Презентация Engineering economics онлайн
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- Тип файла:ppt / pptx (powerpoint)
- Всего слайдов:40 слайдов
- Для класса:1,2,3,4,5,6,7,8,9,10,11
- Размер файла:3.00 MB
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Слайды и текст к этой презентации:
№2 слайд
![ENGINEERING ECONOMICS What is](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img1.jpg)
Содержание слайда: ENGINEERING ECONOMICS
What is Economics ?
A social science of how limited resources are used to satisfy unlimited human wants
What is Engineering ?
Engineering is the application of scientific, economic, social, and practical knowledge, in order to design, build, and maintain structures, machines, devices, systems, and materials
№10 слайд
![Principles of Engineering](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img9.jpg)
Содержание слайда: Principles of Engineering Economy
1. Develop the Alternatives
Creativity and innovation are essential to the process
The alternatives need to be identified and then defined for subsequent analysis
Consider the status quo, but do not focus on it(i.e., doing nothing)
2. Focus on the Differences
Only the differences among alternatives are relevant to comparison and decision
3. Use a Consistent Viewpoint (perspective)
4. Use a Common Unit of Measure
Use it for enumerating as many possible outcomes as possible, since it simplifies the analysis of alternatives
5. Consider All Relevant Criteria
Consider both those that can be measured in monetary terms and “non-monetary” criteria
6. Make Uncertainty Explicit
7. Revisit Your Decisions: compare initial projected outcomes with actual results achieved
№11 слайд
![Engineering economic analysis](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img10.jpg)
Содержание слайда: Engineering economic analysis procedure
1. Problem recognition, definition, and evaluation
2. Development of the feasible alternatives
Searching for potential alternatives
Screening them to select a smaller group of feasible alternatives
3. Development of the cash flows for each alternative (or of prospective outcomes)
4. Selection of a criterion ( or criteria)
5. Analysis and comparison of the alternatives
6. Selection of the preferred alternative
7. Performance monitoring and post-evaluation results: helps to do better analysis and improves the operations in organization
№12 слайд
![Simpler procedure for](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img11.jpg)
Содержание слайда: Simpler procedure for formulating engineering economic decisions
Four essential steps in formulaing engineering economic decisions are:
Creative step: find an opening through a barrier of economic and physical limitations
Definition step: define all factors associated with each alternative originated in creative step
Conversion step:
Decision step
№13 слайд
![Creative step The creative](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img12.jpg)
Содержание слайда: Creative step
The creative step consists of finding an opening through a barrier of economic and physical limitations (ex. aluminum discovery or mining)
We explore, investigate and research aiming at finding new opportunitites
Many successful ideas are simply new combinations of known facts
№14 слайд
![Definition step In the](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img13.jpg)
Содержание слайда: Definition step
In the definition step, we define the alternatives originated or selected for comparison
Choice is always between alternatives, but we also need to choose which alternatives to consider
Is it better to spend more time defining more possible alternatives or to take the decision fast considering only few?
№18 слайд
![Engineering Economics Helps](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img17.jpg)
Содержание слайда: Engineering Economics Helps Make
Cash Flow Comparisons!
Example: Buying a car
Alternatives:
$18,000 now, or
$600 per month for 3 years
(= $21,600 total)
Which is better?
It depends!
Issue: how much is money now worth compared to money in the future?
Leads to idea of time value of money!
№24 слайд
![What Does This Mean for Us?](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img23.jpg)
Содержание слайда: What Does This Mean for Us?
In this course, we will learn methods to:
Compare different cash flows over time
Using the interest rate or discount rate:
How much more a dollar today is worth compared to a dollar in one year
For example, if the interest rate is 5%:
$1 today is worth as much as $1.05 next year
№25 слайд
![Interest rates Interest](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img24.jpg)
Содержание слайда: Interest rates
Interest factor: The ratio between an amount one period in the future and an equivalent amount now.
Example: If you are indifferent between $5 now and $6 one period in the future, the interest factor is 6/5 = 1.20 (per period)
Interest rate = interest factor – 1
In above example, it’s 0.20 = 20%
№33 слайд
![Value and Utility Value is](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img32.jpg)
Содержание слайда: Value and Utility
Value is the worth that a person attaches to a good or service
Value is inherent in a regard a person has for it, not in the item itself
Value is not the cost of the item
Utility is a power to satisfy human wants and is determined subjectively
Utility is the satisfaction that a person derives from an item
№34 слайд
![Exchange Without the](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img33.jpg)
Содержание слайда: Exchange
Without the subjectivity of the concepts “value” and “utility” there would hardly be any room for exchange between people. Why?
Through exchange we can increase the total utility of the goods and services. How?
Exchange is possible when it is mutually benefitial
№36 слайд
![Application of E analysis](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img35.jpg)
Содержание слайда: Application of 2E analysis procedure
Example
Your friend bought a small apartment building for $100,000. He spent $10,000 of his own money for the building and obtained a mortgage from a local bank for the remaining $90,000. The annual mortgage payment is $10,500.
Your friend also expects that annual maintenance on the building and grounds will be $15,000.
There are four apartments (two bedrooms each) in the building that can each be rented for $360 per month.
Refer to the seven-step procedure and answer to the following questions:
№37 слайд
![Application of E analysis](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img36.jpg)
Содержание слайда: Application of 2E analysis procedure
Example
Does your friend have a problem? If so, what is it?
What are his alternatives? (Identify at least three).
Estimate the economic consequences and other required data for the alternatives.
Select a criterion for discriminating among alternatives, and use it to advise your friend on which course of action to pursue.
Attempt to analyze and compare the alternatives in view of at least one criterion in addition to cost.
What should your friend do based on the information you and he have generated?
№38 слайд
![Application of E analysis](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img37.jpg)
Содержание слайда: Application of 2E analysis procedure
Example
Your friend spends each year $10,500 + $15,000 = $25,500, but receives 4 X $360 X 12 = $ 17,280, i.e.
He is losing $8,220 each year – this is the problem!
Options
Raise the rent (Will the market bear an increase?)
Lower maintenance expenses (but not so far as to cause safety problems)
Sell the apartment building (What about a loss?)
Abandon the building (bad for your friends reputation)
Option 1
Raise the total rent by $360 X 4 + $ R, to cover monthly expenses $ 2.125 and the interest that could be earned on $ 10,000.
This would imply the minimum increase of the rent per apartment per month by ($2,125 - $1,440)/4 = $171.25, i.e. more that by 50%
№39 слайд
![Application of E analysis](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img38.jpg)
Содержание слайда: Application of 2E analysis procedure
Example
Option 2
Lower monthly expenses to $2,125-$∆C, so that this expenses and the interest that could be earned on $ 10,000 are covered by the revenue of $1,440 per month.
Also, suppose he could earn 0.25 % interest on $ 10,000 (i.e. $25 per month)
C (maintenance expenses)+25 + 10500/12 = 1440
Monthly expenses should be reduced to (C= $1,440 - $25 - $10,500/12) = $540, i.e. more than 50% decrease in maintenance expenses. Monthly expenses will be reduced to $2,125-$540 = $1585
Option 3
Try to sell the building for $ X, which recovers the original $10,000 and (ideally) recovers the $8,220/12 = $685 per month loss. It would also be perfect to recover the interest that could be earned on $10,000.
Option 4
Walk away from the venture. The bank would likely assume possession and may try to collect fees from your friend.
This option would be very bad for his credit rating.
№40 слайд
![Application of E analysis](/documents_6/ab4ec45da0e41ef36c8482757be5c8bf/img39.jpg)
Содержание слайда: Application of 2E analysis procedure
Example
Criteria
One criterion could be to minimize the expected loss of money. In this case you might advise to pursue option 1 to 3.
Another, additional criterion could be “credit-worthiness”. Then the option 4 is ruled out. Option 3 could also harm friend’s credit rating. So options 1 and 2 would remain as realistic and acceptable
Decision or advise
Do a market analysis to see if the rent could be raised – option 1.
Maybe a fresh paint and carpets would make apartments more appealing.
If so, the rent can probably be raised while keeping 100% occupancy of the four apartments.
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