ECON

The analysis and evaluation of the factors that will affect the economic

success of engineering projects to the end that a recommendation can be made which will insure the

best use of capital. It involves a systematic process of evaluating the economical merits of the proposed

solutions to an engineering problem.

• Engineering Economy

• Engineering Project

• Engineering Design

• Engineering Economics

Alternatives are the list of solutions that can be applied to

solve an engineering problem. It is important to develop and define a comprehensive

list of the alternatives; it requires a subsequent analysis, creativity, and innovation.

• Use a consistent viewpoint

• Consider all relevant ideas

• Develop the alternatives

• Use common unit of measure

The differences that shall be observed are the differences in

the outcomes of each alternative. The outcomes that show commonality with other

alternatives shall be disregarded in the process of comparison and decisions.

• Develop the alternatives

• Revisit your decisions

• Focus on the differences

• Consider all relevant ideas

In most decision-making, the viewpoint of the decision

maker is used. The decision-maker shall identify the criteria that shall be used

consistently in evaluating every future outcome of an alternative. For example, in

designing the employee benefit package the perspective of the employees shall be

used.

• Consider all relevant ideas

• Use common unit of measure

• Revisit your decisions

• Use a consistent viewpoint

It is important to use a ______ in

enumerating all the prospective outcomes that are possible, this will simplify the

analysis of the alternatives. If the outcomes are not possible to be quantified, a

detailed comparison of the alternatives in a specific aspect, such as discussing the

benefits and consequences, may help the decision maker.

• Use common unit of measure

• Consider all relevant ideas

• Make uncertainty explicit

• Focus in the differences

Can help the decision maker in

selecting the preferred alternative. Relevant Criteria depends on the preferences of

the decision maker, on what quality or quantity the decision maker is looking for.

• Develop the alternatives

• Use a consistent viewpoint

• Focus on the differences

• Consider all relevant criteria

Every alternative has risks and uncertainties that are

inherent in estimating the future outcomes. The risks and uncertainties shall also be

recognized in the analysis and comparison of alternatives.

• Use common unit of measure.

• Focus on the differences

• Focus on the differences

• Make uncertainty explicit

The initial project outcomes of the selected alternative shall be

compared to the actual result it has achieved to evaluate the decision and improved

the results.

• Consider all relevant criteria

• Revisit your decisions

• Use a consistent viewpoint

• Use common unit of measure

Most well-known and often-used technique for idea

generation. It is based on the fundamental principles of deferment of judgment and

that quantity breeds quality.

• Classic Brainstorming

• Nominal Group Technique

Involves a structured group meeting designed to

incorporate individual judgments into a group consensus.

• Classic Brainstorming

• Nominal Group Technique