Systems Life Cycle Costing: Economic Analysis, Estimation, and Management (Engineering Management)

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Author : John V. Farr
Genre : Technology & Engineering

Summary : Although technology and productivity has changed much of engineering, many topics are still taught in very similarly to how they were taught in the 70s. Using a new approach to engineering economics, Systems Life Cycle Costing: Economic Analysis, Estimation, and Management presents the material that a modern engineer must understand to work as a practicing engineer conducting economic analysis. Organized around a product development process that provides a framework for the material, the book presents techniques such as engineering economics and simulation-based costing (SBC), with a focus on total life cycle understanding and perspective and introduces techniques for detailed analysis of modern complex systems. The author includes rules of thumb for estimation grouped with the methods, processes, and tools (MPTs) for conducting a detailed engineering buildup for costing. He presents the estimating costing of complex systems and software and then explores concepts such as design to cost (DTC), cost as an independent variable (CAIV), the role of commercial off-the-shelf technology, cost of quality, and the role of project management in LCC management. No product or services are immune from cost, performance, schedule, quality, risks, and tradeoffs. Yet engineers spend most of their formal education focused on performance and most of their professional careers worrying about resources and schedule. Too often, the design stage becomes about the technical performance without considering the downstream costs that contribute to the tota1 life cycle costs (LCC) of a system. This text presents the methods, processes, and tools needed for the economic analysis, estimation, and management that bring these costs in line with the goals of pleasing the customer and staying within budget.

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Author : John V. Farr
Genre : Technology & Engineering

Summary : Although technology and productivity has changed much of engineering, many topics are still taught in very similarly to how they were taught in the 70s. Using a new approach to engineering economics, Systems Life Cycle Costing: Economic Analysis, Estimation, and Management presents the material that a modern engineer must understand to work as a pr

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Author : John Vail Farr
Genre : Education

Summary : Engineering has changed dramatically in the last century. With modern computing systems, instantaneous communication, elimination of low/mid management, increased complexity, and extremely efficient supply chains, all have dramatically affected the responsibilities of engineers at all levels. The future will require cost effective systems that are more secure, interconnected, software centric, and complex. Employees at all levels need to be able to develop accurate cost estimates based upon defensible cost analysis. It is under this backdrop that this book is being written. By presenting the methods, processes, and tools needed to conduct cost analysis, estimation, and management of complex systems, this textbook is the next step beyond basic engineering economics. Features Focuses on systems life cycle costing Includes materials beyond basic engineering economics, such as simulation-based costing Presents cost estimating, analysis, and management from a total ownership cost perspective Offers numerous real-life examples Provides excel based textbook/problems Offers PowerPoint slides, Solutions Manual, and author website with downloadable excel solutions, etc.

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Author : John Vail Farr
Genre : Education

Summary : Engineering has changed dramatically in the last century. With modern computing systems, instantaneous communication, elimination of low/mid management, increased complexity, and extremely efficient supply chains, all have dramatically affected the responsibilities of engineers at all levels. The future will require cost effective systems that are more secure, interconnected, software centric, and complex. Employees at all levels need to be able to develop accurate cost estimates based upon defensible cost analysis. It is under this backdrop that this book is being written. By presenting the methods, processes, and tools needed to conduct cost analysis, estimation, and management of complex systems, this textbook is the next step beyond basic engineering economics. Features Focuses on systems life cycle costing Includes materials beyond basic engineering economics, such as simulation-based costing Presents cost estimating, analysis, and management from a total ownership cost perspective Offers numerous real-life examples Provides excel based textbook/problems Offers PowerPoint slides, Solutions Manual, and author website with downloadable excel solutions, etc.

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Author : B. Dhillon
Genre : Business & Economics

Summary : Product acquisition involves an examination of the support cost of major equipment over its total life years. Depending on the type of equipment, support costs may range from 10 to 100 times the cost of acquisition. 'Life Cycle Costing: Techniques, Models and Applications' offers a comprehensive approach to the entire field, and treats it in such a way that the reader requires no previous knowledge to understand the contents. It covers all advances and recent progress in life cycle costing from its history and definitions to current approaches. It is fully referenced for deeper study in any specific area (there are over 1150 references with an appendix) and contains more than 50 examples with their solutions. Subjects covered include reliability improvement warranty, computer hardware and software costing, vehicles life cycle costing, reliability engineering, life cycle costing in the aircraft industry, and processing systems costing. This work is intended for all engineers and senior students of engineering or business administration, administrators, cost analysts, researchers, academics, and anyone involved with equipment procurement.

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Author : Lucy Lunevich
Genre : Business & Economics

Summary : The Engineering Management discipline remains complex and multidisciplinary, and has progressed and broadened in scope significantly over the last 10–20 years. Previously, the discipline has been fragmented and not aligned with the purposes of economic development, mega-project delivery, and technological progress. Digital engineering has revolutionized the field of engineering by introducing digital tools and technologies to the design, creation, operation, and maintenance of physical systems, products, and services. It has enabled more efficient, effective, and sustainable solutions, and has the potential to drive significant innovation and improve the way we design, build, and operate physical systems. This handbook addresses new content of complexity by offering new engineering concepts such as simple, complicated, and complex, which have never been included in this discipline before and will generate interest from higher education, financial institutions, and technology companies. Handbook of Engineering Management: The Digital Economy focuses on multidisciplinary integration and complex evolving systems. It discusses the incorporation of a system of systems along with engineering economic strategies for sustainable economic growth. This handbook highlights functional leadership as the main part of an engineering manager’s competency and discusses how to form alliances strategically. In addition, it presents a comprehensive guide for the implementation of an environmental management system and shows how environmental and social impacts can be assessed in an organization applying digital tools. This handbook also brings together the three important areas of Engineering Management: Knowledge Management, the Digital Economy, and Digital Manufacturing. In addition, this handbook provides a comprehensive guide to implementing an environmental management system and shows how environmental and social impacts in an organization can be assessed using digital tools. Based on the authors’ practical experience, it describes various management approaches and explains how such a system can be used to prioritize actions and resources, increase efficiency, minimize costs, and lead to better, more informed decision making. It is essential to follow a systematic approach and to ask the right questions, whether the system is managed and implemented by humans, AI, or a combination of both. This handbook is laid out in a series of simple steps and dispels the jargon and myths surrounding this important management tool. This handbook is an ideal read for engineering managers, project managers, industrial and systems engineers, supply chain engineers, professionals who want to advance their knowledge, and graduate students.

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Author : John W. Bull
Genre : Civil engineering

Summary : The key areas of life cycle cost analysis (LCCA) and whole life costing (WLC) are exemplified in this volume with accounts of their application to housing stock, a community hydroelectric power system, various aspects of highway infrastructure, and corrosion protective coatings. Sustainable construction and design requires more than compliance with safety requirements and economic constraints; there is also the impact on the environment, the surrounding population, and users of the infrastructure. This requires a multidimensional perspective of sustainability to be considered in life cycle costing (LCC) combining current design criteria with these other aspects. It has become increasingly important to understand the full costs of civil engineering infrastructure, and the main sources of cost, along the whole supply chain and to identify cost reduction opportunities. The conventional procurement approach without the integration of probabilistic life cycle cost modelling induces substantial long-term maintenance costs. Once deterioration and life cycle cost models have been established, appropriate partnership procurement strategies, associated financing methods, and determination of the project period can be developed. LCC includes the cost of planning, design, acquisition, operation, maintenance, and disposal of buildings and other construction assets, while WLC additionally includes incomes and other costs such as non-construction costs and externalities. In whole life costing, social, environmental, or business costs or benefits are considered as externalities and care must be taken not to double count the impacts when WLC is used together with LCCA. The international examples included in this book illustrate practically the methodology of life cycle costing and the application of life cycle cost analysis to identify the most appropriate method for assessing the relative merits of competing project implementation alternatives.