Engineering and Economy

The aim of embarking in the construction and manufacturing of engineering facilities and products is to satisfy human or societal needs.

Any Engineering system developed to satisfy human or societal needs and desires must of necessity pass tests of both technological and economical feasibility under the prevailing diverse conditions. A project that is technologically feasible is still not worth constructing if the cost is found to be high compared to the benefit derivable from the project. It is always better that that the economic consideration of an engineering project be based on the expected minimum financial return on the investment.

For this reason the engineering profession is faced with two interconnected environments known as the physical and economic environments.

The responsibility of an engineer is to manipulate the elements of the physical environment to create value in the economic environment. Many people believe that engineers should concern themselves with the consideration of the physical factors and leave the economic and other social inputs of engineering to other people. But it is necessary to note that engineers can readily extend their inherent analytical ability to become proficient in the analysis of the economic aspect of any engineering application.

Therefore for an engineer to be successful, he must be able to operate in both the physical and economic sectors of the total environment.

Cheers to engineering in economy