By S. Ganesh° INN, Chennai, @infodeaofficial;
India is at the threshold of great development period where cutting edge technology is being appled to various economic ideas to address the various infrastructural challenges of the country, it is in this backdrop that the field of engineering economics is being ushered in with much gutso.
So what is engineering economics all about?
Well it is the study of engineering applied to economics to build world class infrastructual wonders at dirt cheap costs, with proper application of EE one can build world class airports, shopping malls, roads, railway stations etc at very viable costs.
Here it may be noted that this field is quite popular not just in developed nations but also in rapidly developing countries of the world including rising asian giants such as those of the south east asian countries . Economics is oriented towards helping people to lead lives effectively as citizens born in today’s world innocently, machineries help him to lead effective lives.
Proper and judicious usage of natural resources to get maximum benefits at minimum costs forms a key aspect of EE, many countries blessed with rich natural resources have falen due to the non-judicious utilisation of natural resources,Engineering economics also focuses on managing engineering resources effectively to meet people’s aspirations and demands effectively.
The growing thrust on digitilisation and the forward movement to a cashless economy has pitchforked EE into newer dimensions hitherto unknown and has also made this field an exciting idea for the youth of today.
Marvelous technologies such as electric vehicles etc owe their inventions to the idea of EE, as many are now able to travel of late very cheaply as the cost of traveling in electric vehicles is quite cheaper traveling through internal combustion engine driven vehicles, power generation through wind mills, tidal energy etc are various forms of EE.