Question

In engineering, economic cost is a decision-making tangible factor. Group of answer choices True False

Answer 1

Economic cost is a rescission making tangible factor true

Answer 2

Answer:

True

Explanation:

Economic cost is a very important factor to consider in decision making in Engineering. It is part of the four essential elements involved in decision making in engineering analysis.

Economic cost is part of the criteria to evaluate alternatives considering the time value of money by estimating a specific measure of worth of estimated commodity cost over a period of time.

Other Factors to consider in Engineering Economics as related to the Economy are:

(1) Time of Occurence of Cash flows

(2) Interest Rates

(3) Cash Flows