The Economic Engineering is the coordination of competencies included in the careers of Economics, Finance and Administration, with the purpose of producing renovating procedures that facilitate an improved economic policy, both in the companies and in the National growth.
Introduction to Economic engineering
The economy of getting something at a lower cost when it comes to inputs was always closely related to engineering. The economic elements are the fundamental basis in the strategic consideration of most of the engineering activities.
The economy is part of the social sciences that has the purpose of studying man. . Which means that the economy investigates how the goods are located and how they are distributed to meet the material needs of man.
Economic activity has to solve the basic economic problems that are presented below:
What and how much to produce?
How to produce?
For whom To produce?
Stability and economic growth.
Resources are the basic factors or elements used in the elaboration of goods and services; Qualifying as follows:
Natural. They Consist of Earth, water, climate and minerals. The remuneration received By this factor is considered profit or profit.
Human. It’S the man’S job. The remuneration that this factor receives is called salary.
Materials. It Covers everything related to the tools to increase or lighten the production, for example: machinery, buildings, etc. That Is to say, resources to produce more resources and services, called by the capital economists. The remuneration that this factor receives is called yield.
Concept of economic Engineering
Economic Engineering consists in the process of designing, encrypting, filtering and maintaining source code and evaluating national projects, stating and conducting an economic policy for national development; This is why it is based on the discernment of the macroeconomic, microeconomic, mathematical, statistical and financial environment.
Economic engineering Techniques
The techniques of economic engineering consist of the action that is used to identify, locate and discard the useless cost in the realization of a draft, in the development, the acquisition, elaboration and award of a product or service, without this to lead, the Reduced quality, no faults, with good performance.
Economic Engineering Career
The Economic Engineering Career is designed especially for students who have a taste, ability and facility for Math and Accounting. They should Also be inclined on Economics issues and the business field and economic changes in general.
The Future engineer economist must possess a vast perception of the world, ability of synthesis and analysis, as well as dominance in understanding and abstraction, which would enable them to prepare comprehensively in microeconomics, macroeconomics and analysis Quantitative.
Professionals who graduate in economic engineering will have the capacity to develop in the area of statistics as well as in the management of statistical information, covering the obtaining, processing, analysis and interpretation of data as well as the Inductive inferences and, subsequently, of the predictions, based on them, necessary for the decision making and in conditions of uncertainty with risk, characteristic of the activity.
The field of work is wide and varied
Finance and Administration Manager
Credit Manager at a Bank or Financial
Risk Management Manager
Economic and Environmental Impact Consultant.
Principles of economic Engineering
Economic engineering refers to the specification of the economic factors and principles used when an option is estimated between one or more alternatives. It Also suggests that it is a compilation of mathematical techniques that make it easier for economic compared.
Its most important goal is to select the best option to achieve a goal with a profitable character, for the development of the companies.
The Principles of economic engineering are:
Develop the alternatives.
Focus on differences.
Employ a consistent point of view.
Use a common measuring unit.
Evaluate the relevant criteria.
Make implicit the uncertainty.
Revise their decisions.
The principles of economic engineering are an integral part of the administration and daily operation of companies.
Economic Engineering Importance
Economic engineering is important because it teaches us to make assessments of the procedures that we should use in a particular project, as far as resources are concerned.
Economic engineering is an important discipline for the systematic appreciation of various propositions that are given at an economic level, which gives us different options.
It Is precisely the skill and tools, which are needed, that give the economic engineering for the moment of decision making, the one used by the engineers when they recommend the options that contribute to the profitability of a business or company, to Make it a productive, competitive and successful company.
The Economic engineering in the administration is a useful and basic tool to define the benefits and to analyze alternative uses of financial requirements, especially related, with the physical characteristics and the operation of a Organization.
Economic engineering is important to society, because it helps us to evaluate options, in selecting the best decision as far as money is concerned.
In conclusion, economic engineering is an elementary part of financial decisions on which engineers must have absolute dominance and control.
Economic Engineering Investment projects
The Economic engineering at the time of realising the valuations of the investment projects and the operational options, are obviously executed the notions related to the economic engineering, operationally is made use of the financial mathematics.
When Evaluating investment projects, we calculate the benefits that the investor receives by financing the project and not in another similar option, taking into account, of course, similar investment risks.
A criterion is correct for appraisals of projects and options, when it can be verified and guaranteed that the investor will have a better economic situation than the one presented at the time of the appraisal.
When valuations of investment options are made, one of the most observed limitations is the economic aspect, since money is the main resource, to obtain the objectives that have been planned for any project in question.
Economic Engineering Conclusion
The economic engineering arises from the need to elaborate projects in extreme production in which it is possible to realize a project of high quality but of low cost.
Considering that it was paramount, to analyze economically the engineering projects, to decide appropriately and to contribute to the structuring of works that kept the principles and the technology of the engineering.
But based on and mating to economic indicators, understanding the problem and defining the objective, meeting important data, selecting possible alternative responses, identifying criteria for decision-making using one or Several features.
Evaluation of the existing alternatives, selection of the best and appropriate alternative, establish the result and observe all the results. All These issues are paramount because, thanks to them, economic engineering takes place.