In every field, it is essential to have the best ideas of
decision making to ensure that the company or a service provider remains
relevant and there are no cases of huge
losses. Engineering is one of the careers that require essential principles of economics because it has extensive
activities of decision-making. Engineering
economic comes in to solve all the existing problems and provide a forecast for
future endeavors. Activities of manufacturing that involve more money may
complicate the career of an engineer, and
that 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 giving
estimates and planning the results of various schemes completes a particular goal or purpose. Mostly, the
engineers employ mathematical techniques. Shivam defines economic aspects accompanies
by the devices used in the analysis that is
relevant to the way an engineer decides on
his or her activities.
Several distinctive characteristics of
engineering economics can help in making the whole concept
clearer. It is strictly affiliated to mic-economic
laws 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 suitable
project to allocate the funds to avoid instances of losses. Also, it removes the
complicated summaries in the theory of economy learned.
Well, there are various situations where financial engineering can help in decision
making. For instance, in the calculation
of interests rates for the time value of
a certain amount of money. If a company wants to take or lend someone some
money, then the concepts of the term mentioned above will apply efficiently. If
the interest accumulated does not coincide with the time then it the role of an
engineer to advise the company otherwise. For example, BetCare Health Centre requires to borrow some amount of money to
start a project, but it had several forms
offering loans at various return rates.
Calculation of time and the payable cash
monthly from each financial institution was vital. The economic engineers in
that company had to make correct computations to find out the best option that
is in line with their income capability. At the end of the whole thing, the
answers helped in making a decision that will not cause the unnecessary financial crisis.
An employee cannot be successful in the workplace without acting ethically. There are
protocols 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 are
hours that one ought to report to their workstations.
If an employee fails to honor those hours and decide to be going to work and
leaving at their time, the termination of
their job occurs very quickly. Also, in places of work, there is one primary objective at if an employee deviates
from it, then he or she has no reason for
being there. If one has differences with a workmate, then it is advisable to
use friendly ways of solving it
There are various reasons why the professional field has its codes of ethics. Prohibiting a behavior
that is inappropriate is one of the leading
incentives that a company must have rules. All employees need to learn what is
allowed and what is not in an organization.
Lying to the customer, manager or other affiliate clients among others are some
of the things that most forms do not allow. Before one interacts with other
employees needs to know and sign that he or she will follow and never violate
any of them. Holding management accountable and making consideration among
others are some of the reasons as to why ethics need to help actively one.
There are practical
methods used in teaching ethics to students in sciences, engineering and
technology fields. The most sensitive stages are when the students are
completing their course and during their internship period. For example, a fourth or fifth-year student taking his class
in the university can grasp those
concepts, and they will stick to his or
her head while he is entering the job market. In this setup, classroom teaching is the most applicable method where the
lecturer or the instructor explains every
ethnic and why it is essential to the group. A seminar and refresher
courses for those already in the workplace
can help them understand the new rules and regulations that will guard them as
they take up their profession. It is a specific
group that is already in their careers. A workshop can help the students. The
main talk can be why ethics are essential
to the particular science or technological
course. They will learn the expectations and what they need to deliver and at
the same time what to avoid.