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Explain the relationship between engineering economic analysis and engineering design. How does economic analysis assist decision making in the design process? Give an example.
The relationship between engineering economic analysis and engineering design comprises of all the steps of engineering economic analysis reflecting all the activities of engineering design process.
1) engineering economic analysis involves recognition and evaluation of a problem and design process involves defining the problem.
2) engineering economic analysis involves development of all the considerable alternatives and engineering designing involves formulation of a problem.
3) Engineering economic analysis involves development of the outcomes similarly engineering design involves synthesis of possible alternatives.
4) Engineering economic analysis involves analysis and comparison of all the alternatives whereas engineering design adds optimisation to that.
5) Engineering economic analysis involves selection of the preferred alternative whereas engineering design involves specification of a preferred alternative.
Engineering economic analysis assists decision making in the engineering design process by providing all the tehniques considering costs, inflation, economic desicion rules, time value of money, taxes and accounting concepts. An engineering activity that involves engineering design process is the activity to transform something.
Use of engineering economic cost analysis and designing process to extract minerals from raw ore.
Explain the relationship between engineering economic analysis and engineering design. How does economic analysis assist decision...
Explain how the What-If Analysis tools available in Excel tools are used to assist with solid decision making. Give examples of how each of the What-If Analysis tools can be used practically.
Explain how the job analysis process can assist in redesigning jobs using examples from organisations like Coles or Woolworths supermarkets. Explain how to bring change in their work design within their retail store layout to bring more productivity and efficiency. Using an example, explain how job description and job specification may impact the work design decisions.
1. There are many definitions of engineering design. The Accreditation Board for Engineering and Technology (ABET) defines engineering design as: "Engineering design is the process of devising a system, component, or process to meet desired needs. It is a decision-making process (often iterative), in which the basic sciences, mathematics, and the engineering sciences are applied to convert resources optimally to meet these stated needs...". Identify three important words or phrase from the above definition and for each of them explain...
Question 2 Sunk costs are ignored in engineering economic decision making. True
Write the four-step process that Mangers are usually follow while making a decision. Explain each step with example. Differentiate between Routine report and Non-Routine report. Explain with example. Explain with example how dynamic analysis is different from static analysis.
Which of the following statement(s) is(are) not considered in developing procedures for engineering economic analysis? Answer it based on the information in your lecture notes and textbook only. a. Problem recognition, definition, and evaluation. b. Process re-engineering. c. Development of the feasible alternatives. d. Selection of a decision criteria.
Reading1 Engineering Decision Making: what is the criteria to make decisions? Are there any social and economic considerations when making decision on engineering projects? What is engineering economic analysis? What are costs? What are benefits? How do we estimate costs and benefits? Is there a difference when we estimate a known project vs. a new project? What are the estimating models and what are the difference between them? What are the basic definitions of the following terms: cost, benefit, sunk...
Relationship between planning and decision making in resource allocation in the strategic planning process
Distinguish between fixed and variable costs. Explain common misapplications of costs in decision making. Employ marginal analysis to make a rational decision (define an example) Conduct a breakeven analysis to make a business decision. (define an example) The response needs to be at least 200 words
Explain implementing framing into the decision making process. Give an example.