Elementary Economic Analysis
ELEMENTARY ECONOMIC ANALYSIS
Economic decisions have to be based on the best information available at the time of the decision and thorough understanding of the uncertainties in the forecasted data.
An economic decisions related to engineering projects refers to engineering economic decisions and this economic decisions making process is called economic analysis.
In manufacturing engineering economic decision making is involved in each and every stage of production from the design to shipping stage.
The primary tasks for engineers are to take engineering economic decisions in the following areas.
• Material selection for a product
• Design selection for a product
• Design selection for a process industry
• Building material selection for construction activities
• Process Selection
