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§ Relation between Engineering
Economics & Technology
Engineering
economics, “previously known as engineering economy”, is a subset of economics
concerned with the use and application of economic principles in the analysis
of engineering decisions.
Eugene
L. Grant published the first Engineering Economic textbook in the year 1930.Grant
can truthfully be called the father of Engineering Economy.
Engineering
economics & Technology are closely related. Engineers and Technologists are
called upon to analyze and select the most economical alternative among several
design alternatives. They often play a major role in investment decisions based
on the analysis and design of new products or processes.
The
engineering economics is concerned the systematic evaluation of the benefits
and costs of projects involving engineering design and analysis. Engineering
economics quantifies the benefits and costs associating with engineering
projects to determine if they save enough money to warrant their capital
investments.
Engineering
Economics has been defined as the social science of earning a living. With the
same appropriateness Engineering Technology may be defined to be physical
science applied to helping groups of men to make a better living.
It
is widely accepted that technology is the key driver of economic growth of
countries, regions and cities. Technological progress allows for the more efficient production of more and
better goods and services, which is what prosperity depends on.
Figure
1
Relation between Engineering Economics and Technology
However,
the Procedures through which technology is developed, adopted and used in
production are fall in Engineering Economics. Their more detailed analysis can
allow for new findings that could have important impacts in many areas of
policy, including science policy, research and development, industrial policy,
and both national and regional development policies.
“A
successfully engineered solution is one that only works from a technical
perspective, butt also from an economic one”.
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