Engineering economy : applying theory to practice
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Engineering economy : applying theory to practice
Oxford University Press, 2003
2nd ed
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Includes index
内容説明・目次
内容説明
This innovative engineering economy text features spreadsheets, pedagogical graphs, and practical examples for immediate student and industry application. It combines the real-world orientation of Eschenbach's pioneering casebook, Cases in Engineering Economy, with the theoretical foundation of his second edition of Bussey's classic advanced text, The Economic Analysis of Industrial Projects. Eschenbach's Engineering Economy: Applying Theory to Practice, Second Edition, thoroughly covers the basics of engineering economy that are included in every course and covered in the FE exam. It also includes the tools and concepts--such as cost estimating, sensitivity analysis, probability, and multiple objectives--that are needed to successfully apply engineering economy in industry practice outside the classroom. This second edition has been thoroughly revised; it incorporates adopter and reviewer suggestions in addition to addressing the needs of hundreds of engineering instructors.
New features include: BL Simplified spreadsheet presentations that focus on Excel BL A unique insight into how to use Excel functions for MACRS depreciation BL Improved coverage of replacement analysis, inflation, and sensitivity analysis BL New problems, examples, and references BL A unified discussion of general engineering economy factors now includes arithmetic and geometric gradients BL The comparison of mutually exclusive alternatives now precedes discussion of constrained project selection/capital budgeting
目次
- Note: Each chapter concludes with a Summary. PART I. BASIC CONCEPTS AND TOOLS
- CHAPTER 1. MAKING ECONOMIC DECISIONS
- 1.1. What Is Engineering Economy
- 1.2. Principles for Decision Making
- 1.3. The Decision Making Process
- 1.4. The Environment for Decisions
- 1.5. The Role of Engineering Economy
- 1.6. Operational Economics
- CHAPTER 2. THE TIME VALUE OF MONEY
- 2.1. What is Interest?
- 2.2. Simple vs. Compound Interest
- 2.3. Cash Flow Diagrams
- 2.4. Equivalence for 4 loans
- 2.5. Limits on Equivalence
- 2.6. Compounding Periods Shorter than a Year
- CHAPTER 3. EQUIVALENCE-A FACTOR APPROACH
- 3.1. Definitions and Assumptions
- 3.2. Tables of Engineering Economy Factors
- 3.3. Single Payment Factors (Ps and Fs)
- 3.4. Uniform Flows
- 3.5. Combining Factors
- 3.6. Arithmetic Gradients
- 3.7. Geometric Gradients
- Appendix 3A: Continuous Flow and Continuous Compounding
- CHAPTER 4. SPREADSHEETS AND ECONOMIC ANALYSIS
- 4.1. Using Spreadsheets for Economic Analysis
- 4.2. Spreadsheet Modeling
- 4.3. Financial Functions in Spreadsheets
- 4.4. Examples Show Spreadsheet Can Be More Realistic
- 4.5. Using Spreadsheets to Get a Project Funded
- PART TWO: ANALYZING A PROJECT
- CHAPTER 5. PRESENT WORTH
- 5.1. The Present Worth Measure
- 5.2. Examples of When to Use Present Worth
- 5.3 Rolling Back Irregular Cash Flows for PW Calculations
- 5.4. Salvage Values
- 5.5. Capitalized Cost and Perpetual Life
- 5.6. Staged Projects
- 5.7 Cost of Underutilized Capacity
- 5.8. Spreadsheets and Shorter Periods
- 5.9. Spreadsheets and More Exact Models
- CHAPTER 6. EQUIVALENT ANNUAL WORTH
- 6.1. The Equivalent Annual Worth Measure
- 6.2. Assumptions and Sign Conventions
- 6.3. Examples of Annual Evaluations
- 6.4. Finding the EAC of Irregular Cash Flows
- 6.5. EAC Formulas for Salvage Values and Working Capital
- 6.6. Perpetual Life
- 6.7. Repeated Renewals
- 6.8. Spreadsheets and Analyzing Loan Repayments
- CHAPTER 7. RATE OF RETURN
- 7.1. The Internal Rate of Return
- 7.2. Assumptions
- 7.3. Finding the IRR
- 7.4. Loans and Leases
- 7.5. Spreadsheets and the IRR
- 7.6. Multiple Sign Changes
- 7.7. Project Balances over Time
- 7.8. Modified Internal Rate of Return (MIRR)
- CHAPTER 8. BENEFIT/COST RATIOS AND OTHER MEASURES
- 8.1. Measures of Economic Attractiveness
- 8.2. Benefit/Cost Ratio
- 8.3. Present Worth Indexes
- 8.4. Future Worth
- 8.5. Payback Period
- 8.6. Discounted Payback
- 8.7. Breakeven Volume
- PART THREE: COMPARING ALTERNATIVES AND PROJECTS
- Introduction to mutually exclusive and constrained budget problems
- CHAPTER 9. MUTUALLY EXCLUSIVE ALTERNATIVES
- 9.1. Applying Engineering Economy to Engineering Design
- 9.2. Key Assumption Is the Interest Rate or Minimum
- 9.3. Comparing Alternatives with Lives of the Same Length
- 9.4. PWs and Explicitly Comparing Different-Length Lives
- 9.5. EAWs and EACs and Implicity Comparing Different-Length Lives
- 9.6. Using EAC for Different-Length Lives Is a Robust Approach
- 9.7. B/C and IRR Comparisons of Mutually Exclusive Alternatives Require Incremental Analysis
- 9.8. Defender / Challenger Analysis
- 9.9. PW, EAW, and IRR Have the Same Reinvestment Assumption
- 9.10. Using Spreadsheet GOAL SEEK Tool to Calculate
- CHAPTER 10. REPLACEMENT ANALYSIS
- 10.1. Why Is Equipment Replaced, Retired, or Augmented?
- 10.2. Old and New Are Mutually Exclusive
- 10.3. Sunk Costs, Risks, and Cost Savings vs. Profit Making
- 10.4. Optimal Challengers
- 10.5. Optimal Defenders
- 10.6. Optimal Capacity Problems
- 10.7 Estimating Future Challengers
- 10.8. Replacement and Repair Models
- CHAPTER 11. CONSTRAINED PROJECT SELECTION
- 11.1. The Constrained Project Selection Problem
- 11.2. Ranking Projects
- 11.3. Determining the Minimum Attractive Rate of Return
- 11.4. A Theoretically Optimal Approach for Determining the Capital Budget
- 11.5. Capital Limits in the Real World
- 11.6. Matching Assumptions to the Real World
- 11.7. Present Worth Indexes and Benefit/Cost Ratios
- 11.8. Using the SORT Spreadsheet Tool
- Appendix 11A: Mathematical Programming and Spreadsheets
- PART FOUR: ENHANCEMENTS FOR THE REAL WORLD
- CHAPTER 12. DEPRECIATION
- 12.1. Introduction
- 12.2. Basic Depreciation Methods
- 12.3. Accelerated Cost Recovery
- 12.4. Gains and Losses on Sales and Recaptured Depreciation
- 12.5. Optimal Depreciation Strategies
- 12.6. PW of a Depreciation Schedule
- 12.7. Depletion of Resources
- 12.8. Section 179 Deduction
- 12.9. Spreadsheet Functions for Depreciation
- CHAPTER 13. INCOME TAXES
- 13.1. Principles of Income Taxes
- 13.2. Progressive Marginal Tax Rates
- 13.3. Finding Taxable Income when Including Depreciation
- 13.4. Calculating After-Fax Cash Flows and EACs using Tables or Spreadsheets
- 13.5. Calculating After-Tax Cash Flows and EACs using Formulas
- 13.6. Investment Tax Credits (ITC) and Capital Gains
- 13.7. Interest Deductions and an After-Tax IRR
- Appendix 13A: Personal Income Taxes
- CHAPTER 14. PUBLIC SECTOR ENGINEERING ECONOMY
- 14.1. Defining Benefits, Disbenefits, and Costs
- 14.2. Why are Public-Sector Problems Difficult?
- 14.3. Correct Methods and Interest Rates
- 14.4. Whose Point of View?
- 14.5. Allocating Costs to Benefit Recipients
- 14.6. Valuing the Benefits of Public Projects
- 14.7. Cost Effectiveness
- CHAPTER 15. INFLATION
- 15.1. Defining and Measuring Inflation and Deflation
- 15.2. Consistent Assumptions for Interest Rates and Cash Flow Estimates
- 15.3. Solving for PW or EAC when Including Inflation
- 15.4. Inflation Examples with Multiple Inflation Rates
- 15.5. LEASES AND OTHER PREPAID EXPENSES
- 15.6. Depreciation and Loan Payments
- 15.7. Inflation Calculations Based on the Equivalent Discount Rate
- PART FIVE: DECISION MAKING TOOLS
- CHAPTER 16. ESTIMATING CASH FLOWS
- 16.1. Introduction Early Project Decisions
- 16.2. Cash Flow Estimating and Life-Cycle Stages
- 16.3. Cash Flow Estimating Standards
- 16.4. Design Criteria and Specifications
- 16.5. Modeling the Base Case
- 16.6. Using Indexes for an Order-of-Magnitude Estimate
- 16.7. Using Capacity Functions for Order-of-Magnitude Estimates
- 16.8. Using Growth Curves
- 16.9. Using Learning Curves
- 16.10. Using Factor Estimates
- CHAPTER 17. SENSITIVITY ANALYSIS
- 17.1. What Is Sensitivity Analysis?
- 17.2. Uncertain Data and Its Impact
- 17.3. Techniques for Sensitivity Analysis
- 17.4. Spiderplots
- 17.5. Constructing a Spiderplot
- 17.6. Multiple Alternatives
- 17.7. Sensitivity Analysis with Multiple Variables
- CHAPTER 18. UNCERTAINTY AND PROBABILITY
- 18.1. Probabilities
- 18.2. Computing Expected Values
- 18.3. Choosing Alternatives Using Expected Values
- 18.4. Economic Decision Trees
- 18.5. Risk
- 18.6. Risk/Return Tradeoffs
- 18.7. Probability Distributions for Economic Outcomes
- CHAPTER 19. MULTIPLE OBJECTIVES
- 19.1. Multiple Attributes
- 19.2. The Process of Evaluating Multiple Objectives
- 19.3. Identifying the Attributes
- 19.4. Evaluating the Attributes
- 19.5. Graphical Techniques
- 19.6. Numerical Scales for Evaluation
- 19.7. Additive Models
- 19.8. Hierarchical Attributes and Objectives
- APPENDIXES
- A. ACCOUNTING
- A.1. The Role of Accounting
- A.2. General Accounting
- A.3. The Balance Sheet
- A.4. The Income Statement
- A.5. Traditional Cost Accounting
- A.6. Activity Based Costs (ABC)
- B. END-OF-PERIOD COMPOUND INTEREST TABLES
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