What are advantages and disadvantages of engineering economics and management
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how r u learning this.it is very hard
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Engineering economics deals in evaluating the systems, products or services in keeping in mind their costs. Thus, it helps decide how useful, viable and profitable is a certain engineering project making the engineer an effective manager and excellent decision maker.
There are certain pros and cons related to engineering economics. It helps in systematic evaluation of economics benefits of proposed solution to engineering problems. It assists in quantifying the costs and benefits thus gives an estimate of what future investments can be made.It also helps to identify the alternative uses of limited resources.
On the other hand, some disadvantages include the market being unpredictable and non replicate able. As all projects have a different nature thus the market conditions are not the same with all types of projects. Changing government policies also pose of negative effect on the projects.
There are certain pros and cons related to engineering economics. It helps in systematic evaluation of economics benefits of proposed solution to engineering problems. It assists in quantifying the costs and benefits thus gives an estimate of what future investments can be made.It also helps to identify the alternative uses of limited resources.
On the other hand, some disadvantages include the market being unpredictable and non replicate able. As all projects have a different nature thus the market conditions are not the same with all types of projects. Changing government policies also pose of negative effect on the projects.
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