Hello guys im new in here and i need help in engineering economy related questions. Please answer it in your own. These are the questions:
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1. Explain why engineering economy is important to a practicing engineer.
2. List 10 typical situations in the operation of an organization where engineering economic analysis would significantly assist decision making.
3. Assume that your employer is a manufacturing firm that produces several electronic consumer products. What are the five non-monetary factors that may be important when a significant change is considered in the design of the product.
4. Describe the outcomes that should be expected from a feasible alternative. What are the differences between potential alternatives and feasible alternatives.
5. Explain the relationship between economic analysis and engineering design. How does economic analysis assist decision making in the design process?
6. What is the application of the present economy?
Essay part:
a. Engineering Economy: A Tool in my Financial Management
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Guys if you feel to answer one of the questions please answer with your own decision.
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1. Explain why engineering economy is important to a practicing engineer.
2. List 10 typical situations in the operation of an organization where engineering economic analysis would significantly assist decision making.
3. Assume that your employer is a manufacturing firm that produces several electronic consumer products. What are the five non-monetary factors that may be important when a significant change is considered in the design of the product.
4. Describe the outcomes that should be expected from a feasible alternative. What are the differences between potential alternatives and feasible alternatives.
5. Explain the relationship between economic analysis and engineering design. How does economic analysis assist decision making in the design process?
6. What is the application of the present economy?
Essay part:
a. Engineering Economy: A Tool in my Financial Management
-------------------
Guys if you feel to answer one of the questions please answer with your own decision.
