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\r\n\tThis module introduces the concept of "the time-value of money" and the effect that it has on economic decisions in engineering and business. It equips the students with a conceptual framework for understanding and evaluating economic alternatives represented as a set of cash flows over time. Topics covered include cash flow analysis, choice among economic alternatives, effects of depreciation and taxation, replacement analysis, and dealing with risk and uncertainty.
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\r\n\r\n\tFor more information, please visit the Class Website at http://www.ise.nus.edu.sg/course/ie2140e
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1. Introduction:
Economic decisions in engineering practices. Principles of engineering economy. Introduction to cost analysis in engineering practices.
2. Cash Flow Analysis:
The time value of money, Interest formulas for uniform cash flows, uniform gradient cash flows, geometric sequence of cash flows. Compounding frequency, nominal and effective interest rates. Continuous compounding discrete cash flows. Continuous compounding continuous cash flows.
3. Economic Evaluation and Selection of Projects
Principles of projects evaluation and minimum attractive rate of returns. Discounted cash flows methods. Rate of return and Payback periods. Evaluation of multiple projects. Projects with equal and unequal lives. Capitalized worth method. Selection of non-mutually exclusive projects. Benefit-Cost ratio method.
4. Depreciation and Taxes:
Classical methods of depreciation. Effects of depreciations and taxes on economic analysis. Overview of Singapore Corporate Tax system.
5. Economic Replacement Analysis:
Basic concept of replacement analysis. Opportunity-cost and Cash-flow approaches. After-tax replacement analysis. Economic service life.
6. Dealing with Uncertainty and Risk Analysis:
Break even analysis, sensitivity analysis, project risk analysis using analytical methods and simulation with Excel.
7. Cost Estimation and Capital Financing:
Cost estimation models. Parametric cost estimating. Sources of capital. Capital financing.
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