484-What Every Engineer Should Know About Engineering Economic Analysis, Part I
By: O. Geoffrey Okogbaa, Ph.D., PE
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Course Objective
This continuing education course is written specifically for professional engineers with the objective of relating to and enhancing the practice of engineering.
Course Description
This first course is a practical guide in Engineering Economic Analysis for the Professional Engineer. Although somewhat lengthy, the idea was to develop a course filled with practical examples that would serve as a ready reference for the Professional Engineer. There are more examples with drawings in this course material than the materials and references and that is the reason for the length of the document.
No unnecessary assumptions were made, and every formula was developed from first principles so that the engineer would feel comfortable that they at least can see and know where the formulas came from. We were careful to provide the formulas for the computation of the interest factors since we did not provide any interest tables.
Particular emphasis was given to different interest periods as well as nominal and effective interest rates. Both the internal rate of return (IRR) and the external rate of return(ERR) were given detailed treatments with copious practical examples. A lot of details on the Gradient series (Arithmetic and Geometric) were provided with succinct and very detailed drawings and practical examples. Detailed drawing and examples were also provided to deal with the topic of Capitalized Cost (CC) or Capital worth(CW).
The questions on quiz were ALL taken from the course material, every single one. So, there are no magic or tricky questions because we developed this as a hands-on practical course for the Professional Engineer.
The follow up second course focuses on the other remining topics such as Financial Decision Making Among Alternatives, Replacement Analysis, Decision Making Involving Risk, Break-Even and Minimum Cost Analysis, among others.
We hope that the Professional Engineer would be excited to have a ready reference for this important topic of Engineering Economic Analysis.
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