Explain why common unit of measure is crucial in 7 principl

. Explain why common unit of measure is crucial in 7 principles of engineering economy. Give one example of common unit of measure.

Solution

Common unit of measure is crucial in economy as it simplifies the analysis of the project. By using more than one monetary unit for economic analysis will complicate the over all analysis of the project. Example of the common unit of measure is Dollars. That is for measuring the economic consequences , a monetary unit such as dollars is the common measure.