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This paper defines engineering economy and explains how it is used to evaluate projects relating to their costs and their future value. The paper explains how engineering economy deals with how much a project will cost and what the future benefits of that project will be. This leads into a discussion of "the time value of money", one of the most important concepts in engineering economy. Finally, the paper explains several of the basic concepts of engineering economy and how these concepts can be applied to a company's financial management practices.
Cite this Essay:
Engineering Economy (2005, January 26) Retrieved November 20, 2019, from https://www.academon.com/essay/engineering-economy-55303/
"Engineering Economy" 26 January 2005. Web. 20 November. 2019. <https://www.academon.com/essay/engineering-economy-55303/>