Summary

Complexity of Decisions

• Engineers must evaluate multiple feasible alternatives
• Consider costs, benefits, financial constraints, environmental and social impacts, politics, and technological change

Engineering Economics

Quantitative analysis to select the best alternative, while recognizing limitations and real-world complexity

Decision Process

• Decisions are based on beliefs but must be grounded in facts
• Preferences, politics, and perceptions affect decisions, but facts form the foundation
• Engineering economics helps establish verifiable facts, though final decisions may still reflect external influences

Models & Abstractions

• Reality is simplified using models
• Models help make problems manageable but must be checked against ignored factors (i.e., inflation, taxes)

Ethics in Engineering

• Engineers carry responsibility to society, must act ethically and truthfully

Decision-Making Scenarios

Sandpaper Plant

• Replace aging equipment vs. closure → economic vs. social impact (jobs)

Meat Processor Grant