Preparing for the engineering economy section in mechanical engineering optional subject requires a focused approach and understanding of key concepts. This section aims to test the candidate's understanding of economic principles and their application in engineering projects. Here are some specific tips to help you prepare for this subject:


- Familiarize yourself with the fundamental concepts of engineering economy, such as time value of money, cost estimation, and financial analysis.
- Learn the different methods used for economic evaluation, such as payback period, net present value (NPV), internal rate of return (IRR), and benefit-cost ratio (BCR).


- Focus on topics related to cost estimation, including material costs, labor costs, and overhead costs.
- Understand the different methods of cost estimation, such as parametric estimation, analogy-based estimation, and bottom-up estimation.
- Study topics related to project evaluation, such as project selection criteria, economic life of assets, and depreciation methods.


- Solve a variety of practice questions and sample papers to improve your problem-solving skills and gain familiarity with different types of questions that may be asked in the exam.
- Practice solving numerical problems related to cost estimation, economic evaluation, and financial analysis.
- Analyze the solutions to understand the underlying concepts and improve your approach.


- Familiarize yourself with real-life case studies that involve engineering economy principles.
- Analyze these case studies to understand how economic factors are considered in decision-making processes.
- Identify the key factors that influence the economic viability of engineering projects and the impact of these factors on decision-making.


- Stay updated with the latest developments and trends in engineering economy.
- Read industry publications, research papers, and relevant books to enhance your understanding of the subject.
- Explore how emerging technologies and market trends impact engineering project economics.


Preparing for the engineering economy section in mechanical engineering optional subject requires a comprehensive understanding of economic principles and their application in engineering projects. By focusing on the basics, studying relevant topics, solving practice questions, reviewing case studies, and staying updated with current trends, you can effectively prepare for this section and improve your chances of scoring well in the exam.