[...]... with the technical/scientific courses [1] As the student progresses in the program, basic chemical engineering courses cited in the previous paragraph are studied, culminating in the capstone process design course Engineering students take at least one engineering economics course besides the classical economics course in business schools Students may wish to TM Copyright © 2003 by Marcel Dekker, Inc... to be feasible, then more detailed process engineering data, capital costs, operating expenses and market data are obtained to prepare a request for an appropriation to do definitive or detailed engineering Once the appropriation meeting the criteria for a capital expenditure has been approved, the detailed engineering begins Again there is the possibility that the economics may not be attractive and... fundamentals of process engineering economics are the focus of the material in this text The book was written with the senior-level undergraduate student in mind and the contents are based upon pragmatic application of economics The text also may be useful to the experienced engineer who needs a review or as a continuing education course text REFERENCES 1 2 TM JR Couper, OT Beasley, WR Penney The Chemical Process. .. startup of the facility Once the unit comes on stream and the plant has been turned over to operating personnel for routine operation, economics are very important since the company is now committed to the process The final step may be to fine-tune the process by making necessary process and plant improvements as more is learned during initial production At the initial stages of a project, there is a tendency... many of the subjects studied in the chemical engineering curriculum, economics is not a science In fact, it is more art than science but there are certain definitions, techniques, and principles that must be understood to use economics in a correct manner The engineer must apply this entire body of knowledge to accomplish something of benefit to society Chemical engineering students in accredited programs... iterative one In today’s economy many companies outsource the detailed engineering to consulting-design -engineering firms who have the dedicated staffs to perform these tasks, as many chemical companies do not have large numbers of personnel required due to downsizing It should be pointed out that engineers continually monitor costs and economics at every stage of a project, including detailed design, construction,... industrial project, economics plays a significant role at various stages as the project progresses Initially, an idea or need for the manufacture of a product may originate from customers, marketing, or research personnel The development of the project is a team effort involving research and development, marketing, manufacturing, engineering, and management Research and development and engineering personnel... in the engineering or scientific realm As the young engineer advances up the corporate ladder, in perhaps 5– 10 years, economics and financial matters play a significant role in his or her career Further, the young engineer soon realizes the importance of marketing information and how that information may alter an investment decision The chemical engineer in performance of the job will employ economics. .. Inc All Rights Reserved 1 Introduction Economics is ever present in our lives because we earn money from our jobs and we spend money allocated by our personal budgets for housing, clothing, transportation, entertainment, etc We spend money for these items based upon the perceived economic utility Further, economics is the engine that drives industry Chemical engineering students in their formal education... market survey to determine potential sales volume The results are reported to management and if they are promising, largescale laboratory or pilot plant studies are performed to obtain the required process engineering data for the proposed plant Marketing needs to be involved at every stage in the development of the project, so further marketing information including potential price structure, competition, . and Gas Field Processing, H. K. Abdel-Aal, Mohamed Aggour, and M. A. Fahim 96. Chemical Process Engineering: Design and Economics, Harry Siilla 97. Process Engineering Economics, James. basic chemical engineering courses cited in the previous paragraph are studied, culminating in the capstone process desi gn course. Engineering students take at least one engineering economics course besides. may be used by students enrolled in a two- or three-semester-hour, senior-level process engineering economics or process design course. Chapters 3 through 10 may be used for a two-semester-hour