Engineering Economy, 18th edition

Published by Pearson (June 13, 2024) © 2025

  • William G. Sullivan Virginia Polytechnic Institute and State University
  • Elin M Wicks Rutgers University
  • Joseph H. Wilck Bucknell University

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For courses in introductory engineering economics. 

Help future engineers learn to make smart economic choices 

Engineering Economy offers engineering students a solid background in the principles, basic concepts and methodology of engineering economy. Practical, realistic explanations and examples help students develop proficiency in the methods and processes for making rational decisions. 

The 18th Edition modernizes content throughout, with more examples of engineering applications; offers Case Studies in twice as many chapters as the previous edition, with all existing case studies updated; features new and revised end-of-chapter problems; and much more.

Hallmark features of this title

  • A brief basic review of simple accounting principles is included.
  • Cost estimating is emphasized throughout.
  • Real-world engineering economy analysis methodology helps students develop proficiency with the methodology and processes for making rational decisions in situations they are likely to encounter in professional practice.
  • Many spreadsheet modelsand examples integrated throughout include hand-worked and computer solutions with spreadsheets, allowing students to see both techniques side by side.
  • Online electronic spreadsheets provide approximately 50 basic templates for all major topics in the text and summarize formulas and key concepts.

New and updated features of this title

  • NEW / REVISED: Approximately 35% of the end-of-chapter problems are either new or refreshed from previous editions.
  • REVISED: Examples and problems in the book were rewritten with an emphasis on Diversity, Equity, and Inclusion.
  • NEW: A Case Study is added to Chapter 12 with an Excel® example that uses a Data Table to simulate the probabilistic risk of retirement investments.
  • REVISED: Existing Chapter Case Studies have been updated and revised.
  • REVISED: The number of chapters with Case Studies has been doubled. For example, there is now a Case Study in Chapter 11 for Breakeven and Sensitivity Analysis.
  • NEW: The procedure Value Engineering has been added to Chapter 2; this allows engineers to analyze products and services using economic value as the objective of the design process.

Features of Pearson+ eTextbook for the 18th Edition

  • Interactive FE review questions allow students to check their own understanding.

Features of MyLab Engineering for the 18th Edition

  • NEW: New videos have been added, featuring enhanced and broadened supplementary instructional videos alongside problem-solving videos.
    • The problem-solving videos provide students with step-by-step solution methods, and demonstrate both by-hand and spreadsheet solutions.
  • REVISED: The revised Study Plan gives students personalized recommendations, practice opportunities, and learning aids to help them stay on track.
    • FE Review questions are available in the Study Plan and mapped to their corresponding chapters to provide students the opportunity to prepare for the licensure exam.
    • The eText also has interactive FE review questions that allow students to check their own understanding.
  • Auto-graded Excel® Projects allow you to seamlessly integrate Excel content into your course without manually grading spreadsheets. Students simply download a spreadsheet, complete the project in Excel, and then upload that file back into MyLab Engineering, where they receive reports on their work that provide personalized, detailed feedback.

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 Economy
  • 1.5 Try Your Skills
  • 1.6 Summary

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 Value Engineering
  • 2.7 In-Class Exercise
  • 2.8 Try Your Skills
  • 2.9 Summary

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: Electric Vehicle Battery Recovery
  • 3.6 Electronic Spreadsheet Modeling: Learning Curve
  • 3.7 In-Class Exercise
  • 3.8 Try Your Skills
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About our authors

Dr. William G. Sullivan earned his PhD from the Georgia Institute of Technology in Industrial and Systems Engineering. In his more than 40 years of service to industry and the academy, he made enduring contributions to engineering economy education. A tireless lecturer, he taught engineering economy to more than 10,000 students at 5 major universities (Georgia Tech, University of Tennessee, North Carolina State University, Arizona State University and Virginia Tech). He also had extensive consulting experience with 25 firms in the US.  Dr. Sullivan's 5 textbooks in the field, including Engineering Economy, continue to contribute to the education of thousands of students.

Elin M. Wicks is the owner of Abacus Accounting LLC, an accounting and bookkeeping company focused on empowering small business owners to achieve financial success. She earned a BS and MS in Industrial Engineering from Rutgers University, where her masters research focused on a method of quantifying non-economic factors in monetary terms. During this time, she also developed software tools to assist Cosmair Inc. in improving scheduling and labor recording practices. She went on to earn her PhD in Industrial and Systems Engineering from Virginia Tech, focusing on the design of cellular manufacturing systems. She then joined the faculty of the University of Missouri, Columbia in the Industrial and Manufacturing Systems Department. After taking some time off to raise her children, she supplemented her education in the field of accounting and became the Senior Accountant of Glenn B. Cohen, CPA, an accounting and financial management firm. She has been an author of Engineering Economy since the publication of the 10th edition. 

Joseph Wilck is an analytics and operations faculty member at Bucknell University. Dr. Wilck received his PhD in Industrial Engineering and Operations Research from Pennsylvania State University, and an MS and BS in Industrial and Systems Engineering from Virginia Tech. He conducts research in applied optimization, data science, and analytics. Prior to joining Bucknell University, he was on faculty at William & Mary, United States Air Force Academy, East Carolina University, and the University of Tennessee. Dr. Wilck is a Program Evaluator for ABET and a licensed Professional Engineer in North Carolina. Dr. Wilck is an active member and Fellow of the American Society for Engineering Management and an active member of the Institute of Industrial and Systems Engineers, the Institute for Operations Research and the Management Sciences, and the American Society for Engineering Education.

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