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Engineering Economics and Design Decision-Making
Published in Herbert W. Stanford, Adam F. Spach, Analysis and Design of Heating, Ventilating, and Air-Conditioning Systems, 2019
Herbert W. Stanford, Adam F. Spach
Engineering economics is a subset of economics concerned with the use and“...application of economic principles” in the analysis of engineering decisions. As a discipline, it is focused on the branch of economics known as microeconomics in that it studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Thus, it focuses on the decision-making process, its context, and environment. It is pragmatic by nature, integrating economic theory with engineering practice. But, it is also a simplified application of microeconomic theory in that it avoids a number of microeconomic concepts such as price determination, competition, and demand/supply. It draws upon the logical framework of economics but adds to that the analytical power of mathematics and statistics.
Economic Analysis of Energy Projects
Published in Moncef Krarti, Energy-Efficient Electrical Systems for Buildings, 2017
In engineering economics, savings and expenditures of amounts of money during a project are typically called cash flows. To compare various cash flows over the lifetime of a project, a life cycle cost (LCC) analysis is typically used. In this chapter, basic concepts of engineering economics are described. First, some of the fundamental principles and parameters of economic analysis are presented. In addition, data are provided to help the reader estimate relevant economic parameters. Then, the general procedure of an economic evaluation of any energy project is described. Finally, some of the advantages and disadvantages of the various economic analysis methods are discussed.
Economic Analysis
Published in Moncef Krarti, Energy Audit of Building Systems, 2020
In engineering economics, savings and expenditures of amounts of money during a project are typically called cash flows. To compare the various cash flows over the lifetime of a project, a life-cycle cost (LCC) analysis is typically used. In this chapter, the basic concepts of engineering economics are described. First, some common economic parameters are defined. In addition, data are provided to help the reader estimate relevant economic parameters. Then, the general procedure of an economic evaluation of a retrofit project is described. Finally, some of the advantages and disadvantages of the various economic analysis methods are discussed.
Reduce the construction cost of a 7-story RC public building with metaheuristic algorithms
Published in Architectural Engineering and Design Management, 2023
In construction projects, the spending authority or the business owner aims to complete the structures that they plan to do for their intended use, safely and economically, with the least possible amount of money. This situation has similar characteristics in engineering economics. However, the fact that there are many construction work items in a construction project and these work items are directly or indirectly related to each other makes it difficult to make the projects economically sufficient. In order to manage these processes correctly, there is a need for automating the design processes of construction projects and software guidance. At the same time, although these integrated systems are important in optimizing structures, real-time analyzes and optimization processes that automate the design process under vertical loads are needed in future studies (Oliva, 2014).
A new characterization of fuzzy ideals of semigroups and its applications
Published in Automatika, 2021
Chunhua Li, Baogen Xu, Huawei Huang
Many problems in engineering, economics and mathematics involve uncertainty. Zadeh [1] and others (see, [2, 3]) have proposed some theories to deal with uncertainty. Let X be a non-empty set. Following Zadeh [1], a fuzzy subsetμ of X is a function of X into the closed interval . In the past few decades, due to the wide applications of fuzzy sets in many areas, such as fuzzy structure multi-agent systems, formation control, fuzzy automata, fuzzy algebra, fuzzy graph and so on, the fuzzy set theory has been a hot topic (see, [3–10]). In fuzzy algebra and fuzzy logic, many authors (see [11–16]) studied fuzzy groups, fuzzy subsemigroups, fuzzy ideals, fuzzy relations, etc. Budimirorić and others [12] studied fuzzy algebra identities with applications to fuzzy semigroups. It is shown that for every fuzzy subalgebra there is a least fuzzy equality such that a fuzzy identity holds on it. In contrast to the fuzzy identities, fuzzy ideals of semigroups play an important role in the characterization of semigroup structures. Recently, a lot of scholars investigated some classes of fuzzy ideals of a semigroup. For example, Khan et al. [15] defined generalized fuzzy ideals in ordered semigroups. Ibrar et al. [14] focussed on the characterization of an ordered semigroups in the frame work of generalized bipolar fuzzy interior ideals.
A dynamic programming approach for economic optimisation of lifetime-extending maintenance, renovation, and replacement of public infrastructure assets under differential inflation
Published in Structure and Infrastructure Engineering, 2019
Martine van den Boomen, Pieter L. van den Berg, A. Rogier M. Wolfert
Equations (1) and (2) mathematically define and incorporate an important engineering economics implication for discounting of cash flows. Total inflation expresses cash flows in nominal currency. Differential inflation expresses cash flows in real currency. Nominal cash flows (inflated with total inflation) need to be discounted with a nominal discount rate. Real cash flows (inflated with differential inflation) need to be discounted with a real discount rate (Park, 2011; Sullivan et al., 2012). Equations (1) and (2) define that both discounting approaches are mathematically equal. The current research expresses cash flows in real values and discounts with a real discount rate. Under differential inflation, certain cash flow components grow (or decline) faster than others and also continue to grow (or decline) after new investments. The estimates for differential inflation in Table 1 are subtracted from PPI data over the years 1995–2017.