Economics in Civil Engineering (Or any field of Engineering).
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Faisal Faruque Rafat Dept. of Civil Engineering Session: 2016-17 Rajshahi University of Engineering and Technology
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Economics in Civil Engineering
Economics relates the limited resources available to the infinite demand for those resources. It quantifies the costs and benefits of engineering projects to determine if they are economically feasible. Engineering economics evaluates projects based on minimizing costs and maximizing benefits. It considers the worth of a project relative to its costs. Projects that are technically feasible but not economically viable are discarded. Civil engineering requires an understanding of economics to design structures people demand that can be effectively built and maintained within budget constraints. This ensures resources are used efficiently with minimal waste.
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This document discusses engineering economics and provides an overview of key concepts. It introduces engineering economics as the application of economic analysis to engineering decision making. It explains that engineers must consider economics as most organizations aim to make money now and in the future. The document also outlines several principles of engineering economics, such as the time value of money and comparing alternatives based on their differences. Finally, it presents the typical seven step process for engineering economic analysis.
Engineering economics
Engineering economics deals with evaluating the costs and benefits of engineering projects over time. It uses time value of money concepts like present and future value to analyze cash flows. Cash flows are summarized in diagrams with costs below and benefits above the time line. Equivalence techniques convert cash flows to a common point in time to compare project alternatives. Present worth analysis discounts all cash flows to the present using a discount rate to determine the net present value of projects.
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Economics in Civil Engineering
Economics relates the limited resources available to the infinite demand for those resources. It quantifies the costs and benefits of engineering projects to determine if they are economically feasible. Engineering economics evaluates projects based on minimizing costs and maximizing benefits. It considers the worth of a project relative to its costs. Projects that are technically feasible but not economically viable are discarded. Civil engineering requires an understanding of economics to design structures people demand that can be effectively built and maintained within budget constraints. This ensures resources are used efficiently with minimal waste.
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This document discusses engineering economics and provides an overview of key concepts. It introduces engineering economics as the application of economic analysis to engineering decision making. It explains that engineers must consider economics as most organizations aim to make money now and in the future. The document also outlines several principles of engineering economics, such as the time value of money and comparing alternatives based on their differences. Finally, it presents the typical seven step process for engineering economic analysis.
Engineering economics
Engineering economics deals with evaluating the costs and benefits of engineering projects over time. It uses time value of money concepts like present and future value to analyze cash flows. Cash flows are summarized in diagrams with costs below and benefits above the time line. Equivalence techniques convert cash flows to a common point in time to compare project alternatives. Present worth analysis discounts all cash flows to the present using a discount rate to determine the net present value of projects.
1 introduction to engineering economics
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This document provides an introduction to engineering economy. It discusses the role of engineers in solving problems economically. Engineering economy involves systematically evaluating the economic merits of engineering solutions. The principles of engineering economy include developing alternatives, focusing on differences, using a consistent viewpoint, a common unit of measure, considering all relevant criteria, making risk and uncertainty explicit, and revisiting decisions. Engineering economic analysis and the engineering design process involve similar steps. Spreadsheets are useful for engineering economy calculations due to their structured nature and ability to change parameters and present graphical outputs.
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2. The key methods described are the plinth area method, cubical content method, service unit method, typical bay method, and approximate quantity method.
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- Engineering economics involves formulating, estimating, and evaluating economic outcomes of alternatives using mathematical relationships to compare cash flows. It must deal with risk and uncertainty.
- The time value of money is a central concept, dealing with how the value of money changes over time due to factors like investment opportunities and inflation. Interest rates and discount rates are used to relate amounts over different time periods.
- Engineering economics helps engineers make good decisions by assessing alternatives in economic terms and identifying the most efficient solution based on costs, benefits
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This document contains solved examples of questions on bearing capacity from previous year question papers. It includes 6 questions calculating the ultimate bearing capacity, safe bearing capacity, and size of footing for given soil properties and loading conditions using Terzaghi and general shear failure theories. The properties provided are unit weight, cohesion, friction angle, and bearing capacity factors. Depths, widths, loads, and factors of safety are also given. The step-by-step workings and solutions are shown for each question.
Economics.pptx
1) The document discusses the role of engineering economics in decision making for engineering projects. Engineering economics involves evaluating the costs and benefits of alternatives and selecting the most economically viable option.
2) Key considerations in engineering economic analysis include present worth, future worth, payback period, rate of return, and benefit-cost ratio. Engineers must analyze project alternatives using these measures to determine the best investment.
3) Economics is an important part of engineering, as the economic viability of design options must be considered along with technical factors. Engineering economics analysis helps engineers optimize design decisions and investment of funds.
Professional powerpoint templates(1)
This document provides an overview of engineering economics. It discusses the scope of engineering economics, which includes recognizing decision making, defining goals and objectives, and helping to select the best alternatives. It also covers types of costing such as actual, opportunity, incremental, explicit, implicit, book, accounting, direct, and indirect costs. Examples of costs are provided such as wage bills, land rent, depreciation, and costs of machinery. Flows of economics including real, circular, money, consumer, and leakage to injection are defined. Break even analysis including break even quantity, profit or loss, product mix, total cost line, fixed cost line, total revenue line, and break even point are outlined.
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The document summarizes a summer training project involving the construction of a multi-story building with 10 rooms and 2 stores under the Public Works Department in Ajmer, India. It provides details on the building plans, materials used including aggregates, cement, and reinforcement, and construction processes such as column construction, brick masonry work, scaffolding, shuttering, and reinforced concrete slab construction. The estimated cost of the project was 142 lakh Indian rupees.
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TERZAGHI’S BEARING CAPACITY THEORY
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Download vedio link
https://youtu.be/imy61hU0_yo
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The document discusses various types of construction contracts and tendering processes. It defines a tender as an invitation from an owner to contractors to execute work at a specified cost and time. There are different types of tenders including open, sealed, limited, and single tenders. Key aspects of the tendering process include tender forms, documents, notices, evaluation criteria, acceptance procedures, contract documents, deposits, and measurements. Different types of construction contracts are also summarized such as lump-sum, item rate, percentage rate, cost plus, and turn-key contracts.
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The document discusses sustainable development practices in concrete technology. It covers several topics:
1. Concrete has high embodied energy due to cement production, but has potential to be efficient over its long lifespan. Supplementary cementing materials and reducing cement content can lower environmental impacts.
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3. Recycled concrete aggregate can be used in new concrete, reducing waste and costs while maintaining durability. This supports sustainable development goals.
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1. The document discusses methods for preparing approximate estimates for civil engineering works without calculating actual quantities.
2. The key methods described are the plinth area method, cubical content method, service unit method, typical bay method, and approximate quantity method.
3. An example is provided for each method that demonstrates how to use project specifications like costs, areas, volumes, units, or bay details to determine a preliminary cost estimate.
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This document describes the components and procedure of a static cone penetration test. It details the specifications of the Dutch cone used to measure tip resistance, including its base area, apex angle, diameter, and heights. It also describes the cylindrical sleeve used to measure frictional resistance, noting its area and height. The procedure involves pushing the cone into the ground at a rate of 10 mm/sec, then withdrawing the cone and pushing the sleeve onto the cone to drive them together. Results are recorded in a CPT log. Advantages include speed, economy, and detailed data collection while disadvantages are the inability to obtain soil samples and depth limitations.
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This document provides an introduction to the concepts of engineering economics and engineering. It defines engineering economics as the application of economic principles to the evaluation of design and engineering alternatives. Some key points covered include:
- Engineering economics involves formulating, estimating, and evaluating economic outcomes of alternatives using mathematical relationships to compare cash flows. It must deal with risk and uncertainty.
- The time value of money is a central concept, dealing with how the value of money changes over time due to factors like investment opportunities and inflation. Interest rates and discount rates are used to relate amounts over different time periods.
- Engineering economics helps engineers make good decisions by assessing alternatives in economic terms and identifying the most efficient solution based on costs, benefits
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The document discusses properties and testing of concrete. It provides information on the constituents of concrete including cement, coarse aggregate, fine aggregate, and water. It also discusses properties of concrete and reinforcements, including their relatively high compressive strength and lower tensile strength. Various tests performed on concrete are mentioned, including tests on workability, compressive strength, flexural strength, and fresh/hardened concrete. Design philosophies for reinforced concrete include the working stress method, ultimate strength method, and limit state method.
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The document discusses benefit-cost analysis, which is a decision-making tool used to systematically evaluate the costs and benefits of public projects. It describes how to identify and quantify the social benefits and costs of a project in monetary terms to determine if the benefits outweigh the costs. The benefit-cost ratio and net benefit-cost ratio are introduced as metrics to evaluate projects, with ratios above 1 indicating an economically viable project. Examples are provided to demonstrate calculating these ratios and using incremental analysis for mutually exclusive projects.
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This document discusses structural analysis methods for statically indeterminate structures. It defines key terms like degree of static indeterminacy, internal and external redundancy, and methods for analyzing indeterminate structures. Specific methods discussed include the flexibility matrix method, consistent deformation method, and unit load method. Examples of statically indeterminate beams and frames are also provided.
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Economics in Civil Engineering (Or any field of Engineering).
- 1. ECONOMICS IN CIVIL ENGINEERING A P R E S E N T A T I O N O N
- 2. ECONOMICS IS EVERYTHING STUDY ENGINEERING A BRIDGE STUDY ENGINEERING + ECONOMICS A COST EFFECTIVE BRIDGE
- 4. ENGINEERING ECONOMICS IT IS DEFINED AS A "guide for the economic selection among technically feasible alternatives for the purpose of a rational allocation of scarce resources."
- 5. ECONOMICS IN ENGINEERING IDUSTRIAL ENGINEERING CIVIL ENGINEERING OTHER TYPES OF PRODUCTION BASED ENGINEERING In Civil Engineering, Industrial Engineering or any types of production based engineering, we must study the basics of micro economics, more specifically Engineering Economics.
- 6. 21 USES OF ECONOMIC THEORIES MAKING DECISION BUILDING STRUCTURES The Economics theories are used to take decisions related to uncertain and changing business environment. Economics theories deal with the principles of demand, pricing, cost, production and national income and so on. As the design and construction process become more complex, the Civil Engineer is making decisions that involve money and economics more than ever before.
- 7. APPLICATIONS IN CIVIL ENGINEERING VALUE ANALYSIS LINEAR PROGRAMMING CRITICAL PATH ECONOMY INTEREST AND MONEY - TIME RELATIONSHIPS DEPRECIATION AND VALUATION CAPITAL BUDGETING RISK, UNCERTAINTY, AND SENSITIVITY ANALYSIS FIXED, INCREMENTAL, AND SUNK COSTS MINIMUM COST FORMULAS REPLACEMENT STUDIES
- 8. FINAL WORDS SO, TO BECOME A PRODUCTIVE CIVIL ENGINEER, WE MUST HAVE SOME BASIC KNOWLEDGE OF ECONOMICS. Economics poses numerous benefits because it allows those in industry to make strategic decisions for their companies. While macroeconomic and financial competencies are key for business operations, ENGINEERING AND ECONOMICS altogether further provides a mechanism for decision-making.
- 9. T H A N K S F O R Y O U R P A T I E N C E