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                                                                                              About Engineering Economics

Engineering economics is the branch of economics dealing with the design evaluation and engineering alternatives. Using economic techniques, this branch of economics evaluates various engineering projects for its suitability and its value from an engineering viewpoint. The main concepts in the engineering economics are cash flow concepts and concepts associated with cost benefit analysis of projects. The main cash flow concepts include time value of money, compound and continuous interest. For deciding the appropriateness of a project, engineers need to do economic analysis of the inherent benefits associated with them versus their externalities. One main application of engineering economics is in fire protection engineering.

Cash flow is the total money received in the financial records of a project. It is denoted as receipts or disbursements in the records. One main cash flow concept is time value of money. The present value of a particular amount of money say $1000 is generally considered  higher than its value  after one year due to  three factors namely inflation, risk and cost of money. The most important factor is the cost of money among these, which is determined by interest rate. Thus, cost of money is the value of money dependent on time emerging from either inflation or deflation and the real earning potential of various investments over time.

The next concept is the cash flow diagram where cash flow is represented as arrows on a time line scaled to the magnitude of cash flow. In this cash flow diagram, expenses are down arrows and receipts are up arrows. The next concept is interest, which is the return on invested capital. There are both simple interest and compound interest. Present worth is the value obtained by discounting the future cash flows to the present period. Discounting is the inverse of compounding .It determines a present amount, which will yield a specified future sum.

Various investments are compared using four alternative methods namely present worth, annual cost, rate of return and benefit cost analysis. Discount rate is one main factor, which determines each method. For comparing various projects, the interest rate used is called the discount rate. In the case of present worth, projects with least cost in present value is selected. Using annual cost method, the costs converted into uniform series are compared annually for taking a decision. In the third method, the interest rate associated with a project is compared to a minimum attractive rate of return. In cost benefit analysis, costs and benefits of a project are categorized separately and then compared for decision.


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