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Engineering Economy is intended for use in undergraduate introductory courses in Engineering Economics Used by engineering students worldwide, this best-selling text provides a sound understanding of the principles, basic concepts, and methodology of engineering economy. Built upon the rich and time-tested teaching materials of earlier editions, it is extensively revised and updated to reflect current trends and issues, with an emphasis on the economics of engineering design throughout. It provides one of the most complete and up-to-date studies of this vitally important field. MyEngineeringLab for Engineering Economy is a total learning package that is designed to improve results through personalized learning. MyEngineeringLab is an online homework, tutorial, and assessment program that truly engages students in learning. It helps students better prepare for class, quizzes, and exams-resulting in better performance in the course-and provides educators a dynamic set of tools for gauging individual and class progress.
Preface xiGreen Content xviiiCHAPTER 1Introduction to Engineering Economy 11.1 Introduction 21.2 The Principles of Engineering Economy 31.3 Engineering Economy and the Design Process 71.4 Using Spreadsheets in Engineering Economic Analysis 151.5 Try Your Skills 151.6 Summary 16CHAPTER 2Cost Concepts and Design Economics 202.1 Cost Terminology 212.2 The General Economic Environment 272.3 Cost-Driven Design Optimization 382.4 Present Economy Studies 432.5 Case Study-The Economics of Daytime Running Lights 492.6 Try Your Skills 512.7 Summary 52Appendix 2-A Accounting Fundamentals 60CHAPTER 3Cost-Estimation Techniques 673.1 Introduction 683.2 An Integrated Approach 703.3 Selected Estimating Techniques (Models) 783.4 Parametric Cost Estimating 833.5 Case Study-Demanufacturing of Computers 943.6 Electronic Spreadsheet Modeling: Learning Curve 963.7 Try Your Skills 983.8 Summary 100CHAPTER 4The Time Value of Money 1074.1 Introduction 1084.2 Simple Interest 1094.3 Compound Interest 1104.4 The Concept of Equivalence 1104.5 Notation and Cash-Flow Diagrams and Tables 1134.6 Relating Present and Future Equivalent Values 1234.7 Relating a Uniform Series (Annuity) to Its Present and Future Equivalent 4.8 Summary of Interest Formulas and Relationships for Discrete Compounding 1334.9 Deferred Annuities (Uniform Series) 1354.10 Equivalence Calculations Involving Multiple Interest Formulas 1374.11 Uniform (Arithmetic) Gradient of Cash Flows 1434.12 Geometric Sequences of Cash Flows 1484.13 Interest Rates that Vary with Time 1534.14 Nominal and Effective Interest Rates 1554.15 Compounding More Often than Once per Year 1574.16 Interest Formulas for Continuous Compounding and Discrete Cash Flows 1604.17 Case Study-Understanding Economic "Equivalence" 1634.18 Try Your Skills 1664.19 Summary 169CHAPTER 5Evaluating a Single Project 1865.1 Introduction 1875.2 Determining the Minimum Attractive Rate of Return (MARR) 1885.3 The PresentWorth Method 1895.4 The Future Worth Method 1965.5 The Annual Worth Method 1975.6 The Internal Rate of Return Method 2025.7 The External Rate of Return Method 2135.8 The Payback (Payout) Period Method 2155.9 Case Study-A Proposed Capital Investment to Improve Process Yield 2185.10 Electronic Spreadsheet Modeling: Payback Period Method 2205.11 Try Your Skills 2225.12 Summary 224Appendix 5-A The Multiple Rate of Return Problem with the IRR Method 236CHAPTER 6Comparison and Selection among Alternatives 2406.1 Introduction 2416.2 Basic Concepts for Comparing Alternatives 2416.3 The Study (Analysis) Period 2456.4 Useful Lives Are Equal to the Study Period 2476.5 Useful Lives Are Unequal among the Alternatives 2646.6 Personal Finances 2776.7 Case Study-Ned and Larry's Ice Cream Company 2816.8 Postevaluation of Results 2846.9 Project Postevaluation Spreadsheet Approach 2846.10 Try Your Skills 2876.11 Summary 291CHAPTER 7Depreciation and Income Taxes 3087.1 Introduction 3097.2 Depreciation Concepts and Terminology 3097.3 The Classical (Historical) Depreciation Methods 3127.4 The Modified Accelerated Cost Recovery System 3177.5 A Comprehensive Depreciation Example 3267.6 Introduction to Income Taxes 3307.7 The Effective (Marginal) Corporate Income Tax Rate 3337.8 Gain (Loss) on the Disposal of an Asset 3367.9 General Procedure for Making After-Tax Economic Analyses 3377.10 Illustration of Computations of ATCFs 3417.11 Economic Value Added 3537.12 Try Your Skills 3557.13 Summary 356CHAPTER 8Price Changes and Exchange Rates 3688.1 Introduction 3698.2 Terminology and Basic Concepts 3708.3 Fixed and Responsive Annuities 3768.4 Differential Price Changes 3818.5 Spreadsheet Application 3838.6 Foreign Exchange Rates and Purchasing Power Concepts 3858.7 Case Study-Selecting Electric Motors to Power an Assembly Line 3908.8 Try Your Skills 3938.9 Summary 394of Single Cash Flows 117CHAPTER 9Replacement Analysis 4039.1 Introduction 4049.2 Reasons for Replacement Analysis 4049.3 Factors that Must Be Considered in Replacement Studies 4059.4 Typical Replacement Problems 4089.5 Determining the Economic Life of a New Asset (Challenger) 4119.6 Determining the Economic Life of a Defender 4159.7 Comparisons in Which the Defender's Useful Life Differs from that of the Challenger 4189.8 Retirement without Replacement (Abandonment) 4219.9 After-Tax Replacement Studies 4229.10 Case Study-Replacement of a Hospital's Emergency Electrical Supply System 4309.11 Summary 433CHAPTER 10Evaluating Projects with the Benefit? Cost Ratio Method 44310.1 Introduction 44410.2 Perspective and Terminology for Analyzing Public Projects 44510.3 Self-Liquidating Projects 44610.4 Multiple-Purpose Projects 44610.5 Difficulties in Evaluating Public-Sector Projects 44910.6 What Interest Rate Should Be Used for Public Projects? 45010.7 The Benefit? Cost Ratio Method 45210.8 Evaluating Independent Projects by B? C Ratios 45810.9 Comparison of Mutually Exclusive Projects by B? C Ratios 46010.10 Case Study-Improving a Railroad Crossing 46510.11 Summary 467CHAPTER 11Breakeven and Sensitivity Analysis 47511.1 Introduction 47611.2 Breakeven Analysis 47611.3 Sensitivity Analysis 48311.4 Multiple Factor Sensitivity Analysis 48911.5 Summary 493CHAPTER 12Probabilistic Risk Analysis 50212.1 Introduction 50312.2 Sources of Uncertainty 50412.3 The Distribution of Random Variables 50412.4 Evaluation of Projects with Discrete Random Variables 50812.5 Evaluation of Projects with Continuous Random Variables 51712.6 Evaluation of Risk and Uncertainty by Monte Carlo Simulation 52212.7 Performing Monte Carlo Simulation with a Computer 52612.8 Decision Trees 53012.9 Real Options Analysis 53512.10 Summary 538CHAPTER 13The Capital Budgeting Process 54613.1 Introduction 54713.2 Debt Capital 54913.3 Equity Capital 55013.4 TheWeighted Average Cost of Capital (WACC) 55313.5 Project Selection 55713.6 Postmortem Review 56113.7 Budgeting of Capital Investments and Management Perspective 56213.8 Leasing Decisions 56313.9 Capital Allocation 56513.10 Summary 571CHAPTER 14Decision Making Considering Multiattributes 57514.1 Introduction 57614.2 Examples of Multiattribute Decisions 57614.3 Choice of Attributes 57814.4 Selection of a Measurement Scale 57814.5 Dimensionality of the Problem 57914.6 Noncompensatory Models 57914.7 Compensatory Models 58414.8 Summary 592Appendix A Using Excel to Solve Engineering Economy Problems 598Appendix B Abbreviations and Notation 615Appendix C Interest and Annuity Tables for Discrete Compounding 619Appendix D Interest and Annuity Tables for Continuous Compounding 638Appendix E Standard Normal Distribution 642Appendix F Selected References 645Appendix G Solutions to Try Your Skills 648Appendix H Answers to Selected Problems 660Index 664
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