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Answer :
Engineers incorporate an economic perspective in problem solving to ensure solutions are not only technically sound, but also cost-effective, sustainable, and beneficial from an economic standpoint.
A job description of an engineer indeed consists of two words: problem solver. However, engineers must also include an economic perspective when solving engineering problems. This is crucial because engineering solutions must not only be technically viable but also economically feasible to ensure that they provide value and are sustainable in the long term.
Engineering decisions must take into consideration factors like as natural systems, man-made systems, and future systems. Additionally, interdisciplinary collaboration is often required, as engineers often work with scientists, business leaders, and other stakeholders to create holistic solutions that meet broader societal needs.
Engineers must also be adept communicators. Much of their time is spent on communicative tasks such as making presentations, writing technical reports, and interacting with customers. Thus, considering the economic aspects of engineering, alongside strong communication skills, result in practical, sustainable, and economically viable solutions that advance societal well-being.
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The economic perspective is crucial in solving engineering problems because it allows engineers to consider the financial implications and trade-offs associated with different solutions.
Engineers need to not only develop technically feasible solutions but also take into account the economic feasibility and efficiency of those solutions. For example, let's consider a civil engineering project to construct a new bridge. Engineers need to evaluate various design options, materials, and construction methods. By applying an economic perspective, they can assess the costs and benefits associated with each option. Suppose one design option uses a higher-cost but more durable material, while another option uses a lower-cost but less durable material. Engineers need to analyze the lifecycle costs, maintenance expenses, and expected lifespan of each option. They also need to consider the potential economic impact of traffic congestion during construction or the economic benefits of reduced travel times after the bridge is completed.
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