Write a 3 page paper on the economic feasibility of industrial engineering. APA
ID: 1996818 • Letter: W
Question
Write a 3 page paper on the economic feasibility of industrial engineering. APA format with at least 4 academic sources and a reference list. The cover page and reference list does not count toward the 3 pages of written text. You will need to: Discuss the future demand for industrial engineering. Discuss how much you will spend on achieving an industrial engineering degree and the salary of your career. Discuss the cost of tuition, housing and any future student loans to finance an industrial engineering degree. Discuss what type of jobs you can obtain with industrial engineering. Is your industrial engineering career at risk of technological unemployment or being outsourced due to globalization. Discuss if the industrial engineering is worth it or not. Be sure to provide academic sources that will state economic return in the market place.Explanation / Answer
Development of any projects requires tight budject plans and time constraints. big investment is being assigned with lot of forecasting and rigourous calculations. this means that various studies has to be performed in order to gain the maximum profit from the investment. these studies involves the economic fesibilties using the engineering concepts.Typically feasibility is assessed on several dimensions including technical, operational, scheduling, and economic.
technical feasibility ascertains whether the organization has technical skills to develop the proposed system, It assist the organization with proper and innovative technologies such as hardware, software and ergonomically designed surrounding. with the help of technologies it can be easily estimate the risk of failure
the most inportant fesibility study is economic fesibility studies. in thsi case the system must be able to generate the benefits in either cost reduction or revenue enhancement to offset the cost of developing and operating the system.
NEED FOR ECONOMIC FEASIBILITY STUDIES
1) the utilization of a product and increasing expectation of consumers constantly led to the demand for a new product and services. To full fill the new demand the investment has to be made .
2) once the firm created the a technical fesibilty study has to be conducted to full fill the demand and hence maximize the profit.
3) once the proposed project and its intended use have been defined by the firm, process of its economic feasibility begins.
4) therefore, a replacemet decision, the selection from a set of mutually exclusive projects or the choice from several independent projects and decision making regarding the investment requires the economic feasibility studies.
OBJECTIVE REQUIRES IN ECONOMIC FEASIBLITY STUDY PROCESS
1) improving product or service quality
2) increasing production capacity
3) increasing productivity
4)reducing the cost of operations
5)installing state of art system
6)phasing out a product
7) introducing a new product
8) retirement or replacement of assets
9)location or relocation of facilities
10) expanding the network of operation
11) entering a joint venture
12)acquiring a market share target
13)achieving a profitable goal
14) conforming to goverment regulation
15) meeting environmental control standards
METHODS USED IN ECONOMIC FEASIBILITY STUDIES
1) EVALUATION
net present values, internal rate of return, annual equivalent amount, capital recovery with return, profitability index, payback period, capitalized equivalent, benefit-cost
2) ASSESSMENT
sensitivity analysis, risk and uncertainity , risk and benefit analysis
3) ECONOMIC
minimum cost, break-even analysis, make or buy, lease or buy, profitability
4)MATHEMATICAL
linear programming, regression and correlation.
FUTURE DEMAND FOR INDUSTRIAL ENGINEER
following could be the best reason'
1) the whole world completely depends on indusrties , and the industrial planning is solely depend on industrail engineer. An industrial engineer is who, who decide the process planning, who looks upon the inventory control, line balancing, scheduling and various operations, these task can not be done by robots , infact robots itself designed by the engineer , robotic technology can only make the process efficent and fast.
2) in fututre there will be lots of industries and mega stores, these all are controlled by the industrial engineers.in short industrial engineering is eternal
we can achieve this degree by the taking the BE OR Btech programme , we can do the masters in industrial engineering. hardly around 4 years are enough to be as an industial engineer
ans 6) of course industrial engineer is worthy than enough. as i disscused earlier that industrial engineer is the only person who decide the workplace , management place , machinery facilities, workshop, inventory control , assignments of job, etc.
ans5) industrial engineering is eternal, technology only boost the rate of production and globalization provides the best oppertunities by estabilishing the industries or any mega mart, they requires industrial engineer.
references:
gavriel salvendy- 'handbook of industrial engineering'
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