What Is Engineering Economics?

Engineering economics, also known as cost-benefit analysis, is a new discipline developed in recent years. It is a scientific evaluation system that studies how to make engineering technology solutions (or investment projects) achieve the best economic results. Engineering economics usually takes engineering projects as the research object. The enterprise under construction can be an engineering project, but the enterprise often includes economic activities other than engineering projects. The study of comprehensive corporate economic activities is the task of corporate economics. ^[1]

Engineering economics

(Branch of Economics)

Engineering Economics (Engineering Economics). To learn the concept of engineering economics, you should first understand the concept of engineering and economics, which is helpful for understanding the concept of engineering economics.

The research object of engineering economics is engineering project

Engineering economics is a combination of engineering technology and economic accounting

1. Engineering economics emphasizes economic analysis based on technical feasibility.

2. The economic analysis and evaluation of engineering technology is closely related to the objective environment.

3. Engineering economics is a science that analyzes and compares the economic effects of future "differences" in each feasible solution of new technologies.

4. The economic effects discussed in engineering economics are almost all related to the "future".

Economic theory of property rights Born in the early 20th century, matured in the 1960s. Founder 1991

Engineering economics and

Engineering economics has been in existence for more than 100 years. Its mark is: 1887 (Ding Hai), the book "Economic Theory of Railway Layout" published by American civil engineer Arthur M. Wellington. By 1930, Professor EL Grant published a textbook of Principles of Engineering Economics, which laid the foundation for classical engineering economics. In 1982, JL Riggs published "Engineering Economics", a major step forward in the discipline level of "Engineering Economics". The development of modern engineering economics focuses on the use of probability and statistics to study new methods such as risk and uncertainty, as well as the study of non-economic factors. China's research and application of engineering economics started in the late 1970s. The principles and methods of engineering economics have been widely used in project investment decision analysis, project evaluation and management.