--Originally published at TI2011 – Roger's Rad Records
So this is a course about project evaluation and management with a very heavy focus on software development/engineering. I don’t know about others, but for me, when I see the word management I always think of two things: time and money. Some people even say that time IS money, so that narrows it down to just that one thing.
Money is one of the most important factors when it comes to making decisions. According to the Software Engineering Body of Knowledge (SWEBOK) Wiki, economics is the study of value, costs, resources, and their relationship in a given context or situation. Such studies, along with a proper analysis of similar projects, benefits, externalities, costs and other prices, can lead to better perspectives and well informed decisions that can range from whether or not to start a project, to whether or not one should be terminated for good. Engineering economics is basically applying these studies for a particular engineering field.
If you, like me, plan on having (or already have) a career revolving around development, then you may have thought at some point: Finances don’t concern me that much, I just need to get an expert to do all of the needed calculations for me. To be honest, that used to be my mentality until very recently, but I’ve come to realize a couple of things that I’d like to elaborate on.
First, things aren’t as simple as just doing a couple calculations. There are a lot of elements that must be taken into consideration before making important decisions. The Wiki page I mentioned earlier contains tons of concepts that are imperative for economics.
If you ever read one of my UML entries you must know Continue reading "€ngineering economic$"