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SENG 304: Engineering Economics

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Credits: 
2

Objectives: To provide students with a fundamental understanding of economic concepts and principles applicable to engineering.

Description: Topics to be covered include an introduction to making economic decisions, supply, demand, and equilibrium in economics. Concept of engineering economics: economic efficiency, engineering efficiency, marginal costs and revenues, opportunity and sunk costs, break-even analysis, economic analysis involving material. Decision making and value engineering: value engineering procedure, interest formula, and applications in time value of money. Evaluation of alternatives and methods: present and future worth methods, an annual equivalent method, and rate of return method. Sensitivity analysis. Computer-aided engineering economics using spreadsheets.