Engineering Economy: Applying Theory to Practice : Book Review

"Engineering Economy" by Ted G. Eschenbach is a comprehensive and practical guide that offers engineers and business professionals a clear understanding of economic principles and how they can be applied in decision-making processes. The book focuses on the financial aspects of engineering projects, providing a systematic approach to evaluate the economic viability of different alternatives.

Eschenbach's expertise in the field is evident throughout the book, as he presents real-world examples, case studies, and step-by-step methods to analyze and compare engineering options. One of the strengths of this book is its ability to break down complex economic concepts into easily understandable terms. Eschenbach's clear language and logical explanations make it accessible to readers with or without a strong background in economics, avoiding overwhelming technical jargon.

The author adopts a highly practical approach, emphasizing problem-solving and decision-making. He introduces a range of techniques and tools that can be applied in engineering projects, such as net present value analysis, internal rate of return, and cost-benefit analysis. Important considerations like taxes, inflation, and uncertainty are also discussed, highlighting their impact on engineering economy decisions.

Eschenbach enriches the book with numerous real-life case studies and examples from various engineering disciplines. These practical examples allow readers to see how economic principles are applied in real-world scenarios, enhancing the book's relevance and applicability to a wide range of engineering professionals.

In summary, "Engineering Economy" is an informative and practical resource for engineers and business professionals. Eschenbach's expertise and clear writing style make complex economic concepts easily understandable, while the inclusion of case studies and examples adds real-world relevance. Whether you are a student, engineer, or professional seeking to improve your economic decision-making skills, this book is a valuable addition to your library.

What are readers saying?

The book "Engineering Economy" by Ted G. Eschenbach has garnered a variety of reviews, providing readers with a comprehensive perspective on the book. Primarily, readers have praised the book for its practical approach and clear explanations. Eschenbach's ability to break down complex concepts into easily understandable language has been widely appreciated by both students and professionals in the engineering field. Moreover, the book is lauded for its extensive use of real-life examples and case studies, which effectively reinforce the discussed concepts.

Additionally, the book is highly regarded as a valuable resource for engineers, particularly those involved in cost analysis and project management. It covers a broad range of topics related to engineering economy, including cash flow analysis, time value of money, and investment decision-making. Readers also benefit from the inclusion of numerous exercises and practice problems, enabling them to test their knowledge and enhance their skills.

Many readers appreciate the book's visual aids such as tables, charts, and diagrams, which aid in understanding key concepts. This visual approach is particularly advantageous for those who prefer a more visual learning experience.

Despite these positive aspects, a small number of readers have expressed concerns about the book's organization and structure. They believe that certain chapters could have been more concise and that clearer transitions between topics could have been implemented. Nevertheless, these criticisms are in the minority, with the majority of reviews still recognizing the book as a valuable resource in the field of engineering economy.

Overall, Ted G. Eschenbach's "Engineering Economy" has received positive feedback from readers, with its practical approach, clear explanations, and inclusion of real-life examples making it a recommended resource for students and professionals in the engineering field.

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