The course is related to the application of economic principles in decision analysis for
engineering problems. Initially, it focuses on the field of microeconomics, as it
concerns the behavior of individuals and businesses in decision-making regarding the
allocation of limited resources. Also, the course discusses basic accounting and
costing issues (e.g. balance sheets and fiscal results, break-even analysis, profit
maximization, cost estimation techniques, etc.). By nature, the course combines a
simplified application of microeconomic theory with practical engineering
applications. It is grounded in the logical framework of economics while also adding
the analytical strength of mathematics and statistics. Finally, the course aims to
introduce students to the basic concepts and techniques of economic project analysis
and economic decision-making (e.g., time value of money, inflation, present and
future value of money, cash flow analysis, Net Present Value, Internal Rate of Return,
etc.).
- Teacher: Δημήτριος Δαμίγος
ECTS : 5
Language : el
Learning Outcomes : Upon completion of the course, students will be able to: • Understand basic concepts and terms related to the subject matter (e.g., inflation, risk, time value of money, etc.) • Know the correct preparation of the Cash Flow Statement within the framework of financial analyses. • Evaluate individual and alternative investment plans using appropriate financial criteria. • Evaluate investment decisions under uncertainty by applying uncertainty management methods. • Correctly estimate the acquisition cost of fixed assets. • Select the optimal useful life of a machine.