Contemporary Engineering Economics: International Edition

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9780131219830: Contemporary Engineering Economics: International Edition
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This book is intended for undergraduate engineering students taking the introductory engineering economics course at the university level.

The third edition of Contemporary Engineering Economics has been thoroughly revised and updated while continuing to adopt a contemporary approach to the subject, and teaching, of engineering economics. This text aims not only to build a sound and comprehensive coverage of engineering economics, but also to address key educational challenges, such as student difficulty in developing the analytical skills required to make informed financial decisions.

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From the Back Cover:

As in the first two editions, Park's Contemporary Engineering Economics, 3e stimulates student enthusiasm and imagination with the use of real-world applications and contexts throughout the book in chapter opening scenarios, homework problems, and self-test questions.

New features in the third edition:
  • All sections are updated to reflect the latest tax laws, interest rates, and other financial developments.
  • The chapters are now organized into five parts. Three new chapters (Chapters 2, 3, and 6) have been added.
  • Chapter 2 (Understanding Financial Statements) introduces the basics of business language, known as financial accounting, so that engineers can understand and speak in a common language when it comes to making a variety of business decisions.
  • Chapter 3 (Cost Concepts and Behaviors) covers the various cost definitions as well as their behaviors in decision making. In particular, it discusses the marginal concept, which is the basis for many economic decisions.
  • Chapter 6 (Principles of Investing) unravels the mysteries of the financial markets―the language, the players, the strategies, and above all, the risks and rewards of investments, as well as their ups and downs.
  • Chapter 7 (Present Worth Analysis) streamlines the principles of comparing mutually exclusive projects in detail.
  • Chapter 14 (Project Risk and Uncertainty) has been expanded to include decision tree analysis.
  • Chapter 15 (Replacement Decisions) has been divided into two parts: The first part introduces the basic replacement decision problems without considering the effects of income taxes, whereas the second part revisits the same decision problems with income tax consideration.

A comprehensive book website has been developed for study guides and additional information, as well as student and instructor resources. The section, "Computer Notes," previously appearing as an end-of-chapter feature, is now consolidated onto the website. Various spreadsheets can be downloaded from the website and opened directly in Microsoft® Excel for Windows.

About the Author:

Dr. Chan S. Park is an Alumni Professor of Industrial & Systems Engineering at Auburn University. He holds industrial engineering degrees from Purdue University (M.S.) and the Georgia Institute of Technology (Ph.D.). He is a licensed professional engineer in the state of Florida.

Dr. Park has written numerous technical papers on economic decision analysis and manufacturing economics, and he is the co-author of Advanced Engineering Economics published by John Wiley and Sons (1990). He has received several research awards for his papers on economics, including the 1987 Alfred V. Bodine SME Award from the Society of Manufacturing Engineers for the best paper on machine tool economics; he is a two-time recipient of the Eugene L. Grant Award for the best paper published in The Engineering Economist (1990, 1991); and he has also received the Outstanding Publication Award from the Institute of Industrial Engineers (1991). Dr. Park has held office for the Institute of Industrial Engineers and the American Society of Engineering Education. He has been the manuscript editor for The Engineering Economist since 1987.

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