Why an engineer needs at least a basic knowledge of economics? Because everything they do is related with the money. Where is the money for an engineer in their routine day at work? What do they mean for an engineer when somebody talks about inflation, GDP, key rate, interest rate, currency risks and so on..?
Every project has 3 principles. The project should be completed in safest, the fastest, cheapest way.
In this phrase, something is hidden: "Cost of Money".
Should the Cost control and Planning engineers duties be limited with a simple excel file?
The thin line between engineers and economist are that how they define the project:
Economists defines the project as Salary, Capital, Resources, Technology
While for an Engineer, Man-hour, Material, Machinery, Method
Trust us and combine them in your work. The only way to beat your competitors legally, passes through here.