Some of the following problems would be suitable for solution by engineering eco
ID: 1132003 • Letter: S
Question
Some of the following problems would be suitable for solution by engineering economic analysis. Which ones are they? Explain your reasoning. (a) Would it be better to buy a hybrid car? (b) Should an automatic machine be purchased to replace three workers now doing a task by hand? (c) Would it be wise to enroll for an early morning class to avoid traveling during the morning traffic rush hours and thus improve fuel efficiency? (d) Would you be better off if you changed your major? (e) Should you work more and borrow less even if it delays your graduation? (f) Should a corporate farm build waste mitigation ponds or continue using a contracted service?Explanation / Answer
A
The decision to buy the hybrid car, involves analyzing the investment incurred and the benefits drawn from the use of hybrid car such as savings. If savings and other benefits are more than the investment and maintenance as per the present worth analysis or B/C ration, then hybrid car should be bought, if not then the plan to buy it, should be rejected.
B
There should be a comparative analysis of cost and benefits due to automated machine and the annual workers. Here, automated machine will be challenger and manual workers can be defender. If there are incremental gains due to the automated machine, then it should be purchased and should replace the labors. It is the part of engineering analysis.
F
There are two alternatives and each alternative should be analyzed on the basis of annual worth or B/C ratio as well as rate of return. Afterwards, the best alternative should be selected. It is done by engineering analysis.
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