ENGENIEERING ECONOMIC ANALYSIS.

Parametric cost estimates are usually based on mathematical equations or models. Simple mathematical relationships such as linear and nonlin...

All engineers must make tradeoffs in the four domains shown in Figure. Good engineers follow a disciplined and structured approach when deve...

Depreciation is simply the systematic allocation of cost of a capital expenditure item over its useful life. In reality, depreciation is not...

The ability to plan and evaluate economically major projects is a part of most large government agencies and engineering firms. Most agencie...

Models are, by nature, simplifications of (and approximations to) the real-world. Errors can be introduced at each stage (as presented in Fi...

Providing Numerical Information A model calculates the possible values of variables that are considered important in the context of the deci...

The modelling process is essentially two-directional (see Figure): ◾ A "backward thought process", in which one considers a variab...