Engineering Economics and the relationship between Engineering and Economics | New Topic [2024] - Poly Notes Hub
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What is Engineering Economics and Relationship between engineering and economics - poly notes hub
by: Arun PaulPosted on:

Engineering Economics and the relationship between Engineering and Economics | New Topic [2024]

In this note, we are going to discuss the Engineering Economics and the relationship between Engineering and Economics. Welcome to Poly Notes Hub, a leading destination for Diploma Engineering Notes Syllabus-Wise and in Pdf Format.

Author Name: Arun Paul.

What is Engineering Economics ?

It is the study of engineering projects, procedures, and decisions from an economics perspective. It entails using economic theories and methods to evaluate the risks, costs, and rewards of engineering endeavors and choices. By weighing financial as well as technical concerns, it assists engineers and decision-makers in making well-informed decisions.

Relationship between Engineering and Economics

In the table, we listed some differences between Engineering and Economics –

AspectEngineeringEconomics
1. Cost AnalysisAnalyzes costs associated with engineering projectsProvides tools for cost estimation, analysis, and management
2. Investment DecisionsEvaluates financial viability of engineering investmentsOffers frameworks for assessing returns and risks of investments
3. Risk ManagementIdentifies and manages uncertainties in projectsProvides strategies for quantifying and mitigating risks
4. OptimizationBalances costs and benefits to optimize resource allocationHelps identify optimal solutions to maximize value
5. SustainabilityConsiders environmental and social impacts of engineeringPromotes sustainable practices through economic incentives

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Engineering Economics and the relationship between Engineering and Economics | New Topic [2024] - Poly Notes Hub Engineering Economics and the relationship between Engineering and Economics | New Topic [2024] - Poly Notes Hub Engineering Economics and the relationship between Engineering and Economics | New Topic [2024] - Poly Notes Hub
Engineering Economics and the relationship between Engineering and Economics | New Topic [2024] - Poly Notes Hub
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