PREFACE (From original Book)
What is “Contemporary” About Engineering Economics?
Decisions made during the engineering design phase of product development determine the majority of the costs associated with the manufacturing of that product (some say that this value may be as high as 85%). As design and manufacturing processes become more complex, engineers are making decisions that involve money more than ever before. With more than 80% of the total GDP (Gross Domestic Product) in the United States provided by the service sector, engineers work on various economic decision problems in the service sector as well. Thus, the competent and successful engineer in the twenty-first century must have an improved understanding of the principles of science, engineering, and economics, coupled with relevant design experience. Increasingly, in the new world economy, successful businesses will rely on engineers with such expertise.
Economic and design issues are inextricably linked in the product/service life cycle. Therefore, one of my strongest motivations for writing this text was to bring the realities of economics and engineering design into the classroom and to help students integrate these issues when contemplating many engineering decisions. Of course, my underlying motivation for writing this book was not simply to address contemporary needs, but to address as well the ageless goal of all educators: to help students to learn. Thus, thoroughness, clarity, and accuracy of presentation of essential engineering economics were my aim at every stage in the development of the text.
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