Engineering Economics for Project Decision-Making: A Training Course
1Summary
Every engineering project eventually has to answer a question that has nothing to do with engineering: is it worth the money? In practice, an economically unviable project gets cancelled regardless of how sound its engineering is — which is exactly why economic and engineering studies have to run side by side rather than one after the other.
That overlap between economics and engineering science is where engineering management, or engineering economics, comes from: applying economic logic to the practical work of production and project delivery. This Arab British Fellowship Training Academy training course is built around exactly that intersection.
2Objectives and target group
Course Objectives
- Weigh engineering and economic considerations together when evaluating a project, rather than treating them as separate decisions.
- Apply investment feasibility studies — technical, marketing, and financial — to compare and select between competing project alternatives.
- Use materials management planning and vendor/purchase control to keep project costs under control from planning through execution.
- Identify sources of project risk, analyze them, and apply recognized risk management standards and mitigation strategies.
Who Should Attend
- Engineers and project managers responsible for evaluating project viability.
- Financial planners and cost estimators working within engineering and industrial firms.
- Directors and owners of industrial and engineering companies.
- Professionals seeking modern approaches to project risk analysis and investment decision-making.
3Course Content
Module 1: Materials and Cost Planning for Engineering Projects
- Materials management planning and preliminary design programming.
- Purchase and vendor control.
- Construction processes, cost liquidation summaries, and capital expenditure planning for equipment sourcing.
Module 2: Investment and Feasibility Analysis
- The investment concept, and studying investment opportunities.
- Technical, marketing, and overall feasibility studies.
- Final evaluation, moving into project implementation, and the characteristics of the transactions stage.
Module 3: Project Risk Management
- Sources and analysis of project risk.
- Risk management laws, principles, standards, and implementation strategy/plan.
- Assessment methods, certification, and precautions — including risks resulting from corruption, and the proper timing for taking them.
- Risk assessment categories and field work.