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Contemporary Engineering Economics, 7th edition

Published by Pearson (July 27, 2022) © 2023

  • Chan S Park Auburn University

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For courses in engineering and economics.

Comprehensively blend engineering concepts with economic theory

Contemporary Engineering Economics teaches engineers how to make smart financial decisions to create economical products. As design and manufacturing become an integral part of engineers' work, they are required to make more and more decisions regarding money.

The 7th Edition helps students learn to think like a modern engineer who can incorporate elements of science, engineering, design and economics into their work. With its comprehensive integration of economic theory and principles of engineering, this text helps students build sound skills in financial project analysis.

Hallmark features of this title

  • Chapter-opening vignettes discuss the global economy in terms of variety and scope of businesses, a topic extremely important for modern engineers.
  • Chapter review questions regarding engineering in the service sector address the growing need for engineers in this area.
  • Numerous Economic Decision problems include Excel spreadsheet modeling techniques to offer a variety of what-if solutions to possible problems that could occur.
  • End-of-chapter problems, short case study questions, fully worked-out examples, and carefully selected exam review appendix questions help students test their knowledge of key textual concepts and relate core ideas to the real world.

New and updated features of this title

  • NEW/UPDATED: Chapter-opening vignettes are entirely new or updated to reflect current issues.
  • UPDATED: Excel spreadsheet modeling techniques are incorporated into various economic decision problems to give students practice applying their knowledge.
  • NEW/UPDATED: Examples, discussions and data reflect contemporary issues, trends and current market data, including depreciation; tax information; corporate tax rates; consumer price index; and normal, beta and continuous distributions.
  • NEW: Solutions to self-test questions are now provided in Appendix A. The questions are formatted in the style of the Fundamentals of Engineering Exam and help students prepare for a typical exam common to introductory engineering economics courses.
  • NEW/UPDATED: 811 end-of-chapter problems, 64 short cases, and 215 self-test questions in this edition include all-new self-test questions and 129 new end-of-chapter problems; 15% of the end-of-chapter problems are revised to reflect the tax law changes.

Features of MyLab Engineering for the 7th Edition

  • Auto-graded Excel Projects allow you to seamlessly integrate Excel content into your course without manually grading spreadsheets. Students simply download a spreadsheet, complete the project in Excel, and then upload that file back into MyLab Engineering, where they receive reports on their work that provide personalized, detailed feedback.
  • Real Excel files are available for many chapter examples, letting students dive deeper into the material.
  • The Study Plan gives students personalized recommendations, practice opportunities and learning aids to help them stay on track. FE Review questions are available in the Study Plan and mapped to their corresponding chapters to provide opportunities to prepare for the licensure exam.

PART 1: FUNDAMENTALS

  1. Engineering Economic Decisions
  2. Accounting Information for Engineering Economic Decisions
  3. Interest Rate and Economic Equivalence
  4. Understanding Money and Its Management

PART 2: EVALUATION TOOLS OF BUSINESS AND ENGINEERING ASSETS

  1. Present-Worth Analysis
  2. Annual Equivalent-Worth Analysis
  3. Rate-of-Return Analysis

PART 3: DEVELOPMENT OF PROJECT CASH FLOWS

  1. Cost Concepts Relevant to Decision Making
  2. Depreciation and Corporate Taxes
  3. Developing Project Cash Flows
  4. Inflation and Its Impact on Project Cash Flows

PART 4: CONSIDERING RISK AND UNCERTAINTY IN ECONOMIC ANALYSES

  1. Project Risk and Uncertainty
    12-A. Risk Analysis by Computer Simulation
  2. Real-Options Analysis

PART 5: SPECIAL TOPICS IN ENGINEERING ECONOMICS

  1. Replacement Decisions
  2. Capital-Budgeting Decisions
  3. Economic Analysis in the Service Sector

APPENDICES

  1. Answers to the Self-Test Questions
  2. Interest Factors for Discrete Compounding
  3. Values of the Standard Normal Distribution Function
  4. Summary of Interest Factor Formulas, Decision Criteria, and Useful Excel Financial Functions

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