Yo, I gotta tell ya, engineering economics has been a game-changer when it comes to dealing with environmental issues. One example that comes to mind is the use of life cycle costing in designing sustainable products. 🌱🌍
See, life cycle costing takes into account not just the initial cost of a product, but also the costs associated with its production, use, and disposal. By considering the environmental impacts of these stages, engineers can design products that are not just cost-effective, but also environmentally friendly. This has led to the development of products like energy-efficient appliances and vehicles that have significantly lower carbon footprints. 🚗💡
Another example is the use of engineering economics to justify investments in renewable energy. In the past, many people saw renewable energy sources like solar and wind as too expensive to be practical. But by using techniques like net present value analysis and internal rate of return, engineers have been able to show that these investments can provide significant long-term cost savings. For example, in the US, the cost of solar photovoltaic (PV) systems has dropped by more than 70% since 2010, making it increasingly competitive with traditional energy sources. ☀️💰
Overall, I think engineering economics has been a key driver in the shift towards more sustainable practices in engineering. By showing that environmentally friendly solutions can also be cost-effective, it has helped to break down the perception that sustainability comes at a high cost. And that’s something that I, as an engineer passionate about the environment, find really exciting! 🤩🌿
