This course will introduce the engineering students to the world of Economics. The key economic concepts associated with the justification and evaluation of engineering projects and processes are introduced in this course. There are emphases on business plans, cost estimation, price and output decisions, cash flow analysis, and profitability determination, choosing among alternative inputs, production processes, evaluating alternative investments, and equipment service life and depreciation. The course will explain the overall economic context in which the engineer must practice, either in a company or as an entrepreneur. The course then covers the principles and applications of Engineering Economics, illustrating these using a range of practical engineering- oriented examples and exercises. Successful engineer must have sufficient understanding of engineering and economics principles associated with computer tools which meet the requirements for admirable design and execution of projects.

Skill Level: Beginner