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, analyzing projects with after-tax cash flow and the related issues and terminology associated with computing Federal and, in many cases, State income tax liability in the United States. Chapter twelve addresses personal investment considerations including discussion of stocks, equity options, commodity futures and other investments involving life insurance and retirement. 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 has taught since 1963. John M Stermole, B.S.B.A., Finance, University of Denver and M.S., Mineral Economics, Colorado School of Mines. John has taught as a Lecturer at Colorado School of Mines for the Departments of Mineral Economics and Chemical Engineering since 1988 and as an Adjunct Professor at The University of Denver, College of Law in the Natural Resources and Environmental Law Program. John served as a Fellow to the Institute for Global Resources Policy at Colorado School of Mines and co-authored the 1st Edition of the Global Mining Taxation Comparative Study. Combined, both authors have presented more than 850 Economic Evaluation short courses to more than 18,500 people from mineral, petroleum, and non-mineral companies and government agencies all over the world.
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