Understanding Machining Economics
|

Understanding Machining Economics

Machining economics encompasses a range of models and scenarios aimed at enhancing the effectiveness and efficiency of machining processes. It involves optimizing the overall outcome of a machining process. At a micro-technological level, this means maximizing tool life, increasing the number of workpieces produced per cutting edge, adhering to pre-defined cycle times, minimizing tooling costs,…

Engineering Economics 101

Engineering Economics 101

Engineering economics might sound boring, but trust me, understanding the costs of success is crucial for any engineer or entrepreneur. Essentially, engineering economics is about creating, estimating, and assessing economic results when there are different options to achieve a specific goal. Some universities require engineering economics as part of undergraduate programs. This subject also appears…

Engineering Economy – Problem 3.2

Engineering Economy – Problem 3.2

Civil engineering consulting firms that provide services to outlying communities are vulnerable to a number of factors that affect the financial condition of the communities, such as bond issues and realestate developments. A small consulting firm entered into a fixed-price contract with a large developer, resulting in a stable income of $260,000 per year in…