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CONTENTS Preface 15 Green Content 23 CHAPTER 1 Introduction to Engineering Economy 31 Introduction 32 The Principles of Engineering Economy 33 Engineering Economy and the Design Process 36 Using Spreadsheets in Engineering Economic Analysis 45 Try Your Skills 45 Summary 46 CHAPTER 2 Cost Concepts and Design Economics 50 Cost Terminology 51 The General Economic Environment 57 Cost-Driven Design Optimization 67 Present Economy Studies 72 Case Study¡ªThe Economics of Daytime Running Lights 79 In-Class Exercise 80 Try Your Skills 80 Summary 82 CHAPTER 3 Cost-Estimation Techniques 92 3.1Introduction933.2An Integrated Approach953.3Selected Estimating Techniques (Models)1033.4Parametric Cost Estimating1083.5Case Study¡ªDemanufacturing of Computers1193.6Electronic Spreadsheet Modeling: Learning Curve1213.7In-Class Exercise1239_x00C_ PAGE 10 CONTENTS CONTENTS  PAGE 11 Try Your Skills 123 Summary 126 CHAPTER 4 The Time Value of Money 134 Introduction 135 Simple Interest 136 Compound Interest 137 The Concept of Equivalence 137 Notation and Cash-Flow Diagrams and Tables 140 Relating Present and Future Equivalent Values of Single Cash Flows 144 Relating a Uniform Series (Annuity) to Its Present and Future Equivalent Values 150 Summary of Interest Formulas and Relationships for Discrete Compounding 160 Deferred Annuities (Uniform Series) 161 Equivalence Calculations Involving Multiple Interest Formulas 163 Uniform (Arithmetic) Gradient of Cash Flows 169 Geometric Sequences of Cash Flows 174 Interest Rates that Vary with Time 179 Nominal and Effective Interest Rates 181 Compounding More Often than Once per Year 183 Interest Formulas for Continuous Compounding and Discrete Cash Flows 186 Case Study¡ªUnderstanding Economic ¡°Equivalence¡± 189 In-Class Exercise 192 Try Your Skills 192 Summary 201 CHAPTER 5 Evaluating a Single Project 218 Introduction 219 Determining the Minimum Attractive Rate of Return (MARR) 220 The Present Worth Method 221 The Future Worth Method 228 The Annual Worth Method 229 The Internal Rate of Return Method 234 The External Rate of Return Method 245 The Payback (Payout) Period Method 247 Case Study¡ªA Proposed Capital Investment to Improve Process Yield 250 _x00C_Electronic Spreadsheet Modeling: Payback Period Method 252 In-Class Exercise 254 Try Your Skills 254 Summary 260 Appendix 5-A The Multiple Rate of Return Problem with the IRR Method 271 CHAPTER 6 Comparison and Selection among Alternatives 276 Introduction 277 Basic Concepts for Comparing Alternatives 277 The Study (Analysis) Period 281 Useful Lives Are Equal to the Study Period 283 Useful Lives Are Unequal among the Alternatives 300 Personal Finances 313 Case Study¡ªNed and Larry's Ice Cream Company 317 Postevaluation of Results 320 Project Postevaluation Spreadsheet Approach 320 In-Class Exercise 323 Try Your Skills 324 Summary 334 CHAPTER 7 Depreciation and Income Taxes 352 Introduction 353 Depreciation Concepts and Terminology 353 The Classical (Historical) Depreciation Methods 356 The Modi?ed Accelerated Cost Recovery System 361 A Comprehensive Depreciation Example 370 Introduction to Income Taxes 374 The Effective (Marginal) Corporate Income Tax Rate 377 Gain (Loss) on the Disposal of an Asset 380 General Procedure for Making After-Tax Economic Analyses 381 Illustration of Computations of ATCFs 385 Economic Value Added 397 In-Class Exercise 399 Try Your Skills 399 Summary 402 _x00C_ PAGE 12 CONTENTS CHAPTER 8 CONTENTS  PAGE 13 Price Changes and Exchange Rates 415 Introduction 416 Terminology and Basic Concepts 417 Fixed and Responsive Annuities 423 Differential Price Changes 428 Spreadsheet Application 430 Foreign Exchange Rates and Purchasing Power Concepts 432 Case Study-Selecting Electric Motors to Power an Assembly Line 437 In-Class Exercise 440 Try Your Skills 440 Summary 442 CHAPTER 9 Replacement Analysis 452 Introduction 453 Reasons for Replacement Analysis 453 Factors that Must Be Considered in Replacement Studies 454 Typical Replacement Problems 457 Determining the Economic Life of a New Asset (Challenger) 460 Determining the Economic Life of a Defender 464 Comparisons in Which the Defender's Useful Life Differs from that of the Challenger 467 Retirement without Replacement (Abandonment) 470 After-Tax Replacement Studies 471 Case Study¡ªReplacement of a Hospital's Emergency Electrical Supply System 479 In-Class Exercise 483 Try Your Skills 483 Summary 484 CHAPTER 10 Evaluating Projects with the Bene?t?Cost Ratio Method 493 Introduction 494 Perspective and Terminology for Analyzing Public Projects 495 Self-Liquidating Projects 496 Multiple-Purpose Projects 496 Dif?culties in Evaluating Public-Sector Projects 499 What Interest Rate Should Be Used for Public Projects? 500 The Bene?t?Cost Ratio Method 502 _x00C_Evaluating Independent Projects by B?C Ratios 508 Comparison of Mutually Exclusive Projects by B?C Ratios 510 Case Study¡ªImproving a Railroad Crossing 515 Try Your Skills 517 Summary 518 CHAPTER 11 Breakeven and Sensitivity Analysis 525 Introduction 526 Breakeven Analysis 526 Sensitivity Analysis 533 Multiple Factor Sensitivity Analysis 539 Try Your Skills 543 Summary 544 CHAPTER 12 Probabilistic Risk Analysis 553 Introduction 554 Sources of Uncertainty 555 The Distribution of Random Variables 555 Evaluation of Projects with Discrete Random Variables 559 Evaluation of Projects with Continuous Random Variables 568 Evaluation of Risk and Uncertainty by Monte Carlo Simulation 573 Performing Monte Carlo Simulation with a Computer 577 Decision Trees 581 Real Options Analysis 586 Summary 589 CHAPTER 13 The Capital Budgeting Process 597 Introduction 598 Debt Capital 600 Equity Capital 601 The Weighted Average Cost of Capital (WACC) 604 Project Selection 608 Postmortem Review 612 Budgeting of Capital Investments and Management Perspective 613 Leasing Decisions 614 Capital Allocation 616 Summary 622 _x00C_ PAGE 14 CONTENTS CHAPTER 14 Decision Making Considering Multiattributes 626 Introduction 627 Examples of Multiattribute Decisions 627 Choice of Attributes 629 Selection of a Measurement Scale 629 Dimensionality of the Problem 630 Noncompensatory Models 630 Compensatory Models 635 Summary 643 Appendix A Accounting Fundamentals Appendix B Abbreviations and Notation Appendix C Interest and Annuity Tables for Discrete Compounding Appendix D Interest and Annuity Tables for Continuous Compounding Appendix E Standard Normal Distribution Appendix F Selected References Appendix G Solutions to Try Your Skills Appendix H Answers to Selected Problems 649 659 663 682 686 689 692 733 ¸½Â¼¼°Ë÷Òý Index 737 _x00C_