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Fundamentals of Engineering Economics (2nd Edition) By Chan S. Park

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Sales Rank: #1036212 in Books
Published on: 2008-01-07
Original language: English
Number of items: 1
Dimensions: 9.58" h x 1.19" w x 7.86" l, 2.65 pounds
Binding: Hardcover
629 pages

From the Back Cover

ABOUT FUNDAMENTALS OF ENGINEERING ECONOMICS

Offers concise but in-depth coverage of all fundamental topics of engineering economics.
Presents engineering economics examples that are relevant to all engineering disciplines.
Incorporates all critical decision-making tools engineers need to make informed financial decisions.
Provides Excel solutions for many examples.

About the Author
Chan S. Park is currently a Professor of Industrial and Systems Engineering at Auburn University. He received the M.S. and Ph.D. degrees in industrial engineering from Purdue University and the Georgia Institute of Technology, respectively. Over his 25-year academic career, he has been actively involved in a variety of areas of research, teaching, and professional consulting. His work has been recognized internationally in the fields of engineering economics, strategic and economic decisions within service sectors, financial engineering (real options valuation), risk analysis, and capital budgeting. He also authored or coauthored leading textbooks on the related subjects, including Contemporary Engineering Economics (Prentice Hall), and Advanced Engineering Economics (John Wiley & Sons). He is the Editor-in-Chief of the journal The Engineering Economist and is a licensed Professional Engineer.

Excerpt. © Reprinted by permission. All rights reserved.
Why Fundamentals of Engineering Economics?

Engineering economics is one of the most practical subject matters in the engineering curriculum, but it is always challenging and an everchanging discipline. Contemporary Engineering Economics (CEE) was first published in 1993, and since then we have tried to reflect changes in the business world in each new edition, along with the latest innovations in education and publishing. These changes have resulted in a better, more complete textbook, but one that is much longer than it was originally intended. This may present a problem: today, covering the textbook in a single term is increasingly difficult. Therefore, we decided to create Fundamentals of Engineering Economics (FEE) for those who like Fundamentals but think a smaller, more concise textbook would better serve their needs.

Goals of the Text

This text aims not only to provide sound and comprehensive coverage of the concepts of engineering economics, but also to address the practical concerns of engineering economics. More specifically, this text has the following goals:

To build a thorough understanding of the theoretical and conceptual basis upon which the practice of financial project analysis is built.

To satisfy the very practical needs of the engineer toward making informed financial decisions when acting as a team member or project manager for an engineering project.

To incorporate all critical decision-making tools—including the most contemporary, computer-oriented ones that engineers bring to the task of making informed financial decisions.

To appeal to the full range of engineering disciplines for which this course is often required: industrial, civil, mechanical, electrical, computer, aerospace, chemical, and manufacturing engineering, as well as engineering technology.

Intended Market and Use

This text is intended for use in the introductory engineering economics course. Unlike the larger textbook (CEE), it is possible to cover FEE in a single term, and perhaps even to supplement it with a. few outside readings or cases. Although the chapters in FEE are arranged logically, they are written in a flexible, modular format, allowing instructors to cover the material in a different sequence.

Steps Taken to Streamline the Textbook

We decided to streamline the textbook by retaining the depth and level of rigor in CEE, while eliminating some less critical topics in each chapter. This resulted in reducing the total number of chapters by four chapters in two steps. Such core topics as the time value of money, measures of investment worth, development of project cash flows, and the relationship between risk and return are still discussed in great detail.

First, we eliminated the three chapters on cost accounting, principles of investing, and capital budgeting. We address these issues in other parts of the textbook, but in less depth than was contained in the deleted chapters.
Second, we consolidated the two chapters on depreciation and income taxes into one chapter, thus eliminating one more chapter. This consolidation produced some unexpected benefits—students understand depreciation and income taxes in the context of project cash flow analysis, rather than a separate accounting chapter.
Third, moving the inflation material from late in the textbook to the end of the equivalence chapters enables students to understand better the nature of inflation in the context of time value of money.
Fourth, the project cash flow analysis chapter (Chapter 9) is significantly streamlined—it begins with the definitions and classifications of various cost elements that will be a part of a project cash flow statement. Then, it presents the income tax rate to use in developing a project cash flow statement. It also presents the appropriate interest rate to use in after-tax economic analysis. Finally, it illustrates how to develop a project cash flow statement considering (1) operating activities, (2) investing activities, and (3) financing activities.
Fifth, the handling project uncertainty chapter (Chapter 10) has been consolidated by introducing the risk-adjusted discount rate approach and investment strategies under uncertainty, but eliminating the decision-tree analysis.
Finally, the chapter on understanding financial statements has been moved to the end of the book as a capstone chapter, illustrating that a corporation does not make a large-scale investment decision on an engineering project based on just profitability alone. It considers both the financial impact on the bottom-line of business as well as the market value of the corporation.

FEE is significantly different from CEE, but most of the chapters will be familiar to users of CEE. Although we pruned some material and clarified, updated, and otherwise improved all of the chapters, FEE should still be regarded as an alternative version of CEE.

Features of the Book

Although FEE is a streamlined version of CEE, we did retain all of the pedagogical elements and supporting materials that helped make CEE so successful. Some of the features are:

Each chapter opens with a real economic decision describing how an individual decision maker or actual corporation has wrestled with the issues discussed in the chapter. These opening cases heighten students' interest by pointing out the real-world relevance and applicability of what might otherwise seem to be dry technical material.
There are a large number of end-of-chapter problems and exam-type questions varying in level of difficulty; these problems thoroughly cover the book's various topics.
Most chapters contain a section titled "Short Case Studies with Excel," enabling students to use Excel to answer a set of questions. These problems reinforce the concepts covered in the chapter and provide students with an opportunity to become more proficient with the use of an electronic spreadsheet.

Taking Advantage of the Internet

The integration of computer use is another important feature of Fundamentals of Engineering Economics. Students have greater access to and familiarity with the various spreadsheet tools, and instructors have greater inclination either to treat these topics explicitly in the course or to encourage students to experiment independently. A remaining concern is that the use of computers will undermine true understanding of course concepts. This text does not promote the trivial or mindless use of computers as a replacement for genuine understanding of and skill in applying traditional solution methods. Rather, it focuses on the computer's productivity-enhancing benefits for complex project cash flow development and analysis. Specifically, Fundamentals of Engineering Economics includes:

A robust introduction to computer automation in the form of the Cash Flow Analyzer problem, which can be accessed from the book's website (http://www.prenhall.com/park).
An introduction to spreadsheets using Microsoft Excel examples. For spreadsheet coverage, the emphasis is on demonstrating complex concepts that can be resolved much more efficiently on a computer than by traditional longhand solutions.

Book Website

The companion website (http://www.prenhall.com/park) has been created and maintained by the author. This text takes advantage of the Internet as a tool that has become an increasingly important resource medium used to access a variety of information on the Web. This website contains a variety of resources for both instructors and students, including sample test questions, supplemental problems, and various on-line financial calculators. As you type the address and click the open button, you will see the Fundamentals of Engineering Economics Home Page. Each menu item is explained as follows:

Study Guides. Click this menu to find out what resource materials are available on the website. This site includes (1) sample text questions, (2) solutions to chapter problems, (3) interest tables, and (4) computer notes with Excel files of selected example problems in the text.
Analysis Tools. This section includes (1) a Cash Flow Analyzer and (2) a collection of various financial calculators available on the Internet. The Cash Flow Analyzer is an integrated computer software package written in Java. The software includes the most frequently used methods of economic analysis. It is menu driven for convenience and flexibility, and it provides (1) a flexible and easy-to-use cash flow editor for data input and modifications, and (2) an extensive array of computational modules and user selected graphic outputs.
Instructor Resources. This section includes information useful to instructors who teach an engineering economic course with the Fundamentals of Engineering Economics text is found in this location. Typically, course outlines based on a quarterly as well as a semester system are provided as an aid to instructors who adopt this text for the first time. A collection of well-designed engineering economic case studies is fisted at this location. Initially, only a few case problems will be provided, but as new ones are developed or found, the case library will be expanded in volume as well as in variety. You will also find lecture notes developed by the author.
Tax Information. This section will serve as a clearinghouse in terms of disseminating ever-changing tax information, including personal as well as corporate income taxes. Links are provided to various tax sites on the Web, so you will find the most up-to-date information on depreciation schedules as well as capital gains taxes.
Financial News. This section provides access to various financial news outlets on the Web. The site divides ne...

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