ABSTRACT
With the globalization of the manufacturing industry and much of the services profession, the efficiencies derived from advances in technology (and the subsequent decrease in middle management positions), and the shifting of our economy to be service based, the roles of the technical organization and engineers have dramatically changed. Engineers are often the front line between an organization and its customers. They collect requirements, iterate on designs, make technical presentations, and write proposals, and, for smaller companies, they can be the face of the organization. Beyond listening and communicating, they must work with stakeholders to ensure their expectations are executable within the financial constraints of the project. All products and services involve considerations of cost, performance, schedule, quality, risk, and trade-offs. Because of technology, most engineers have become product development professionals who integrate hardware, software, people, and interfaces to produce products and services. These products and services must be designed, procured, and implemented from a life cycle costs perspective. This chapter introduces the role of the modern engineer and how conducting estimates of total ownership costs is key to providing efficient products and services that meet stakeholders' needs.
