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The concept has similarities with the deliverable-oriented work breakdown structure (WBS) decomposition which is used in project management and systems engineering to break down a project into smaller components in a tree structure that represents how the work of the project will create the components of the final product. Resources and cost ...
Cost engineering – is the area of engineering practice where engineering judgment and experience are used in the application of scientific principles and techniques to problems of cost estimating, cost control, business planning and management science, profitability analysis, project management, and planning and scheduling."
Front-end loading (FEL), also referred to as Front-End Engineering Design (FEED), Front End Planning (FEP), pre-project planning (PPP), and early project planning, is the process for conceptual development of projects in processing industries such as upstream oil and gas, petrochemical, natural gas refining, extractive metallurgy, waste-to-energy, biotechnology, and pharmaceuticals.
Value-driven design (VDD) is a systems engineering strategy based on microeconomics which enables multidisciplinary design optimization. Value-driven design is being developed by the American Institute of Aeronautics and Astronautics , through a program committee of government, industry and academic representatives. [ 1 ]
When a phase-gate process incorporates cost and fiscal analysis tools such as net present value, the organization can potentially be provided with quantitative information regarding the feasibility of developing potential product ideas. Finally, the process is an opportunity to validate the updated business case by a project's executive ...
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Some examples of engineering economic problems range from value analysis to economic studies. Each of these is relevant in different situations, and most often used by engineers or project managers. For example, engineering economic analysis helps a company not only determine the difference between fixed and incremental costs of certain ...
Value engineering can lead to the substitution of lower-cost materials, as with the exterior cladding that accelerated the Grenfell Tower fire in London. [1] [2]Value engineering (VE) is a systematic analysis of the functions of various components and materials to lower the cost of goods, products and services with a tolerable loss of performance or functionality.