What makes economic decision different from other design decision?
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The term "engineering economic decision" refers to all investment decisions relating to engineering projects. The most interesting facet of an economic decision, from an engineer’s point of view, is the evaluation of costs and benefits associated with making a capital investment.
The five main types of engineering economic decisions are
(1) service or quality improvement
(2) new products or product expansion
(3) equipment and process selection
(4) cost reduction
(5) equipment replacement.
The five main types of engineering economic decisions are
(1) service or quality improvement
(2) new products or product expansion
(3) equipment and process selection
(4) cost reduction
(5) equipment replacement.
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