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Thoughts of Using Economic Decision-Making to Systems Engineering and Systems Thinking: An Exploratory Study

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  • Brian J. Galli

    (Assistant Professor and Graduate Program Director, Master of Science in Engineering Management Industrial Engineering, Hofstra University, USA)

Abstract

System engineering is an art that tries to capture the requirements that are imposed by stakeholders. Economic decision-making is an essential tool for systems engineers to accomplish that goal. However, a decision as a whole in systems engineering can be summed up in the following three element process: utility analysis by 17 evaluation criteria, human behavioral analysis by 6 evaluation criteria, the calculation of Net Present Value, IRR, and other economic decision-making indicators. The author will further discuss the NPV and IRR methods to discover some hidden pitfalls. Also, this article will discuss some newer methods/techniques that avoid these pitfalls in economic decision-making by accounting for the risk associated with these methodologies.

Suggested Citation

  • Brian J. Galli, 2019. "Thoughts of Using Economic Decision-Making to Systems Engineering and Systems Thinking: An Exploratory Study," International Journal of System Dynamics Applications (IJSDA), IGI Global, vol. 8(3), pages 1-14, July.
    • Handle: RePEc:igg:jsda00:v:8:y:2019:i:3:p:1-14
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    Cited by:

    1. Jehad Bani Hani, 2021. "The Impact of Human Resource Planning (HRP) in Achieving the Strategic Goal of the Firm With the Moderating Role of Organizational Innovation," International Journal of System Dynamics Applications (IJSDA), IGI Global, vol. 10(4), pages 1-22, October.
    2. Brian J. Galli & Fuwei Qiu, 2023. "A Reflection Note on Applying Quantitative Decision-Making Approaches to Engineering Management," International Journal of Applied Management Sciences and Engineering (IJAMSE), IGI Global, vol. 10(1), pages 1-9, January.
    3. Aniket Agarwal & Kirti Pal, 2021. "Optimization of Unit Commitment Problem Using Genetic Algorithm," International Journal of System Dynamics Applications (IJSDA), IGI Global, vol. 10(3), pages 21-37, July.

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