The branch of the field or the department of economics that deals with the applications and usage of the principles of economics to analyse and researching on the decisions that are stated in the field or department of Engineering is called engineering economics assignment. This branch of economics has had an initial name and was known as Engineering economy. Engineering economics mainly focuses on the area of the microeconomics. The primary objective and aim of the field of Engineering economics are to analyse the behaviour or actions of the organization or the company in the process of making decisions within the firm and the individuals. This step is usually taken with the view of making an improvement and profit so that a limited quantity of resources could be allocated, and no amount of extra resources joins the wastage amount in the company or the organization.
On the accordance with the information and explanation that has been stated so far in the previous paragraph, we will be able to understand on a clear-cut basis that the branch of economics. The engineering economics mainly focuses and analyses the area such as the process of decision making, and its surroundings, actions of the individuals, nature or environment, etc. in a company or an organization. This particular branch of economics, i.e. engineering economics is the theory of economics that is the focused economics of integration, and its nature by using and practicing the techniques of engineering. An area of Engineering economics could also be rewritten or reapplied into a simple kind of manner by using and implementing the theories of the microeconomics. By using and applying the methods of the microeconomics, some situations such as the supply, determination, demand, competition, price, etc. could be avoided easily.
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However, if observed we will be able to assume and find that the theories have been implemented in the area of engineering economics is closely related to the other factors of the economics. For instance, the accounting process of the cost, statistics, costs, price, availability, etc. The theories and techniques in the area of the Engineering economics have been derived from the framework that has been created on a logical basis and is capable of adding the power of analysing to the factors of statistics and mathematics. Engineers are responsible for predicting and providing a better solution for this kind of problems or issues. The eligibility and the value of the economy is that belongs to the aspects of the technical area which is considered to be of the ordinary in its condition.
Formulation and evaluation:
The first and foremost theory of the field of the Engineering economics is that it is closely related to the main processes of the economics such as evaluation, formulation and estimation of the outcomes and results gained by using the alternatives to accomplish the target that is eligible and considered to be valuable. Meanwhile, in some areas in the field of Civil Engineering in the country of United States of America (USA), the course of Engineering economics has been declared as an essential and prominent course. Moreover, this course has been considered very important and is valued to be a fundamental course among all the other courses in the Department of Civil Engineering. There is a high number of chances and possibilities for the questions to be framed on the topics that are based on the practices, techniques and principles of Engineering in the examination.
The parts of the above-stated examination in the Department of Civil Engineering is considered to be of professional engineering that requires a valid process of registration to take this examination. Under the consideration of the value of time and money spent on this process that is used to analyse the economy of engineering, it is recognized as most centric department or field of study in the area of Civil Engineering. The flow rate of cash here has been discounted and decreased by using the rate of interest, here the studies that are considered to be the most basic level in the field of economics has been excluded. For most of the issues that occur in the area of engineering economics writing, alternatives are available and could be implemented quickly. The primary and prominent kind of choice that should be considered to the most and extreme level is the no steps to do or enforce sort of decision. Factors that are supposed to be of no economics kind such as image as per the public view, style, colour, etc. are required to be found and applied in the form of attributes.
In the field or the department of Engineering economy, both the revenues and costs are included and marked as mandatory factors with the linkage of every alternative used here. These factors are also involved in every period which could be both numbers of a fixed type with duration of years and the estimated or guaranteed continuation of the life of the particular project. The rate according to the value of salvage here is often excluded or forgotten, even though it is utterly necessary and is considered to the total revenue or cost spent or required to decommission of the project.
Most of the topics in the field of Engineering economics includes the below information and data;
- The level of macroeconomic trends and problems or issues.
- The product or item that has been manufactured using the techniques of Engineering and its high or low level of demand in the market.
- The economics that is being discussed in the area of management, improvement, growth, organization, development, etc. in the firms of business and the field of Engineering.
- The event in the areas of Engineering such as technologies of new age or modern Engineering, products, financing in the techniques of Engineering, marketing procedures in Engineering, etc.
- As we all know engineering economics homework and case study plays an active and equal role in the areas and sectors that are related to the field of manufacturing, industries and business firms in society.
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