Engineering Economics
As with everything in life, engineering projects cost money. When engineering companies, such as Claxton Engineering, set out to quote on a project, they have to take a variety of factors into consideration. This is not easy to do and requires special training.
Engineers follow an economics course during their training at university. They have to learn the cost of time and the cost of offering various alternatives. Importantly, they also have to learn what it would cost to do nothing about a situation. It is their job to weigh up all the options and present a solution that is viable – especially in monetary terms. If they come to a decision that it would be best to leave good enough alone, they must also be aware of what that decision is going to cost their client.
Engineers are taught how to solve problems using, amongst others, science, logic, biology and even art. They are tasked to find viable alternatives to existing problems and to then design and manufacture the solution. Examples of this are when bridges have to be built over vast chasms or rivers, or when a road needs to go through a mountain.
Other issues that engineers have to face are improving transportation, making more eco-friendly fuel and building structures that are lightweight, but incredibly strong and durable. This includes building aeroplanes, space shuttles and finding a viable alternative energy sources.
With the issue of cost comes the consideration of revenue. How much money will the client make after investing in this project? Sometimes the answer is nothing as the project is for public benefit, paid by public funds or taxes. Other times there could be great profits to be made from a project e.g. new, more economic aeroplanes. These alternatives have to be seriously considered before embarking on the project.
No matter what the problem, companies such as Claxton Engineering have the responsibility to quote on the most cost effective way of solving the problem. However, they cannot compromise on safety or the security of the end users. Viable solutions do not mean a loss of life or injury to people. If the project cannot be run responsibly, the engineer is tasked to find other alternatives to the problem.
Engineering touches our everyday life all the time. Just staying at home you are experiencing the knowledge and skill of one or more engineers. Boiling your kettle or switching on your fireplace are all examples of engineering feats. Driving on a road in your car is also due to the skill of an engineer.
Enjoying life and the daily innovations in almost every sphere of life is a testimony to the great work done by engineers.