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Construction Project Management: Theory and Practice by Kumar Neeraj Jha

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3

Construction Economics

Introduction, economic decision-making, time value of money, cash-flow diagrams, using interest tables, evaluating alternatives by equivalence, effect of taxation on comparison of alternatives, effect of inflation on cash-flow, evaluation of public projects: discussion on benefit–cost ratio

3.1 INTRODUCTION

The relationship between engineering and economics is very close, and has in fact been heightened in the present scenario, wherein engineers are expected to not only create technical alternatives but also evaluate them for economic efficiency. Highlighting the economic aspect of engineering decision-making, Wellington (Wellington 1887, cited in Riggs et al. 2004) in his book The Economic Theory of the Location ...

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