Engineering Economics: Scientometric Analysis of the Subject Area

Engineering economics is located at the intersection of the science of economics and engineering practice, which means it attracts the attention of both fields. Engineering economics focuses on solving engineering problems and making decisions based on systematic cost-benefit analysis. Modern technologies push for the development and implementation of new methods of efficiency evaluation, decision-making, risk analysis, etc. It is obvious that the number of studies related to engineering economics is constantly growing, but there is still a shortfall of systematic quantitative and visual studies in this area, which explains the relevance of this article. A keyword analysis and an analysis of co-authors were carried out using VOSviewer to carry out a  scientometric study of engineering economics. The findings reveal that the central position in engineering economics is occupied by engineering and economic analysis, which is a combination of quantitative and qualitative methods for analysing differences in the economic efficiency of engineering alternatives. The most popular tools of engineering and economic analysis presented in scientific papers are risk analysis, cost-benefit analysis, replacement analysis, break-even analysis, method of option valuation, analysis of equivalent annual costs, and annual cash flows.