This document discusses different types of costs. It defines fixed costs as those that do not vary with output, and variable costs as those that do vary with output. Total costs are the sum of total fixed costs and total variable costs. Average costs are total costs divided by quantity of output. Marginal costs measure the change in total costs from a one unit increase in output. Other costs discussed include opportunity costs, which represent the next best alternative use of resources, sunk costs which cannot be recovered, and life-cycle costs which consider all costs over the lifetime of a product or project.
Engineering economic importance & applicationabdus sobhan
Application of engineering or mathematical analysis and synthesis to decision making in economics.
The knowledge and techniques concerned with evaluating the worth of commodities and services relative to their cost.
Analysis of the economics of engineering alternativesThis course has to do with money and success.
Most of us want some measure of success in life.
For better or for worse, money (and economics) has a lot to do with success.
Introduction to Engineering Economy is about engineering economy &The technological and social environments in which we live continue to change at a rapid rate.
In recent decades, advances in science and engineering have transformed our transportation systems, revolutionized the practice of medicine, and miniaturized electronic circuits so that a computer can be placed on a semiconductor chip.
PRINCIPLES OF ENGINEERING ECONOMY
1. Develop the Alternatives;
2. Focus on the Differences;
3. Use a Consistent Viewpoint;
4. Use a Common Unit of Measure;
5. Consider All Relevant Criteria;
6. Make Uncertainty Explicit;
7. Revisit Your Decisions
DEVELOP THE ALTERNATIVES
The final choice (decision) is among alternatives. The alternatives need to be identified and then defined for subsequent analysis.
FOCUS ON THE DIFFERENCES
Only the differences in expected future outcomes among the alternatives are relevant to their comparison and should be considered in the decision.
USE A CONSISTENT VIEWPOINT
The prospective outcomes of the alternatives, economic and other, should be consistently developed from a defined viewpoint (perspective).
USE A COMMON UNIT OF MEASURE
Using a common unit of measurement to enumerate as many of the prospective outcomes as possible will make easier the analysis and comparison of alternatives.
CONSIDER ALL RELEVANT CRITERIA
Selection of a preferred alternative (decision making) requires the use of a criterion (or several criteria). The decision process should consider the outcomes enumerated in the monetary unit and those expressed in some other unit of measurement or made explicit in a descriptive manner.
MAKE UNCERTAINTY EXPLICIT
Uncertainty is inherent in projecting (or estimating) the future outcomes of the alternatives and should be recognized in their analysis and comparison.
REVISIT YOUR DECISIONS
Improved decision making results from an adaptive process; to the extent practicable, the initial projected outcomes of the selected alternative should be subsequently compared with actual results achieved.
This Presentation Is Created By Me Of My Idea and Thoughts About Economics In Software Engineering In This Presentation Includes Basic Fundamentals of Economics In Software Engineering, and Below Topics Covered In This Presentation.
--> Introduction Of Economics In Software Engineering
--> Fundamentals Economics In Software Engineering
--> Life Cycle Of Economics In Software Engineering
--> Risk and Uncertainty in Economics In Software Engineering
--> Analysis Method in Economics In Software Engineering
--> Practical Consideration
--> Conclusion
Engineering economic importance & applicationabdus sobhan
Application of engineering or mathematical analysis and synthesis to decision making in economics.
The knowledge and techniques concerned with evaluating the worth of commodities and services relative to their cost.
Analysis of the economics of engineering alternativesThis course has to do with money and success.
Most of us want some measure of success in life.
For better or for worse, money (and economics) has a lot to do with success.
Introduction to Engineering Economy is about engineering economy &The technological and social environments in which we live continue to change at a rapid rate.
In recent decades, advances in science and engineering have transformed our transportation systems, revolutionized the practice of medicine, and miniaturized electronic circuits so that a computer can be placed on a semiconductor chip.
PRINCIPLES OF ENGINEERING ECONOMY
1. Develop the Alternatives;
2. Focus on the Differences;
3. Use a Consistent Viewpoint;
4. Use a Common Unit of Measure;
5. Consider All Relevant Criteria;
6. Make Uncertainty Explicit;
7. Revisit Your Decisions
DEVELOP THE ALTERNATIVES
The final choice (decision) is among alternatives. The alternatives need to be identified and then defined for subsequent analysis.
FOCUS ON THE DIFFERENCES
Only the differences in expected future outcomes among the alternatives are relevant to their comparison and should be considered in the decision.
USE A CONSISTENT VIEWPOINT
The prospective outcomes of the alternatives, economic and other, should be consistently developed from a defined viewpoint (perspective).
USE A COMMON UNIT OF MEASURE
Using a common unit of measurement to enumerate as many of the prospective outcomes as possible will make easier the analysis and comparison of alternatives.
CONSIDER ALL RELEVANT CRITERIA
Selection of a preferred alternative (decision making) requires the use of a criterion (or several criteria). The decision process should consider the outcomes enumerated in the monetary unit and those expressed in some other unit of measurement or made explicit in a descriptive manner.
MAKE UNCERTAINTY EXPLICIT
Uncertainty is inherent in projecting (or estimating) the future outcomes of the alternatives and should be recognized in their analysis and comparison.
REVISIT YOUR DECISIONS
Improved decision making results from an adaptive process; to the extent practicable, the initial projected outcomes of the selected alternative should be subsequently compared with actual results achieved.
This Presentation Is Created By Me Of My Idea and Thoughts About Economics In Software Engineering In This Presentation Includes Basic Fundamentals of Economics In Software Engineering, and Below Topics Covered In This Presentation.
--> Introduction Of Economics In Software Engineering
--> Fundamentals Economics In Software Engineering
--> Life Cycle Of Economics In Software Engineering
--> Risk and Uncertainty in Economics In Software Engineering
--> Analysis Method in Economics In Software Engineering
--> Practical Consideration
--> Conclusion
In this presentation,I have stated some of the important topics and concepts of "Economic engineering". which can help an individual to enhance his skills in Economic engineering .
Again, engineering economy studies are an essential part of the design process to analyze and compare alternatives and to assist in determining the final detailed design
This presentation discusses the following topics:
What is Engineering Economics?
Why Engineering Economics?
Scope of Engineering Economics
Example of Engineering Economics
Rational Decision-Making Process
Engineering Economics Decision
Role of Engineers in Business
Types of Business Organizations
Cost means the amount of expenditure (actual or notional) incurred on, or attributable to, a given thing.
The Institute of Cost and Management Accountant, England (ICMA) has defined Cost Accounting as – “the process of accounting for the costs from the point at which expenditure incurred, to the establishment of its ultimate relationship with cost centers and cost units.
In its widest sense, it embraces the preparation of statistical data, the application of cost control methods and the ascertainment of the profitability of activities carried out or planned”.
In this presentation,I have stated some of the important topics and concepts of "Economic engineering". which can help an individual to enhance his skills in Economic engineering .
Again, engineering economy studies are an essential part of the design process to analyze and compare alternatives and to assist in determining the final detailed design
This presentation discusses the following topics:
What is Engineering Economics?
Why Engineering Economics?
Scope of Engineering Economics
Example of Engineering Economics
Rational Decision-Making Process
Engineering Economics Decision
Role of Engineers in Business
Types of Business Organizations
Cost means the amount of expenditure (actual or notional) incurred on, or attributable to, a given thing.
The Institute of Cost and Management Accountant, England (ICMA) has defined Cost Accounting as – “the process of accounting for the costs from the point at which expenditure incurred, to the establishment of its ultimate relationship with cost centers and cost units.
In its widest sense, it embraces the preparation of statistical data, the application of cost control methods and the ascertainment of the profitability of activities carried out or planned”.
It is the economic consideration like cost estimation,capital investment,profitability and total product cost. It also includes various types of each, calculation and ratios
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Detailed Presentation on cost analysis including:
01 INTRODUCTION TO COST ANALYSIS
02 COST CONCEPT AND ITS TYPES
03 BRIEF OVERVIEW OF THE TYPES
04 PRODUCTION COSTS
05 DETERMINANTS OF COSTS
By: Archit Aditya
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How to Create Map Views in the Odoo 17 ERPCeline George
The map views are useful for providing a geographical representation of data. They allow users to visualize and analyze the data in a more intuitive manner.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
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Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
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Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptx
Cost concepts
1. Various Type of Costs
• There are different type of costs and can be
classified by various ways
• This lecture includes costs classifications
mostly use by economists
• Fixed & Variable Costs, Average Costs & Marginal
Costs, Private & Social Costs
• Opportunity Costs
• Some other important cost concept you may
come across: Sunk Cost and Sinking funds,
Operation & Maintenance Cost (O&M Costs),
Life-cycle Costs etc.
1-12
Fixed and Variable Costs
• Fixed Costs: those costs that do not vary with the
quantity of output produced.…any example ?
Examples: rent to paid for factory building, interest on
invested capital, maintenance, taxes etc
• Variable Costs: are those costs that do vary with the
quantity of output produced
Examples: consumption of fuel for power generation ….it
will vary as the production of a factor increases or decrease
1-13
1
2. Total Costs
• It maybe noted that Fixed Costs (FC) and
Variable Costs(VC) may consist of more than
one component and the sum of all respective
components will make up TFC and TVC
respectively
• Total Costs (TC) is equal to sum of Total Fixed
Costs (TFC) and Total variable costs (TVC):
TC = TFC + TVC
1-14
Average Costs
• Average Costs
– Average costs can be determined by dividing the
firm’s costs by the quantity of output it produces
– The average cost is the cost of each typical unit of
product
• Average Costs can also be obtained by adding
Average Fixed Costs (AFC) and Average Variable
Costs (AVC) …i.e: ATC = AFC + AVC
1-15
2
3. Average Costs
Example: a firm produce 100 units of output at cost of
$1000, what is the average cost of the firm?
AFC
AVC
Fixed cost FC
Quantity
Q
Variable cost VC
Quantity
Q
ATC
Total cost
Quantity
TC
Q
= 1000/100 => $10
1-16
Marginal Costs
• Marginal Cost
– Marginal cost (MC) measures the increase in
total cost that arises from an extra unit of
production
– Marginal cost helps answer the following
question:
• How much does it cost to produce an additional unit of
output?
MC
(change in total cost) TC
(change in quantity)
Q
1-17
3
4. Private / Social Cost
• Private costs (benefits) of an action
– accruing to the actor only
• Social costs (benefits)
– total costs of activity including those that accrue
to people other than the actor
• Example: driving a car
– Private costs: fuel, maintenance
– Social costs include pollution, road wear
1-18
Opportunity Costs
I got a lottery of
worth Rs 10 millions
(1 core)
Ranking the Choices
1
2
3
The Next best use is “buying house” that’s I
forgone for paying my Credit card debts so that’s
my Opportunity cost
Opportunity Cost:
The Next Best Decision you could make
1-19
4
5. Opportunity Costs
• Opportunity cost is the cost of second
best use of the available/used
resources in a certain action
• The opportunity cost of you people
sitting in this class is …the next best
use of your this time … in work,
recreational activities, sports or
facebooking
• My opportunity cost of teaching you
this Course is …… the time & earning
opportunity I forgone to teach you
1-20
Sunk Cost
• Sunk Cost: is the costs that
are incurred in the past
and can not be recovered
by any future action
• Theory states: ignore sunk costs, because they are
paid in either case, and cannot be recovered
• For example: If you lost the movie ticket worth Rs. 800 - you
can't get it back - if you decide not to buy a second ticket and go
home you won't get the first ticket you lost, back
1-21
5
6. Sinking fund
• A sinking fund is a fund established by
an economic entity by setting aside revenue
over a period of time to fund a future capital
expense, or repayment of a long-term debt
• Sinking funds can also be used to set aside
money for purposes of replacing capital
equipment as it becomes obsolete, or major
maintenance or renewal of elements of a fixed
asset, typically a building
1-22
Operation and Maintenance Cost
(O&M Costs)
• Operation and Maintenance Cost is the group of costs
experienced continually over the useful life of the
activity… any example ?
• This includes costs like, labour costs for operating &
maintenance personal, fuel and power costs, spare
and repair part costs, costs for taxes etc.
• These costs can be substantial and can exceed the initial
costs
1-23
6
7. Life-cycle Costs
• Life-cycle - all the time from the initial
conception of an idea to the death of a
product (process)
• Life-cycle costs - sum total of all the costs
incurred during the life cycle
• Life-cycle costing - designing a product with
an understanding of all the costs associated
with a product during it’s life-cycle
1-24
Product Life-cycle
Begin
Needs
assessment
and
justification
Time
Conceptual or
preliminary
design phase
Impact Analysis
Requirements
Overall
Feasibility
Conceptual
Design
Planning
Proof of
concept
Prototype
Development
and testing
Detailed design
planning
Detailed
design
phase
Allocation of
resources
Detailed
specification
Component
and supplier
selection
Production or
construction
phase
Production or
Construction
Phase
Product,
goods and
service
built
All
supporting
facilities
built
Operation
al use
planning
End
Operational
Phase
Decline and
retirement
phase
Operational Use
Use by ultimate
customer
Maintenance and
support
Process,
materials and
methods use
Declined and
retirement
planning
Decaling
Use
Phase out
Retirement
Responsible
disposal
1-25
7
8. Cumulative Life-cycle Costs
Committed and Dollars Spent
Total life-cycle cost %
100%
Life-cycle costs committed
80%
60%
Life-cycle costs spent
40%
20%
0%
Definition and
conceptual design
Detailed
design
Production
Operational use
Decline/
Retirement
Project Phase
1-26
8