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PART Ⅰ Fundamentals of Engineering Economy 1

CHAPTER 1 Introduction to Engineering Economy 1

1.1 Introduction 2

1.2 The Principles of Engineering Economy 3

1.3 Engineering Economy and the Design Process 6

1.4 Using Spreadsheets in Engineering Economic Analysis 15

1.5 Summary 15

CHAPTER 2 Cost Concepts and Design Economics 19

2.1 Cost Terminology 20

2.2 The General Economic Environment 27

2.3 Cost-Driven Design Optimization 37

2.4 Present Economy Studies 42

2.5 Case Study—The Economics of Daytime Running Lights 51

2.6 Summary 53

Appendix 2-A Accounting Fundamentals 62

CHAPTER 3 Cost-Estimation Techniques 71

3.1 Introduction 72

3.2 An Integrated Approach 74

3.3 Selected Estimating Techniques（Models） 82

3.4 Parametric Cost Estimating 87

3.5 Cost Estimation in the Design Process 98

3.6 Case Study—Demanufacturing of Computers 106

3.7 Summary 108

CHAPTER 4 The Time Value of Money 114

4.1 Introduction 115

4.2 Simple Interest 116

4.3 Compound Interest 117

4.4 The Concept of Equivalence 117

4.5 Notation and Cash-Flow Diagrams and Tables 120

4.6 Relating Present and Future Equivalent Values of Single Cash Flows 124

4.7 Relating a Uniform Series（Annuity） to Its Present and Future Equivalent Values 130

4.8 Summary of Interest Formulas and Relationships for Discrete Compounding 141

4.9 Deferred Annuities（Uniform Series） 142

4.10 Equivalence Calculations Involving Multiple Interest Formulas 144

4.11 Uniform（Arithmetic） Gradient of Cash Flows 150

4.12 Geometric Sequences of Cash Flows 156

4.13 Interest Rates that Vary with Time 161

4.14 Nominal and Effective Interest Rates 163

4.15 Compounding More Often than Once per Year 165

4.16 Interest Formulas for Continuous Compounding and Discrete Cash Flows 168

4.17 Case Study—Understanding Economic"Equivalence" 171

4.18 Summary 174

PART Ⅱ Engineering Economy in Action 190

CHAPTER 5 Evaluating a Single Project 190

5.1 Introduction 191

5.2 Determining the Minimum Attractive Rate of Return（MARR） 192

5.3 The Present Worth Method 192

5.4 The Future Worth Method 201

5.5 The Annual Worth Method 202

5.6 The Internal Rate of Return Method 206

5.7 The External Rate of Return Method 217

5.8 The Payback（Payout） Period Method 220

5.9 Case Study—A Proposed Capital Investment to Improve Process Yield 222

5.10 Summary 223

Appendix 5-A The Multiple Rate of Return Problem with the IRR Method 234

CHAPTER 6 Comparison and Selection among Alternatives 238

6.1 Introduction 239

6.2 Basic Concepts for Comparing Alternatives 239

6.3 The Study（Analysis） Period 243

6.4 Useful Lives Are Equal to the Study Period 245

6.5 Useful Lives Are Unequal among the Alternatives 264

6.6 Personal Finances 276

6.7 Case Study—Ned and Larry’s Ice Cream Company 280

6.8 Postevaluation of Results 283

6.9 Summary 283

CHAPTER 7 Depreciation and Income Taxes 300

7.1 Introduction 301

7.2 Depreciation Concepts and Terminology 301

7.3 The Classical（Historical） Depreciation Methods 304

7.4 The Modified Accelerated Cost Recovery System 309

7.5 A Comprehensive Depreciation Example 316

7.6 Introduction to Income Taxes 320

7.7 The Effective（Marginal） Corporate Income Tax Rate 323

7.8 Gain（Loss） on the Disposal of an Asset 326

7.9 General Procedure for Making After-Tax Economic Analyses 327

7.10 Illustration of Computations of ATCFs 331

7.11 Economic Value Added 343

7.12 Summary 345

CHAPTER 8 Price Changes and Exchange Rates 356

8.1 Introduction 357

8.2 Terminology and Basic Concepts 358

8.3 Fixed and Responsive Annuities 364

8.4 Spreadsheet Application 369

8.5 Foreign Exchange Rates and Purchasing Power Concepts 371

8.6 Case Study—Selecting Electric Motors to Power an Assembly Line 376

8.7 Summary 379

CHAPTER 9 Replacement Analysis 389

9.1 Introduction 390

9.2 Reasons for Replacement Ana？ys？s 390

9.3 Factors that Must Be Considered in Replacement Studies 391

9.4 Typ？al Replacement Problems 394

9.5 Determining the Economic Life of a New Asset（Challenger） 397

9.6 Determining the Economic Life of a Defender 401

9.7 Comparisons in which the Defender’s Useful Life Differs from that of the Challenger 404

9.8 Retirement without Replacement（Abandonment） 407

9.9 After-Tax Replacement Studies 408

9.10 Case Study—Replacement of a Hospital’s Emergency Electrical Supply System 418

9.11 Summary 421

PART Ⅲ Additional Topics in Engineering Economy 431

CHAPTER 10 Evaluating Projects with the Benefit-Cost Ratio Method 431

10.1 Introduction 432

10.2 Perspective and Terminology for Analyzing Public Projects 433

10.3 Self-Liquidating Projects 434

10.4 Multiple-Purpose Projects 434

10.5 Difficulties in Evaluating Public-Sector Projects 437

10.6 What Interest Rate Should Be Used for Public Projects？ 438

10.7 The Benefit-Cost Ratio Method 440

10.8 Evaluating Independent Projects by B-C Ratios 446

10.9 Comparison of Mutually Exclusive Projects by B-C Ratios 448

10.10 Criticisms and Shortcomings of the Benefit-Cost Ratio Method 453

10.11 Case Study—Improving a Railroad Crossing 455

10.12 Summary 457

CHAPTER 11 Breakeven and Sensitivity Analysis 465

11.1 Introduction 466

11.2 Breakeven Analysis 466

11.3 Sensitivity Analysis 473

11.4 Multiple Factor Sensitivity Analysis 479

11.5 Case Study—Analysis of a Business Venture 483

11.6 Summary 486

CHAPTER 12 Probabilistic Risk Analysis 495

12.1 Introduction 496

12.2 Sources of Uncertainty 497

12.3 The Distribution of Random Variables 497

12.4 Evaluation of Projects with Discrete Random Variables 501

12.5 Evaluation of Projects with Continuous Random Variables 510

12.6 Evaluation of Uncertainty by Monte Carlo Simulation 515

12.7 Performing Monte Carlo Simulation with a Computer 519

12.8 Decision Trees 523

12.9 Real Options Analysis 532

12.10 Case Study—The Oils Well That Ends Well Company 535

12.11 Summary 539

CHAPTER 13 The Capital Budgeting Process 548

13.1 Introduction 549

13.2 Debt Capital 551

13.3 Equity Capital 552

13.4 The Weighted Average Cost of Capital（WACC） 555

13.5 Project Selection 559

13.6 Postmortem Review 563

13.7 Budgeting of Capital Investments and Management Perspective 564

13.8 Leasing Decisions 565

13.9 Capital Allocation 567

13.10 Case Study—Financing an Automobile 575

13.11 Summary 578

CHAPTER 14 Decision Making Considering Multiattributes 581

14.1 Introduction 582

14.2 Examples of Multiattribute Decisions 582

14.3 Choice of Attributes 584

14.4 Selection of a Measurement Scale 584

14.5 Dimensionality of the Problem 585

14.6 Noncompensatory Models 585

14.7 Compensatory Models 590

14.8 Summary 598

PART Ⅳ Appendices 604

A Using Excel to Solve Engineering Economy Problems 604

B Abbreviations and Notation 621

C Interest and Annuity Tables for Discrete Compounding 625

D Interest and Annuity Tables for Continuous Compounding 644

E Standard Normal Distribution 648

F Selected References 651

G Answers to Selected Problems 654

Index 659