Question: 1 Define cost engineering and elaborate on its primary objectives. ( 4 ) 1 . 2 Standard costs play an important role in cost control

1 Define cost engineering and elaborate on its primary objectives. (4)1.2 Standard costs play an important role in cost control and other management functions. Give 4 examples of typical uses of these costs. (4)1.3 Identify and briefly explain seven principles of engineering economy. (14)

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