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Design changes that happen early in the design process are less expensive when compared to those that take place after it is introduced into full-scale production. The cost of the change increases with its development time. [3] Fundamentally, design changes can be classified into pre production and post production changes.
The study of Engineering Economics in Civil Engineering, also known generally as engineering economics, or alternatively engineering economy, is a subset of economics, more specifically, microeconomics. It is defined as a "guide for the economic selection among technically feasible alternatives for the purpose of a rational allocation of scarce ...
Fundamentally, engineering economics involves formulating, estimating, and evaluating the economic outcomes when alternatives to accomplish a defined purpose are available. [3] In some U.S. undergraduate civil engineering curricula, engineering economics is a required course. [4]
Every decision in the product development process affects cost: design is typically considered to account for 70–80% of the final cost of a project such as an engineering project [1] or the construction of a building. [2] In the public sector, cost reduction programs can be used where income is reduced or to reduce debt levels. [3]
Cost engineering is most often taught at universities as part of construction engineering, engineering management, civil engineering, and related curricula because it is most often practiced on engineering and construction capital projects. Engineering economics is a core skill and knowledge area of cost engineering.
Sustainable infrastructure refers to the processes of design and construction that take into consideration their environmental, economic, and social impact. [8] Included in this section are several elements of sustainable schemes, including materials, water, energy, transportation, and waste management infrastructure. [8]
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In economics, structural change is a shift or change in the basic ways a market or economy functions or operates. [1]Such change can be caused by such factors as economic development, global shifts in capital and labor, changes in resource availability due to war or natural disaster or discovery or depletion of natural resources, or a change in political system.