Essay upon Engineering Monetary Decisions

L1: Anatomist Economic Decisions

ECON 320 Engineering Economics Mahmut Ali GOKCE Industrial Systems Anatomist Computer Savoir

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Lecture Number 1 Section 1 Engineering Economic Decisions

пЃ® Rational Decision- making Process пЃ® The Engineer's Function in Business пЃ® Types of Strategic Executive Economic Decisions пЃ® Primary Principles in Engineering Economics

Bose Company

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Section Opening Tale - Bose Corporation

пЃ® Dr . Hacer el amor Bose, a graduate of electrical executive, an UBER professor, and Chairman of Bose Firm. пЃ® He invented a directional home speaker system that reproduces the concert experience. пЃ® He formed Bose Corporation in 1964 to become the world's No . you speaker maker. пЃ® He became the 288th richest American in 2002 by simply Forbes publication.

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Executive Economics Overview

• • • • • • Rational Decision-Making Process Monetary Decisions Guessing Future Function of Designers in Business Large-scale engineering tasks Types of strategic architectural economic decisions www.izmirekonomi.edu.tr

Rational Decision-Making Procedure

1 .

installment payments on your

3.

4. 5. 6.

Recognize a decision problem Specify the goals or goals Collect all the relevant data Identify a collection of feasible decision alternatives Pick the decision criterion to use Pick the best option

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Which will Car to Lease? Saturn vs . Honda

1 .

2 .

3.

four. 5. 6.

Recognize a choice problem Specify the desired goals or aims Collect every one of the relevant info Identify a collection of feasible decision alternatives Pick the decision requirements to use Pick the best alternative

пЃ®

пЃ® пЃ® пЃ® пЃ®

Desire a car

Wish mechanical reliability Gather technological as well as monetary data Select from Saturn and Honda Need minimum total cash cost Select Honda

пЃ®

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Financial Info Required to Call and make an Economic Decision

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Engineering Economic Decisions

Manufacturing Revenue

Planning

Expense Marketing

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Predicting the near future

пЃ® Calculating a Necessary investment пЃ® Forecasting a product or service demand пЃ® Estimating a selling price пЃ® Estimating a manufacturing expense пЃ® Estimating a product your life www.izmirekonomi.edu.tr

Position of Technicians in Business

Produce & Style • Anatomist Projects

Assess • Production Methods • Engineering Basic safety • Environmental Impacts • Market Examination

Evaluate • Expected Profitability • Time of Cash Moves • Degree of Financial Risk

Evaluate • Impact on Monetary Statements • Firm's Market Value • Inventory Price

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Accounting Or Accounting

Analyzing past performance Evaluating and predicting upcoming events

Accounting

Past

Architectural Economy

Future Present

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Two Elements in Architectural Economic Decisions

The elements of time and uncertainty would be the defining aspects of any engineering economic decisions

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A Large-Scale Architectural Project

пЃ® Requires a huge sum of investment пЃ® Takes a while to see the monetary outcomes пЃ® Difficult to predict the income and expense streams

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Types of Strategic Architectural Economic Decisions in Manufacturing Sector пЃ±Service Improvement пЃ±Equipment and Process Variety пЃ±Equipment Replacement unit пЃ±New Product and Product Expansion пЃ±Cost Reduction

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U. S. Gross Household Products (GDP)

Manufacturing (14%)

Service sector (80%)

Health-related (14%) Agriculture (2%)

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Industrial Career

Industry 93 1983-94 1994-2005 Employment National Projected distribution Average Change Manufacturing 12. 6% -0. 70% -7. 2% Companies Retail transact Financial 31. 5% of sixteen. 7% almost 8. 0% sixty. 0% 23. 1% dua puluh enam. 8% 39. 0% 13. 0% 6. 3%

Supply: Bureau of Economic Analysis/Bureau of Labor Statistics

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