Construction Economy

Construction Engineering & Project Management

Construction Economy

Core Courses

Overview

Engineering economy is the discipline concerned with the economic aspects of engineering, and involves the systematic evaluation of the costs and benefits of proposed technical and business projects and ventures. The principles and methodology of engineering economy are integral part of the daily management and operation of private sector companies and corporations, regulated public utilities, government units or agencies, and nonprofit organizations. They are utilized to analyze alternatives uses of financial resources, particularly in relation to the physical assets and the operation of an organization. Last, but certainly not least, engineering economy will prove to be invaluable to you in assessing the economic merits of alternative uses of your personal funds.

What are the Principles of Engineering Economy?

1- Develop the alternatives

2- Focus on the differences

3- Use a consistent viewpoint

4- Use a common unit of measure

5- Consider all relevant criteria

6- Make uncertainty explicit

7- Revisit your decisions

Content

· Introduction to Engineering Economy

· Cost concepts and the Economic Environment

· Principles of Money-Time Relationship