Engineering Economy-Chapter 1 exam ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
with correct answers ||\\||\\ ||\\||\\
What is engineering economy? - correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔introduces the decision making process that ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
accompanies "go/no go" evaluations of investments ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
in engineering projects
||\\||\\ ||\\||\\
Purpose of engineering economy? - correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔develop and illustrate the principles and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
methodology required to answer basic economic ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
question of any design. Do the benefits exceed its ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
cost
Solutions to engineering problems (5) - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔-demonstrate positive balance of long||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
term benefits over long term costs
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
-promote well being and survival of an organization ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, -embody creative and innovative technology and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
ideas
-permit identification and scrutiny of estimated
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
outcomes
-translate profitability to the "bottom line" through ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
valid and acceptable measure of merit
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Mission of engineering economy - correct answers||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔balance trade offs in the most economical ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
manner
7 Principles of engineering economy - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔- Develop the alternatives ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
-Focus on the differences ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
-Use a consistent viewpoint
||\\||\\ ||\\||\\ ||\\||\\
-Use a common unit of measure
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
-Consider all relevant criteria ||\\||\\ ||\\||\\ ||\\||\\
-Make Risk and Uncertainty Explicit
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
with correct answers ||\\||\\ ||\\||\\
What is engineering economy? - correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔introduces the decision making process that ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
accompanies "go/no go" evaluations of investments ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
in engineering projects
||\\||\\ ||\\||\\
Purpose of engineering economy? - correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔develop and illustrate the principles and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
methodology required to answer basic economic ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
question of any design. Do the benefits exceed its ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
cost
Solutions to engineering problems (5) - correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔-demonstrate positive balance of long||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
term benefits over long term costs
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
-promote well being and survival of an organization ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, -embody creative and innovative technology and ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
ideas
-permit identification and scrutiny of estimated
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
outcomes
-translate profitability to the "bottom line" through ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
valid and acceptable measure of merit
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Mission of engineering economy - correct answers||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔balance trade offs in the most economical ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
manner
7 Principles of engineering economy - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔- Develop the alternatives ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
-Focus on the differences ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
-Use a consistent viewpoint
||\\||\\ ||\\||\\ ||\\||\\
-Use a common unit of measure
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
-Consider all relevant criteria ||\\||\\ ||\\||\\ ||\\||\\
-Make Risk and Uncertainty Explicit
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
