ENGINEERING ECONOMICS Principles and Practices

Have technical knowledge and expertise in their field; The purpose of the engineer as a technical staff who produces goods and services in the enterprise by using people, machinery, equipment, materials, equipment and processes; To achieve maximum production by using inputs such as materials, resources, time and technology.
As long as limited and costly resources cannot be used optimally and the highest possible values ​​cannot be produced, a firm will fail in the market against its competitors and perhaps have to withdraw from the market. In order for the resources to be used optimally, the company must have an important technology, make its technological development a continuous process and be ahead of its competitors in technology. Every decision regarding the use of resources in the firm has an economic aspect. Resources must be used productively, that is, efficiently, and must provide maximum returns. For this reason, the engineer has to take all measures and apply the necessary methods for the efficient use of resources besides the management and in his field. The economic decisions taken may be short-term and long-term, and the expenditures will be short-term and long-term. If the economic decisions are short-term, that is, they cover a year, they are income expenditures, and if they cover more than one year, they are investment expenditures.
Engineer; How will it make income expenditures and investment expenditures, and how will it save on these expenditures? These are the subjects of engineering economics. Efficient use of resources, preparation of projects, making investments, executing the project and putting it into operation and similar processes continue throughout the life of the company and the engineer takes his place at every stage of the project. In this respect, it is very important to equip an engineer with knowledge of "Engineering Economics" and to act rationally. This work aims to give you this information.