Applied Engineering Economy
This online engineering PDH course addresses the dynamic environment of economic calculations and principles through the prism of engineering to help engineers in evaluating economic worth of projects in order to make strategic decisions that will optimize profits.
Engineering economics is the use and application of economic principles in the analysis of engineering decisions. While macroeconomic and financial competencies are key for business operations, engineering economics further provides a mechanism for decision-making by evaluating systems, products and services in relationship to their costs. It involves formulating, estimating, and evaluating the expected economic outcomes of alternatives designed to accomplish a defined purpose. It forces engineers to think twice before making many choices in everyday operations, such as process configurations, materials, production size, and other economic factors. Daily decisions by the engineering firms (based on an economic framework) will decide how successful and profitable that company is. Therefore, it is a fundamental skill that all successful engineering firms employ in order to retain competitive advantage and market share.
The intent of this online engineering PDH is to address the importance of integrating economics into the engineering curricula. Due to globalization and economic complexity, engineers are now required to have an in-depth understanding of the markets and how changes in these markets affect their bottom line. These can include a variety of things, such as understanding interest rates required to increase or sustain levels of capital stock, opportunity cost, net present value for calculating the value of investments, basic cost and revenue analysis, and more.
This 7 PDH online course is applicable to all engineers interested in learning the fundamental concepts of engineering economy in order to analyze and evaluate various alternative projects, optimize profits and minimize costs.
This P.Eng. continuing education course is intended to provide you with the following specific knowledge and skills:
- Familiarizing with the foundations of Engineering Economy including simple and compound interest rate, rate of return, cash flows, economic equivalence, minimum attractive rate of return
- Learning about comparing alternatives and measuring economic worth of projects
- Understanding Present Worth Analysis, Future Worth Analysis and Annual Worth Analysis
- Learning about Rate of Return Analysis and Benefit/Cost Analysis
- Exploring inflation methods, depreciation methods and Modified Accelerated Cost Recovery System (MACRS)
Upon successful completion of the quiz, print your Certificate of Completion instantly. (Note: if you are paying by check or money order, you will be able to print it after we receive your payment.) For your convenience, we will also email it to you. Please note that you can log in to your account at any time to access and print your Certificate of Completion.