1 Kol.

Engineering Economics Foundations
Fundamentals
Proposals
Cash flow
Business decision
making
Time value
or money
Equivalence
Basis for
comaprision
Mutually exclusive
alternatives
For-profit
Not-for-profit
Present
economy
Estimation
risk
Multiple
attribute
decisions

Fundamentals - Proposals
Fundamentals
Proposals
Cash flow
Business decision
making
Time value or money
Equivalence
Basis for comparision
Mutually exclusive
alternatives
Proposals are evaluated from

business perspective (discuss
business value of propesed
solution)
Every proposal represents a
binary choice !

Economics drive every potential project
A Request for Proposal (RFP) may be answered by
several suppliers/contractors (bidders)
For a proposal writer, the key is to diagnose
problem and propose the treatment
In diagnosing a problem, existing issues must be
addressed with specifity
A proposed treatment should include ways in which
the customer can evaluate progress

Key elements of proposal include:
Background of the project
Features and benefits
Technical elements
Related research
Management elements
Cost considerations
Risk and rewards
A description of developing organization
Test your understanding #1

Move each of the proposal elements to the correct
question
What is the estimated

schedule ?
Does the bidder know of
similar systems in
existence elsewhere ?
How will the product
make the buyers
organization more
productive ?
What are the proposed
modeling techniques ?
What is the background
of bidder ?
Management
elements
Background
PROPOSAL
ELEMENTS
Background
Features and
benefits
Description of the
bidder
Features and
benefits
Technical
elements
Related research
Risk and rewards
Related research
Management
elements
Technical elements

Move each of the proposal elements to the correct
question
What is the process to

be followed ?
Does the client
understand why the
proposal is to replace
current software ?
How are unpredictable
revisions to the clients
requirements handled ?
What is the experience
with similar projects ?
Management
elements
PROPOSAL
ELEMENTS
Background
Features and
benefits
Background
Description of the
bidder
Risk and rewards
Risk and rewards
Description of the
bidder
Related research
Management
elements
Technical elements

Fundamentals Cash flow
Fundamentals
Proposals
Cash flow
Business decision
making
Time value or money
Equivalence
Mutually exclusive alternatives
Cash flow instances

Cash flow streams
Engineering Economics FoundationsCash Flow Bussineses make money

Business and money
Money
comes
from
Customers
Gross
revenues
Owners
Equity
Money
goes to
Banks/
Bonds
Goods/
Services
Creating/
Purchasing
Research
Cost of
selling
Taxes
/Admin/
etc.
Return
to
owners

Move each of terms to the correct definition
A company s net worth,

the difference between
companys assets and
liabilities
TERMS
Gross revenue
Equity
Indirect material
Equity
A form of investment
that behaves like an
interest-only loan
Payments received by
business from selling
goods and services
Bond
Indirect labour
Manufacturing
overhead
Gross revenue
Bond

Move each of terms to the correct definition
The total of indirect costs

in a manufacturing
operation
Personnel costs not
charged to production
Cost of raw material and

purchased components
not charged to
production
TERMS
Gross revenue
Manufacturing
overhead
Indirect material
Equity
Indirect labour
Indirect labour
Indirect material
Manufacturing
overhead
Bond

Cash flow in a business (during period of time)
= All of the business income
All of the cash paid out
(except to owners)
Alternative investments that are available

to businesses usually have different cash
flows

An investment can be represented by a
diagram, as the cash flow shown below
Cash flow (1000 EUR)
-15 -8
1
-5
2
5
3
15
4
8
5
4
6
4
7
8
Time (month)

EXAMPLES
mainitain the development
salary
negotiated discounts
against material costs
increases
substitution: if buyer
manages to find another
product that performs the
same function or is able to
collaborate with a supplier
to produce a funcionally
equivalent specifiaction
that is more economical to
produce
inventory reduction
process improvement
ANSWERS
TERMS
Operating and
maintance
Cost avoidance
Operating and
maintance
Cost avoidance
Initial
investment
Income

EXAMPLES
software customization
salvage value
ANSWERS
TERMS
Income
Cost avoidance
Operating and
maintance
training
equipment
Initial investment
Initial
investment
Income

DEFINITIONS
For software , a small
percentage overall
expenses, but probably
not zero
Selling
Typically included benefits
such as vacation,
insurance, bonuses, stock
options etc.
Taxes
ANSWERS
TERMS
Costs of goods
sold-materials
Costs of sold
labor
Operating
expenses
Costs of sold
labor
Operating
expenses
Operating
expenses
Investmentrelated expenses
Return on equity
Costs of goods
sold-materials

DEFINITIONS
Interest on loans
ANSWERS
Costs of sold
labor
Return on equity
Operating
expenses
Cash dividends on stock
Depreciation
TERMS
Return on equity
General and
administrative
Operating
expenses
Costs of goods
sold-materials

You are project manager assigned to a project
early in the project lifecycle. One of the things
that must be done is to do a justification to the
project. Since very little information is known
about the project, the estimates are considered
to be rough estimates.

The following table is the project managers
estimate of the cash flow that will take place
over next five years. What is the net cash flow at
the end of five years ?
Cash flow in
EUR
Year
Cash flow out

in EUR
0,00
500.000,00
ANSWERS
300.000,00
90.000,00
50.000,00
400.000,00
100.000,00
-50.000,00
100.000,00
175.000,00
100.000,00
50.000,00
35.000,00
150.000,00

Fundamentals Business decision
making
Fundamentals
Proposals
Cash flow
Business decision
making
State the problem

Identify alternatives
Evaluate the
alternatives
Time value of money

Make a decision
Equivalence
Implement decision
Mutually exclusive
alternatives

Fundamentals Business decision
making
Understand
the real
problem
Define the
selection
criteria
Identify all
reasonable
technically
feasible
solutions
Evaluate
each
proposal
against the
selection
criteria
Select the
preferred
proposal
Monitor the
perfomance
of the
selected
proposal

Fundamentals Time value of money
Fundamentals
Proposals
Cash flow
Business decision
making
Time value of
money
Equivalence
Basis for
comparision
Mutually exclusive
alternatives
Interest is the time

value of money
It is the relationship
between the value
of a EUR today and
the value of a EUR
at some time in the
future

Fundamentals Time value of money
Fundamentals
Proposals
Cash flow
Business decision
making
Time value of
money
Equivalence
Basis for
comparision
Mutually exclusive
alternatives
It is the rate that

someone or some
business will pay to
use someones else
money
The equivalent of
these amounts can
be computed using
various formulas

Fundamentals Common variables in
interest formulas
P = value or amount of money at a time
designated as the present or time 0
P is also referred to as present worth (PW),
present value (PV)
F = value or amount of money at some
future time
F also called future worth (FW) and future
value (FV)

interest formulas
i = interest rate or rate of return per time
period; percent per year, percent by month
n = number of interest periods; years,
months, days
A = series of consecutive, equal, end-ofperiod amounts of money. A is also called
the annual worth (AW) and equivalent
uniform annual worth; EURs per month,
EURs per day

interest formulas
NPV = net present value, the sum of all
present values
t = time, stated in periods; years, months
days

Fundamentals Time value of money Formulas
Future value (F) of present amount (P) year end total (Compound interest)
= (1 + )

Future value (F) of present amount (P) over n years end total (Compound
interest)
= 1+

Present amount (P) required to equal
some future amount (F) at some
assumed interest rate (i)
= / 1 +

If a software development had:
Gross revenue of 14.025.000,00 EUR last year
Various costs of labour, material, operating expenses etc. of
9.050.00,00 EUR
Income taxes of 2.040.300,00 EUR
What was their actual profit and profit margin ?
a) 2.497.700,00 EUR ; 33.50% margin

b) 1.669.800,00 EUR; 13.36% margin
c) 2.934.700,00 EUR; 20.92% margin
d) 2.040.300,00 EUR; 34.91% margin

Formulas:
Gross revenue (costs+taxes) = Actual profit
Actual profit/ Gross revenue = Profit margin
Actual profit = 14.025.000,00 EUR-(9.050.00,00
EUR+2.040.300,00 EUR) = 2.934.700,00 EUR
Profit margin =2.934.700,00 EUR/ 14.025.000,00 EUR
Profit margin = 20.92%

If 15.000,00 EUR is invested at 6% compunded
annually, what is the future value of the
investment after 10 years ?
a) 15.000,00 EUR x 10 x 0.06
b) 15.000,00 EUR x 1.06
c) 15.000,00 EUR + 10 x (0.06 x 15.000,00 EUR)
d) (0.06 = 15.000,00 EUR) 10

Net Present Value (NPV) = The difference
between the present value of cash inflows and
the present value of cash outflows.
NPV is used in capital budgeting to analyze the

profitability of a projected investment or
project.

The following is the formula for calculating NPV:
=1
(1+)
Ct = net cash inflow during the period t

Co = total initial investment costs
r = required rate of return
t = number of time periods

The software company is deciding whether
or not develop the new product. It will
have to invest in developers training
100.000,00 EUR, expects 30.000,00
EUR/year in sales and will reserve 5.000,00
EUR/year for expenses. The required rate
of return is 10%.
What is the Net Present Value (NPV) ?

End of
Year
0
Cash flow EUR

0,00
Present value
EUR
-100.000,00
(30.000-5.000)/(1+0,10) 1
22.727,00
(30.000-5.000)/(1+0,10) 2
20.661,00
(30.000-5.000)/(1+0,10) 3
18.783,00
(30.000-5.000)/(1+0,10) 4
17.075,00
A)
24.404,00 EUR
(30.000-5.000)/(1+0,10) 5
15.523,00
B)
10.888,00 EUR
(30.000-5.000)/(1+0,10) 6
14.112,00
C)
5.231,00 EUR
D)
8.881,00 EUR
ANSWERS
Net Present Value (NPV) is the sum of the Present Values. Since the
NPV is greater than zero, it would be better to invest in the project
than to do nothing.

If a software company would like to receive
1.331.000,00 EUR in three years and assumes
an interest rate of 10 percent, how much that
company need to invest now ?
A) 751.314,00 EUR
B) 887.334,00 EUR
C) 1.000.000,00 EUR
D) 1.210.000,00 EUR

Present ammount required to equal some
future amount at some assumed interest
rate: = / 1 +
1.331.000,00
P=
(1+0,10)3
P = 1.000.000,00 EUR

Fundamentals Equivalence
Fundamentals
Proposals
Cash flow
Business decision
making
Time value of
money
Equivalence
Basis for
comparision
Mutually exclusive
alternatives
Economic
equivalence is
established when
we are indifferent
between a future
payments and a
present sum of
money

Select a correct answer for scenario:
Microsoft is offering a product for 8.825,00
EUR if you will pay full price now or
1.000,00 EUR/year for next 12 years. If
interest is 7% which is better deal ?
A) Full price now
B) 1.000,00 EUR/year

Assuming a reasonable interest rate, investing
now 8.825,00 EUR will grow, with compound
interest, to an amount greater then 12.000,00
EUR.
= 1+
= 8.825,00x2.252
= 19.875,00

STU Software has decided to buy a new
server farm and has begun to shop locally.
As a startup , they have a little cash for
investment. They found a server farm for
35.000,00 EUR, including taxes, delivery,
installation, etc. One dealer offers a 5-year
loan at 0% interest, with a 5.000,00 EUR
down payment.

What would the STU Software monthly
payments be if they took the offer ?
A)
B)
C)
D)
500,00 EUR
583,34 EUR
666,67 EUR
625,00 EUR

Fundamentals Bases for Comparison
Fundamentals
Proposals
Cash flow
Business decision
making
Time value of
money
Equivalence
Basis for
comparision
Mutually exclusive
alternatives
To compare the
alternatives that
provide the same
service over
extended periods of
time where interest
is involved we must
reduced them to an
equivalent basis

ROI and IRR
Return on Investment (ROI) and Internal
Rate of Return (IRR) can be used to
compare investments, both want to get
more value out of a financial venture that
was put in

ROI
Return on Investment (ROI):
Expressed as an interest rate

Gives quick assessment of investment
perfomance and can be computed manually
Is useful when comparing two investments
over the same period
Does not allow comparison of investments
over different time periods

IRR
Internal Rate of Return(IRR):
Mathematically more complicated than ROI

Annualized compund rate that can be earned
on invested money, also known as the yield
Takes into account the investment growth, but
unlike ROI, also accounts for the timing of the
cash flows
Calculating IRR uses spreadsheets and on-line
automated calculators

ROI
In general you can calculate ROI once you
know:
The starting investment value - 0
The ending investment value - 1
The general formula is:
(1 0 )
=
0

IRR
In general you can calculate IRR once you

know:
The cash flows of the investment (0 , 1 )
The time elapsed in years after the first
cash flow ( 1 , 2 ) where 0 = 0
The IRR is the value that solves equatioin:
1
0=
(1 + )
=0

IRR and NPV
Both Net Present Value (NPV) and IRR are

used to evaluate the desirability of
investment of projects
NPV can be thought of as the flipside of
IRR
NPV is the discounted value of a stream
of cash flows, generated from an
investment

IRR and NPV
IRR computes the break-even rate of return
showing the discount rate, bellow which an
investment results in a postive
Recall that IRR is the basis for comparison that
represents the value of a cash flow stream in
terms of a compound interest rate over the
planning horizont
Present Worth (PW) is the basis for comparison
that translates a cash flow stream into an
equivalent single cash flow instance at the
beginning of the planning horizon

Using a simple short term (less than one year)
ROI calculation : 1.000,00 EUR is invested ; the
investment earns 1.250,00 EUR. What is the
ROI ?
A)
B)
C)
D)
18%
20%
25%
30%

The starting investment value
0 = 1.000,00 EUR
The ending investment value
1 = 1.250,00 EUR
Formula:
(1 0 )
=
= 25 %
0

Fundamentals Mutually Exclusive
Alternatives
Fundamentals
Proposals
Cash flow
Business decision
making
Time value of
money
Equivalence
Basis for
comparision
Mutually exclusive
alternatives
Mutually exclusive
proposals are two or
more proposals that
dont fit together
Either you do one,
the other or neither

Fundamentals Mutually Exclusive
Alternatives
When presented with a choice, you can
either choose to carry out a specific
proposal or you can choose not to. But
the real choices confronting an
organization typically are not so simple
Any given set of proposals may be turned
into a set of mutually exclusive
alternatives. The choice can then be
made from among these alternatives

Fundamentals Proposals Mutually
Exclusive

For-profit
Decision
Making
For profit decision
For-profit Decision
Making
analysis
MARR
Economic Life
Planning horizon
Replacement and
Retirement Decisions
Inflation
Depreciation
General Accounting
and Cost Accounting
Income Taxes
Every
good
proposal
contains the promise that
new software will be
finished on schedule, with
planned budget, bringing
increased
organization
profitability ..
For profit decision analysis is

investing resources - time,
money, people, materials ...

For profit decision analysis
In for profit businesses a decision can be made
among mutually exclusive investment alternatives
by selecting the greatest net present value, net
future value or annual equivalent value
The decision maker can select the alternative
which has the highest Internal Rate of Return
(IRR) where IRR is defined as interest rate which
causes the net present value to be equal 0

There are frequently short term budget
constraints whithin a business that prevents
the organization from investing in all projects
with a positive NPV
In most of these cases the cash flow in the
first year will be negative (followed by a few
additional negative years), then several years
with positive cash flow


For-profit
Decision
Making
For profit decision
For-profit Decision
Making
analysis
MARR
Economic Life
Investing in new or
modified software
involves a risk
Planning horizon
Replacement and
Inflation
Depreciation
General Accounting
and Cost Accounting
Income Taxes
Minimum Attractive
Rate of Return MARR
- the lowest IRR that
owners of the business
would consider to be a
good investment

For profit decision analysis - MARR
In a for-profit environment the investment will be
beneficial to the business if the net present value
(NPV) of the cash flow will be greater then zero:
=
=
(1 + )
=0
Where is the cash flow in year t, n is the

duration of teh cash flow in the years, and i is the
minimum attractive rate of return (MARR)

In an analysis and determination of an
organizations MARR (Minimum Attractive Rate
of Return) which of the following issues should
be considered ?
A) MARR does not apply to for-profit organizations
B) If a proposal is elective, MARR may be set lower
C) As the number of proposal rises, MARR must be
increased
D) MARR should be set at least to the highest interest rate
for low-risk investments

Given a before-tax MARR of 17% and an
effective income tax rate of 20% , what is
the after-tax MARR ?
A) 13.6%
B) 17%
C) 11.7%
D) 3.4%
MARR after tax = MARR before tax * (1 eff.inc.tax rate)
MARR after tax = 17% * (1 20%) = 0,136
0,136 *100 = 13,6%

Given a after-tax MARR of 18% and an
effective income tax rate of 22% , what is
the before-tax MARR ?
A) 13.6%
B) 12.3%
C) 11.7%
D) 23.1%
MARR after tax = MARR before tax /(1 eff.inc.tax rate)
MARR after tax = 18% / (1 22%) = 0,2307
0,2307 *100 = 23,1%

For-profit
Planning
horizon
For profit decision
For-profit Decision
Making
analysis
MARR
Economic Life
Planning horizon
Replacement and
Inflation
Depreciation
General Accounting
and Cost Accounting
Income Taxes
Consistent time span

that will be used to
compare two or more
proposals

For-profit Planning horizon
Definitions and formulas:
BAC (Budget at Completion) total budget
allocated to the project
ETC (Estimate to Complete) - estimated cost
to complete remaining of the project
EAC (Estimate at Completion) estimated
cost of the the project at the end of the
project

For-profit Planning horizon
Definitions and formulas:

AC (Actual Cost) total amount today
CPI (Consumer Price Index) measures changes
in the price level of a market basket of consumer
goods and services purchased by households
EAC = BAC/CPI
ETC=EAC-AC

You are the project manager for a software redesign
project. The customer asked you for a forecast for the
cost of project completition. The project has a total
budget of 80.000,00 EUR and CPI of 0.95. The project
has spend 25.000,00 EUR of its budget. How much
more money do you plan to spend on project ?
A) 55.000,00
B) 57.894,00
C) 84.210,00
D) 109.210,00
EAC = BAC/CPI
EAC = (80000 25000) / 0,95
EAC = 57894

For-profit
Replacement
For profit decision
For-profit Decision
Making
analysis
MARR
Economic Life
Planning horizon
Replacement and
Inflation
Depreciation
General Accounting
and Cost Accounting
Income Taxes
At some point of life

of an asset the owner
compares costs of
upkeep with costs
and
benefits
of
replacement

For-profit Replacement
Process is essentaly the same as making a
choice between proposals, for example:
Keep a legacy system
Develop a new system
Additional economics factors:
Sunk costs (spent on legacy system before)
Salvage value (the estimated sale value of an
asset)

For-profit
Inflation
For profit decision
For-profit Decision
Making
analysis
MARR
Inflation
(deflation)
is
measured using a price index:
Economic Life
Price Index now=

(Price now/Price then)
x 100
Planning horizon
Replacement and
Annual inflation rate
Inflation
(0 1 ) /1 x 100%
Depreciation
General Accounting
and Cost Accunting
Income Taxes
0 current average price

current average price a yer ago

Assume that a software development price
index in 2013 was 214.537 and in 2014 the
index was 218.056. What was the software
development inflation rate between 2013
and 2014 ?
A) 1.01 %
B) 1.6 %
C) 1.8 %
D) 2.0 %
((PO P1)/P1) * 100

218.056-214.537 * 100 = 1,6%

For-profit
Depreciation
For profit decision
For-profit Decision
Making
analysis
MARR
Economic Life
Assets are loosing value over

time
Planning horizon
Replacement and
Inflation
Depreciation
General Accounting
and Cost Accounting
Income Taxes
Actual
Depreciation
Depreciation
Accounting
Straight Line
Declining
Balance

For-profit Depreciation
Straight-line depreciation is a value-time
function that assumes the asset looses at a
constant rate over its life time
value
Salvage
value
time

For-profit Depreciation
In this example piece of equipment was
purchased for 12.000,00 EUR, useful life is
estimated to be five years.
Year
Current value
Depreciation
Book value
12.000,00
12.000,00
2.000.00
10.000,00
10.000,00
2.000.00
8.000,00
8.000,00
2.000.00
6.000,00
6.000,00
2.000.00
4.000,00
4.000,00
2.000.00
2.000,00

A set of servers cost 22.500,00 EUR, have a
five year useful life, and expected salvage of
500,00 EUR. What is a depreciation amount
per year?
A) 3.750,00 EUR
B) 4.500,00 EUR
C) 3.667,00 EUR
D) 4.400,00 EUR
SALVAGE = ACC.VALUE - DEPRECIATION

500 = 22500 - DEPRECIATION
DEPRECIATION = 22000, t = 5 years
ANNUAL = DEPRECIATION/t =
22000/5 = 4400

For-profit Declining balance
Asset losses value as fixed percentage of its
remaining value of its lifetime
value
Salvage
value
time

Whats true about this table ?
Year
Book value at the

beginning of year
Depreciation
expense
Accumulated
depreciation
Book value at
the end of the
year
17.000,00 EUR
3.000,00 EUR
3.000,00 EUR
14.000,00 EUR
14.000,00 EUR
3.000,00 EUR
6.000,00 EUR
11.000,00 EUR
11.000,00 EUR
3.000,00 EUR
9.000,00 EUR
8.000,00 EUR
8.000,00 EUR
3.000,00 EUR
12.000,00 EUR 5.000,00 EUR
5.000,00 EUR
3.000,00 EUR
15.000,00 EUR 2.000,00 EUR
A) It represents a declining balance value-time function

B) It is a straight line depreceation
C) The sunk cost is 15.000,00 EUR
D) The physical depreciation indicates it is not software

For-profit
Inflation
For profit decision
For-profit Decision
Making
analysis
MARR
Economic Life
General accounting is the

process of the recording the
financial history of an
organization
Planning horizon
Replacement and
Inflation
Depreciation
General Accounting
and Cost Accunting
Income Taxes
Cost accounting is the part of

general accounting that gives
a company a basis to manage
the cost of production

For-profit
Inflation
For profit decision
For-profit Decision
Making
analysis
MARR
Economic Life
Planning horizon
Replacement and
Inflation
Depreciation
General Accounting
and Cost Accunting
Income Taxes
Nothing in life is certain

except death and taxes ...

For-profit Income taxes
Taxes will have an impact on profitability
Taxes may be included as an expense cash
flow instance(s) in a proposals cash flow
stream
Income taxes are charged against an
organizations net income
An effective income tax rate is an average tax
rate over a range of incomes
Depreciation is deductible from gross revenue

Suppose this table represents income tax in
Slovakia. If a company has a taxable income of
42.375 EUR what is the tax liability ?
Corporations tax
able income
34.401,00 EUR
>34.401 EUR
A) 6.536,19 EUR
B) 10.593,75 EUR
Marginal tax rate

19%
25%

Suppose this table represents income tax in
Slovakia. If a company has a taxable income of
42.375 EUR what is the tax liability ? Assume that
first 34.401,00 EUR is taxed with 19% and next
amount with higher tax rate.
Corporations tax
able income
34.401,00 EUR
>34.401 EUR
A) 6.536,19 EUR
B) 10.593,75 EUR
C) 8.529,69 EUR
Marginal tax rate

19%
25%

For-profit Decision
Summary:
Recognize the primary factors considered by
for-profit as they make decisions about
acquiring software
Define the time value of money and calculate
present value, future value and net present
value
Explain and calculate break-even points and
explain the logic of optimization analysis
Differentiate among the techniques for
estimating software engineering projects

1 Kol.

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Engineering Economics Foundations

Engineering Economics Foundations

Proposals are evaluated from

Engineering Economics Foundations

Engineering Economics Foundations

Test your understanding #1

What is the estimated

Risk and rewards

Test your understanding #1

What is the process to

Risk and rewards

Engineering Economics Foundations

Cash flow instances

Engineering Economics FoundationsCash Flow Bussineses make money

Test your understanding #2

A company s net worth,

Test your understanding #2

The total of indirect costs

Cost of raw material and

Engineering Economics Foundations

Alternative investments that are available

Engineering Economics Foundations

Cash flow (1000 EUR)

Test your understanding #3

Test your understanding #3

Test your understanding #4

Test your understanding #4

Cash dividends on stock

Test your understanding #5

Test your understanding #5

Cash flow out

Engineering Economics Foundations

State the problem

Time value of money

Engineering Economics Foundations

Engineering Economics Foundations

Interest is the time

Engineering Economics Foundations

It is the rate that

Engineering Economics Foundations

Engineering Economics Foundations

Engineering Economics Foundations

Engineering Economics Foundations

Engineering Economics Foundations

Engineering Economics Foundations

Test your understanding #6

a) 2.497.700,00 EUR ; 33.50% margin

Test your understanding #6

Test your understanding #7

Engineering Economics Foundations

NPV is used in capital budgeting to analyze the

Engineering Economics Foundations

Ct = net cash inflow during the period t

Test your understanding #8

Test your understanding #8

Cash flow EUR

Test your understanding #9

Test your understanding #9

Engineering Economics Foundations

Test your understanding #10

Test your understanding #10

Test your understanding #11

Test your understanding #11