Practice Illustrations for Estimating Economic Life - 3.3 | 15. Equipment Life and Replacement Analysis (Part-1) | Construction Engineering & Management - Vol 1
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3.3 - Illustrations for Estimating Economic Life

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is economic useful life?

💡 Hint: Think about the relationship between costs and profits.

Question 2

Easy

Define obsolescence cost.

💡 Hint: It relates to how valuable your equipment stays over time.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the definition of economic useful life?

  • The total lifespan of equipment
  • The time during which equipment can operate without repairs
  • The time period when costs are minimized or profits maximized

💡 Hint: Relates to financial performance of the equipment.

Question 2

True or False: Downtime does not affect the decision to replace machinery.

  • True
  • False

💡 Hint: Think about how downtime can intensify operational costs.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Given that an excavator has been costing $2,000 in repairs per month due to age, while potential new models cost $60,000, analyze at which point it becomes more economical to replace than to continue repairs.

💡 Hint: Compare total repair costs to the cost of acquiring a new machine.

Question 2

Develop a flowchart to plan the replacement schedule of an aging machine considering obsolescence and downtime factors. What elements would you include in this chart?

💡 Hint: Use visual elements to organize costs and decision points.

Challenge and get performance evaluation