Education and Career Forum

Engineering Economics and Costing paper focuses on the development of analytical prowess and intellectual acuity to understand engineering projects in terms of their economic costs and standards involved. The technical aspects of the economic practicality is theorized and outlined in the academic discipline. It demonstrates the engineering fundamentals as a foundation for engineering economics which mainly deals with economic analysis of projects. The concepts of economics are merged with those of engineering in order to produce a valid and parallel interpretation of any financial project. Hence the topics cover theories on inflation, market uncertainty, accounting strategies, cost estimations, replacements, resource depletion, taxation, crediting, capital financing and other elements of economic understanding that eventually validates the basic platform of the subject. Its use in the industrial and manufacturing sector is highly crucial as engineering is directly linked to economic prospects of industries such as profitability, investment scheme, cash movement and manufacturing operations.