ENGINEERING ECONOMICS: A COURSE NEED TO BE STUDY BY AN ENGINEERING STUDENT

Engineering integrates physical environment and economic environment. Physical environment outlines produce goods and services, depending upon physical laws and economic environment assess worth of goods and services. So learning Engineering Economics equips the budding engineers with the analytical tools of Economics and applies the same to rational decision-making. It further seeks to develop economic way of thinking in dealing with practical business problems and challenges. Engineering economics deals with engineering orientation of economics. In today's business environment engineers should It is a fundamental skill that all successful engineering firms employ in order to retain competitive advantage and market share. Many schools across the country have integrated courses in engineering economics for their students, thereby providing them with the tools to optimize profits, minimize costs, analyze various scenarios, forecast fluctuations in business cycles etc. This paper highlights the growing importance of engineering economics and its role in developing sound engineers.