Read and analyze the following scenario. Then amswer the given questions im atleast fifteen (15) sentences.

A small fish canning company has been cutting short to meet the customers' orders despite the piling up of finished goods in the storage. Jim, a production manager, discussed the delay in processing as pointing to the old delivery truck. With the company having limited resources, Jim sought the approval of loan from a bank to purchasd a new and higher capacity truck under the condition that the acquisition of the machine will increase revenues.

Which principles of engineering economics are applicable to the above scenario? How can these principles be applied to address the problem?

this is the principles of engineering economics handout..

Principles of Engineering Economics (Shanna. It, 2015) Principle 1: Develop the Alternatives 0 The alternates can be developed using a brainstorming session. 0 The more creative and resourceful the team members are, the better the selection of alternates available for a gofno-go decision would be. Principle 2: Focus on the Difference o The future outcomes from the alternates are set as a higher priority. Based on differences among alternates, a future course of action is selected. 0 Analysis, projection, and comparison are used to differentiate alternates. Principle 3: Use a Consistent Viewpoint o The prospective outcomes of the alternatives should be consistently developed from a defined point of view. Goal-setting mode. 0 The perspective of the decision-maker, which is often that of the owners of the form, would be normally used. Principle 4: Use a Common Unit of Measure :- Using a common unit of measurement to enumerate as many of the prospective outcomes as possible will make easier the analysis and comparison of alternatives. 0 A common unit of measure {Such as pesos versus units}: totals costs or total profits that can be generated from the alternate considered. Principle 5: Consider All Relevant Criteria 0 The selection of a preferred alternative requires the use of a criterion or several criteria. 0 The decision process should consider the outcomes enumerated in the monetary unit and those expressed in some other unit of measurement or made explicit in a descriptive manner. Principle 6: Make Uncertainty Explicit 0 Risk and uncertainty are inherent in projecting {or estimating] the future outcomes of the alternatives and should be recognized with the rm's analysis, comparison projection, and probability. Principle 7: Revisit Your Decisions 0 Learning from and adapting based on cur experience are essential and are indicators of a good organization. 0 The initial proiected outcomes of the selected alternate should be subsequently compared with the actual results achieved