Engineering Economics is a field of study that examines the financial implications of technical investment proposals and projects. It is also sometimes referred to as engineering cost analysis or economic decision analysis. The term "project" or "investment" used here has a very broad definition; it could refer to a service, a machine, a structure, a highway, a business, or even an entire industrial zone. (Pujawan, 1995)
While McGraw-Hill Dictionary of Scientific & Technical Terms define Engineering Economics as:
1. Application of engineering or mathematical analysis and synthesis to decision making in economics.
2. The knowledge and techniques concerned with evaluating the worth of commodities and services relative to their cost.
3. Analysis of the economics of engineering alternatives (McGraw-Hill Dictionary of Scientific & Technical Terms, 2003)
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