Understanding Engineering Economy: A Practical Approach

The third edition of Understanding Engineering Economy, A Practical Approach offers the reader a comprehensive overview and easy-to-understand a variety of approaches that may be used to solve economic and financial decisions for engineers. These approaches put an emphasis on solving problems dealing with the time value of money. Over one hundred pages of useful materials have been added to this third edition of the book. This significant improvement is to increase student interest and understanding. These vital materials include: more practical examples, more review exercises and quiz questions with full solutions and four sets of typical exam questions with full solutions.
 
This book is intended to be used not only by engineering students, but also by the general public, as well as those who wish to understand the concepts of engineering economy. The reader will learn how to use a step by step approach to solve problems efficiently and effectively using minimal time and effort. Special attention was placed on helping the reader overcome common misconceptions and mistakes that the author has identified through his many years of experience and extensive teaching career. For example, students will learn a simple and unique short-cut technique to find an unknown value from any equivalent cash flow diagram presented in Lesson 2.
 
This book comes with a Supplemental Booklet and APP for smart phone. The Supplemental Booklet contains all essential formulas and solutions to all exams and quizzes as well as an easy-to-use interest table that spans from a value of 0.125% to 80% with an interest increment as small as 1/8% for a lower rate of interest group. This interest table is very practical and helpful to solve problems in modern society. The APP for smart phone is an excellent tool for students to study and review the subject materials anywhere at any time through review exercises, quizzes, flash cards and samples of typical exam-questions. Additionally, one laminated card containing all formulas that the user can conveniently use throughout the book is provided.
 
At the end of each chapter, a summary and multiple practice problems are provided to help the user practice and hone their skills in engineering economy. These problems also include the complete solutions for convenience and answer validation.
 
Understanding Engineering Economy: A Practical Approach also helps engineering professionals be better prepared for the Fundamentals of Engineering (FE) Exam and the Professional Engineering (PE) Exam. A number of typical FE & PE exam questions with full solutions are included in this book. Due to the author’s concise writing and decisive problem-solving, this book can become a valuable reference the readers can refer to throughout their career or daily life.