Engineering Economics and Costing focuses on two most important components of Cost and Economics for engineers. Engineers should have the knowledge of cost how the cost elements are built up in different industries like, Manufacturing Industries, Process Industries and even Job Shops. The underlying belief is that only with the pertinent knowledge engineers can control and improve cost. The interesting thing is that they are the creator of cost. There are some Core Competencies which should also be known to them. Those Core Competencies are essential for better Cost Management. These Core Competencies are: Cost Model; Cost Estimate; Pareto Diagram; Ishikawa Diagram; Payback Period; Return on Investment; Discounted Cash Flow; Internal Rate of Return; Make or Buy Decision Life Cycle Costing.
In addition to above knowledge, the engineers should also have knowledge of the following techniques. Target Costing; Design to Cost and Should Costing.
At the end of each chapter, objective type questions and the problems have been provided. The answer of each type of questions are also given for the benefit of the readers. This book is meant to be user friendly and is focused on building an affinity for cost.