Engineering Economics Revision Article Series
Selection of engineering alternatives from a set of alternatives depends on the structure of the set.
Independent alternatives are those wherein the acceptance of one alternative has no effect on the acceptance of the any other alternative in the group.
In the dependent group of alternatives there may be mutually exclusive alternatives and contingently dependent alternatives.
Mutually exclusive alternatives means, when one alternative is selected, the other alternative cannot be employed.
In contingently dependent alternatives, if one is selected the other one or others have to implemented.
References
Engineering Economics, 4th Edition, James L. Riggs, David D. Bedworth, and Sabah U. Randhawa, McGraw Hill, New York, 1996
Originally posted in
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