Engineers must decide if the benefits of a project exceed its costs, and must make this comparison in a unified framework. The framework within which to make this comparison is the field of engineering economics, which strives to answer exactly these questions, and perhaps more.
WHY DO ENGINEERS NEED TO LEARN ABOUT ECONOMICS?
Ages ago, the most significant barriers to engineers were technological. The things that engineers wanted to do, they simply did not yet know how to do, or hadn't yet developed the tools to do. There are certainly many more challenges like this which face present-day engineers.
But now, natural resources (from which we must build things) are becoming more scarce and more expensive. We are much more aware of negative side-effects of engineering innovations (such as air pollution from automobiles) than ever before.
For these reasons, engineers are asked more and more to place their project ideas within the larger framework of the environment within a specific planet, country, or region. Engineers must ask themselves if a particular project will offer some net benefit to the people who will be affected by the project, after considering its inherent benefits, plus any negative side-effects (externalities), plus the cost of consuming natural resources, both in the price that must be paid for them and the realization that once they are used for that project, they will no longer be available for any other project(s).
Simply put, engineers must decide if the benefits of a project exceed its costs, and must make this comparison in a unified framework. The framework within which to make this comparison is the field of engineering economics, which strives to answer exactly these questions, and perhaps more.
The Accreditation Board for Engineering and Technology (ABET) states that engineering "is the profession in which a knowledge of the mathematical and natural sciences gained by study, experience, and practice is applied with judgment to develop ways to utilize, economically, the materials and forces of nature for the benefit of mankind".
Wildan Achzani (115060707111068)
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In this article intoduce to us about engineering economics and also describe to us about engineering economics. Actually, there’s many differences between the engineering economics with a pure economy. In my point, there are some aspects that distinguish the engineering economics of pure economic which is the engineering economics can defined as a subset of economics for application to engineering projects. Besides of the above reasons (in the article), Usually the engineering are required to study the economics of estimating price in the field and also the engineers seek solutions to problems, and the economic viability of each potential solution is normally considered along with the technical aspects. I agree with some of part in this article, besides learning about economics and economic laws. advantage of engineering economics is how the engineers are taught to use natural resources or things that exist in the surrounding environment as a selling point to achieve profits of company. And engineering economics more generally used as a planning consultant in the company. We as industrial engineering we will learn about engineering industrial economics is an important part of industrial or business economics. Some of them are like : The economics of the management, Operation Processes, how we development, marketing, and financing of new engineering technologies and products in company to achieve maximum profits.
- Wildan Achzani (115060707111068)
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