For undergraduate, introductory courses in Engineering Economics. Used by engineering students worldwide, this best-selling text provides a sound understanding of the principles, basic concepts, and methodology of engineering economy. Built upon the rich and time-tested teaching materials of earlier editions, it is extensively revised and updated to reflect current trends and issues, with an emphasis on the economics of engineering design throughout. It provides one of the most complete and up-to-date studies of this vitally important field.

ABOUT ENGINEERING ECONOMY A succinct job description for an engineer consists of two words:problem solver.Engineering design solutions do not exist in a vacuum, but within the context of a business opportunity. Thus, design solutions put forth by engineers must be both technically, as well as financially, sound in view of a firm's business plan. But every problem has multiple design solutions, so the issue is,How does one rationally select the design with the most favorable economic result?The answer to this question can also be put forth in two words:engineering economy.Engineering economy provides a systematic framework for evaluating the economic aspects of competing design solutions. The foundation for such analyses is enumerated in the seven principles of engineering economy. These principles provide the basis for building predictive models of financial impact. Just as engineers model the stress on a support column, or the thermodynamic response of a steam turbine, they must also model the economic impact of their decisions. Engineering economy--what is it, and why is it important? The initial reaction of many engineering students to these questions is, "Money matters will be handled by someone else. It is not something I need to worry about." In reality, any engineering project must be not only physically realizable, but also economically affordable. For example; a child's tricycle could be built with an aluminum frame or a composite frame. Some may argue that, because the composite frame will be stronger and lighter, it is a better choice. However, there is not much of _ market for thousand-dollar tricycles! One might suggest that this argument is ridiculously simplistic and that common sense would dictate choosing aluminum for the framing material. Although the scenario is an exaggeration, it reinforces the idea that the economic factors of a design weigh heavily in the design process, and that engineering economy is an integral part of that process, regardless of the engineering discipline.Engineering, without economy, usually makes no sense at all. Understanding and applying economic principles to engineering has never been more important. Engineering is more than a problem-solving activity focusing on the development of products, systems, and processes to satisfy a need or demand. Beyond function and performance, solutions must also be viable economically_ Design decisions affect limited resources such a5 time. material. labor. capital, natural resources, etc., not only initially (during conceptual design), but also through the remaining phases of the life-cycle (e.g., detailed design, manufacture and distribution, service, retirement and disposal). A great solution can die a certain death if it is not profitable. HISTORY OF THE BOOK The originalIntroduction to Engineering Economy,authored by Woods and DeGarmo, appeared in 1942. The extensive use of this text for over 60 years has encouraged the authors to continue building on the original purpose of the book--to teach lucidly the principles of engineering economy. In this spirit, the thirteenth edition ofEngineering Economyhas built upon the rich and time-tested teaching materials of earlier editions, and its publication makes it the oldest. revised book on the market that deals exclusively with engineering economy. THIRTEENTH EDITION OFENGINEERING ECONOMYHIGHLIGHTS New or enhanced features to this edition include the following: Spreadsheet models are integrated throughout the text. A Student's CD containing additional solved problems, spreadsheet models, and reference materials is included in the back cover of the text. An Instructor's CD containing full solutions to all problems in the book, as well as supplemental examination and test questions and additional resource material is available to professors who adopt the book