Synopsis
Engineering Economics. Written for people with both technical and on-technical backgrounds, with or without previous evaluation experience, this book is an introduction to the concepts of time value of money and the related decision criteria used to evaluate investments and, more importantly, the proper application of decision criteria in before-tax and after-tax investment situations. The first six chapters present time value of money and decision criteria on a before-tax basis, addressing the application of economic evaluation criteria to different investment situations and the use of these criteria in light of inflation, risk and uncertainty. Later chapters focus on understanding after-tax cash flow (Tax Cuts & Jobs Act, 2017), analyzing projects with after-tax cash flow and the related issues and terminology associated with computing Federal and, State income tax liability in the United States. Chapter 11 covers borrowed money and why it is a secondary analysis. While the text has a number of examples from the oil and gas and mining industry, it contains a number of generic scenarios that make it applicable for students in all engineering disciplines as well as those involved in geology, geophysics, business, accounting, finance, management, operations research and virtually anyone interested in economic evaluation issues. Problems at the end of each chapter provide the reader with a comprehensive approach to evaluating economic alternatives.
About the Author
Franklin J. Stermole, B.S., M.S., Ph.D., Chemical Engineering, Iowa State University, is Professor Emeritus of Mineral Economics and Chemical and Petroleum Refining at Colorado School of Mines where he taught from 1963 until his retirement in 2012. Frank taught economic evaluation techniques for over 50 years to undergraduate and graduate students and has done economic evaluation consulting for numerous mineral and non-mineral companies. Frank taught more than 700 Economic Evaluation short courses to over 16,000 persons from mineral and non-mineral industry companies and government agencies. His domestic and foreign industrial consulting and teaching experience had a direct impact on the applications-oriented content and organization of the text. John M. Stermole, B.S.B.A., Finance, University of Denver, and M.S., Mineral Economics, Colorado School of Mines, is President of Investment Evaluations Corporation. After 30 years, John recently retired as a Teaching Associate Professor at Colorado School of Mines in the Division of Economics and Business. During his tenure at Mines John also served as a Fellow to the Institute for Global Resources Policy at Colorado School of Mines. In addition to his academic work at CSM, John taught as an Adjunct Professor at The University of Denver, Sturm College of Law in the Natural Resources and Environmental Law Graduate Program. Since 1985, he has presented more than 670 Economic Evaluation short courses for mineral, petroleum and non-mineral companies and government agencies. In addition to the United States, John has presented courses in Australia, Canada, Chile, Colombia, England, Germany, Indonesia, Poland, South Africa, South Korea, Switzerland, the United Arab Emirates, and Vietnam. Prior to joining Investment Evaluations Corporation on a full time basis John gained over three years of industry experience with Lowdermilk Construction of Englewood, Colorado, applying economic evaluation techniques to heavy construction projects related to mine site development and highway construction, and in replacement analyses. Andrew H. Pederson, B.A., M.T., Economics, Pacific Lutheran University, and a Masters of Tax Law, University of Denver, Sturm College of Law. Andy has taught at Colorado School of Mines since 2012 in the Division of Economics and Business teaching this subject matter to junior, senior and graduate level students enrolled in Engineering, Mining Engineering, Chemical and Biological Engineering, Petroleum Engineering, and other curriculum. Andrew has taught over 75 Economic Evaluation short courses for individual companies and continuing education depart- ments in the United States and abroad.
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