Understanding Fixed, Variable, and Incremental Costs in Engineering Economics

Understanding Costs in Engineering Economics

Fixed Costs

Fixed costs are those that do not change with the level of operational activity within a specific production capacity range. Examples of fixed costs include:

  • Insurance
  • Real property or facilities taxes
  • General administration
  • General management or administrative salaries
  • License fees
  • Interest costs on borrowed capital

Variable Costs

Variable costs are those associated with operations that fluctuate in proportion to the total production volume or other

Read More

Land Transport Regulations in Venezuela: Powers and Rights

Decision Notification: Article 208

The final decision shall be notified to the addressee even if they have not been present at the hearing.

Jurisprudential Trends

‘Pico y Placa’ in Caracas: Improving Mobility

Pico y Placa (license plate restrictions) in the morning and afternoon, going to Chacao, is the first step in a plan to improve mobility across Caracas.

Distribution of Powers

Article 4. The regulation of land transport falls under the purview of the competent bodies in this area. The jurisdiction

Read More

Design Methods, Techniques, and Organizational Models

One method is a set of successive operations or recommendations that seek to obtain a result. A method for designing involves several stages leading to the understanding of the nature of the problem, generating possible proposals to solve it, conceptual work, and implementation.

Why Use a Method?

  • Economic reasons: To provide tangible results, meet deadlines, and optimize resources.
  • Human reasons: To improve human performance. Knowing the meaning of work and specific tasks in the process creates a positive
Read More

Using Spanish Official Statistics: Data Sources & Criteria

Spanish Official Statistics: Data Sources and Usage Criteria

Most Spanish official statistics sources present data at the regional and provincial level.

All empirical research or data production requires the use of resources and funding sources. The main difference lies in the fact that public financing tends to be controlled and acts under the obligation of transparency and truthfulness, unlike private funding, where there may have been some data preference over others. Keep in mind that the publication

Read More

Data Analytics, Marketing, and Research: Key Concepts

1. Web-scraping is an example of: Primary, observation-based automated data collection.

2. Which definition fits the concept ‘customer analytics’ the best? A process by which data from customer behavior is used to help make key business decisions via market segmentation & predictive analytics. This information is used by businesses for direct marketing, site selection, & customer relationship management.

3. In descriptive analytics, measures of dispersion allow the analyst to: Assess how likely

Read More

LabVIEW Fundamentals: Key Concepts and Problem Solving

LabVIEW Fundamentals: Key Concepts

  • Maintenance

    Maintenance is the ongoing process of resolving programming errors. Maintenance is defined as continuing to resolve issues as they arise.
  • Testing

    Make sure to test your implementation with data that is both logical and illogical for the solution you created. Testing logical data verifies that the inputs produce the expected result. By testing illogical data, you can test to see if the code has effective error handling.
  • Problem Solving

    Problem-solving skills
Read More