Why Is Engineering Economics Important For Engineers? Engineering economics poses numerous benefits because it allows those in industry to make strategic decisions for their companies. … These subjects are essential for engineering economics because they provide the foundation for engineers to make good decisions in the business environment. Why is engineering economics important to civil
What Are The Alternatives Given Up When We Choose One Decision Over Another? The most desirable alternative somebody gives up as a result of a decision is the opportunity cost. Checkpoint: Why does every choice involve an opportunity cost? – We always face an opportunity cost. When we select one alternative, we must sacrifice another.
What Does Every Decision Have In Common? What does every decision have in common? Making good decisions requires us to balance the seemingly antithetical forces of emotion and rationality. We must be able to predict the future, accurately perceive the present situation, have insight into the minds of others and deal with uncertainty. What Every