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E-grāmata: Engineering Economics for Aviation and Aerospace

(Embry-Riddle Aeronautical University, USA), (Embry-Riddle Aeronautical University, USA)
  • Formāts: 618 pages
  • Izdošanas datums: 08-Dec-2016
  • Izdevniecība: Routledge
  • Valoda: eng
  • ISBN-13: 9781317288459
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Engineering Economics for Aviation and AerospacePalielināt
  • Formāts: 618 pages
  • Izdošanas datums: 08-Dec-2016
  • Izdevniecība: Routledge
  • Valoda: eng
  • ISBN-13: 9781317288459
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For all engineers and practitioners, it is essential to have a fundamental understanding of cost structure, estimating cash flows, and evaluating alternative projects and designs on an economic basis. Engineering Economics for Aviation and Aerospace provides the tools and techniques necessary for engineers to economically evaluate their projects and choices.

The focus of this book is on a comprehensive understanding of the theory and practical applications of engineering economics. It explains and demonstrates the principles and techniques of engineering economics and financial analysis as applied to the aviation and aerospace industries. Time value of money, interest factors, and spreadsheet functions are used to evaluate the cash flows associated with a single project or multiple projects. The alternative engineering economics tools and techniques are utilized in separate chapters to evaluate the attractiveness of a single project or to select the best of multiple alternatives.

Most of the engineering economics and financial mathematics books available in the market take either a pure theoretical approach or offer limited applications. This book incorporates both approaches, providing students of aviation and industrial economics, as well as practitioners, with the necessary mathematical knowledge to evaluate alternatives on an economic basis.
List of Figures xiii
List of Tables xvii
Preface xxi
Foreward xxii
Brian Pearce
Foreward xxiv
Zane Rowe
Foreward xxvi
Barry Humphreys
Acknowledgments xxviii
List of Abbreviations xxix
1 Introduction to the Air Transport Industry 1(30)
Airline Industry before Deregulation
2(1)
Airline Industry after Deregulation
3(3)
Airline Profitability
6(2)
Air Transport Industry
8(15)
Aircraft Manufacturers
10(4)
Jet Engine Manufacturers
14(2)
Aircraft Leasing Companies
16(1)
Service Providers (MRO, Ground Handling, Catering)
17(1)
Airports
18(1)
Air Navigation Service Providers (ANSP)
19(1)
Global Distribution System (GDS) and Computer Reservation System (CRS)
19(3)
Freight Forwarders and Integrators
22(1)
Airline Mergers and Bankruptcies
23(2)
Summary
25(2)
Discussion Questions and Problems
27(4)
2 Foundations of Engineering Economics and Finance 31(27)
Definition of Engineering Economics
32(1)
Interest and Time Value of Money
33(5)
Simple Interest
34(2)
Compound Interest
36(2)
The Connection between Interest Rates and Their Determinations
38(9)
Short-term Interest Rates
39(3)
Long-term Debt and Interest Rates
42(5)
Future Value of a Single Present Amount
47(2)
Present Value of a Single Future Sum
49(3)
Future Value of an Unequal Cash Flow Series
52(1)
The Rule of 72
53(1)
The Rule of 100
54(1)
Summary
55(1)
Discussion Questions and Problems
55(3)
3 Annuities and Gradient Series 58(34)
Annuities or Uniform Series
59(10)
Future Value of an Annuity
61(2)
Annuity of a Future Value
63(1)
Present Value of an Annuity
64(4)
Annuity of a Present Value
68(1)
Amortization and Amortization Schedule
69(2)
Annuity Due
71(1)
Capitalized Cost
71(2)
Arithmetic Gradient Series
73(6)
Present Value of an Arithmetic Gradient Series
73(3)
Annuity of an Arithmetic Gradient Series
76(2)
Future Value of an Arithmetic Gradient Series
78(1)
Geometric Gradient Series
79(3)
Present Value of a Geometric Gradient Series
79(2)
Annuity of a Geometric Gradient Series
81(1)
Future Value of a Geometric Gradient Series
81(1)
Shifted Cash Flow Series
82(2)
Using Spreadsheets for Equivalences Computation
84(3)
Summary
87(1)
Discussion Questions and Problems
88(4)
4 Nominal and Effective Interest Rates 92(20)
Nominal Versus Effective Interest Rates
93(1)
Calculating Effective Interest Rate
94(5)
Continuous Compounding
95(2)
Effective Rate to Nominal Rate
97(2)
Comparing Compounding Periods and Payment Periods
99(6)
Computing Equivalences Involving Only Single-Amount Factors
99(2)
Computing Equivalences when Payment Period Equals Compounding Period
101(1)
Computing Equivalences when Payment Period Exceeds Compounding Period
102(2)
Computing Equivalences when Payment Period is Less Than Compounding Period
104(1)
Using Spreadsheets for Effective Rate and Equivalences Computation
105(3)
Summary
108(1)
Discussion Questions and Problems
109(3)
5 Analysis of Present Worth 112(34)
Measuring Project Cash Flows
113(3)
First Cost (P)
113(1)
Net Annual Cash Flow (NACF)
114(1)
Terminal Cash Flow (TCF)
115(1)
Evaluation of Single Projects
116(4)
Bond Valuation
120(7)
Types of Project Alternatives
127(1)
Mutually Exclusive (ME) Projects
127(1)
Independent Projects (IP)
128(1)
Do-nothing Alternative
128(1)
Evaluation of Mutually Exclusive Equal-life Alternatives
128(2)
Evaluation of Mutually Exclusive Different-life Alternatives
130(5)
Study Period Approach
131(1)
Least Common Multiple or Replacement Chain Approach
132(1)
Capitalized Cost or Equivalent Annual Annuity Approach
133(2)
Evaluation of Independent Projects
135(2)
Using Spreadsheets for Present Worth Computation
137(1)
Life Cycle Costing (LCC)
138(2)
Summary
140(1)
Discussion Questions and Problems
141(5)
6 Analysis of Annual Worth 146(21)
Motivation for Using Annual Worth Analysis
147(1)
Evaluation of Single Projects
148(6)
Capital Recovery
152(1)
Annuity of Net Annual Cash Flows
153(1)
Evaluation of Mutually Exclusive Projects
154(3)
Annual Worth Analysis of Equal-life Alternatives
155(1)
Annual Worth Analysis of Non-Equal-life Alternatives
155(2)
Evaluation of Independent Projects
157(2)
Annual Worth of Permanent Projects
159(1)
Using Spreadsheets for Annual Worth Computation
160(1)
Summary
161(1)
Discussion Questions and Problems
162(5)
7 Analysis of Rate of Return 167(28)
Rate of Return Calculation
168(5)
Interpretation of Rate of Return Values
170(1)
Trial and Error Method
170(3)
Rate of Return of Bonds
173(2)
Evaluating Mutually Exclusive Projects
175(9)
Incremental Cash Flows
176(2)
Cost-based Alternatives
178(2)
Revenue-based Alternatives
180(1)
Equal-life Service Requirement
181(3)
Evaluating Independent Projects
184(2)
Complications with Rate of Return
186(3)
Multiple Rates of Return Scenario
187(1)
ROR Reinvestment Rate Assumption
188(1)
Modified Rate of Return Analysis
188(1)
Using Spreadsheets for Rate of Return Computation
189(2)
Summary
191(1)
Discussion Questions and Problems
191(4)
8 Public Sector Projects and Benefit to Cost Analysis 195(24)
Public Sector versus Private Sector Projects
196(4)
Benefit/Cost Analysis of Single Projects
200(2)
Evaluation of Cost-based Mutually Exclusive Alternatives
202(2)
Evaluation of Benefit-based Mutually Exclusive Alternatives
204(4)
Evaluation of Independent Projects
208(2)
Modified Benefit and Cost Analysis
210(2)
Using Spreadsheets for Benefit/Cost Ratio Computation
212(1)
Summary
213(1)
Discussion Questions and Problems
214(5)
9 Analysis of Break-even and Payback Period 219(23)
Introduction to Break-even Analysis
220(1)
Elements of Break-even Analysis
221(8)
Break-even Analysis of a Single Project when Interest is Equal to Zero
223(2)
Break-even Analysis between Two Alternatives with Interest Rate of Zero
225(1)
Break-even Analysis of a Single Project with Interest Rate Greater than Zero
226(2)
Break-even Analysis of Mutually Exclusive Alternatives with Interest Rate Greater than Zero
228(1)
Airline Break-even Load Factor
229(2)
Introduction to Payback Period Analysis
231(4)
Conventional Payback Period Analysis
232(2)
Discounted Payback Period Analysis
234(1)
Using Spreadsheets for Break-even Analysis and Payback Periods
235(2)
Summary
237(1)
Discussion Questions and Problems
238(4)
10 Uncertainty, Risk Analysis, and Simulation 242(41)
Decision Making
243(1)
Probability and Business Decisions
244(5)
Cumulative Probability Distribution
246(1)
Joint Probability Distribution
246(3)
Measuring Risk and Reward
249(9)
Sample Space
250(1)
Expected Return or Mean
251(2)
Variance
253(1)
Standard Deviation
253(1)
Calculating Variance and Standard Deviation Using Spreadsheets
254(4)
Normal Distribution
258(7)
Calculating Normal Distribution Probability Using Spreadsheets
260(1)
Standard Normal Distribution
260(5)
Portfolios
265(2)
Portfolio Beta
266(1)
Capital Asset Pricing Model (CAPM)
267(5)
Security Market Line (SML)
269(3)
Sensitivity Analysis
272(7)
Break-even Analysis
272(3)
Monte Carlo Analysis (Simulation)
275(4)
Summary
279(1)
Discussion Questions and Problems
279(4)
11 Analysis of Depreciation, Replacement, and Abandonment 283(34)
Introduction
284(1)
Depreciation Methodologies
285(9)
Straight Line Depreciation (SL) Method
286(3)
Declining Balance Depreciation (DB)
289(1)
Modified Accelerated Cost Recovery System (MACRS)
290(2)
Sum-of-the-Years Digits (SYD) Method
292(2)
Comparison of Different Approaches to Depreciation
294(3)
Using Spreadsheets for Depreciation Computations
297(6)
Basics of a Replacement Decision
303(3)
Impairment
306(2)
Abandonment
308(3)
Summary
311(1)
Discussion Questions and Problems
312(5)
12 Engineering Cost Estimation 317(46)
Definition of Cost
319(15)
Fixed Costs (FC)
319(1)
Variable Costs (VC)
320(1)
Total Costs (TC)
321(3)
Cubic Cost Function
324(1)
Marginal Costs (MC)
324(1)
Average Total Cost (ATC)
325(3)
Average Fixed Cost (AFC)
328(1)
Average Variable Cost (AVC)
329(2)
Sunk Costs
331(1)
Opportunity Costs
332(2)
Relationship between Economic and Accounting Cost
334(2)
Cost of Debt
335(1)
Cost of Equity
335(1)
Weighted Average Cost of Capital (WACC)
335(1)
ROIC vs WACC
335(1)
Cost Divisions and Categories
336(2)
Direct Costs
337(1)
Indirect Costs
338(1)
Learning Curve
338(3)
Estimating Costs
341(2)
Cost Estimation Techniques
343(11)
Unit Cost Method
344(2)
Cost Index Method
346(3)
Cost Capacity Equation
349(2)
Cost Factor Method
351(1)
Indirect Cost Estimation and Allocation
352(2)
Airline Cost Structure
354(4)
Operating Costs (OC)
354(4)
Non-operating Costs (NOC)
358(1)
Summary
358(1)
Discussion Questions and Problems
359(4)
13 Analysis of Financial Statements 363(37)
The Income Statement: Measuring a Firm's Profits
364(13)
Revenue, Sales, or Income
365(2)
Cost of Goods Sold (COGS)
367(1)
Gross Profit
368(1)
Operating Expenses
369(1)
Depreciation
369(1)
Operating Profit
370(1)
Financial Costs
370(2)
Net Income
372(5)
The Balance Sheet: Measuring a Firm's Book Value
377(9)
Current Assets
377(5)
Fixed Assets (Non-current Assets)
382(1)
Total Liabilities
383(1)
Current Liabilities
383(1)
Non-current Liabilities
384(1)
Stockholders' Equity
384(2)
Statement of Cash Flow
386(4)
Cash Flow from Operating Activities
386(1)
Cash Flow from Investing Activities
387(1)
Cash Flow from Financing Activities
387(3)
Measuring Free Cash Flow
390(5)
Common Size Financial Statements
390(1)
Common Size Income Statement
390(2)
Common Size Balance Sheet
392(3)
Summary
395(1)
Discussion Questions and Problems
396(4)
14 Analysis of Financial Ratios 400(38)
Liquidity Ratios
402(3)
Current Ratio (CR)
402(2)
Quick Ratio (QR)
404(1)
Asset Management Ratios
405(5)
Accounts Receivable Turnover Ratio (ART)
405(1)
Average Collection Period (ACP)
406(1)
Inventory Turnover (ITO)
407(1)
Fixed Asset Turnover Ratio (FAT)
408(1)
Total Asset Turnover Ratio (TAT)
408(2)
Financial Management Ratios
410(3)
Debt Ratio (D/A)
410(2)
Debt to Equity Ratio (D/E)
412(1)
Times Interest Earned Ratio (TIE)
413(1)
Profitability Ratios
413(5)
Gross Profit Margin (GPM)
414(1)
Operating Profit Margin (OPM)
415(1)
Net Profit Margin (NPM)
415(2)
Return on Total Assets (ROA)
417(1)
Return on Equity (ROE)
418(1)
Dividend Ratios
418(2)
Dividend Payout Ratio (DPR)
418(1)
Dividend Yield
419(1)
Market Value Ratios
420(1)
Market to Book Ratio
420(1)
Price-Earnings Ratio (P/E Ratio)
421(1)
DuPont System Ratios
421(4)
Return on Assets (ROA)
422(1)
Return on Equity (ROE)
422(3)
Window Dressing
425(2)
Altman Insolvency Index
427(1)
Key Financial Ratios for the Airline Industry
428(6)
Available Seat Mile (ASM)
429(1)
Revenue Passenger Mile (RPM)
429(1)
Cost per Available Seat Mile (CASM)
429(1)
Revenue per Available Seat Mile (RASM)
430(1)
Revenue per Revenue Passenger Mile (RRPM) or Passenger Yield
431(1)
Average Stage Length (ASL)
432(1)
CASM (Stage Length Adjusted)
432(1)
Average Daily Block Hour Utilization
432(1)
Load Factor (LF)
433(1)
Break-even Load Factor (LFb-e)
433(1)
Summary
434(1)
Discussion Questions and Problems
435(3)
15 Fundamentals of Decision Theory 438(35)
Decision-making Process
440(1)
Decision Trees
441(4)
Nodes
442(1)
Branches
443(2)
Decision Environments
445(11)
Decisions under Certainty
447(1)
Decisions under Uncertainty
447(7)
Decisions under Risk
454(2)
The Economic Theory of Information
456(2)
Expected Value of Perfect Information (EVPI)
456(1)
EV with PI
456(2)
Queueing Theory
458(10)
Customer Arrivals
459(3)
Arrival Characteristics
462(1)
Waiting Line Characteristics
462(2)
Service Facility Characteristics
464(3)
Cost-Capacity Tradeoff
467(1)
Summary
468(1)
Discussion Questions and Problems
469(4)
Appendix A 473(56)
Appendix B 529(2)
Appendix C 531(2)
Appendix D 533(2)
Appendix E 535(2)
Appendix F 537(27)
Glossary 564(11)
Index 575
Bijan Vasigh is Professor of Economics and Finance in the College of Business at Embry-Riddle Aeronautical University, Daytona Beach, Florida, USA.

Javad Gorjidooz is the Chair of the Business Administration Program and Professor of Finance in the School of Business at Embry-Riddle Aeronautical University, Prescott, Arizona, USA.
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