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Engineering Economic Analysis

Engineering Economic Analysis Cover

 

Synopses & Reviews

Publisher Comments:

Recent news about one of our authors!

Jerome Lavelle, co-author Engineering Economic Analysis, 11E, won the 2011 Wellington Award, which is given at the Institute of Industrial Engineers (IIE) Annual Conference and Expo and recognizes outstanding contributions in the field of engineering economy. His co-authors, Donald Newnan and Ted Eschenbach, have both taken home the prize in the past.

This eleventh edition of the market-leading Engineering Economic Analysis offers comprehensive coverage of financial and economic decision-making for engineers, with an emphasis on problem solving, life-cycle costs, and the time value of money. The authors' concise, accessible writing, practical emphasis, and contemporary examples linked to students' everyday lives make this text the most popular among students. And with the most extensive support package, this is the easiest book to teach from.

New to the Eleventh Edition:

* For instructors considering putting all or part of their course online, we now offer all of the electronic material for upload to Learning Management Systems

* More than 340 new and revised end-of-chapter problems

* Greatly enhanced coverage of Microsoft Excel® software, including 36 video-based Excel tutorials aimed at allowing instructors to spend more time teaching the concepts and less time teaching the software

* Up-to-date chapter-opening vignettes that reflect current global events

* New appendix on using financial and the HP 33s and 35s calculators for Time Value of Money calculations--a great time saver in class and on the FE Exam

* Updated to include the latest tax legislation and rates

* Enhanced coverage of ethics

INSTRUCTOR'S SUPPORT PACKAGE

* Learning Management System support: Most of the electronic ancillaries are available as pre-formatted cartridges for upload to your Learning Management System, including Blackboard or Moodle.

* Instructor's Manual includes full solutions to all text problems in print format

* Instructor's CD includes the case solutions to the Cases in Engineering Economy text, as well as a computerized test bank

* Two PowerPoint-based lecture resources: Fully-customizable PowerPoint-based lecture outlines, ready for immediate use or modification, and slides of every figure in the text

* Automated test bank for every chapter

FOR STUDENTS, PACKAGED WITH EVERY COPY OF THE TEXT

*A free casebook: The in-text CD includes Cases in Engineering Economy, a collection of 54 case studies designed to help students apply the theories and concepts of engineering economy to real-world situations in the engineering profession

* Excel support: 36 video-based Microsoft Excel software tutorials, each explaining how to use Excel to work specific financial calculations, and a collection of interactive spreadsheet models. Each is designed to promote independent, self-paced instruction in this vital tool. Makes a wonderful companion to both the text and the Casebook.

* The Companion Website (www.oup.com/us/newnan) features additional materials, including 100 additional sample FE exam problems and online quiz questions. On-line quiz questions for self study are also included.

Engineering Economic Analysis, 11e

PACKAGED with FREE STUDENT STUDY GUIDE and In-Text CD of 54 CASE STUDIES

Order Pack

Synopsis:

The ideal text for undergraduate engineering economy courses.

Since it was first published in 1976, this text has been the market-leading book for the Engineering Economic Analysis course. It has always been characterized by:

A focus on practical applications

* One way to encourage students to read the book, and to remember and apply what they have learned in this course, is to make it interesting. And there is no better way to do that than to infuse the book with real-world examples, problems, and vignettes.

Accessibility

* Most students don't have expertise in accounting or finance. This book takes the time to explain concepts carefully while helping students apply them to engineering situations.

Superior support packages for students and instructors

* To make this course easier to understand, learn, and teach, Oxford University Press offers the best support package available in this market.

About the Author

Donald G. Newnan is Professor Emeritus of Industrial and Systems Engineering at San Jose State University.

Ted G. Eschenbach is a consultant and Professor Emeritus of Engineering Management at the University of Alaska Anchorage.

Jerome P. Lavelle is Associate Dean in the College of Engineering at North Carolina State University.

Table of Contents

Chapter 1: MAKING ECONOMIC DECISIONS

A Sea of Problems

Simple Problems

Intermediate Problems

Complex Problems

The Role of Engineering Economic Analysis

Examples of Engineering Economic Analysis

The Decision-Making Process

Rational Decision Making

Engineering Decision Making for Current Costs

Summary

Problems

Chapter 2: ENGINEERING COSTS AND COST ESTIMATING

Engineering Costs

Fixed, Variable, Marginal, and Average Costs

Sunk Costs

Opportunity Costs

Recurring and Nonrecurring Costs

Incremental Costs

Cash Costs Versus Book Costs

Life-Cycle Costs

Cost Estimating

Types of Estimate

Difficulties in Estimation

Estimating Models

Per-Unit Model

Segmenting Model

Cost Indexes

Power-Sizing Model

Triangulation

Improvement and the Learning Curve

Estimating Benefits

Cash Flow Diagrams

Categories of Cash Flows

Drawing a Cash Flow Diagram

Drawing Cash Flow Diagrams with a Spreadsheet

Summary

Problems

Chapter 3: INTEREST AND EQUIVALENCE

A Prescription for Success

Computing Cash Flows

Time Value of Money

Simple Interest

Compound Interest

Repaying a Debt

Equivalence

Difference in Repayment Plans

Equivalence Is Dependent on Interest Rate

Single Payment Compound Interest Formulas

Nominal and Effective Interest

Continuous Compounding

Single Payment Interest Factors: Continuous Compounding

Summary

Problems

Chapter 4: EQUIVALENCE FOR REPEATED CASH FLOWS

Uniform Series Compound Interest Formulas

Expanded Factors as Calculator Functions

Cash Flows that Do Not Match Basic Patterns

Economic Equivalence Viewed as a Moment Diagram

Relationships Between Compound Interest Factors

Single Payment

Uniform Series

Arithmetic Gradient

Derivation of Arithmetic Gradient Factors

Reality and the Assumed Uniformity of A, G, and g.

Geometric Gradient

Compounding Period and Payment Period Differ

Spreadsheets for Economic Analysis

Spreadsheet Annuity Functions for Cash Flow Tables

Spreadsheet Block Functions

Using Spreadsheets for Basic Graphing

Summary

Problems

Chapter 5: PRESENT WORTH ANALYSIS

Assumptions in Solving Economic Analysis Problems

End-of-Year Convention

Viewpoint of Economic Analysis Studies

Sunk Costs

Borrowed Money Viewpoint

Effect of Inflation and Deflation

Income Taxes

Economic Criteria

Applying Present Worth Techniques

Useful Lives Equal the Analysis Period

Useful Lives Different from the Analysis Period

Infinite Analysis Period: Capitalized Cost

Multiple Alternatives

Bond Pricing

Spreadsheets and Present Worth

Summary

Problems

Chapter 6: ANNUAL CASH FLOW ANALYSIS

Lowest Prices on the Net! Buy Now!

Annual Cash Flow Calculations

Resolving a Present Cost to an Annual Cost

Treatment of Salvage Value

Annual Cash Flow Analysis

Analysis Period

Analysis Period Equal to Alternative Lives

Analysis Period a Common Multiple of Alternative Lives

Analysis Period for a Continuing Requirement

Infinite Analysis Period: Capitalized Cost

Multiple Alternatives

Using Spreadsheets to Analyze Loans

Building an Amortization Schedule

How Much to Interest? How Much to Principal?

Finding the Balance Due on a Loan

Pay off Debt Sooner by Increasing Payments

Summary

Problems

Chapter 7: RATE OF RETURN ANALYSIS

Bar Codes Give a Number; RFID Codes Tell A Story

Internal Rate of Return

Calculating Rate of Return

Plot of NPW versus Interest Rate

Interest Rates When There are Fees or Discounts

Loans and Investments are Everywhere

Incremental Analysis

Present Worth Analysis

Analysis Period

Spreadsheets and Rate of Return Analysis

Summary

Problems

Appendix 7A: Difficulties in Solving for an Interest Rate

Why Multiple Solutions Can Occur

Modified Internal Rate of Return (MIRR)

Summary

Problems

Chapter 8: Choosing the Best Alternative

Tapping Into Geometry

Incremental Analysis

Graphical Solutions

Elements in Comparing Mutually Exclusive Alternatives

Doing a Set of Incremental Challenger-Defender Comparisons

Choosing an Analysis Method

Spreadsheets and Goal Seek

Summary

Problems

Chapter 9: OTHER ANALYSIS TECHNIQUES

Clean, Green, and Far Between

Future Worth Analysis

Benefit-Cost Ratio Analysis

Variations on the Theme of Benefit-Cost Ratio

Payback Period

Sensitivity and Breakeven Analysis

Graphing with Spreadsheets for Sensitivity and Breakeven Analysis

Doing What-If Analysis with Spreadsheets

Summary

Problems

Chapter 10: UNCERTAINTY IN FUTURE EVENTS

They Only Thought They Were Done

Estimates and Their Use in Economic Analysis

A Range of Estimates

Probability

Joint Probability Distributions

Expected Value

Economic Decision Trees

Risk

Risk Versus Return

Simulation

Real Options

Summary

Problems

Chapter 11: DEPRECIATION

Depreciation and Competitiveness

Basic Aspects of Depreciation

Deterioration and Obsolescence

Depreciation and Expenses

Types of Property

Depreciation Calculation Fundamentals

Historical Depreciation Methods

Straight-Line Depreciation

Sum-of-Years'-Digits Depreciation

Declining Balance Depreciation

Modified Accelerated Cost Recovery System (MACRS)

Cost Basis and Placed-in-Service Date

Property Class and Recovery Period

Percentage Tables

Where MACRS Percentage Rates (rt ) Come From

MACRS Method Examples

Comparing MACRS and Historical Methods

Depreciation and Asset Disposal

Unit-of-Production Depreciation

Depletion

Cost Depletion

Percentage Depletion

Spreadsheets and Depreciation

Using VDB for MACRS

Summary

Problems

Chapter 12: INCOME TAXES

On With the Wind

A Partner in the Business.

Calculation of Taxable Income

Taxable Income of Individuals

Classification of Business Expenditures

Taxable Income of Business Firms

Income Tax Rates

Individual Tax Rates

Corporate Tax Rates

Combined Federal and State Income Taxes

Selecting an Income Tax Rate for Economy Studies

Economic Analysis Taking Income Taxes into Account

Capital Gains and Losses for Nondepreciated Assets

Investment Tax Credit

Estimating the After-Tax Rate of Return

After-Tax Cash Flows and Spreadsheets

Summary

Problems

Chapter 13: REPLACEMENT ANALYSIS

The Replacement Problem

Replacement Analysis Decision Map

Minimum Cost Life of a New Asset --- the Challenger

Do We Have Marginal Cost Data For the Defender?

Are These Marginal Costs Increasing?

Replacement Analysis Technique 1: Defender Marginal Costs Can Be Computed and

Are Increasing

Replacement Repeatability Assumptions

Replacement Analysis Technique 2: Defender Marginal Costs Can Be Computed and Are Not Increasing

Replacement Analysis Technique 3: When Defender Marginal Cost Data Are Not Available

Complications in Replacement Analysis

Defining Defender and Challenger First Costs

Repeatability Assumptions Not Acceptable

A Closer Look at Future Challengers

After-Tax Replacement Analysis

Marginal Costs on an After-Tax Basis

Minimum Cost Life Problems

Spreadsheets and Replacement Analysis

Summary

Problems

Chapter 14: INFLATION AND PRICE CHANGE

The Athabasca Oil Sands

Meaning and Effect of Inflation

How Does Inflation Happen?

Definitions for Considering Inflation in Engineering Economy

Analysis in Constant Dollars Versus Then-Current Dollars

Price Change with Indexes

What Is a Price Index?

Composite Versus Commodity Indexes

How to Use Price Indexes in Engineering Economic Analysis

Cash Flows That Inflate at Different Rates

Different Inflation Rates per Period

Inflation Effect on After-Tax Calculations

Using Spreadsheets for Inflation Calculations

Summary

Problems

Chapter 15: SELECTION OF A MINIMUM ATTRACTIVE RATE OF RETURN

BP Goes to Russia

Sources of Capital

Money Generated from the Firm's Operation

External Sources of Money

Choice of Source of Funds

Cost of Funds

Cost of Borrowed Money

Cost of Capital

Inflation and the Cost of Borrowed Money

Investment Opportunities

Opportunity Cost

Selecting a Minimum Attractive Rate of Return

Adjusting MARR to Account for Risk and Uncertainty

Representative Values of MARR Used in Industry

Capital Budgeting or Selecting the Best Projects

Spreadsheets, Cumulative Investments, and the Opportunity Cost of Capital

Summary

Problems

Chapter 16: ECONOMIC ANALYSIS IN THE PUBLIC SECTOR

From Waste to Power and Money

Investment Objective

Viewpoint for Analysis

Selecting an Interest Rate

No Time-Value-of-Money Concept

Cost of Capital Concept

Opportunity Cost Concept

Recommended Concept

The Benefit-Cost Ratio

Incremental Benefit-Cost Analysis

Elements of the Incremental Benefit-Cost Ratio Method

Other Effects of Public Projects

Project Financing

Project Duration

Quantifying and Valuing Benefits and Disbenefits

Project Politics

Summary

Problems

Chapter 17: ACCOUNTING AND ENGINEERING ECONOMY

The Two Faces of ABB

The Role of Accounting

Accounting for Business Transactions

The Balance Sheet

Assets

Liabilities

Equity

Financial Ratios Derived from Balance Sheet Data

The Income Statement

Financial Ratios Derived from Income Statement Data

Linking the Balance Sheet, Income Statement, and Capital Transactions

Traditional Cost Accounting

Direct and Indirect Costs

Indirect Cost Allocation

Problems with Traditional Cost Accounting

Other Problems to Watch For

Summary

Problems

Appendix A: Introduction to Spreadsheets

The Elements of a Spreadsheet

Defining Variables in a Data Block

Copy Command

Appendix B: Time Value of Money (TVM) Calculators

Notation for TVM Calculators

Examples with TVM Calculators and Tabulated Factors

Problems

Appendix C: Fundamentals of Engineering (FE) Examination Problems

References

Index

Product Details

ISBN:
9780199778126
Publisher:
Oxford University Press
Subject:
Engineering - Industrial
Author:
Eschenbach, Ted
Author:
Newnan, Donald G.
Author:
null, Donald
Author:
Newnan, Donald
Author:
null, Jerome
Author:
Lavelle, Jerome
Author:
null, Ted
Subject:
Engineering
Subject:
Technology | Industrial Engineering
Subject:
Engineering & Technology | Industrial Engineering
Subject:
Industrial and Control Engineering-General
Publication Date:
20110203
Binding:
Hardback
Grade Level:
College/higher education:
Language:
English
Illustrations:
258 Line, 19 HT
Pages:
672
Dimensions:
7.8 x 9.4 x 1.4 in 2.725 lb

Related Subjects

Business » Accounting and Finance
Business » Management
Engineering » Industrial and Control Engineering » General

Engineering Economic Analysis
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Product details 672 pages Oxford University Press, USA - English 9780199778126 Reviews:
"Synopsis" by , The ideal text for undergraduate engineering economy courses.

Since it was first published in 1976, this text has been the market-leading book for the Engineering Economic Analysis course. It has always been characterized by:

A focus on practical applications

* One way to encourage students to read the book, and to remember and apply what they have learned in this course, is to make it interesting. And there is no better way to do that than to infuse the book with real-world examples, problems, and vignettes.

Accessibility

* Most students don't have expertise in accounting or finance. This book takes the time to explain concepts carefully while helping students apply them to engineering situations.

Superior support packages for students and instructors

* To make this course easier to understand, learn, and teach, Oxford University Press offers the best support package available in this market.

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