Podcast
Questions and Answers
What factors, other than economic aspects, play a significant role in the final recommendation of a decision?
What factors, other than economic aspects, play a significant role in the final recommendation of a decision?
- Employee satisfaction and customer service
- Production flexibility and environmental compliance
- Public relations and community involvement
- All of the above (correct)
Which step in the decision-making process involves the selection of the alternative that best serves the long-term interests of the organization's owners?
Which step in the decision-making process involves the selection of the alternative that best serves the long-term interests of the organization's owners?
- Step 6: Final decision implementation
- Step 5: Analysis and comparison of alternatives
- Step 3: Development of prospective outcomes
- Step 4: Selection of decision criterion (correct)
What does the analysis of the economic aspects of an engineering problem mainly rely on?
What does the analysis of the economic aspects of an engineering problem mainly rely on?
- Cash-flow estimates for feasible alternatives (correct)
- Historical data and intuitive guesswork
- Consideration of future uncertainties
- Detailed study of all competitors' financial reports
Why is obtaining accurate forecasts of cash flows and other factors considered a substantial effort?
Why is obtaining accurate forecasts of cash flows and other factors considered a substantial effort?
Which principle is considered essential in an engineering economy study due to future uncertainties?
Which principle is considered essential in an engineering economy study due to future uncertainties?
What is the main focus when selecting an alternative in engineering economy according to the text?
What is the main focus when selecting an alternative in engineering economy according to the text?
What stimulates the recognition of a problem according to the text?
What stimulates the recognition of a problem according to the text?
In Step 2, what does 'feasible' mean in the context of developing alternatives?
In Step 2, what does 'feasible' mean in the context of developing alternatives?
Which step uses Principles 2, 3, and 4 of the Engineering Economy Principles according to the text?
Which step uses Principles 2, 3, and 4 of the Engineering Economy Principles according to the text?
How are alternatives selected for detailed analysis in Step 2?
How are alternatives selected for detailed analysis in Step 2?
What is the purpose of comparing alternatives in engineering economic analysis?
What is the purpose of comparing alternatives in engineering economic analysis?
What defines the boundary or extent of a problem formulation according to the text?
What defines the boundary or extent of a problem formulation according to the text?
What may change the original formulation of a problem during evaluation?
What may change the original formulation of a problem during evaluation?
Which step is the preferred alternative a result of?
Which step is the preferred alternative a result of?
What does the quality of the results obtained and the recommended course of action depend on?
What does the quality of the results obtained and the recommended course of action depend on?
What does Principle 7 relate to in engineering practice?
What does Principle 7 relate to in engineering practice?
Why is post-implementation evaluation important according to the text?
Why is post-implementation evaluation important according to the text?
Why is the final step often not done consistently or well in engineering practice?
Why is the final step often not done consistently or well in engineering practice?
