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Engineering economics is also popularly known as the engineering economy. Majorly it deals in the engineering projects where the economical activity related to it is analyzed on a bigger platform. If the students are looking to succeed in this course, they need to understand the importance of it in the field of industrial management as well. Moreover, the planning, cost budgeting, scheming of the projects, and time value of money, all come under this heading. This field holds great importance because it is responsible for highlighting the insights over preservation costs, taxes, royalties, payouts, etc.

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