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Question: reading1 engineering decision making what is the criteria to make...

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Reading1 Engineering Decision Making: what is the criteria to make decisions? Are there any social and economic considerations when making decision on engineering projects? What is engineering economic analysis? What are costs? What are benefits? How do we estimate costs and benefits? Is there a difference when we estimate a known project vs. a new project? What are the estimating models and what are the difference between them? What are the basic definitions of the following terms: cost, benefit, sunk cost, production cost, opportunity cost, marginal cost, overhead cost, profit, deficit, break even point,interest, compounding, supply, demand, price, value, money, GDP present value, future value, annuities [Be able to differentiate between concepts with examples NOT from the book What is a cash flow diagram? Be able to indicate the different parts of the diagram How do we usually write positive cash flows How do you write a cash flow with both positive and negative cash flows? How do you transform a cash flow into a table and viceversa? PIC.cOLLAGE
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