Podcast
Questions and Answers
What is the basis for comparing alternatives as per Principle 2?
What is the basis for comparing alternatives as per Principle 2?
- Financial projections
- Cash flows (correct)
- Market demand
- Operational efficiency
What is the importance of technical-economic modeling and analysis techniques in selecting the preferred alternative?
What is the importance of technical-economic modeling and analysis techniques in selecting the preferred alternative?
- Directly leading to the preferred alternative
- Improving operational efficiency
- Dictating the quality of results obtained (correct)
- Determining the market demand
Which step involves monitoring project performance during its operational phase?
Which step involves monitoring project performance during its operational phase?
- Step 5
- Step 7 (correct)
- Step 3
- Step 1
What is the purpose of post-implementation evaluation in engineering practice?
What is the purpose of post-implementation evaluation in engineering practice?
What is the primary purpose of Step 3 in the problem-solving process?
What is the primary purpose of Step 3 in the problem-solving process?
Why is performance monitoring often not done consistently or well in engineering practice?
Why is performance monitoring often not done consistently or well in engineering practice?
How are feasible alternatives selected in Step 2 of the problem-solving process?
How are feasible alternatives selected in Step 2 of the problem-solving process?
How does Principle 7 influence performance monitoring and post-evaluation in engineering practice?
How does Principle 7 influence performance monitoring and post-evaluation in engineering practice?
Which step emphasizes viewing the problem from a systems perspective?
Which step emphasizes viewing the problem from a systems perspective?
What constitutes a cash flow in the context of the Engineering Economy Principles?
What constitutes a cash flow in the context of the Engineering Economy Principles?
Why is refinement of needs and requirements essential in the problem-solving process?
Why is refinement of needs and requirements essential in the problem-solving process?
In which step are potential alternatives searched for in the problem-solving process?
In which step are potential alternatives searched for in the problem-solving process?
What is a key component in the analysis of the economic aspects of an engineering problem?
What is a key component in the analysis of the economic aspects of an engineering problem?
Which factor is NOT typically considered in obtaining accurate forecasts for cash flows in engineering economy studies?
Which factor is NOT typically considered in obtaining accurate forecasts for cash flows in engineering economy studies?
What is an essential part of an engineering economy study according to Principle 6?
What is an essential part of an engineering economy study according to Principle 6?
Which step in the decision-making process often involves Principles 3 and 4 of the Engineering Economy Principles?
Which step in the decision-making process often involves Principles 3 and 4 of the Engineering Economy Principles?
Which of the following is an example of a nonmonetary factor that can play a significant role in decision making?
Which of the following is an example of a nonmonetary factor that can play a significant role in decision making?
In an engineering economy study, what type of estimates are largely used for the feasible alternatives selected for detailed study?
In an engineering economy study, what type of estimates are largely used for the feasible alternatives selected for detailed study?
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