Contemporary Engineering Economy – William G. Sullivan, Elin M. Wicks, C. Patrick Koelling – 15th Edition


This is the Solution Manual for Engineering Economy 15th Edition by William G. Sullivan, Elin M. Wicks, C. Patrick Koelling. Used by engineering students worldwide, this best-selling text provides a sound understanding of the principles, basic concepts, and methodology of engineering economy. Built upon the rich and time-tested teaching materials of earlier editions, it is extensively revised and updated to reflect current trends and issues, with an emphasis on the economics of engineering design throughout. It provides one of the most complete and up-to-date studies of this vitally important field.

Engineering Economy is intended to serve as a text for classroom instruction in undergraduate, introductory courses in Engineering Economics. It also serves as a basic reference for use by practicing engineers in all specialty areas (e.g., chemical, civil, computer, electrical, industrial, and mechanical engineering). The book is also useful to persons engaged in the management of technical activities.

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  • Preface xi
    Green Content xviii

    CHAPTER 1 Introduction to Engineering Economy
    1.1 Introduction
    1.2 The Principles of Engineering Economy
    1.3 Engineering Economy and the Design Process
    1.4 Using Spreadsheets in Engineering Economic Analysis
    1.5 Try Your Skills
    1.6 Summary

    CHAPTER 2 Cost Concepts and Design Economics
    2.1 Cost Terminology
    2.2 The General Economic Environment
    2.3 Cost-Driven Design Optimization
    2.4 Present Economy Studies
    2.5 Case Study–The Economics of Daytime Running Lights
    2.6 Try Your Skills
    2.7 Summary

    Appendix 2-A Accounting Fundamentals

    CHAPTER 3 Cost-Estimation Techniques
    3.1 Introduction
    3.2 An Integrated Approach
    3.3 Selected Estimating Techniques (Models)
    3.4 Parametric Cost Estimating
    3.5 Case Study–Demanufacturing of Computers
    3.6 Electronic Spreadsheet Modeling: Learning Curve
    3.7 Try Your Skills
    3.8 Summary

    CHAPTER 4 The Time Value of Money
    4.1 Introduction
    4.2 Simple Interest
    4.3 Compound Interest
    4.4 The Concept of Equivalence
    4.5 Notation and Cash-Flow Diagrams and Tables
    4.6 Relating Present and Future Equivalent Values
    4.7 Relating a Uniform Series (Annuity) to Its Present and Future Equivalent
    4.8 Summary of Interest Formulas and Relationships for Discrete Compounding
    4.9 Deferred Annuities (Uniform Series)
    4.10 Equivalence Calculations Involving Multiple Interest Formulas
    4.11 Uniform (Arithmetic) Gradient of Cash Flows
    4.12 Geometric Sequences of Cash Flows
    4.13 Interest Rates that Vary with Time
    4.14 Nominal and Effective Interest Rates
    4.15 Compounding More Often than Once per Year
    4.16 Interest Formulas for Continuous Compounding and Discrete Cash Flows
    4.17 Case Study–Understanding Economic “Equivalence”
    4.18 Try Your Skills
    4.19 Summary

    CHAPTER 5 Evaluating a Single Project
    5.1 Introduction
    5.2 Determining the Minimum Attractive Rate of Return (MARR)
    5.3 The PresentWorth Method
    5.4 The Future Worth Method
    5.5 The Annual Worth Method
    5.6 The Internal Rate of Return Method
    5.7 The External Rate of Return Method
    5.8 The Payback (Payout) Period Method
    5.9 Case Study–A Proposed Capital Investment to Improve Process Yield
    5.10 Electronic Spreadsheet Modeling: Payback Period Method
    5.11 Try Your Skills
    5.12 Summary

    Appendix 5-A The Multiple Rate of Return Problem with the IRR Method

    CHAPTER 6 Comparison and Selection among Alternatives
    6.1 Introduction
    6.2 Basic Concepts for Comparing Alternatives
    6.3 The Study (Analysis) Period
    6.4 Useful Lives Are Equal to the Study Period
    6.5 Useful Lives Are Unequal among the Alternatives
    6.6 Personal Finances
    6.7 Case Study–Ned and Larry’s Ice Cream Company
    6.8 Postevaluation of Results
    6.9 Project Postevaluation Spreadsheet Approach
    6.10 Try Your Skills
    6.11 Summary

    CHAPTER 7 Depreciation and Income Taxes
    7.1 Introduction
    7.2 Depreciation Concepts and Terminology
    7.3 The Classical (Historical) Depreciation Methods
    7.4 The Modified Accelerated Cost Recovery System
    7.5 A Comprehensive Depreciation Example
    7.6 Introduction to Income Taxes
    7.7 The Effective (Marginal) Corporate Income Tax Rate
    7.8 Gain (Loss) on the Disposal of an Asset
    7.9 General Procedure for Making After-Tax Economic Analyses
    7.10 Illustration of Computations of ATCFs
    7.11 Economic Value Added
    7.12 Try Your Skills
    7.13 Summary

    CHAPTER 8 Price Changes and Exchange Rates
    8.1 Introduction
    8.2 Terminology and Basic Concepts
    8.3 Fixed and Responsive Annuities
    8.4 Differential Price Changes
    8.5 Spreadsheet Application
    8.6 Foreign Exchange Rates and Purchasing Power Concepts
    8.7 Case Study–Selecting Electric Motors to Power an Assembly Line
    8.8 Try Your Skills
    8.9 Summary 394of Single Cash Flows

    CHAPTER 9 Replacement Analysis
    9.1 Introduction
    9.2 Reasons for Replacement Analysis
    9.3 Factors that Must Be Considered in Replacement Studies
    9.4 Typical Replacement Problems
    9.5 Determining the Economic Life of a New Asset (Challenger)
    9.6 Determining the Economic Life of a Defender
    9.7 Comparisons in Which the Defender’s Useful Life Differs from that of the Challenger
    9.8 Retirement without Replacement (Abandonment)
    9.9 After-Tax Replacement Studies
    9.10 Case Study–Replacement of a Hospital’s Emergency Electrical Supply System
    9.11 Summary

    CHAPTER 10 Evaluating Projects with the Benefit−Cost Ratio Method
    10.1 Introduction
    10.2 Perspective and Terminology for Analyzing Public Projects
    10.3 Self-Liquidating Projects
    10.4 Multiple-Purpose Projects
    10.5 Difficulties in Evaluating Public-Sector Projects
    10.6 What Interest Rate Should Be Used for Public Projects?
    10.7 The Benefit−Cost Ratio Method
    10.8 Evaluating Independent Projects by B−C Ratios
    10.9 Comparison of Mutually Exclusive Projects by B−C Ratios
    10.10 Case Study–Improving a Railroad Crossing
    10.11 Summary

    CHAPTER 11 Breakeven and Sensitivity Analysis
    11.1 Introduction
    11.2 Breakeven Analysis
    11.3 Sensitivity Analysis
    11.4 Multiple Factor Sensitivity Analysis
    11.5 Summary

    CHAPTER 12 Probabilistic Risk Analysis
    12.1 Introduction
    12.2 Sources of Uncertainty
    12.3 The Distribution of Random Variables
    12.4 Evaluation of Projects with Discrete Random Variables
    12.5 Evaluation of Projects with Continuous Random Variables
    12.6 Evaluation of Risk and Uncertainty by Monte Carlo Simulation
    12.7 Performing Monte Carlo Simulation with a Computer
    12.8 Decision Trees
    12.9 Real Options Analysis
    12.10 Summary

    CHAPTER 13 The Capital Budgeting Process
    13.1 Introduction
    13.2 Debt Capital
    13.3 Equity Capital
    13.4 TheWeighted Average Cost of Capital (WACC)
    13.5 Project Selection
    13.6 Postmortem Review
    13.7 Budgeting of Capital Investments and Management Perspective
    13.8 Leasing Decisions
    13.9 Capital Allocation
    13.10 Summary

    CHAPTER 14 Decision Making Considering Multiattributes
    14.1 Introduction
    14.2 Examples of Multiattribute Decisions
    14.3 Choice of Attributes
    14.4 Selection of a Measurement Scale
    14.5 Dimensionality of the Problem
    14.6 Noncompensatory Models
    14.7 Compensatory Models
    14.8 Summary

    Appendix A Using Excel to Solve Engineering Economy Problems
    Appendix B Abbreviations and Notation
    Appendix C Interest and Annuity Tables for Discrete Compounding
    Appendix D Interest and Annuity Tables for Continuous Compounding
    Appendix E Standard Normal Distribution
    Appendix F Selected References
    Appendix G Solutions to Try Your Skills
    Appendix H Answers to Selected Problems
    Index 664
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