Engineering economics and its subjects of study

First of all engineering economics is a branch of economics that deals with the application of economic principles to engineering projects and decision-making. It includes the analysis of costing, benefits, and risks associated with engineering projects, along with the evaluation of various options and alternatives to find out the most cost-effective solution. Engineering economics also plays a crucial role in project management by helping engineers efficiently and effectively distribute resources. By considering factors such as time value of money, inflation, taxes, and depreciation. Also throughout the project lifecycle, economic engineers have the ability to create project budgets, accurately estimate costs, and monitor financial performance. This allows them to make necessary adjustments to keep the project financially on track. Furthermore, engineering economics helps engineers assess and mitigate risks associated with engineering projects. By conducting risk analysis and incorporating risk management strategies into their decision-making process, engineers can minimize the potential negative impact of uncertainties on project costs and outcomes. This allows them to make more informed decisions that reduce financial risks and improve the likelihood of project success. But in order for a specialist to be able to do all this, he should first have a good knowledge of the subjects taught at the university. And now I will tell you about them.

1. Business Economics: This course provides students with an understanding of the basic principles and concepts of business economics. They study how businesses function and how they make decisions about production, marketing and finance.

2. Financial Management: Students in this course learn how to manage the finances of an enterprise, including evaluating financial performance, making financing decisions, managing risk, and developing strategies to achieve financial goals.

3. Accounting: This course teaches students the basics of accounting. They learn how to keep accounting records, how to prepare financial statements and how to analyse financial data.

4. Marketing: This course teaches students the basics of marketing. They learn how to conduct marketing research, how to develop marketing strategies and how to manage marketing campaigns.

5. Information Technology: This course teaches students the basics of information technology. They learn how to use computer programmes and systems to manage finances, marketing and other aspects of business.

6. Data Analysis: This course teaches students the basics of data analysis. They learn how to collect and analyse data, how to use statistical methods to make decisions and how to interpret the results of analysis.

In conclusion, engineering economics is a vital aspect of the engineering profession that combines economic principles with engineering problem-solving to make informed financial decisions. By analyzing