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Published in:
2022 | OriginalPaper | Chapter
1. Managerial Economics of Engineering Organizations
Author : Teddy Steven Cotter
Published in: Engineering Managerial Economic Decision and Risk Analysis
Publisher: Springer International Publishing
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Abstract
This book is about engineering managerial decision making and the risks associated with those decisions. Decisions and their associated risks are driven by the context of the decision situation. For engineering managers, this context is the management of engineering and technical functions within for-profit and not-for-profit organizations. Chapter 1 establishes the context of engineering managerial decision making. First, the chapter sets forth definitions of the engineering manager and the four fundamental classes of engineering functions. Second, the basic classes of for-profit organizations within which engineering managers work are described. Third, the product life cycle and annual financial cycle context of capital expenditures and operating costs are defined. Fourth, the chapter describes engineering and technical function contributions to the stages of the product life cycle. Finally, the chapter concludes with a general description of the budgeting process of engineering operations and projects.