Engineering Economy GNRL 405 Quiz

Purpose of Mathematical Techniques

• The primary purpose of mathematical techniques in engineering economics is to evaluate and compare alternative projects or investments.

Applicability of Formulas and Techniques

• Formulas and techniques used in engineering economics are applicable in a wide range of industries, including manufacturing, construction, and services.

Essential Elements in Estimates and Decisions

• The essential elements usually involved in estimates and decisions in engineering economy are time, money, and risks.
• The element that is NOT essential is friendship.

Impact of Decisions

• Most decisions primarily affect the future.

Role of Computers, Mathematics, Concepts, and Guidelines

• The primary role of computers, mathematics, concepts, and guidelines in decision-making is to assist people in making better decisions.

Study of Economics

• The study of economics helps individuals with making informed decisions about the use of resources.

Personal Applications

• Knowledge from this course can offer an economic analysis tool for personal decisions, such as buying a house or a car.
• This knowledge can also be applied to everyday financial decisions.

Time Frame

• The time frame primarily focused on in engineering economy is the long-term.

Best Estimates

• The best estimates used in engineering economy are about future outcomes and costs.

Representation of Numbers

• The numbers used in engineering economy represent quantifiable values and outcomes.

Assistance in Decision-Making

• Computers, mathematics, concepts, and guidelines primarily assist people with making better decisions by analyzing data and predicting outcomes.

Personal Decisions

• One of the possible personal decisions that knowledge from this course may offer an economic analysis tool for is planning for retirement.

General Objective

• The general objective of the Engineering Economy course is to equip engineers with the skills to make informed economic decisions.

Description of Engineering Economy

• Engineering Economy involves evaluating and comparing alternative projects or investments to make informed decisions.

Role in Decision-Making

• The role of engineering economics in the decision-making process is to provide a framework for evaluating and comparing alternatives.

Primary Focus

• The primary focus of Engineering Economy is on evaluating and comparing alternative projects or investments.

Aim of Providing an Overview

• The aim of providing an overview of economic methods to working engineers is to enable them to make informed decisions about the use of resources.

Contribution to Engineering Decisions

• Engineering Economy contributes to engineering decisions by providing a framework for evaluating and comparing alternatives.

Formulating and Estimating Economic Outcomes

• The main purpose of formulating and estimating economic outcomes in Engineering Economy is to predict and compare the outcomes of different projects or investments.

Contribution to Successful Project Implementation

• Engineering Economy contributes to successful project implementation by providing a framework for evaluating and comparing alternatives and making informed decisions.

Description of Engineering Economy

• Engineering Economy is described as the application of economic principles to engineer decision-making.

Role in Successful Project Planning

• Engineering Economy involves evaluating and comparing alternative projects or investments to ensure successful project planning.

Test your knowledge of engineering economy methods used in effective engineering decisions for designing, planning, and implementing successful projects. This quiz is based on the course 'Engineering Economy GNRL 405' at Hail College of Technology.