Business Fundamentals for Engineering Managers

Engineering managers and professionals make a long and lasting impact in the industry by regularly developing technology-based projects as related to new product development new service innovation or efficiency-centered process improvement or both-to create strategic differentiation and operational excellence for their employers. They need certain business fundamentals that enable them to make decisions based on both technologyand business perspectives leading to new or improved product or service offerings which are technically feasible economically viable marketplace acceptable and customer enlightening.This book consists of three sets of business fundamentals. The chapterCost Accounting and Control discusses service and product costing activity-based costing to define overhead expenses and risk analysis andcost estimation under uncertainty. The chapter Financial Accounting and Analysis delineates the key financial statements financial analyses balancedscorecard ratio analysis and capital asset valuation-including operations opportunities and acquisition and mergers. The chapter Marketing Managementreviews marketing functions marketing forecasting marketing segmentation customers and other factors affecting marketing in making value-adding contributions.The new business vocabulary and useful analysis tools presented will enable engineering managers to become more effective when interacting with senior management and to prepare themselves for assuming higher-level corporate responsibilities.