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Systems Engineering by Dahai Liu

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Chapter 9

Engineering Economy in Systems Engineering

In systems engineering, we are concerned with the efficient utilization of limited resources. There are two types of efficiency that systems designers need to take into account: technical efficiency and economic efficiency. In previous chapters, we have discussed the various types of systems technical performance measures, such as systems functionality, reliability, maintainability, and so on. On the other hand, we need to achieve the design technical objectives economically. Systems design requires capital investment, and every activity and effort occurring in the design requires resources, such as human labor and materials, and eventually these efforts are associated with cost. One of the ...

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