Explain origin of Engineering Economy.

The development  of engineering economy methodology, which is now used in all engineering work, is relatively resent. This does not mean that, historically, costs were usually overlooked in engineering decision. However, the perspective that ultimate economy is a concern to the engineer and the availability of sound techniques this aspect of modern engineering practice from that of the past.

• A pioneer in the field was ARTHUR M. wellington, a civil engineer, who in latter part of nineteenth century specifically addressed role of economic analysis in the engineering project. The main area of interest for him was railroad building, followed by other contributions which emphasized techniques depending on financial and actuarial mathematics.
• Later his work was followed by other Eugene  Grant who published the fast edition of his book which  was the milestone in the development of engineering economy.
• In 1942 Woods and Degarmo published the first ....

The development  of engineering economy methodology, which is now used in all engineering work, is relatively resent. This does not mean that, historically, costs were usually overlooked in engineering decision. However, the perspective that ultimate economy is a concern to the engineer and the availability of sound techniques this aspect of modern engineering practice from that of the past.

• A pioneer in the field was ARTHUR M. wellington, a civil engineer, who in latter part of nineteenth century specifically addressed role of economic analysis in the engineering project. The main area of interest for him was railroad building, followed by other contributions which emphasized techniques depending on financial and actuarial mathematics.
• Later his work was followed by other Eugene  Grant who published the fast edition of his book which  was the milestone in the development of engineering economy.
• In 1942 Woods and Degarmo published the first edition of the book, later entitled engineering economy.