27/10/2024 - ENGINEERING ECONOMY & ECONOMIC PRINCIPLES

This Module Is Designed To Help Participants To 'think Like An Economist' - By Applying The Concepts Of Economics To Make Sense Of The Business World And, Hopefully, The World In General. As Well As An Overview Of The Macro Economy (the Environment That Businesses And Governments Operate In), Participants Will Learn To Apply Useful Tools And Techniques From Cost-Benefit Analysis, Multi-Criteria Decision-Making And Game Theory. The Aim Is To Equip Participants To Be Able To Make Better Decisions In Business And Overall.

This Module Introduces The Concept Of "the Time-value Of Money" And The Effect That It Has On Economic Decisions In Engineering And Business. It Equips The Students With A Conceptual Framework For Understanding And Evaluating Economic Alternatives Represented As A Set Of Cash Flows Over Time. Topics Covered Include Cash Flow Analysis, Choice Among Economic Alternatives, Effects Of Depreciation And Taxation, Replacement Analysis, And Dealing With Risk And Uncertainty