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Engineering Economy 16th Edition by William Sullivan ,Elin Wicks, Koelling,
النسخة 16الرقم المعياري الدولي: 978-0133439274Engineering Economy 16th Edition by William Sullivan ,Elin Wicks, Koelling,
النسخة 16الرقم المعياري الدولي: 978-0133439274 تمرين 2
The decision was made by NASA to abandon rocket-launched payloads into orbit around the earth. We must now rely on the Russians for this capability. Use the principles of engineering economy to examine this decision.
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Engineering economics is a branch of economics, which aims to illustrate and analyze the cost and benefit of using a method, a technology, or a principle, developed by science and engineering to use the nature and natural resource for the development of mankind.
Engineering economics does not account for only the direct dollars to be spent and received by using a particular alternative but also accounts for all other trade-offs, an employer will face by not using other alternatives.
For example, engineering economics can be very helpful to the government, whether to construct a six-lane or an eight-lane highway between two cities. Further, it will also help the government to decide whether to construct a suitable lane highway itself or delegate the work to private companies.
The decision of NASA can be analyzed using the following seven principles of engineering economics:
Principle 1: According to the principle, all other alternatives (Private U.S. launch pads, ISRO, JAXA et cetera) which can be used to resolve the problem should be identified carefully.
Principle 2: The alternatives must be compared by considering the projected future payoff, cost and benefit (Cost to US labor market by outsourcing the work and the benefits of allocating those funds in other development projects), each alternative will provide.
Principle 3: A consistent viewpoint (in this case, parameters established by the US government for the launch of satellites) should be used while evaluating an alternative
Principle 4: The unit of measurement of the different available alternative should be identical. For example, if the benefit of outsourcing the work is measured in Dollar terms, then Cost to US labor market must be expressed in Dollar terms only.
Principle 5: Any other relevant criteria that cannot be expressed in monetary terms (for example, a possible threat to US security by giving access to Russia to launch US satellites) should also be given due consideration before taking the decision.
Principle 6: All the risks (risk of theft of technology used in the making of a defense satellite) associated with outsourcing the launch of satellite to an alternative must be analyzed with due diligence.
Principle 7: After selecting the alternative, the decision maker must revisit his/her decision and analyze whether the decision was good or bad so that he/she can be more careful and efficient in future decision makings.
Engineering economics does not account for only the direct dollars to be spent and received by using a particular alternative but also accounts for all other trade-offs, an employer will face by not using other alternatives.
For example, engineering economics can be very helpful to the government, whether to construct a six-lane or an eight-lane highway between two cities. Further, it will also help the government to decide whether to construct a suitable lane highway itself or delegate the work to private companies.
The decision of NASA can be analyzed using the following seven principles of engineering economics:
Principle 1: According to the principle, all other alternatives (Private U.S. launch pads, ISRO, JAXA et cetera) which can be used to resolve the problem should be identified carefully.
Principle 2: The alternatives must be compared by considering the projected future payoff, cost and benefit (Cost to US labor market by outsourcing the work and the benefits of allocating those funds in other development projects), each alternative will provide.
Principle 3: A consistent viewpoint (in this case, parameters established by the US government for the launch of satellites) should be used while evaluating an alternative
Principle 4: The unit of measurement of the different available alternative should be identical. For example, if the benefit of outsourcing the work is measured in Dollar terms, then Cost to US labor market must be expressed in Dollar terms only.
Principle 5: Any other relevant criteria that cannot be expressed in monetary terms (for example, a possible threat to US security by giving access to Russia to launch US satellites) should also be given due consideration before taking the decision.
Principle 6: All the risks (risk of theft of technology used in the making of a defense satellite) associated with outsourcing the launch of satellite to an alternative must be analyzed with due diligence.
Principle 7: After selecting the alternative, the decision maker must revisit his/her decision and analyze whether the decision was good or bad so that he/she can be more careful and efficient in future decision makings.
Engineering Economy 16th Edition by William Sullivan ,Elin Wicks, Koelling,
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