A Review of Fundamentals of Engineering Economics by Chan S. Park
A Review of Fundamentals of Engineering Economics by Chan S. Park
Fundamentals of Engineering Economics is a textbook written by Chan S. Park, a Professor of Industrial and Systems Engineering at Auburn University. The book, now in its fourth edition, was published by Pearson in 2021 and covers all the essential topics of engineering economics for students and practitioners in various engineering disciplines[^1^].
The book aims to provide a concise, but in-depth coverage of engineering economics concepts and methods, with an emphasis on problem-solving and decision-making skills. The book also incorporates real-world examples and case studies to illustrate the applications of engineering economics in engineering practice[^2^]. Some of the topics covered in the book include:
fundamentals of engineering economics chan s park
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Time value of money and interest rate calculations
Cash flow analysis and equivalence
Project evaluation methods and criteria
Depreciation and taxes
Inflation and price changes
Uncertainty and risk analysis
Capital budgeting and financing decisions
Public sector projects and social cost-benefit analysis
The book is organized into 15 chapters, each with learning objectives, key terms, examples, exercises, and end-of-chapter problems. The book also provides online resources for instructors and students, such as PowerPoint slides, Excel spreadsheets, solutions manual, test bank, and MyLab Engineering[^1^]. The book is suitable for undergraduate and graduate courses in engineering economics, as well as for professional engineers who need to refresh their knowledge or prepare for licensing exams.
Fundamentals of Engineering Economics is a comprehensive and rigorous textbook that offers a clear and concise presentation of engineering economics principles and techniques. It is a valuable resource for anyone who wants to learn how to apply economic reasoning to engineering problems and decisions.
One of the distinctive features of the book is its use of spreadsheet modeling and analysis as a tool for engineering economic analysis. The book integrates Excel functions and examples throughout the chapters and provides Excel templates and tutorials online. The book also introduces the concept of real options analysis, which is a modern approach to valuing projects with uncertainty and flexibility[^3^]. The book explains how to apply real options analysis to engineering projects using spreadsheet models and binomial trees.
The book also adopts a pedagogical approach that encourages active learning and critical thinking. The book uses a five-step problem-solving methodology that guides students through the process of identifying, formulating, solving, interpreting, and reporting engineering economic problems. The book also provides numerous examples and exercises that cover a wide range of engineering disciplines and applications. The book also includes case studies that illustrate how engineering economics is applied in real-world situations and decisions[^2^].
In summary, Fundamentals of Engineering Economics is a well-written and well-organized textbook that covers the core topics of engineering economics with clarity and rigor. The book is suitable for anyone who wants to learn how to apply economic principles and methods to engineering problems and decisions. The book also provides useful online resources and tools that enhance the learning experience and outcomes. 0efd9a6b88
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