Engineering Economics

The data set of economic analysis, which is necessary for the effective management and utilization of productive resources in construction, operation and maintenance of engineering technology is referred to as economic. (Technological economics, engineering economy / economics). The Economic Technological deals with the comparison and evaluation of alternative solutions and the application of specific principles of economy in trouble mainly technological investment. The course will analyze the main concepts and theoretical underpinnings of Economic Technology, will present practical examples and problems solved exercises and implementation of theory

Objectives

The Engineering Economics deals with the comparison and evaluation of alternative solutions and the application of specific principles of economy in trouble mainly technological investment. The course will analyze the main concepts and the theoretical background of the Technology Economic and will present practical examples and problems solved exercises and application of theory.

Prerequisites

There is no prerequisite for the course

Syllabus

Introduction to Engineering Economics. Limit analysis of resource allocation in the production system. The value of input - cost of production resources. The value of output - Economic evaluation activity. Problems investment. Reduction of cash. Investment project preparation stages. Comparative economic evaluation - selection criteria for investment. The Investment Plan: Basic concepts and definitions. The individual parts of a project. Training, Planning and Evaluation of Investment Projects. Systemic methodology and technical projects. Introduction to Risk Analysis. The chapters of the course include (in brackets are the main sources based on the indicative bibliography): 1 Introduction to technical economic, production functions, marginal analysis, value of output and optimum production level. (main source: D Panagiotakopoulos., Chapter 2, 2004). 2 The value of the inputs and the cost of an occasional, short-term, long-term, stable, and average variable cost of production, cost and time value of money. (main source: D Panagiotakopoulos., Chapter 4, 2004). 3 The Investment Project, Basic Concepts and Definitions. (main source: Aravosis K., Chapter 1, 2003). 4 Sub-Sections of an investment project (main source: Aravosis K., Chapter 2, 2003). 5 Economic evaluation of investment projects - the value of inputs. (temporal equivalence and update resources, the concept of economic evaluation criteria on economic evaluation activity). (main source: D Panagiotakopoulos., Chapter 5, 2004). 6 Comparative economic evaluation, investment selection. (main source: D Panagiotakopoulos., Chapters 6.1, 6.2, 6.3, 2004) 7 Training and Evaluation of Investment Projects (by the standards of investment laws). (main source: Aravosis K., Chapter 6, 2003). 8 Introduction to systemic methodology. (major source: D Panagiotakopoulos. Chapters 1.1, 1.2, 1.5, 2004). 9 Decision Theory - risk analysis (main source: D Panagiotakopoulos., Chapter 3, 2005).