In the course of their work, engineers in all disciplines must make crucial decisions based on economic considerations. This practical, easy-to-use guide aims to make the often intimidating subject of engineering economics more understandable. Featuring a "look-up" format, the book presents detailed solutions to a vast number of economic problems commonly encountered by engineers. The author employs practical examples and computer programs that lead readers step-by-step toward the solution to each problem, explaining each concept in a clear, concise manner. In the first part of the book, engineers will find guidance on economic analysis with the use of compound interest. The book discusses the variation of money with time, regulated sets of payments and continuous compounding of interest. Also covered are cost comparisons of alternative methods and the techniques of investment analysis. The second part shows readers how to make sound decisions on the basis of statistics and probability - from basics to statistical inference and reliability, to the analysis of time series - using carefully explained, practical examples. The third and final part of the book examines the application of analytical techniques for engineering economic analysis. There are detailed sections on linear programming and sensitivity analysis, project scheduling with the Critical Path Method (CPM) and PERT, as well as economic analysis under nonlinear relationships. With its clear, straightforward style, many solved problems, and computer programs, this new reference should provide engineers the skills they need to perform all types of economic analyses with confidence, and will also help them prepare for their licensing examinations. Two disks (3.5" and 5.25") are included with the book for calculations on personal computers.
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