The course unit emphasizes the systematic evaluation of the costs and benefits associated
with proposed technical projects. The student will be exposed to the concepts of the “time value of money” and the methods of discounted cash flow. Students are prepared to make decisions regarding money as capital within a technological or engineering environment.
The course focuses on economic and cost analysis of engineering projects, giving insights on
modern techniques and methods used on economic feasibility studies relating to design and implementation of engineering projects. It provides a sound understanding of concepts and principles of engineering economy and to develop proficiency with methods for making rational decisions regarding problems likely to be encountered in professional practice.
At the end of this course, the student should be able to:
- Outline the principles of engineering economics.
- Apply Economics in the field of engineering.
A student on completing this course is expected to:
- Explain the general theory of economics
- State the effects of economics on factors of production.
- Describe the fiscal and monetary policies affect the manufacturing industry.