ABSTRACT
Everything not invented by God is invented by an engineer. Prince Philip, Duke of Edinburgh
By generating a total of 58.1 million jobs globally, the air transport sector is one of the world’s most vital industries. Air transportation provides an
economical and reliable mode of moving passengers and cargo with no comparable substitute especially for the long haul market. Aircraft manufacturers leverage innovative technologies such as the fly-by-wire program to improve the economic efficiency and eco friendliness of commercial aviation. Airlines, aircraft and engine manufacturers, airports, air traffic management services, civil aviation regulators all work in tandem to provide sustainable growth. A key task in any manufacturing facility is to continuously reduce cost. Engineering economics is a branch of economics that applies economic principles to engineering projects. An important task of the engineer economist is to continuously seek new ways to improve efficiency and manage cost. With the techniques of engineering economics, a jet engine manufacturer by using meaningful economic theory evaluates the cost and benefits of spending money to develop more fuel-efficient and environment-friendly engines. Jet aircraft in service today are well over 70 percent more fuel efficient per seat mile than aircraft in the 1960s.1 Air transport continues to create tremendous value for its customers and others in the value chain such as airports, aircraft manufacturers, jet engine producers, and travel facilitators. The world’s 1,397 airlines operate a total fleet of 25,332 aircraft,1 by serving 17,678 commercial airports globally.2
