PartOneIn every field, it is essential to have the best ideas ofdecision making to ensure that the company or a service provider remainsrelevant and there are no cases of hugelosses. Engineering is one of the careers that require essential principles of economics because it has extensiveactivities of decision-making. Engineeringeconomic comes in to solve all the existing problems and provide a forecast forfuture endeavors. Activities of manufacturing that involve more money maycomplicate the career of an engineer, andthat is why it is crucial for an engineer to have the principles of economics at his or her fingertips. According to Leland and Anthony, engineering economy is a strategical process that involves givingestimates and planning the results of various schemes completes a particular goal or purpose.
Mostly, theengineers employ mathematical techniques. Shivam defines economic aspects accompaniesby the devices used in the analysis that isrelevant to the way an engineer decides onhis or her activities. Several distinctive characteristics ofengineering economics can help in making the whole conceptclearer. It is strictly affiliated to mic-economiclaws and devoted in solving problems and making decisions ate operational level.In cases where there are limited resources, it is crucial in identifying the most suitableproject to allocate the funds to avoid instances of losses. Also, it removes thecomplicated summaries in the theory of economy learned.
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Well, there are various situations where financial engineering can help in decisionmaking. For instance, in the calculationof interests rates for the time value ofa certain amount of money. If a company wants to take or lend someone somemoney, then the concepts of the term mentioned above will apply efficiently. Ifthe interest accumulated does not coincide with the time then it the role of anengineer to advise the company otherwise. For example, BetCare Health Centre requires to borrow some amount of money tostart a project, but it had several formsoffering loans at various return rates.Calculation of time and the payable cashmonthly from each financial institution was vital.
The economic engineers inthat company had to make correct computations to find out the best option thatis in line with their income capability. At the end of the whole thing, theanswers helped in making a decision that will not cause the unnecessary financial crisis. PartTwoAn employee cannot be successful in the workplace without acting ethically. There areprotocols and the codes of conduct that guide all those employed in a company.If anyone fails to follow them, then they will always be a conflict with the boss. For example, there arehours that one ought to report to their workstations.
If an employee fails to honor those hours and decide to be going to work andleaving at their time, the termination oftheir job occurs very quickly. Also, in places of work, there is one primary objective at if an employee deviatesfrom it, then he or she has no reason forbeing there. If one has differences with a workmate, then it is advisable touse friendly ways of solving itethically. There are various reasons why the professional field has its codes of ethics. Prohibiting a behaviorthat is inappropriate is one of the leadingincentives that a company must have rules. All employees need to learn what isallowed and what is not in an organization.Lying to the customer, manager or other affiliate clients among others are someof the things that most forms do not allow.
Before one interacts with otheremployees needs to know and sign that he or she will follow and never violateany of them. Holding management accountable and making consideration amongothers are some of the reasons as to why ethics need to help actively one. There are practicalmethods used in teaching ethics to students in sciences, engineering andtechnology fields. The most sensitive stages are when the students arecompleting their course and during their internship period. For example, a fourth or fifth-year student taking his classin the university can grasp thoseconcepts, and they will stick to his orher head while he is entering the job market.
In this setup, classroom teaching is the most applicable method where thelecturer or the instructor explains everyethnic and why it is essential to the group. A seminar and refreshercourses for those already in the workplacecan help them understand the new rules and regulations that will guard them asthey take up their profession. It is a specificgroup that is already in their careers. A workshop can help the students.
Themain talk can be why ethics are essentialto the particular science or technologicalcourse. They will learn the expectations and what they need to deliver and atthe same time what to avoid.