Z94.7 ENGINEERING ECONOMY

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UNCERTAINTY. (1)  That which is indeterminate, indefinite, or problematical.  (2) An attribute of the precision of an individual’s or group’s precision of knowledge about some fact, event, consequence, or measurement. 

UNIFORM GRADIENT SERIES. A uniform or arithmetic pattern of receipts or disbursements increasing or decreasing by a constant amount in each time period.  (See GRADIENT FACTORS.)

UTILITY. (1)  In economics, a process of evaluating factor inputs and outputs in quantitative units (i.e., Utiles) in order to arrive at a single measure of performance to assist in decision making.  (2)  In economic analysis, a measured preference among various choices available in risk situations based on the decision making environment, the alternatives being considered, and the decision maker’s personal attitudes. 

UTILITY FUNCTION. A mathematically derived relationship between utility, measured in utiles, and quantities of money and/or commodities or attributes based on a decision maker’s attitudes and preferences.

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