Every engineering curriculum now has this subject that is essentially the merging of engineering and basics of accounting: engineering economy. The term was first used in 1887 by A. M. Wellington in his The Economic Theory of Railway Location. Since then, the body of knowledge has expanded that has served in analyzing the economic consequences of engineering decisions.
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The fundamental approach in engineering economy is to find which among the many alternatives is the best choice in their monetary terms, at an engineering standpoint. It is a study to assess the appropriateness of a given project, estimate its value, and justify it from an engineering standpoint. Engineering economy involves quantitative methods in the evaluation of engineering projects as elements of a simple economic model building. This course is used in economic feasibility studies relating to design and implementation of engineering projects.
The foundations of engineering economy include time value of money, interest rates, equivalence, symbols, rate of return, cash flows, doubling time and spreadsheets. Formulas are widely used in these concepts.