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  5. Engineering Economics: Financial Decision Making for Engineers

Engineering Economics: Financial Decision Making for Engineers, 6th edition

  • Niall M. Fraser
  • Elizabeth M. Jewkes
  • Mehrdad Pirnia

Published by Pearson Canada (April 29th 2016) - Copyright © 2017

6th edition

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Engineering Economics: Financial Decision Making for Engineers is designed for teaching a course on engineering economics to match engineering practice today. This book considers engineering economics a key part of an engineer’s decision-making mandate. Engineers are often are required by society to make responsible decisions on complex issues that have financial, economic, political and environmental elements. Engineering Economics covers the mathematics along with the context that allow engineers to make responsible decisions. Topics like accounting, business plans, public sector decision making, project management and risk and uncertainty are covered and linked to practical problems that are meaningful to the student’s personal life and professional future.


Employment for engineers has shifted from large corporations to smaller companies to entrepreneurial companies over the last 20 years. Through Niall Fraser’s consulting experience, this text has followed this trend over the years. The 6th edition includes new material focused on the entrepreneurial engineer, including a section on how to prepare a Business Plan.

Table of contents

1 Engineering Decision Making 

2 Time Value of Money

3 Cash Flow Analysis 

Appendix 3A   Derivation of Discrete Compound Interest Factors

4 Comparison Methods: Part 1 

Appendix 4A   The MARR and the Cost of Capital

5 Comparison Methods: Part 2 

6 Financial Accounting and Business Plans

Appendix 6A   Cost Estimation

7 Replacement Decisions            

8 Taxes

Appendix 8A   Deriving the Capital Tax Factor         

9 Inflation

Appendix 9A   Computing a Price Index        

10 Public Sector Decision Making                      

11 Project Management   

12 Dealing With Uncertainty And Risk

Appendix 12A Decision Matrices

13 Qualitative Considerations and Multiple Criteria (Course Website)

Appendix 13A Calculating the Consistency Ratio for AHP (Course Website)


Appendix A     Compound Interest Factors for Discrete Compounding, Discrete Cash Flows

Appendix B     Answers to Selected Problems 

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