ECU 402: ENGINEERING ECONOMICS

Origins of Engineering Economics, principles of engineering economics, engineering economics and the design process, accounting and engineering economic studies, theory of demand, supply and the concept of equilibrium, concept of elasticities of demand, theory of production and costs, cost- driven design optimization, perfect/ atomistic/ pure competition, monopoly, monopolistic competition, oligopoly, investments, MEC and MEI, money- time relationships and equivalence, application of money time relationships, comparing alternatives, basic theories of international trade, balance of payment, current and capital accounts, price changes and the exchange rates, depreciation concepts and terminologies, classical (Historical) depreciation methods, modified accelerated cost recovery system, introduction to income taxes, effective (marginal) corporate income tax rate, gain (loss)on the disposal of an asset, general procedure for making after tax economic analysis, an integrated approach to cost estimation, selected estimating techniques (models), parametric cost estimating, cost estimation in the design process, estimating cashflows for a typical small project, reasons for replacement analysis, factors that must be considered in replacement studies, determining the economic life of a new asset (challenger), determining the economic life of a defender, comparisons in Which the defender’s useful life differs from that of the challenger, retirement without replacement (Abandonment), Risk, uncertainty and sensitivity, sources of uncertainity, sensitivity analysis, analyzing a proposed business venture, risk- adjusted minimum attractive rates of return, reduction of useful life, perspectives and terminologies for analyzing public projects, self- liquidating projects, multi- purpose projects, difficulties in evaluating public sector projects, what interest rate should be used for public projects, the benefit cost ratio method, evaluating independent projects,

EEE 407: OPERATIONAL RESEARCH

Operational research: Introduction, scope and applications. Linear programming; graphical and algebraic solutions, simplex method, dual solution and interpretation, transportation. Sensitivity analysis; transportation algorithm, use of computer packages. Network Analysis: preparation of a network, location of the critical path time and resource scheduling, use of computer packages. Simulation model, simulation techniques, introduction to computer simulation. Inventory models: inventory control and computer. Decision theory: decision trees, expected value and utility. Game theory: maximum, maxmax and minimax criteria. Queuing theory related to maintenance. Minimax flow as related to network design.

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