Every dollar an executive proposes to spend or proposes not to spend has to be subjected to economic decision making. Expenditure and investment proposals can be for cost reduction or income expansion. In some cases, both may be realized. For both the proposals, economic decision making is essential. The goal of equipment selection in a business system is acceptable financial efficiency, not engineering efficiency. The engineering economic analysts test the profitability of a proposed operation, or choose the best option among the existing alternatives. The book "Principles and Practices of Engineering & Industrial Economics" covers issues ranging from project formulation steps – through data collection, costing of project, detail financial analysis, decision rules, risk analysis and environmental considerations – to model study for financial and scenario analysis for decision making.
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