The engineering economics involves technical analysing with emphasis on the economic aspects and has the objective of assisting decisions. Engineering economics is closely aligned with Conventional Micro-Economics.
It is devoted to problem solving and decision making at the operational level.Engineering is the profession in which knowledge of the mathematical and natural sciences gained by study experience and practice is applied with judgment to develop ways to utilise economically the material and forces of nature for the benefit of mankind.
Engineering Economics is a subject of vital importance to Engineers. This subject helps one understand the need for the knowledge of Economics for being an effective manager and decision maker.
