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IEN255 Summer’99 Chapter 1

IEN255 Summer’99 Chapter 1. Role of Engineers Engineers do many things Our scope is related economic impact of decisions engineering decisions frequently account for 85% of cost Types of Strategic Engineering Economic Decisions Equipment and Process Selection Equipment Replacement

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IEN255 Summer’99 Chapter 1

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  1. IEN255 Summer’99 Chapter 1 • Role of Engineers • Engineers do many things • Our scope is related economic impact of decisions • engineering decisions frequently account for 85% of cost • Types of Strategic Engineering Economic Decisions • Equipment and Process Selection • Equipment Replacement • New Product Development and Expansion • Cost Reduction • Service Improvement

  2. IEN255 Summer’99 Chapter 1 cont’d... • Short Term Operational Economic Decisions • Fixed Costs • Variable Costs • Semi-Variable Costs • Average Unit Cost • Marginal Costs

  3. IEN255 Summer’99 Chapter 1 cont’d... • Short Run Decisions • Characteristics • incremental costs • no new physical assets • planning horizon is short (< yr) • relatively few items involved • Method Change • Operations Planning

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