Definitions of Engineering Economy

Engineering Economy is the application of economic factors and criteria to

evaluate alternatives by computing a specific measure of worth of estimated cash
flows over a specific period of time.
Engineering Economy is a collection of techniques that simplify comparisons of
alternatives on an economic basis.
Engineering Economy may be defined as that phase of engineering which has to
do with the analysis of proposed engineering works, equipment and processes to
determine the relative worth of the net economic gains to be expected from the
proposals in relation to the net economic costs required to produce the gains.
Engineering Economics is the application of economic techniques to the
evaluation of design and engineering alternatives. The role of engineering
economics is to assess the appropriateness of a given project, estimate its value,
and justify it from an engineering standpoint.
Engineering Economy involves technical considerations and comparison between
technical alternatives in which the differences between the alternatives are
expressed so far as practicable in money terms.
References:
ASTM E833, Definitions of Terms Relating to Building Economics, American Society
for Testing and Materials, West Conshohocken, PA (1999).
http://site.iugaza.edu.ps/amanama/files/2014/10/Chapter-1-Introduction-toEngineering-Economy.pdf
http://www.academia.edu/8135443/Basics_of_engineering_economy_PDF
http://www.ctre.iastate.edu/educweb/tr555/Winfrey,%20Economic%20Analysis
%20for%20Highways
http://www.ctre.iastate.edu/educweb/tr555/Winfrey,%20Economic%20Analysis
%20for%20Highways/Chapter%202%20Concepts%20and%20principles.pdf/Chapter
%202%20Concepts%20and%20principles.pdf
http://museum-madness.blogspot.com/2011/11/engineering-economy-orengineering.html