Designed as a textbook for undergraduate students in various engineering disciplines—Mechanical, Civil, Industrial Engineering, Electronics Engineer-ing and Computer Science—and for postgraduate students in Industrial Engineering and Water Resource Management, this comprehensive and well-organized book, now in its Second Edition, shows how complex economic decisions can be made from a number of given alternatives. It provides the managers not only a sound basis but also a clear-cut approach to making decisions. These decisions will ultimately result in minimizing costs and/or maximizing benefits. What is more, the book adequately illustrates the concepts with numerical problems and Indian cases.While retaining all the chapters of the previous edition, the book adds a number of topics to make it more comprehensive and more student friendly. What’s New to This Edition • Discusses different types of costs such as average cost, recurring cost, and life cycle cost. • Deals with different types of cost estimating models, index numbers and capital allowance. • Covers the basics of nondeterministic decision making. • Describes the meaning of cash flows with probability distributions and decision making, and selection of alternatives using simulation. • Discusses the basic concepts of Accounting. This book, which is profusely illustrated with worked-out examples and a number of diagrams and tables, should prove extremely useful not only as a text but also as a reference for those offering courses in such areas as Project Management, Production Management, and Financial Management.
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About the Author
R. Panneerselvam, PhD, is currently Professor, Department of Management Studies, School of Management, Pondicherry University, Puducherry. He has three decades of teaching and research experience, which includes his teaching of engineering students at Anna University, Chennai. He is the recipient of Academic Excellence Award in an International Conference on Advances in Industrial Engineering Practices (2010). Author of nine books (all published by PHI Learning), Professor Panneerselvam has to his credit about 80 research articles in national and international journals. He has also carried out overseas consultancy.
Table of ContentsPreface • Preface to the First Edition 1. Introduction 2. Elementary Economic Analysis 3. Interest Formulas and Their Applications 4. Present Worth Method of Comparison 5. Future Worth Method 6. Annual Equivalent Method 7. Rate of Return Method 8. Replacement and Maintenance Analysis 9. Depreciation 10. Evaluation of Public Alternatives 11. Inflation Adjusted Decisions 12. Nondeterministic Decision Making 13. Cash Flows with Probability Distributions 14. Selection of Alternatives Using Simulation 15. Inventory Control 16. Make or Buy Decision 17. Project Management 18. Value Analysis/Value Engineering 19. Linear Programming 20. Basic Accounting Concepts Appendices References Index