Education and Career Forum

Engineering Economics and Costing is a division of economics that thrives on theories and laws of economics, showing its versatility in the field of capital management and financing issues. Analysis of costs and revenues, relationship between the concepts of costs and revenues, cash flows and attributes (non-economic factors) are the primary areas of interest in engineering economics and costing. The other essential topics that seek prominence in this context are fundamental working of inflation, replacement, recession, depreciation, uncertainty, resource depletion and other global considerations. The part of Costing is more concerned with credit, accounting, tax, cost estimation, real money and capital financing. Knowledge in these subjects is key requirements for proper cost engineering in engineering firms. The course is quite multidimensional and consolidates theories of management and operations and demand influences setting different macro-level economic trends in marketing and financing sector and paving the way for development in products and technologies.