Engineering Economics 19 September 2013

8/12/2019 Engineering Economics 19 September 2013

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Engineering Economy

Introduction

The Accreditation Board for Engineering and Technology (ABET, 1998) states that engineering“is the profession in which a knowledge of mathematical and natural sciences gained by study,experience, and practice is applied with judgment to develop ways to utilize, economically, thematerial and forces of nature for the benefit of mankind”.

DeGarmo et.al (1997) stated that engineering economy is the discipline concern with theeconomic aspects of engineering; it involves the systematic evaluation of the costs and benefitsof proposed technical projects. The principles and methodology of engineering economy are anintegral part of the daily management and operation of private sector companies andcorporations; regulated public utilities, government units or agencies, and nonprofit organization.These principles are utilized to analyze alternative uses of financial resources, particularly in

relation to the physical assets and the operation of an organization. Last, but certainly not least,engineering economy will prove to be invaluable to you in assessing the economic merits ofalternative uses of your personal funds.

Sullivan W.G et al (2009) Engineering economy involves the systematic evaluation of theeconomic merits of proposed solutions to engineering problems. To be economicallyacceptable (i.e., affordable), solutions to engineering problems must demonstrate a positive balance of long term benefits over long term costs, and they must also:

Promote the well-being and survival of an organization;

Embody creative and innovative technology and ideas;

Permit identification and scrutiny of their estimated outcomes; and

Translate profita bility to the “bottom line” through a valid and acceptable measure ofmerit.

The development of engineering economy methodology, which is now used in nearly allengineering work, is relatively recent. A pioneer in the field was Arthur M. Wellington (1887),a civil engineer, who in the latter part of the nineteenth century specifically addressed the role ofeconomic analysis in engineering project. He stated that [Engineering] is the art of doing thatwell with one dollar which any bungler can do with two.

Basic Concepts (Origin and the principles of Engineering Economy)

DeGarmo et.al., define the foundation for engineering economy to be a set of principles, orfundamental concepts, that provide a comprehensive doctrine for developing the methodology interms of seven principles below:

Develop the Alternatives:The choice (decision) is among alternatives. The alternatives need to be Identified and

then defined for subsequent analysis.



Focus on the differences:Only the differences in expected future outcomes among the alternatives are relevant to

their comparison and should be considered in the decision.

Use a consistent view point:

The prospective outcomes of the alternatives are relevant to their comparison and should be considered in the decision.

Use a common unit of measure:Using a common unit of measurement to enumerate as many of the prospective outcomes

as possible will make easier the analysis and comparison of alternatives.

Considered all relevant criteria:Selection of preferred alternatives (decision making) requires the use of a criterion (or a

several criteria). The decision process should considered both the outcomes enumerated inmonetary unit and those expressed in some other unit of measurement or made explicit in a

descriptive manner.

Make uncertainty explicit:Uncertainty is inherent in projecting (or estimating) the future outcomes of the

alternatives and should be recognized in their analysis and comparison.

Revisit your decisions:Improved decision making results from an adaptive process, to the extent practicable, the

initial projected outcomes of the selective alternative should be subsequently compared withactual result achieved.

Engineering Economy and Design Process

The engineering design process may be repeated in phases to accomplish a total design effort.For example, in the first phase, a full cycle of the process may be undertaken to select aconceptual or preliminary design alternative. Then, in the second phase, the activities arerepeated to develop the preferred detailed design based on the selected preliminary design. Theseven-step economic analysis procedure would be repeated as required to assist decision makingin each phase of the total design effort.

See 1, table 1.1.



Table 1.1 General Relationships between the Engineering Economic Analysis Procedure and theEngineering Design Process

Engineering Economic Analysis Procedure Engineering Design Process

Step Activity

1. Problem recognition, definition, andevaluation

1. Problem/need definition2. Problem/need formulation and evaluation

2. Development of the feasible alternatives 3. Synthesis of possible solutions(alternatives

3. Development of the outcomes and cashflows for each alternative

4. Selection of a criterion (or criteria) 4 Analysis, optimization, and evaluation

5 Analysis and Comparison of thealternatives

6 Selection of the preferred alternative. 5 Specification of preferred alternative.7 Performance monitoring and post

evaluation of results6 Communication for the completion ofspecified solution

Accounting and Engineering Economy

Accounting procedures are established to record and summarize the financial events relating tothe investment, so that the financial performance can be determined. Thus, accounting data are primarily concerned with the past and current financial events, even though such data are oftenused to make projections about the future. Accounting procedures is consisting of General

accounting and Cost accounting.General accounting is a source of much of the financial data needed for estimating futurefinancial conditions. The accounting data are use for analyses of how well the result of acapital investment turned out compared to the results that were predicted in the engineeringeconomic analysis.Cost accounting, or management accounting, is a subset of accounting that is of a particularimportant because it is concerned principally with decision making and control in a firm.Modern cost accounting may satisfy any or all of the following objectives:To determine the cost of products or servicesTo provide a rational basis for pricing goods or servicesTo provide a means for controlling expenditures

To provide information on which operating decisions may be based and the results evaluated.



Cost Concept

Cost Terminology

Direct and Indirect Costs

Direct costs are those that can be reasonably measured and allocated to a specific output or workactivity. Direct cost can be directly assigned to a particular cost center, product line, or part.The labor and material costs directly associated with a product, service, or construction activityare direct costs. For example, the materials needed to make a pair of scissors would be a directcost.Indirect costs are those that are difficult to attribute or allocate to a specific output or workactivity. The term normally refers to types of costs that would involve too much effort toallocate directly to a specific output. Indirect costs cannot be directly assigned to a product, butmust be “extend” over an entire company. For example the costs of common tools, generalsupplies, and equipment maintenance in a plant are treated as indirect cost.

Fixed and Variable Cost

Fixed costs are those unaffected by changes in activity level over a feasible range of operationsfor the capacity or capability available. Typical fixed costs include insurance and taxes onfacilities, general management and administrative salaries, license fees and interest costs on borrowed capital. Fixed costs are independent of the rate of production of goodsExample of fixed costs:Indirect plant costInvestment costsDepreciation on capital investmentInterest on capital investment and inventoryProperty taxesInsuranceOverhead costs (burden)Technical services (engineering)Product design and development Non technical services (office personnel, security, etc).General suppliesRental of equipmentManagement and administrative expenses.Share of corporate executive staffLegal staffShare of corporate research and development staffMarketing staffSelling expensesSales forceDelivery and warehouse costsTechnical service staff.



Variable costs are those associated with an operation that vary in total with the quantity of outputor other measures of activity level. Variable costs change with the production rate. Forexample, the cost of material and labor used in a product or service are variable costs- becausethey vary in total with the number of output units-even though the costs per unit stay the same.Example of variable costs:

MaterialDirect labor (including fringe benefits)Direct production supervisionMaintenance costsPower and utilitiesQuality-control staffRoyalty paymentsPackaging and storage costsScrap losses and spoilage

Sunk Cost

A sunk cost is one that has occurred in the past and has no relevance to estimates of future costsand revenues related to an alternative course of action. Thus a sunk cost is common to allalternatives, is not part of the future cash flows, and can be disregarded in an engineeringeconomic analysis.A classic example of sunk cost involves the replacement of assets. Suppose a company isconsidering the replacement of a piece of equipment. It originally cost $ 40,000, is presentlyshown on company records with a value of $ 20,000, and can be sold for an estimated $ 5,000.For purpose of replacement analysis, the $ 40,000 is a sunk cost. One other view is that thesunk cost should be considered as the difference between the value shown in the companyrecords and the present realizable selling price. According to this viewpoint, the sunk cost is$20,000 minus $ 5,000, or $15,000. Neither the $ 40,000 nor the $15,000 however, should beconsidered in an engineering economic analysis.

Consider Master of Settlement and Acquisition Agreement (MSAA) (in Indonesian language“Perjanjian pengembalian Bantuan Likuiditas Bank Indonesia dengan jaminan aset “) betweenBPPN (IBRA) and several Indonesian Conglomerates. In the agreement the assets were valued based on Rp. 11,000 for one (1) US $. Now, in august, 2000 an US dollar is Rp 8,600. So, forevery single US dollar value of asset, the sunk cost will be Rp. 2,400.

The General Economic Environment (Cost concepts and Design Economic)

1. Consumer and Producer Goods and Services2. Measures of Economic Worth3. Necessities, Luxuries, and Price Demand (See Figure 2.2)4. Competition5. The Total Revenue Function (See Figure 2.3)6. Cost, Volume, and Breakeven Point Relationships

a. Scenario 1: Demand is a function of Price (See Figure 2.4)Spread sheet calculation (See Figure 2.5)



b. Scenario 2: Assume that Price and Demand are independent of each other (See Figure2.6).

p = price

p = a – bD => D = (a – p)/b

Unit of Demands (D)

Figure 2.2 General Price Demand

TR = Total Revenue

Maximum TR = a2/4b

TR = Price x D = (a – bD)D

Demand (D)

Figure 2.3 Total Revenue Function as a Function of Demand



Cost-Driven Design Optimization

Engineers must maintain a life-cycle viewpoint as they design products, processes, and services.Such a complete perspective ensures that engineers consider initial investment costs, operationand maintenance expenses, and other annual expenses in later years, and environmental and

social consequences over the life of their designs. In fact, a movement called Design for the Environment (DFE), or “Green Engineering”, has prevention of waste, improved materialsselection, and reuse and recycling of resources among its goals. Designing for energyconservation, for example, is a subset of green engineering. So, engineering design is an

economically driven art.

Cost-driven design optimization is simple design models intended to illustrate the important ofcost in the design process. They show the procedure for determining an optimal design, usingcost concepts. Discrete and continuous optimization problems that involve a single designvariable, X. This variable is called a primary cost driver, and knowledge of its behavior may

allow designer to account for a large portion of total cost behavior.

For cost-driven design optimization problems, the two main tasks are as follows:1. Detemine the optimal value for a certain alternative‟s design variable. For example,

what velocity of an aircraft minimizes the total annual costs of owing and operating theaircraft?

2. Select the best alternative, each with its own unique value for the design variable. Forexample, what insulation thickness is best for a home in Virginia: R11, R19, R30, orR38?

See page 38 to continue with the steps and example of optimizations.

Time Value of Money

Return of Capital:

The term capital refers to wealth in the form of money or property that can be used to producemore wealth.The majority of engineering economy studies involve commitment of capital for extended periods of time, so the effect of time must be considered. In this regard, it is recognized that adollar today is worth more than a dollar one or more years from now because of the interest (orProfit) it can earn.Therefore, money has a time value.

Capital in the form of money for the people, machines, materials, energy, and otherthings needed in the operation of an organization may be classified in two basic categories.Equity Capital is that owned by individual who has invested their money in a business project or



venture in the hope of receiving a profit.Debt Capital, often called borrowed capital, is obtained from lenders (e.g. through the sale of bonds) for investment. In return the lenders receive interest from the borrowers.

Interest and interest calculation

Simple interest

When simple interest is applicable, the total interest, I, earned or paid may be computedin the formula:

I = (P)(N)(i), where:

P = principal amount lent or borrowed N = number of interest periods (e.g., years)

i = interest rate per interest period

Simple interest is not used frequently in modern commercial practice.

Compound interest

In compound interest, the interest due at the end of a period is not paid out but is insteadadded to the principal. During the next period, interest is paid on the total sum.

Sn = (P)(1+ i)n, where:

P = principal amount lent or borrowedn = number of interest periods (e.g., years)i = interest rate per interest period

Compound interest is used frequently in modern commercial practice. (See 2,table 13.2)

Principles of cash flow analysis

Engineering economy was developed to deal with sums of money at different time in the future.These situations can rapidly become quite complex, so that a methodology for setting up problems is needed. A good procedure is to place the dollar amounts on a dollar-time diagramor cash flow, as shown below:

Receipts (income) are place above the line, and disbursements (costs) are placed belowthe line. The length of the arrow should be proportional to the dollar amount. (2,p.632)

Project selection techniques (The concept of equivalent)



How can alternatives for providing the same service or accomplishing the same function becompared when interest is involved over extended periods of time?

Compare the alternatives, by reducing them to an equivalent basis that is dependent on:(1) the interest rate;(2) the amount of money involved;

(3) the timing of monetary receipts and/or expenses; and(4) the manner in which the interest, or profit, on invested capital is paid and the initialcapital recovered. (See 1, table 3.1)Tax, depreciation, inflation, capital budgeting

TaxesTaxes are an important factor to be considered in engineering economic decisions. The maintype of taxes that are imposed on a business firm are:

Property taxes: Based on the value of the property owned by the corporation (land, buildings,equipment, inventory). These taxes do not vary with profits and usually are not too large.

Sales taxes: Imposed on sales of products. Sales taxes usually are paid by the retail purchaser, so they generally are not relevant to engineering economy studies.Excise taxes: Imposed on the manufacture of certain products like tobacco and alcohol. Alsousually passed on to the consumer.Income taxes: Imposed on corporate profits or personal income. Gains resulting from the saleof capital property also are subject to income tax.

Generally, income taxes have the most significant impact on engineering economic decisions.Although we cannot investigate into the complexities of tax laws, it is important to incorporatethe broad aspects of income taxes into our analysis.

DepreciationCapital equipment or property suffers a loss in value with time. This may occur by wear,deterioration, or obsolescence, which is a loss of economic efficiency because of technologicaladvances. Therefore, a company must lay aside enough money each year to accumulate a fundto replace the obsolete or worn-out equipment. This allowance for loss of value is calleddepreciation.In a capital-intensive business, depreciation can have a strong influence on the amount of taxesthat must be paid.

Taxable income = total income – allowable expenses – depreciation

In general, property is depreciable if it meets the following basic requirements:It must be used in business or held to produce income.It must have a determinable useful life, and the life must be longer than one year.It must be something that wears out, decays, gets used up, becomes obsolete, or losses valuefrom natural causes.It is not inventory, stock in trade, or investment property.

Land is non depreciable asset, since it is never used up.



The basic questions to be answered about depreciation are:What is the time period over which depreciation can be taken; andHow should the total depreciation charge be spread over the life of the asset.

Four methods of spreading the depreciation over the recovery period n:Straight-line depreciation;declining balance;sum-of-the-years digits; andmodified accelerated cost recovery system (macros)

InflationInflation exists when prices of goods and services are increasing so that a given amount ofmoney buys less and less as time goes by. Interest rate and inflation are directly related. The basic interest rate is about 2 to 3 percent higher than the inflation rate. Thus, in a period of highinflation, not only does the dollar purchase less each month, also the cost of borrowing money

rises.Inflation is measured by the change in the Consumer Price Index (CPI), as determined by theU.S. Department of Labor in USA, and by National Bureau of Statistic in Indonesia. The CPIshows the relationship between present and past costs for typical thing that consumers must buy,such as food, drinking water, transportation, energy and rent.

Optimization

Optimization is the process of maximizing a desired quantity or minimizing an undesired one.Optimization theory is the body of mathematics that deal with the properties of maxima andminima and how to find maxima and minima numerically. In the typical design optimizationsituation the designer has created a general configuration for which the numerical values of theindependent variable have not been fixed. An objective function that defines the value of thedesign in terms of the independent variables is established.

U = U(x1,x2, ….. , xn)

Typical objective functions could be cost, weight, reliability, and productivity or a combinationof these. Inevitably, the objective function is subject to certain constraints. Constraints arisefrom physical laws and limitations or from compatibility conditions.Several types of numerical algorithm for searching an optimum solution are among others,Linear programming, Nonlinear programming, Geometric programming, Dynamic programming, Variational methods, and Differential Calculus.

(see 1, chap. 12.8, Linear Programming Formulations).

Capital Budgeting



The capital budgeting processes consist of two main components, i.e.:the long-term sources of capital (capital financing); andthe expenditure of capital through development, selection, and implementation of specific projects (capital allocation)

Capital financing and allocation are challenging and difficult functions that take place at thehighest levels of an organization, such as the office of the chief executive officer or the board ofdirectors. However, information produced at lower levels in the organizational hierarchydirectly affects investment proposals that are ultimately considered in the overall capital budget.

Capital financing and allocation are normally simultaneous decision processes regarding howmuch and where resources will be obtained and expended for future use, particularly in the future production of goods and services. The scope of these activities include:How the money is acquired and from what sourcesHow individual capital project alternatives (and combinations of alternatives) are identified and

evaluated.How minimum requirements of acceptability are setHow final project selections are madeHow post reviews are conducted

(See 1, chap.12) for:Capital financing; borrowed funds versus equityFinancing with borrowed capitalOther sources of equity capitalLeasing as a source of capitalCapital allocation among independent projectsLinear programming formulations of capital allocation problems

Introduction to project appraisal

The appraisal process has the objective of selecting, on the basis of the studies, projects forinclusion in the program. In other words, the objective of the appraisal is to determine whetherthe project satisfies the following criteria:it is in accordance with national development objectives and immediate priorities; and withregional development objectives;it is technically sound, and is the best of the available alternatives under existing technical andother constraints;it is administratively workable;it is economically and financially viable;it is socially acceptable, having regard to important local customs;it is environmentally accountable.

For adequate programming, especially where funds or human or logistics resources are not



sufficient to proceed with all projects, those which have been passed the appraisal may have to be compared and ranked. The relative important of these criteria may vary from one area toanother.

Project objective, project cost, and project benefits (tangible and intangible)

Project generally refer to an investment activity upon which resources-costs-are expended tocreate capital assets that will produce benefits over an extended period of time and whichlogically lends itself to planning, financing, and implementing as a unit. A specific activity,with specific starting point and specific ending point, intended to accomplish a specificobjective. The smallest operational element prepared and implemented as a separate entity in anational plan or program. May produce benefits that can be valued in money terms or benefitsthat are intangible.

Project Analysis

An analytical system that compares costs with benefits to determine if a proposed project, giventhe alternatives, will advance the objective of the entity from whose standpoint the analysis is being undertaken sufficiently to justify undertaking the project.

Project Objectives, Costs, and Benefits. In project analysis, the objectives of the analysis is to provide the standard against which costs and benefits are defined. Simply put, a cost isanything that reduces an objective, and a benefit is anything that contributes to an objective.The problem with such simplicity, however, is that each participant in a project has manyobjectives. For a farmer, a major objective of participating is to maximize the amount hisfamily has to live on. He may also want his children to be educated. He may also value histime away from the fields: a farmer will not adopt a cropping pattern, how ever remunerative,that requires him to work 10 hours a day 365 days a year.For private business firms or government corporations, a major objective is to maximize netincome, yet both have significant objectives other than simply making the highest profit possible.A society as a whole will have as a major objective increased national income, but it clearly willhave many significant, additional objectives. One of the most important of these is incomedistribution.In almost all project analyses, costs are easier to identify (and value) than benefits. In everyinstance of examining costs, we will be asking ourselves if the item reduces the net benefit of afarm or the net income of a firm (our objectives in financial analysis), or the national income(our objective in economic analysis).Tangible benefits of agricultural projects can be gathered either from on increased value of production or from reduced costs. The specific form in which tangible benefits appear,however, are not always obvious, and valuing them may be quite difficult.

Financial analysis

Financial analysis is an analysis done using Market Prices. Once market prices have been



determined for those items that enter the cost and benefit streams, this information must bearranged in “pattern” accounts. Such arrangement is necessary to begin the assessment of the

effects that a proposed project will have on the farmers, public and private enterprises, andgovernment agencies that will participate in project implementation.

Economic Analysis

Economic analysis is an analysis done using Economic Value. The economic aspects of project preparation and analysis require a determination of the likelihood that a proposed project willcontribute significantly to the development of the total economy and that its contribution will begreat enough to justify using the scarce resources it will need. The point of view taken in theeconomic analysis is that of the society as a whole.The financial and economic analyses are thus complementary. The financial analysis takes heviewpoint of the individual participants and the economic analysis that of society.

Secondary Costs and Benefits. Project can lead to benefits created or costs incurred outside the

project itself. Economic analysis must take account of these external, or secondary, costs and benefits so they can be properly attributed to the project investment. (Of course, this applies onlyin economic analysis; the problem does not arise in financial analysis).Every project has costs and benefits that are intangible. These may include creation of new jobopportunities, better health and reduced infant mortality as a result of more rural clinics, betternutrition, reduced incidence of waterborne disease as a result of improved water supplies,national integration, or even national defense. Such intangible benefits are real and reflect truevalues. They do not however, suit themselves to valuation. Because intangible benefits are afactor in project selection, it important that they be carefully identified and, where at all possible,quantified, even though valuation is impossible. For example how many children will be enrollin the schools? How many homes will benefit from a better system of water supply? Howmany infants will be saved because of more rural clinics?In most cases of intangible benefits arising from a project, the costs are tangible enough:construction costs for schools, salaries for nurses in a public health system, pipes for watersupplies, etc. Intangible costs, however do exist in projects. Such costs might be incurred ifnew project disrupt traditional patterns of Family life. If development leads to increase pollution, if the ecological balance is upset, or if scenic values are lost. Again, althoughvaluation is impossible, intangible costs should be carefully identified and if possible quantified.

Basic Concept of Life Cycle Costs

Life cycle cost, this term refers to a summation of all cost, both recurring and nonrecurring,related to a product, structure, system, or service during its life spanRecurring costs are those that are repetitive and occur when an organization produces similargoods or services on a continuing basis. Variable costs are also the recurring costs, becausethey repeat with each unit of output. But recurring costs are not limited to variable costs. Afixed cost that is paid on a repeatable basis is recurring cost. Nonrecurring costs are those costs that are not repetitive, even though the total expenditure may be cumulative over a relatively short period of time. Typically, nonrecurring costs involve



developing or establishing a capacity or capacity to operate. For example the purchase cost forreal estate upon which a plant will be built is a nonrecurring cost, as is the cost of constructingthe plant itself.

The Life Cycle Costing (LCC) is a methodology that attempts to capture all of the costs

associated with a product through out its life cycle. The typical problem is whether it is moreeconomical to spend more money in the initial purchase to obtain a product with lower operatingand maintenance costs, or whether it is less costly to purchase a product with lower first costs buthigher operating costs. However, life cycle costing or life-cycle cost integration goes into theanalysis in much greater detail in an attempt to evaluate all relevant costs, both present andfuture, covering the process of integrating design, construction, maintenance, rehabilitation, andrenovation. As such it will maximize benefits to the users and minimize total cost to the ownersand users.

Principles of Constant Price, Current Price, Shadow Price, Opportunity Cost.

Constant PriceA “constant price” is a price that has been deflated to real terms by an appropriate “price index”

(a series that records changes in a group of prices relative to a given, or base, period).In the past few years, virtually every country has experienced inflation, and the only realisticassessment is that this will continue. No project analyst can escape deciding how to deal withinflation in his analysis.The approach most often taken is to work the project analysis in constant prices. That is theanalyst assumes that the current price level (or some future price level – say, for the first year of project implementation) will continue to apply.

Current PriceA “ current price” is a price that includes the effects of general price inflation. A past value or price as actually observed; a future value or price as expected to occur.

Shadow Price

The value used in Economic Analysis for a Cost or a Benefit in a project when the market priceis felt to be a poor estimate of Economic Value. Generally used as a synonym for “accounting

price”. Shadow price technically implies to price that have been derived from a complexmathematical model (for example from Linear Programming), whereas an accounting pricesimply indicates that the price is not a market price.

Opportunity Cost

Opportunity cost is the benefit forgone by using a scarce resource for one purpose instead of forits next best alternative use. For example, suppose a farmer produces both rice and maize butapplies all his available fertilizer to rice. If instead he transferred some of the fertilizer to hismaize, he would reduce the value of his rice production somewhat, but he might gain a muchhigher value of increased maize production. The value of his rice production forgone would be



the opportunity cost of the fertilizer used for maize production. In this example, therefore, theopportunity cost is the Marginal Value Product of the fertilizer in its next best alternative use.In a perfectly competitive market where there are many buyers and sellers, all of whom have perfect information, the Market Price will equal the marginal value product of an item and thusmarket price, opportunity cost, and marginal value product will all be equal.

However, if because of market imperfections or other reasons the market price of an input doesnot closely approximate the marginal value product in its next best alternative non project use,the marginal value product is estimated directly, and that estimate becomes the shadow price ofthe item.

Border prices, Conversion factors

Border price is the unit price of a Traded good at a country‟s border. For exports, the F.O.B.

price; for imports, the C.I.F price; compare with farm-gate price.Free on board (F.O.B) prices is the price of an export loaded in he ship or other conveyance thatwill carry it to foreign buyers.

Cost, insurance, and freight (C.I.F) is the landed cost of an import on the dock or other entry point in the receiving country. Include cost of international freight and insurance and oftenincludes cost of unloading onto the dock. Exclude any charges after the import touches thedock and exclude all domestic tariffs and other taxes or fees.Conversion factor is a number, usually less than 1, that can be multiplied by the domestic MarketPrice, Opportunity Cost, or Value in use of Nontraded item to convert it to an equivalent BorderPrice that reflects the effect of trade Distortions on domestic prices of that good or service.

Steps in Project Analysis

Preparing a project analysis is anything but a neat, continuous process with well-defined steps,each of which is completed before the next and never retraced. Instead, the whole process isiterative; that is, the analyst must continuously go back and adjust earlier decisions in the light ofwhat is learned from later analysis. In general, the process begins with an idea about the broadnature and objectives of a proposed project that has been supplied by the political or planning process. For example, the proposal for an irrigation project in a particular area, or a marketing project to reduce seasonal fluctuations in the price of an agricultural product, or an extension ofan existing land settlement project. The next step is to examine carefully the appropriatetechnical relations on which to base the technical planning. Then these technical requirementsare priced and some projection of inputs and outputs are developed as the basis for the financialanalysis. These financial prices are then adjusted to give economic values on which to base theeconomic analysis and to judge the project‟s contribution to the national income. At each stepthe institutional, organizational, and managerial aspects and social effects must be considered.And the iterative process could be done for each step. The flowchart below depicts this processschematically (See Price Gittinger).

There are three very important distinctions between economic and financial analysis that must bekept in mind. These qualifications are summarized here(3, page 19):First, in the economic analysis taxes and subsidies are treated as transfer payments. The newincome generated by a project includes any taxes the project can bear during production and any



sales taxes buyers are willing to pay when they purchase the project‟s product. These taxes,

which are part of the total project benefit, are transferred to the government, which acts on behave of the society as a whole, and are not treated as costs. Conversely, a governmentsubsidy to the project is a cost to the society, since the subsidy is an expenditure of resources thatthe economy incurs to operate the project. In financial analysis such adjustments are

unnecessary; taxes are usually treated as a cost and subsidies as a return.Second, in financial analysis market prices are normally used, taking into account taxes andsubsidies. From these prices come the data used in the financial analysis. In the economicanalysis, however, some market prices maybe change so that they more accurately reflect socialor economic values. These adjusted prices are called “shadow” or “accounting” prices and inthe analytical system recommended here are efficiency prices. In both financial and economicanalysis projected prices are used, so both rely to a substantial extent on what are, in effect,hypothetical prices.Third, in economic analysis interest on capital is never separated and deducted from the grossreturn because it is part of the total return to the capital available to the society as a whole.Total return, including interest is what the economic analysis is designed to estimate. In

financial analysis, interest paid to external suppliers of money may be deducted to derive the benefit stream available to the owners of capital. But interest imputed or “paid” to the entity

from whose point of view the financial analysis is being done is not treated as a cost because theinterest is part of the total return to the equity capital contributed by the entity. Hence, it is partof the financial return that entity receives.

Project Selection Techniques

Based on the objectives of a project, various criteria have been identified within the projecteconomic studies. A summary of objectives and criteria is presented in the economic decisionmatrix below:

THE ECONOMIC DECISION MATRIXObjectivesCriteriaAlt. 1Alt.2Alt.3

Determine contribution of project to national incomeEIRR NPV at 12% discount rateBenefit-Cost Ratio



Determine benefits of project to participant (farmers).% increase in net farm income due to the project% increase to the cash income due to the projectincrease in net farm income due to project, per incremental man-day of family labor

Determine effect of project on government budget7. Cost Recovery Index

Determine the project risk75% probability level of EIRR

75% probability level for NPV75% probability level for B/C ratio

Determine foreign exchange impact of the project Net Foreign Exchange SavingsDomestic Resource Cost

Determine employment impact of the projectCost of creating 1000 man-days of employment

Determine the impact of the project on income distribution and rural poverty% change in Gini Coefficient% change in Poverty Ratio% of project incremental benefits flowing to those households presently earning less than Rp.1,500,000 per year



The capacity of the project to create (national) income, from the point of view of the society as awhole, can be measured only when project costs and benefits are valued in terms of their“opportunity cost” to society. In other words, the true costs of the project are the goods and

services foregone by using them for this project.

Market pr ices do not always necessarily reflect the “true value” (opportunity cost) of a good orservice to society. Under free market conditions, the (financial) market price of an item shouldclosely approximate its opportunity cost (=economic value). Although markets are nevercompletely free, it can be said that, in general, market prices tend to approximate real value. Ifnot, then estimates of real values (=”accounting” values or “shadow prices”) are substituted.Shadow prices are therefore necessary because of market “imperfections” which may cause

market values to be different from “opportunity cost” values. Examples of market

imperfections are import taxes, subsidies, and wage inflexibility in the labor market.In practice, it is not necessary to calculate shadow prices for all project cost and benefit items.Some adjustment to market prices will make a considerable difference to the economy viabilityof a proposed project. Such items usually include major construction costs, family and hired

labor cost and the major farm production inputs such as fertilizers. On the other hand, thenecessary adjustments for many minor project items may not be worthwhile, and the analystwould be more effectively employed in obtaining more accurate estimates for major items.Consequently, the economic values used in an analysis will normally be a combination of market prices and of shadow prices. (A shadow price is any value that is not a market price, butusually in project analysis is intended as an estimate of the economic value of a good or service).In order to determine economic values for project items, project inputs and outputs are firstcategories as follows:

Economic pricing is limited to tangible items, the exclusion of transfer payment, the adjustmentof labor input to reflect its opportunity cost and the use of world prices as a basis for evaluatinggoods and services which are internationally traded.A full classification of project inputs and outputs for purposes of determining their economicvalue is given in the Figure below (4, p366)

Transfer payment is a payment made without receiving any good or service in return.Common examples of transfer payments are taxes on construction contractors and on farmers,and repayment of loans.

Traded goods and services are those, which through their use in the project will affectcountry „s level of import and export. Common examples of traded goods in irrigation projectare rice (less rice will be imported due to project rice production) and urea (less urea will beexported due to its increase used on the project).

Traded items are valued in the economic accounts at “border parity prices”. The border price is first determined; this is normally the c.i.f. price for imports and the f.o.b. price forexports. Then, the economic valuation is completed by adjusting the border price againsttransport and marketing costs between the project site and the point of import or export. This procedure is described in detail for rice in Figure 10.8.2. (4, p370,371, 376)



Non-traded items are those, which do not enter into international trade because of trade

barriers or other factors. Typical non-traded items are construction, marketing services,transport, unskilled labor, land, and perishable vegetables. Compare to the traded items, whichhave c.i.f. and f.o.b. prices, obtaining economic values for non-traded items is more difficult and

involving two stages. First, determination of the economic value of the item expressed indomestic rupiah, and second, converting the domestic rupiah value into the equivalent “borderrupiah” value in order to place non-traded items on the same accounting basis as traded items.Those two stages are summaries into a single conversion factor, which directly converts themarket price of non-traded item into its border rupiah value.

Construction is the major non-traded item for most projects and to determine itseconomic value, one has to analyze the contract and engineering data, individual componentcosts can usually be split up into major categories. For example, total financial cost for acomponent is 30 million rupiah, and can be categories as follows:

No.

Cost ItemFinancial Cost% of financial cost

1.Unskilled labor

9 million30

2. Non-traded inputs

620

3.Traded Inputs

620

4.Tax

310

5.



Profit620

Total30100

To calculate the economic cost, each of item 1 to 5 must be multiplied by an conversion

factor of economic-financial ratio. Unskilled labor is multiplied by the ratio of the economicwage rate to the financial.Once the above estimates of economic value have been made, they are converted from

domestic rupiah units of value to border rupiah unit of value by applying the standard conversionfactor. The exception is the “traded item” category, which is already calculated in the borderrupiah.

The eventual calculation may appear as follows:

Cost ItemFinancial CostConversion

Economic Cost

1. Unskilled labor9 million0.5 e.g.4.5

2. Non-traded inputs61.06.0

4. Tax30.00.0

5. Profit



61.06.0

Total

16.5

Total converted to border rupiah:

x (Standar conversion factor e.g. 0.9) = 14.85 million rupiah.

traded inputs (already calculated in border rupiah) = 7.15 million (e.g.)

Total economic cost in million of border rupiah = 14.85 + 7.15 = 22.0A single conversion factor for this particular construction component would be calculated as:

EMBED Equation.3

Financial analysis from beneficiaries (farmers) point of view

The measure of value in financial analysis is the market price, because the market price isnormally the best estimate of an item‟s “marginal value product” and of its “opportunity cost”,from the point of view of project participants.Project financial prices should reflect the market value of an item at the project site. Foragricultural inputs and outputs, this means “at the farm gate”; the “farm gate “ is usually taken asthe boundary of the farm. For project capital costs, the project site refers to the constructionsite. In some cases, the project analyst can determine the “farm gate” price directly as the farm

boundary, and may be the point-of-first-sale, to be used as the starting point.

The main objectives of the financial analyses of farmers in an irrigation project are:To determine the effect of the project on farmers‟ income. to determine farmers‟ credit needs and cash balancesto determine the returns to the capital investment made by the farmerto determine the returns to the labor and management skills of the farmers.

If the objectives are achieved for both with-project and without-project circumstances, theinformation can be used to evaluate the incentives that farmer will be/should be provided within



order to successfully participate in the project. The information can also be used in planningcredit arrangements and in the analysis of income distribution effect of the project. In addition,the procedures used to achieve the objectives provide the basis for the analysis of the economicviability of the project, employment effects and foreign exchange effects.Farmers‟ incomes are expressed as net household income, and are base on the crop and farm

budgets for representative farms. The credit requirements and cash flow of the farm householdsare easily obtained from the cash entries in the crop and farm budgets. The efficiency of thefarmers‟ additional investment of capital, labor and management skills in the project can also bereadily measured using the crop and farm budget data.Once representative farms have been selected, physical and financial data on farm inputs andoutputs must be collected, and assembled into an analytical framework known as the crop andfarm budgets. A crop budget in Table (4,p340), is constructed for each major crop grown in the project area and summaries all of the necessary physical, financial and economic data necessaryfor the analysis. A standard farm budget table is presented in Table (4,p341,). .

Financial Analysis from Government Point of View

The financial analysis of government project as a whole should provide:A summary of the anticipated costs of the project which will be incurred by each of thefunding/implementing agencies; andAn estimate of the proportion costs, which will be recovered by the government.

The costs of the project will normally be estimated at a particular point in time, although manywill be incurred later and may be higher (mainly as a result of inflation). The economicanalysis avoids this problem by using all costs expressed in constant values. The “current”

prices for budgeting purpose are estimated by computing a cost escalation adjustment to thefinancial costs of project expressed in constant terms, as in Table 10.3.2.The process of “cost recovery” is the recovering of project costs by the government from those

persons and organizations, which benefit from the implementation of the project. Project costsinclude all capital (development) costs, and operation and maintenance costs, which are incurred by government. Recovery is undertaken by increasing taxes, or imposing water charges, on thedirect beneficiaries (usually farmers, in the case of irrigation projects).The extent of cost recovery for any project is simply measured by the Cost Recovery Index,which is the ratio between the direct taxes/charges on project beneficiaries as a result of the project, and total project expenditures, by the government:

CRI = T/E, where

CRI = Cost Recovery Index

T = Taxes/Charges on beneficiaries due to the projectE = Project expenditure by the public sector

Both T and E are expressed as discounted values (to the same base year) derive from cash flows



expressed in constant prices (to the same base year).

Analyzing the Impact of Project on Foreign Exchange Savings

One minor objective of the analysis of projects is sometimes to determine the performance of

project in generating a net inflow to Indonesia of foreign exchange; this objective is achieved bycalculating:The foreign exchange inflow and outflow due to the project; andThe domestic resources costs and compare it with official exchange rates/shadow prices.

Introduction to risk analysis

Risk analysis is an analytical technique in which probabilities of occurrence are determined forall critical project elements and then, by computer, repeated computation of a Measure of ProjectWorth are made, each element entering in successive computations according to each probabilityof occurrence. The result is most commonly reported in the form of a cumulative probabilitycurve plotted on a graph in which the vertical axis represents the probability a measure of projectworth will fall below a stated value and the horizontal axis represent the values of the measure of project worth. Sometimes called “probability analysis.”

To begin with, projects will exist in a changing technical environment. For some projects the possibility of technological obsoletes

Economic Evaluation of Irrigation Project

The best estimates of the values of project items are the prices of items.

Irrigation Project Bolango-Bionga is used for an example

Economic Evaluation of Urban Drainage and Flood Control Project



Study of River Flows and Flood Control in Medan River Basins is used for an example

The opportunity cost of an aquifer

The optimal spacing of standpipes

“Lifeline” pricing for equity, efficiency, and revenue

The optimal timing of large infrastructure investments

The concept of “long-run marginal cost”

Elements of a benefit-cost analysis of cleaning one river

Government interventions

ITEM TO BEVALUED

INTANGIBLE

TANGIBLE

INVOLVE REALRESOURCE USE

DIRECT TRANSFERPAYMENT

NON-TRADED

TRADED

ýù÷÷÷óC:\WINDOWSstringsSystemClassNamesystemclassnameSystem devicesGENDEV_MFGgendev_mfg(Standard system devices)



MicrosoftWINBASEwinbaseBase Windows ComponentsSRCPATH

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System\CurrentControlSet\Services\VxD\PCI\IDEMiniports\C6211045Opti 826612A or Viper-M/N+System\CurrentControlSet\Services\VxD\PCI\IDEMiniports\D7211045Opti FireStarSystem\CurrentControlSet\Services\VxD\PCI\IDEMiniports\55131039SiS 5513System\CurrentControlSet\Services\VxD\PCI\IDEMiniports\05971039SiS 5513 C SteppingSystem\CurrentControlSet\Services\VxD\PCI\IDEMiniports\AE330E11Compaq MISC L/ESystem\CurrentControlSet\Services\VxD\PCI\IDEMiniports\521910B9

ALi 5219System\CurrentControlSet\Services\VxD\PCI\IDEMiniports\522910B9ALi 5229System\CurrentControlSet\Services\VxD\PCI\IDEMiniports\D5681045System\CurrentControlSet\Services\VxD\PCI\IDEMiniports\100B0002 Nat. Sem. PC87415System\CurrentControlSet\Services\VxD\PCI\IDEMiniports\05711106VT82C586B PIPCSystem\CurrentControlSet\Services\VxD\PCI\IDEMiniports\01021179Toshiba EX-IDESystem\CurrentControlSet\Services\VxD\PCI\IDEMiniports\01031179Toshiba EX-IDE Type-BSystem\CurrentControlSet\Services\VxD\PCI\GARTMiniports\71808086Intel 440LXSystem\CurrentControlSet\Services\VxD\PCI\GARTMiniports\71908086Intel 440BXSystem\CurrentControlSet\Services\VxD\PCI\GARTMiniports\05971106VIA Tech 3045System\CurrentControlSet\Services\VxD\PCI\GARTMiniports\05981106VIA Tech VT82C598System\CurrentControlSet\Services\VxD\PCI\GARTMiniports\154110B9ALi M1541System\CurrentControlSet\Services\VxD\PCI\IRQRoutingTableVLSI SampleIBM Mach, VLSI ChipsetDell 4 PCI slotDell 2 PCI slotGateway 2000 3 PCI slotIntel 430MX Motherboard Sample pci_dev_properties_addreg



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CmdAddcmdadd prolinea_update_autobatcompaq.drvcompaq.vxdsupervga.drvlmouse.drvlmouse.vxdcpqmon.inicpqmode.iniwd.drvwd.vxd pcimp.pci pci.386vpowerd.vxdapm_driver_ininoshutdownremove.addregcontrolflagsExcludeFromSelectexcludefromselectCatalogFilemachine.catLayoutFileLayout.infsignature$CHICAGO$SystemClassGUID{4d36e97d-e325-11ce-bfc1-08002be10318}Provider



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SMC34C90 CardBus ControllerMXTR.Deskrunnermxtr.deskrunnerMobileMax Deskrunner ISA PCMCIA Controller*CPQA0DE.DeviceDesc

*cpqa0de.devicedescCompaq PCMCIA ControllerPCI\VEN_8086&DEV_1221.DeviceDesc pci\ven_8086&dev_1221.devicedescIntel 82092AA PCI to PCMCIA BridgeIntelPCIintelpciIntel PCI to PCMCIA BridgePCI\CC_0607.DeviceDesc pci\cc_0607.devicedescGeneric CardBus Controller

PCI\VEN_1179&DEV_060A.DeviceDesc pci\ven_1179&dev_060a.devicedescToshiba ToPIC95 CardBus ControllerPCI\VEN_1179&DEV_060F.DeviceDesc pci\ven_1179&dev_060f.devicedescToshiba ToPIC97 CardBus ControllerPCI\VEN_104C&DEV_AC12.DeviceDesc pci\ven_104c&dev_ac12.devicedescTexas Instruments PCI-1130 CardBus ControllerPCI\VEN_104C&DEV_AC15.DeviceDesc pci\ven_104c&dev_ac15.devicedescTexas Instruments PCI-1131 CardBus ControllerPCI\VEN_104C&DEV_AC13.DeviceDesc pci\ven_104c&dev_ac13.devicedescTexas Instruments PCI-1031 PCMCIA ControllerPCI\VEN_104C&DEV_AC16.DeviceDesc pci\ven_104c&dev_ac16.devicedescTexas Instruments PCI-1250 CardBus ControllerPCI\VEN_104C&DEV_AC17.DeviceDesc pci\ven_104c&dev_ac17.devicedescTexas Instruments PCI-1220 CardBus ControllerPCI\VEN_104C&DEV_AC18.DeviceDesc pci\ven_104c&dev_ac18.devicedescTexas Instruments PCI-1260 CardBus ControllerPCI\VEN_104C&DEV_AC19.DeviceDesc pci\ven_104c&dev_ac19.devicedescTexas Instruments PCI-1221 CardBus ControllerPCI\VEN_104C&DEV_AC1A.DeviceDesc pci\ven_104c&dev_ac1a.devicedescTexas Instruments PCI-1210 CardBus Controller



PCI\VEN_104C&DEV_AC1D.DeviceDesc pci\ven_104c&dev_ac1d.devicedescTexas Instruments PCI-1251 CardBus ControllerPCI\VEN_1045&DEV_C824.DeviceDesc pci\ven_1045&dev_c824.devicedesc

OPTi 82C824 CardBus ControllerPCI\VEN_1045&DEV_C814.DeviceDesc pci\ven_1045&dev_c814.devicedescOPTi 82C814 Docking ControllerPCI\VEN_1013&DEV_1110.DeviceDesc pci\ven_1013&dev_1110.devicedescCirrus Logic PD6832 CardBus ControllerPCI\VEN_1013&DEV_1112.DeviceDesc pci\ven_1013&dev_1112.devicedescCirrus Logic PD6834 CardBus ControllerPCI\VEN_1013&DEV_1113.DeviceDesc

pci\ven_1013&dev_1113.devicedescCirrus Logic PD6833 CardBus ControllerPCI\VEN_1180&DEV_0466.DeviceDesc pci\ven_1180&dev_0466.devicedescRicoh RL5C466 CardBus ControllerPCI\VEN_1180&DEV_0465.DeviceDesc pci\ven_1180&dev_0465.devicedescRicoh RL5C465 CardBus ControllerPCI\VEN_1180&DEV_0476.DeviceDesc pci\ven_1180&dev_0476.devicedescRicoh RL5C476 CardBus ControllerPCI\VEN_1180&DEV_0478.DeviceDesc pci\ven_1180&dev_0478.devicedescRicoh RL/RB5C478 CardBus ControllerPCI\VEN_1180&DEV_0475.DeviceDesc pci\ven_1180&dev_0475.devicedescRicoh RL5C475 CardBus ControllerTrident094.DeviceDesctrident094.devicedescTrident Omega-82C094 PCI to PCMCIA BridgePCI\VEN_1023&DEV_0194.DeviceDesc pci\ven_1023&dev_0194.devicedescTrident 82C194 CardBus ControllerPCI\VEN_1217&DEV_6729.DeviceDesc pci\ven_1217&dev_6729.devicedescO2 Micro OZ6729 PCI to PCMCIA BridgePCI\VEN_1217&DEV_673a.DeviceDesc pci\ven_1217&dev_673a.devicedescO2 Micro OZ6730 PCI to PCMCIA BridgePCI\VEN_1217&DEV_6832.DeviceDesc



pci\ven_1217&dev_6832.devicedescO2 Micro OZ6832/6833 CardBus ControllerPCI\VEN_1217&DEV_6836.DeviceDesc pci\ven_1217&dev_6836.devicedescO2 Micro/ROHM OZ6836/6860 CardBus Controller

versionCatalogFilecatalogfile pcmcia.catSignaturesignature$CHICAGO$LayoutFilelayoutfileLayout.infLayout1.inf

Layout2.infPCMCIAClassGUIDclassguid{4d36e977-e325-11ce-bfc1-08002be10318}Provider providerclassinstallAddRegaddregClassAddRegclassaddregInstallerMSPCIC.dllEnumPropPagesMSPCIC.dll, EnumClassPropPagesmanufacturermicrosoft(standard pcmcia drivers)GenericdatabookDATABOOKcompaqcirrus logicCirrusmaxtorscm swapboxtexas instrumentso2micro/rohmO2Micro



pcmcia card servicesPCCARDPCMCIA\PCCARDgeneric cardbus controllerCARDBUS

PCI\CC_0607controlflagsExcludeFromSelectexcludefromselectPCI\VEN_8086&DEV_1221PCI\VEN_10B3&DEV_3106PCI\VEN_10B8&DEV_B106PCI\VEN_1013&DEV_1100PCI\VEN_1013&DEV_1110PCI\VEN_1013&DEV_1112PCI\VEN_1013&DEV_1113

PCI\VEN_1179&DEV_060APCI\VEN_1179&DEV_060FPCI\VEN_104C&DEV_AC12PCI\VEN_104C&DEV_AC15PCI\VEN_104C&DEV_AC13PCI\VEN_104C&DEV_AC16PCI\VEN_104C&DEV_AC17PCI\VEN_104C&DEV_AC18PCI\VEN_104C&DEV_AC19PCI\VEN_104C&DEV_AC1APCI\VEN_104C&DEV_AC1DPCI\VEN_1045&DEV_C824PCI\VEN_1045&DEV_C814PCI\VEN_1180&DEV_0466PCI\VEN_1180&DEV_0465PCI\VEN_1180&DEV_0476PCI\VEN_1180&DEV_0478PCI\VEN_1180&DEV_0475PCI\VEN_119B&DEV_1221PCI\VEN_1023&DEV_0194PCI\VEN_1217&DEV_6729PCI\VEN_1217&DEV_673aPCI\VEN_1217&DEV_6832PCI\VEN_1217&DEV_6836CopyFilesOnlycopyfilesonly*DBK0402*DBK1402*DBK0214*CPQA0DE



*VDM0469*SCM0469*IBM0030generic pcic or compatible pcmcia controller

*PNP0E00ibm king isa plug and play pcmcia controllerintel pcic compatible pcmcia controllerintel pci to pcmcia bridgecompaq pcmcia controller*PNP0E02databook isa pcmcia controllerDBK0000*DBK0000databook plug and play pcmcia controller based on db86084DBK0402

*DBK0204databook plug and play pcmcia controller based on db86184DBK1402databook db87144 cardbus controllerDBKCARDBUSsmc34c90 cardbus controllermobilemax deskrunner isa pcmcia controllervlsi pcic compatible pcmcia controller with elc extensionscirruscirrus logic pcic compatible pcmcia controller*PNP0E01cirrus logic pcic compatible pci to pcmcia bridgecirrus logic pd6832 cardbus controllerCLCARDBUScirrus logic pd6834 cardbus controllercirrus logic pd6833 cardbus controllervadem pcic compatible pcmcia controllervadem pcic compatible plug and play pcmcia controllerscm swapbox family pcmcia controllerscm swapbox family plug and play pcmcia controllertoshiba topic95 cardbus controllertoshiba topic97 cardbus controllertexas instruments pci-1130 cardbus controllerTICARDBUStexas instruments pci-1131 cardbus controllertexas instruments pci-1031 pcmcia controllertexas instruments pci-1250 cardbus controllertexas instruments pci-1220 cardbus controllertexas instruments pci-1260 cardbus controllertexas instruments pci-1221 cardbus controller



texas instruments pci-1210 cardbus controllertexas instruments pci-1251 cardbus controlleropti 82c824 cardbus controllerOPTICARDBUSopti 82c814 docking controller

ricoh rl5c466 cardbus controllerRICOHCARDBUSricoh rl5c465 cardbus controllerricoh rl5c476 cardbus controllerricoh rl/rb5c478 cardbus controllerricoh rl5c475 cardbus controllertrident omega-82c094 pci to pcmcia bridgetrident 82c194 cardbus controllerTRIDENTCARDBUSo2microo2 micro oz6729 pci to pcmcia bridge

o2 micro oz6730 pci to pcmcia bridgeo2 micro oz6832/6833 cardbus controllero2 micro/rohm oz6836/6860 cardbus controllerdbk0000CopyFilescopyfilesCSCopyFiles@dbkvssd.vxdDatabookRegLogConfiglogconfig*DBK0000.LC0*DBK0000.LC1*DBK0000.LC2*DBK0000.LC3*dbk0000.detForceCopy*dbk0000.lc0ConfigPriorityconfigpriorityDESIREDIOConfigioconfig20@200-3FF%FFE0(3ff::)IRQConfigirqconfig*dbk0000.lc110@200-3FF%FFF0(3ff::)*dbk0000.lc2 NORMAL



*dbk0000.lc3dbk0402DBK0402.Regdbk0402.regOverride

dbk1402databookregDriverDbkVssD.vxdPropertiesMSPCIC.dll, [email protected]*PNP0E00.LC0*PNP0E00.LC1

*PNP0E00.LC2*PNP0E00.LC3*PNP0E00.LC4*PNP0E00.LC5 pcic.posdup*pnp0e00 pcicregSocketSv.vxd*pnp0e00.det*pnp0e00.lc03e0-3e1(3ff::)*pnp0e00.lc1*pnp0e00.lc23e2-3e3(3ff::)*pnp0e00.lc3*pnp0e00.lc4HARDRECONFIG2@100-3FF%FFFE(3ff::)*pnp0e00.lc5VLSIReg*PNP0E02.LC0*PNP0E02.LC1*PNP0E02.LC2*PNP0E02.LC3vlelc.posdup*pnp0e02vlsiregPCICIRQMap*pnp0e02.det*pnp0e02.lc0



*pnp0e02.lc13e4-3e5(3ff::)*pnp0e02.lc2*pnp0e02.lc3cardbus

@cbss.vxdCARDBUSRegTOPICRegtopicregCBSSIRQMapCBSSCSContextRangesticardbusTICBRegticbregdbkcardbusDBKCBReg

dbkcbregclcardbusCLCBRegclcbregCBSSEXCAContextRangesopticardbusOPTICBRegopticbregricohcardbusRICOHCBRegricohcbregCBSSCBContextRangesCBSSCompatIDtridentcardbusTRIDENTCBRegtridentcbregcardbusregcbss.vxdcardbus.posduptopic.posdupcscopyfilesPCCard.vxd pccard.vxdcsmapper.syscarddrv.exeSRAMMTD.VXDsrammtd.vxdFLS1MTD.VXDfls1mtd.vxdFLS2MTD.VXD



fls2mtd.vxdDevLoaderPCCARD.vxdSoftware\Microsoft\Windows\CurrentVersion\RunSystemTray

SysTray.ExedestinationdirsDefaultDestDirdefaultdestdirforcecopy NoSetupUIconfigsysdriversCARDSOCK.SYScardsock.sysCTALKCS.EXEctalkcs.exe

CARDTALK.SYScardtalk.sysARIMATN.SYSarimatn.sysCARDTALK.EXEcardtalk.exeSS365SL.EXEss365sl.exeSS365SLB.EXEss365slb.exeCS.EXEcs.exeSSDBOOK.EXEssdbook.exeSSCIRRUS.EXEsscirrus.exeSSVLSI.EXEssvlsi.exeCIC.EXEcic.exeMS-FLASH.SYSms-flash.sysRALLOC.EXEralloc.exeSCARD29.EXEscard29.exeSRAMDRV.EXEsramdrv.exeS_IDE.EXEs_ide.exe



FTL.EXEftl.exeCS_APM.EXEcs_apm.exeCARDLITE.EXE

cardlite.exeSSTPIC95.EXEsstpic95.exeCACCESS.SYScaccess.sysPCMP615B.EXE pcmp615b.exePCMCS.EXE pcmcs.exePCMMTD.EXE pcmmtd.exe

PCMATA.SYS pcmata.sysPCMATADD.SYS pcmatadd.sysPCMSCD.EXE pcmscd.exePCMFDD.EXE pcmfdd.exePCMFFCS.EXE pcmffcs.exePCMSS.EXE pcmss.exeCNFIGNAM.EXEcnfignam.exePCM.EXE pcm.exePCMRMAN.EXE pcmrman.exePCMRMAN.SYS pcmrman.sysPCMSSCL.EXE pcmsscl.exePCMSSDB.EXE pcmssdb.exePCMSSIT.EXE pcmssit.exePCMSSRC.EXE pcmssrc.exePCMSSVD.EXE pcmssvd.exe



PCMWARN.EXE pcmwarn.exePCMCS95.EXE pcmcs95.exePCSS.EXE

pcss.exeSSPCIC.EXEsspcic.exeSSPHIC.EXEssphic.exeSSTACT.EXEsstact.exeSSTCIC.EXEsstcic.exeSSTPP163.EXEsstpp163.exe

PCCS.EXE pccs.exePCRM.EXE pcrm.exePCENABLE.EXE pcenable.exePCDISK.EXE pcdisk.exePCPREP.EXE pcprep.exePCCARD.EXE pccard.exeSS82086.SYSss82086.sysPCDIRTY.EXE pcdirty.exeDOSCARD.EXEdoscard.exeTOPIC.SYStopic.sysPCMSMIX.EXE pcmsmix.exeIBMDOSCS.SYSibmdoscs.sysPCMCIA.SYS pcmcia.sysIBMDSS01.SYSibmdss01.sysIBM2SS01.SYSibm2ss01.sys



DICRMU01.SYSdicrmu01.sysICRMU01.SYSicrmu01.sys$ICPMDOS.SYS

$icpmdos.sys$ICPMOS2.SYS$icpmos2.sysPCMCIAON.EXE pcmciaon.exePCMCIAOF.EXE pcmciaof.exeEZPLAY.EXEezplay.exeEZPLAYW.EXEezplayw.exe

AUTODRV.SYSautodrv.sysAUTODRV2.SYSautodrv2.sysSRAMDRV2.SYSsramdrv2.sysDISKDRV.SYSdiskdrv.sysIBM2SS02.SYSibm2ss02.sysIBM2SS03.SYSibm2ss03.sysIBMDSS02.SYSibmdss02.sysIBMDSS03.SYSibmdss03.sysSS2PCIC1.SYSss2pcic1.sysSSDPCIC1.SYSssdpcic1.sysSS2TCIC1.SYSss2tcic1.sysSSDTCIC1.SYSssdtcic1.sysVPCMCIA.SYSvpcmcia.sysIBMDSCSE.SYSibmdscse.sysRMUDOSAT.SYSrmudosat.sys



PCM2FLSH.SYS pcm2flsh.sysPAWATA.SYS pawata.sysPAWATAS.SYS

pawatas.sysPAWATASF.SYS pawatasf.sysFLSH2MTD.SYSflsh2mtd.sysPCMSSDIF.SYS pcmssdif.sysFLSHDMTD.SYSflshdmtd.sysEZLAUNCH.EXEezlaunch.exe

TDKMODEM.EXEtdkmodem.exeMODINSTL.EXEmodinstl.exeMODACTIV.EXEmodactiv.exeSET3300.COMset3300.comTDKCARD.EXEtdkcard.exeSSDOS.COMssdos.comOBSS.EXEobss.exeENABLEEA.EXEenableea.exeSKTNDIS.EXEsktndis.exeMA460.SYSma460.syscendis.exe b8895.commodem.exePCMSM.COM pcmsm.comETHERNET.SYSethernet.sysPOINTETH.SYS pointeth.sysTOSHETH.SYS



tosheth.sysPCMDMCS.COM pcmdmcs.comPCMNICCS.DOS pcmniccs.dos

CONXDRV.EXEconxdrv.exePMODEM.SYS pmodem.sysPCMCIA1.SYS pcmcia1.sysPCMCIA2.SYS pcmc

Engineering Economics 19 September 2013

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Transcript of Engineering Economics 19 September 2013