’’
Thank You

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