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Contemporary Engineering Economics (3rd Edition)
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About Contemporary Engineering Economics
Product Description Thoroughly revised and updated while continuing to adopt a contemporary approach to the subject of engineering economics, this book aims not only to build a sound and comprehensive coverage of engineering economics, but also to address key challenges, such as difficulty in developing the analytical skills required to make informed financial decisions. Discusses related topics dealing with business profit loss and business related communications. Each of the 17 chapters is classified into one of five parts—Part I: Financial and Cost Information; Part II: Money and Investing; Part III: Evaluating Business and Engineering Assets; Part IV: Development of Project Cash Flows; and Part V: Special Topics in Engineering Economics. For engineering economists. From the Back Cover As in the first two editions, Park's Contemporary Engineering Economics, 3e stimulates student enthusiasm and imagination with the use of real-world applications and contexts throughout the book in chapter opening scenarios, homework problems, and self-test questions. New features in the third edition: All sections are updated to reflect the latest tax laws, interest rates, and other financial developments. The chapters are now organized into five parts. Three new chapters (Chapters 2, 3, and 6) have been added. Chapter 2 (Understanding Financial Statements) introduces the basics of business language, known as financial accounting, so that engineers can understand and speak in a common language when it comes to making a variety of business decisions. Chapter 3 (Cost Concepts and Behaviors) covers the various cost definitions as well as their behaviors in decision making. In particular, it discusses the marginal concept, which is the basis for many economic decisions. Chapter 6 (Principles of Investing) unravels the mysteries of the financial marketsthe language, the players, the strategies, and above all, the risks and rewards of investments, as well as their ups and downs. Chapter 7 (Present Worth Analysis) streamlines the principles of comparing mutually exclusive projects in detail. Chapter 14 (Project Risk and Uncertainty) has been expanded to include decision tree analysis. Chapter 15 (Replacement Decisions) has been divided into two parts: The first part introduces the basic replacement decision problems without considering the effects of income taxes, whereas the second part revisits the same decision problems with income tax consideration. A comprehensive book website has been developed for study guides and additional information, as well as student and instructor resources. The section, "Computer Notes," previously appearing as an end-of-chapter feature, is now consolidated onto the website. Various spreadsheets can be downloaded from the website and opened directly in Microsoft® Excel for Windows. Excerpt. © Reprinted by permission. All rights reserved. Preface What is "Contemporary" About Engineering Economics? Decisions made during the engineering design phase of product development determine the majority of the costs of manufacturing that product (some say 85%). As design and manufacturing processes become more complex, the engineer is making decisions that involve money more than ever before. 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. With the advent of information technology, the Internet becomes an indispensable to
