Economic decision making
ECONOMIC DECISION MAKING INTRODUCTION: What is the meaning of engineering economics : Engineering economics was earlier known as engineering economy. It is a part or subset of economics . Engineers find out solution of some technical problems with objectives :- Development of new input , process and final products. Development of technologies with the objective of maximizing output/input ratio. But they don't assess their financial profitability. It is the work of engineering economics. In between the engineers and engineering economics comes the role of accountant. Accountant provides information on the past financial performance of the project. The engineers deals with technological possibilities out of which management may make a selection for a future action and engineering economics helps management to make actual decision. So engineering economics is an economics evaluation of the technically possible engineering alternatives. Economic decision making D...