Insurance is a risky operation and thus achieves a social objective if we consider the risks covered by it, such as accidents that could lead to death, total disability or partial disability for humans, as well as damage to property. The distribution of risks or damage caused by certain incidents to a group of individuals rather than to bear the effects of such risks or damages by the same person as the individual.
Engineering Management is one of the most prominent types of modern management which has become a requirement in any of the activities and engineering activities. The Engineering Department aims at activating the administrative bases in all engineering projects and events. It participates with the other departments in the planning, Engineering Project.
There is a great correlation between the economic and engineering sciences alike. It can be said that the engineering economy is part of the work of the engineering administration which is directed towards the logical application of the work of economic production. In the case of engineering projects, it must be studied by the engineering and economic parties simultaneously. The economic study shows its advantage over the engineering study of the project. In other words, in the absence of any economic feasibility of the project, it will be canceled immediately, regardless of the engineering features available in this project. Therefore, the so-called engineering economy or management Ndsah.
What is the definition of the engineering economy?
The engineering economy is defined as the relationship in which engineering is used very successfully, in order to define economic applications that meet the needs and desires of the people, as well as an evaluation of all the benefits that the project contributes to.
Capital expenditure projects are consistently in most of the heavy industries: oil, gas, mining and utilities. The element of material is always the main element of total expenditure and can account for more than 50% of the budget. It is, however, the most overlooked element. Projects are usually delayed due to inadequate material management. The British Academy for Training and Development offers a project management course that focuses on the effectiveness of material management and how to integrate it into the project plan, from planning and design to procurement, vendor monitoring, construction and even final liquidation.