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Why engineering economics is important for engineers Engineers must be able to incorporate economic analysis into...

Why engineering economics is important for engineers

Engineers must be able to incorporate economic analysis into their creative efforts

Often engineers must select and implement from multiple alternatives

Designing involves economic decisions

Engineers design and create

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Engineering economics is important for engineers because they have to analyze and select the most economical alternative among several alternatives. Engineers play a major role in investment decisions based on the analysis and design of new products or processes. Engineering economics is a set of tools that aid in decision making. Decisions made by the engineer during the engineering phase of a product’s development determine the majority of the costs of manufacturing the product.

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