Paper Key : IRJ************734
Author: Supriya Shinde,Sagar Mungase,Sayali Patil
Date Published: 04 Mar 2024
Abstract
The technological and social environments in which we live continue to change at a rapid rate. In recent decades, advances in science and engineering have transformed our transportation systems, revolutionized the practice of medicine, and miniaturized electronic circuits so that a computer can be placed on a semiconductor chip. The list of such achievements seems almost endless. In your science and engineering courses, you will learn about some of the physical laws that underlie these accomplishments. Engineering economics is all about determining if engineering projects are worth carrying out. One of the biggest issues for engineering projects is the costs are usually incurred almost immediately, while the benefits might take a long time to occur, which can take decades. Engineering projects are therefore long-term investments, which must be assessed in great detail before they are initiated in physical form. However, long-term investments hold different difficulties, which must be considered