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The Contemporary Engineering Economy book mention Four the fundamental principles
of Engineering Economics:
➢ A nearby penny is worth a distant dollar: A fundamental concept in
engineering economics is that money has a time value associated with it.
Because we can earn interest on money received today, it is better to receive
money earlier than later. This concept will be the basic foundation for all
engineering project evaluation.
➢ All that counts are the differences among alternatives: An economic
decision should be based on the differences among the alternatives considered.
All that is common is irrelevant to the decision. Certainly, any economic
decision is no better than the alternatives being considered. Thus, an economic
decision should be based on the objective of making the best use of limited
resources. Whenever a choice is made, something is given up. The opportunity
cost of a choice is the value of the best alternative given up.
➢ Marginal revenue must exceed marginal cost: Effective decision making
requires comparing the additional costs of alternatives with the additional
benefits. Each decision alternative must be justified on its own economic merits
before being compared with other alternatives. Any increased economic activity
must be justified on the basis of the fundamental economic principle that
marginal revenue must exceed marginal cost. Here, marginal revenue means the
additional revenue made possible by increasing the activity by one unit (or
small unit). Marginal cost has an analogous definition. Productive resources—
the natural resources, human resources, and capital goods available to make
goods and services—are limited. Therefore, people cannot have all the goods
and services they want; as a result, they must choose some things and give up
others.
➢ Additional risk is not taken without the expected additional return: For
delaying consumption, investors demand a minimum return that must be greater
than the anticipated rate of inflation or any perceived risk. If they didn’t receive
enough to compensate for anticipated inflation and the perceived investment
risk, investors would purchase whatever goods they desired ahead of time or
invest in assets that would provide a sufficient return to compensate for any loss
from inflation or potential risk.
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