Principles of Economics and Management for Manufacturing Engineering

By D.R. Kiran

Principles of Economics and Management for Manufacturing Engineering combines key engineering economics principles and applications in one easy to use reference. Engineers, including design, mechanical, and manufacturing engineers are frequently involved in economics-related decisions, whether directly when selecting materials or indirectly when managers make order quantity decisions based on their work. Having a knowledge of the management and economic activities that touch on engineering work is a core part of most foundational engineering qualifications and becomes even more important in industry.

Covering a wide range of management and economic topics from the point-of-view of an engineer in industry, this reference provides everything needed to understand the commercial context of engineering work.

• Covers the full range of basic economic concepts as well as engineering economics topics
• Includes end of chapter questions and chapter summaries that make this an ideal self-study resource
• Provides step-by-step instructions for cost accounting for engineers

• Language: English
• Publisher: Elsevier Science
• Release date: Jan 14, 2022
• ISBN: 9780323998635

D.R. Kiran

D.R Kiran has forty years of experience in both industry and academia. He has held a range of management positions including Planning Manager of Rallifan (CF division), World Bank Adviser/Instructor for Transport Managers in Tanzania, and the Principal of PMR Institute of Technology, Chennai. In Universities he has taught subjects including Total Quality Management, Professional Ethics and Maintenance Engineering Management. He is the author of 2 books, and numerous journal articles, and was presented with the coveted Bharat Excellence Award and Gold Medal for Excellence in Education in New Delhi in 2006.

Book preview

9780323998635_FC

Principles of Economics and Management for Manufacturing Engineering

First Edition

D.R. Kiran

Principal (Retired), PMR Institute of Technology, Chennai, India

Table of Contents

Cover image

Title page

Copyright

About the author

Foreword

Preface

Acknowledgments

Abbreviations used in Engineering Economics

Section I: Theories and laws of economics

Chapter One: Introduction to engineering economics

Abstract

1.1: Engineering economics

1.2: Macroeconomics and microeconomics

1.3: Engineering economics vs. theoretical economics

1.4: History of engineering economies

1.5: Elements of engineering economies

1.6: Cost benefit analysis

1.7: Standard operation procedure for cost benefit analysis

1.8: History of cost benefit analysis

1.9: Limitations of cost benefit analysis

1.10: Basic approaches for application of cost benefit analysis for resolving environmental problems

1.11: Conclusion

Criteria questions

Further reading

Chapter Two: The basic concepts of economics

Abstract

2.1: What is economics?

2.2: History of economics

2.3: Economic theory

2.4: Economic principles vary with society

2.5: Basic units of study in economics

2.6: Broad division of economics

2.7: Income

2.8: Relationship between income groups and the type of expenditure

2.9: Personal income, disposable income

2.10: National income and Say’s Law

2.11: The marginal propensity to consume

2.12: Marginal propensity to save

2.13: Wealth vs standard of living

2.14: Human needs and economic wants

2.15: Maslow’s theory of hierarchy of basic needs

2.16: Conclusion

Criteria questions

Further reading

Chapter Three: Categories of economic system

Abstract

3.1: Introduction

3.2: Capitalist economy

3.3: Socialist economy

3.4: Mixed economy

3.5: Problems of an underdeveloped economy

3.6: Market

3.7: Main market forms

3.8: Market situation under perfect competition

3.9: Market situation under monopoly

3.10: Market situation under oligopoly

3.11: Market situation under government protection

3.12: Representative firm

3.13: The role of planning commissions in the socialist economy

3.14: Conclusion

Criteria questions

Further reading

Chapter Four: Laws of demand and supply

Abstract

4.1: Introduction

4.2: Utility

4.3: Total utility

4.4: Types of economic utilities

4.5: Law of diminishing utility

4.6: Marginal utility

4.7: Some Definitions of marginal utility

4.8: Equimarginal utility

4.9: Factors influencing demand

4.10: Law of demand

4.11: Demand schedule

4.12: Demand curve

4.13: Market demand curve

4.14: Law of substitution

4.15: Elasticity of demand

4.16: Law of supply

4.17: Elasticity of supply

4.18: Aggregate demand and aggregate supply

4.19: Review of the definitions for demand and supply

4.20: Conclusion

Criteria questions

Further reading

Chapter Five: Value and equilibrium price

Abstract

5.1: Economic laws

5.2: Commodities

5.3: Value

5.4: Price

5.5: Concepts of pricing

5.6: Equilibrium price

5.7: Temporary equilibrium price

5.8: Equilibrium price under different market conditions

5.9: Effect of time on theory of pricing

5.10: Conclusion

Criteria questions

Further reading

Chapter Six: Wealth and time value of money

Abstract

6.1: Wealth

6.2: Money

6.3: Banking operations

6.4: Monetary policy

6.5: Capital asset pricing model (CAPM)

6.6: Short-term financing and long-term financing

6.7: Optimal capital structure

6.8: Gross domestic product (GDP)

6.9: Cash reserve ratio

6.10: Money market

6.11: International trade and globalization

6.12: The time value of money

6.13: Simple interest and compound interest

6.14: Gradient series factor or gradient interest addition

6.15: Discrete compounding and continuous compounding

6.16: Internal rate of return (IRR)

6.17: Nominal vs. real values

6.18: Modified internal rate of return

6.19: Expected rate of return

6.20: Laws of diseconomies of scale

6.21: Investment demand vs. rate of interest

6.22: Marginal efficiency of capital

6.23: Relationship between r, Q, C, and I

6.24: Investment multiplier

6.25: Exchange

6.26: Taxation systems

6.27: Trade related organizations

6.28: Conclusion

Criteria questions

Further reading

Chapter Seven: Cost accounting for engineers

Abstract

7.1: Why finance and cost accounting for engineers?

7.2: Double-entry bookkeeping and trial balance

7.3: Annual accounts

7.4: Balance sheet

7.5: Depreciation, amortization, and depletion

7.6: Depreciation methods

7.7: Capital budgeting

7.8: Inflation-adjusted return of investment

7.9: Cost accounting

7.10: Categories of cost accounting

7.11: Cost accounting vs. financial accounting

7.12: Origin of cost accounting

7.13: Implicit vs. explicit costs

7.14: Cash flow diagrams

7.15: Conclusion

Criteria questions

Further reading

Chapter Eight: Corporate social responsibilities

Abstract

8.1: Social responsibility

8.2: Categories of social responsibility

8.3: Perspectives of social responsibility

8.4: Points favoring social involvement of an organization

8.5: Difficulties faced in the social involvement of organizations (or points in favor of the efficiency perspective)

8.6: Social audit

8.7: Audit terminology

8.8: Ethical audit procedure

8.9: Ethical audit reviews

8.10: Seven key features of ethical audit

8.11: Community information, empowerment and transparency (CIET)

8.12: Conclusion

Criteria questions

Further reading

Section II: Principles of engineering economics

Chapter Nine: Principles of management

Abstract

9.1: Role of engineers in management

9.2: Definitions on management

9.3: Skill types and roles of managers

9.4: Evolution of management thinking

9.5: Early pioneers in management thinking pre-nineteenth century

9.6: Second phase in the development of management thinking leading to scientific management

9.7: Concepts of scientific management

9.8: Specific aims of scientific management

9.9: Advantages of scientific management

9.10: Summary of the features of management as a system

9.11: Resistance to scientific management

9.12: Conclusion

Criteria questions

Further reading

Chapter Ten: Factors for production

Abstract

10.1: The concept of production

10.2: Factors of production

10.3: Characteristics of land

10.4: Characteristics of labor

10.5: Functions of capital

10.6: Characteristics of machinery

10.7: Automation

10.8: Functions of entrepreneurship

10.9: Conclusion

Criteria questions

Further reading

Chapter Eleven: Cost of production

Abstract

11.1: Introduction

11.2: Definitions of terms related to production cost

11.3: Explicit and implicit costs of production

11.4: Tangible and intangible costs of production

11.5: Classification of the tangible costs

11.6: The philosophy of fixing of selling price

11.7: Economic laws governing pricing policy

11.8: Total cost/marginal costs under long run/ short run conditions

11.9: Total average and marginal revenue

11.10: Selecting batch size to reduce overall production cost

11.11: Group technology

11.12: Conclusion

Criteria questions

Further reading

Chapter Twelve: Economies of scale

Abstract

12.1: Economies of scale

12.2: Types of economies of scale

12.3: Classes of industries

12.4: Factors for the size of an undertaking

12.5: Large-scale industries

12.6: Small-scale industries

12.7: Cottage industry

12.8: Micro, small, and medium enterprises (MSME)

12.9: Benefits of MSME registration in India

12.10: Conclusion

Criteria questions

Further reading

Chapter Thirteen: Demand forecasting

Abstract

13.1: Introduction

13.2: Need for demand forecasting

13.3: Definitions of forecasting

13.4: Basic steps of forecasting

13.5: Short-term, medium-term, and long-term forecasts

13.6: Market segmentation

13.7: Techniques of forecasting

13.8: Qualitative forecasting methods

13.9: Quantitative forecasting methods

13.10: Trend analysis or time series in forecasting

13.11: Seasonal and cyclic fluctuations

13.12: Least squares method

13.13: Moving average method

13.14: Life cycle effect on forecasting

13.15: Forecasting errors

13.16: Cost of forecasting

13.17: Tracking signals in forecasting

13.18: International symposia on forecasting

13.19: Conclusion

Criteria questions

Further reading

Chapter Fourteen: Decision theory

Abstract

14.1: Significance of decision theory for engineering economics

14.2: Problem analysis and decision making

14.3: Situations under which decisions are taken

14.4: Classifications of decisions

14.5: Different approaches to decision-making

14.6: Bias in decision-making

14.7: Proper management decision (PMD) and proper engineering decision (PED)

14.8: Information needed by the decision-maker

14.9: Interdepartmental communication flow

14.10: Lateral information flow

14.11: Conclusion

Criteria questions

Further reading

Section III: Applications of engineering economics

Chapter Fifteen: Total productive maintenance

Abstract

15.1: Introduction

15.2: TPM is an application of engineering economics

15.3: History of TPM

15.4: The meaning of TPM

15.5: Definitions of TPM

15.6: The five zeros of TPM

15.7: What can TPM achieve?

15.8: The three levels of autonomous maintenance in TPM

15.9: Procedure for the implementation of TPM

15.10: The structure of TPM

15.11: TPM, terotechnology, and logistics—A comparison

15.12: 5S vs. TPM

15.13: Maintenance work sampling

15.14: Conclusion

Criteria questions

Further reading

Chapter Sixteen: Break-even and make-or-buy analyses

Abstract

16.1: Introduction

16.2: Definitions of break-even analysis

16.3: Break-even chart

16.4: Break-even analysis terminology

16.5: Factors for break-even point

16.6: Formula for break-even point

16.7: Break-even point vs. payback period

16.8: Case studies of break even analysis as applicable in several situations

16.9: Economic order quantity

16.10: Make-or-buy decision

16.11: The criteria that influence our decision to produce in-house

16.12: The criteria that influence our decision to buy or outsource

16.13: Impact of control needed for the make-or-buy decision

16.14: Thumb rule for outsourcing

16.15: Some definitions of make-or-buy decision

16.16: Example for make or buy decision

16.17: Conclusion

Criteria questions

Further reading

Chapter Seventeen: Creativity and Kaizen

Abstract

17.1: Significance of creativity in engineering economics

17.2: The principles of creativity

17.3: Six thinking hats

17.4: What is Kaizen?

17.5: Why continuous improvement?

17.6: Significance of Kaizen in continuous improvement

17.7: How does Kaizen improve productivity?

17.8: Juran’s methodology

17.9: Illustrations of Kaizen application

17.10: Umbrella of Kaizen

17.11: Other continuous improvement techniques

17.12: Conclusion

Criteria questions

A: Appendix

Further reading

Chapter Eighteen: Material layout planning

Abstract

18.1: Material layout planning

18.2: Case study in material layout planning

18.3: Conclusion

Criteria questions

Further reading

Chapter Nineteen: Value engineering and engineering economics

Abstract

19.1: Significance of value engineering to engineering economics

19.2: What is value engineering?

19.3: Definitions of value engineering

19.4: History of value engineering

19.5: What is value?

19.6: Value engineering

19.7: Objectives of value engineering

19.8: Functional value of a product

19.9: Methodology of value analysis

19.10: DARSIRI methodology for value analysis

19.11: Function analysis system technique (FAST)

19.12: Conclusion

Criteria questions

Further reading

Chapter Twenty: Plant location and layout

Abstract

20.1: Introduction

20.2: Plant location and plant layout

20.3: City vs. suburban vs. urban location

20.4: Other factors controlling plant location

20.5: Cost factors and noncost factors

20.6: Least cost center analysis

20.7: The center-of-gravity method of plant location

20.8: Noncost factors

20.9: Illustrations of typical noncost factors

20.10: Particle swarm optimization

20.11: Plant layout

20.12: General rules and objectives of successful plant layout

20.13: Types of plant layout

20.14: Group Technology

20.15: Conclusion

Criteria questions

Further reading

Chapter Twenty-one: Scientific inventory control

Abstract

21.1: Introduction—Relevance of inventory control to engineering economics

21.2: What is inventory?

21.3: Types of inventories

21.4: Conditions leading to increased inventory

21.5: Costs involved with inventories

21.6: Selective control in inventory management

21.7: Scientific material planning

21.8: Classification and codification

21.9: ABC analysis

21.10: Inventory control parameters

21.11: Economic order quantity

21.12: Two-bin inventory control system

21.13: Recent trends in inventory control

21.14: Suppler partnership

21.15: Collaborative planning, forecasting, and replenishment (CPFR)

21.16: Conclusion

21.17: Case studies

Criteria questions

Further reading

Chapter Twenty-two: Machinery replacement analysis

Abstract

22.1: Introduction

22.2: Why equipment replacement?

22.3: Basic strategies of repair/replacement

22.4: Phases of replacement analysis

22.5: Methods of evaluation

22.6: Traditional methods

22.7: Discounted cash flow methods

22.8: MAPI method

22.9: Markov analysis

22.10: Conclusion

Criteria questions

Further reading

Appendix I: Syllabi of Indian universities

A: NPTEL, IIT Roorkee

B: Maharshi Dayanand University, Rohtak

C: Anna University

D: Gujarat Technological University

E: College of Engineering, Pune (CEP)

F: The Thapar Institute of Engineering and Technology (TIET), Patiala

G: Aryabhatta Knowledge University, Patna, Bihar

H: Galgotias College of Engineering and Technology (GCET), Greater Noida

I: Biju Patnaik University of Technology (BPUT), Bhubaneswar

Appendix II: Syllabi of foreign universities

A: Texas A&M University of Commerce, USA

B: State University of New York College of Technology Canton, New York

C: University of Pennsylvania School of Engineering and Applied Science

D: Illinois Institute of Technology

E: The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong

F: Purdue School of Engineering and Technology

G: Stanford School of Engineering

H: Bilikent University, Dept of Industrial Engineering, Turkey

References

Books

Journals/seminar proceedings

Web sites

Index

Copyright

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About the author

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Prof. D. R. Kiran, BSc., BE, MSc. (Eng.), (PhD), FIE(I), FIIIE, FIIProdE, FIIPlantE, FITTE, FISNT, has a rich practical experience of 40 years, both in industry and academia. Starting his career in 1968 with Larsen & Toubro, he held top positions, including World Bank Adviser/Instructor for Transport Managers in Tanzania, Planning Manager of Rallifan (CF division), and the Principal of a Chennai-based engineering college. He was a member of the doctors’ panel for a PhD. student in 2008.

In recognition of his services in the field of engineering education, Prof. Kiran was presented with the coveted Bharat Excellence Award and Gold Medal for Excellence in Education in New Delhi in 2006. He is listed as an International Expert in Industrial Engineering and Management in the International Directory of Experts and Expertise, and has been nominated for the post of Honorary Deputy Director General in India for the International Biographical Center.

Earlier, during the eighties, he was introduced to Dr. Julius Nyerere, the then President of Tanzania, as a pioneer of Work Study in that country. He was one among few nonpolitical foreigners to be interviewed by the government newspaper of Tanzania

Prof. Kiran started his academic career in 1979, and taught subjects like Work Study, Production Planning and Control, Total Quality Management, Professional Ethics, and Maintenance Engineering Management, and at BE level.

He was responsible for the establishments of many student chapters for IIPE and NIQR. His active participation in these activities and his experience as the Planning Manager of Rallifan and National Bicycle Company, where he was in overall charge of the PP&C department, provided the inspiration for him in planning a comprehensive book on Principles and Practice of Work Study, providing several case studies on key topics out of his rich experience. This is expected to be of immense help to students as well as to practicing engineers.

His career as an industrial engineer and as Planning Manager, heading the functions of IE as well as PP&C at Rallifan and National Bicycle Co., gave him an opportunity to introduce several systems and procedures in production management. Being qualified in industrial engineering, he conducted several method study projects, both as an internal and external consultant. The absence of a comprehensive Indian book with case studies motivated him to author this book on Work Organization and Methods Engineering, which is his fifth textbook for engineering students.

Previously, he has authored five engineering textbooks applicable at both BE and PG level:

•Professional Ethics and Human Values, published by McGraw Hill Education, India

•Maintenance Engineering and Management—Precepts and Practices by CRC Press

•Total Quality Management, Key Concepts and Case Studies by Butterworth-Heinemann (Elsevier)

•Production Planning and Control: A Comprehensive Approach by Butterworth-Heinemann (Elsevier)

•Work Organization and Methods Engineering by Butterworth-Heinemann (Elsevier)

While the Maintenance Management book was published in the United States by Taylor & Francis, the TQM, PP&C, and Methods Engineering books were published in the United States by Elsevier, and all three were launched successfully in Boston. In November 2018, Boston’s Cary Library honored Prof. Kiran and listed him among the Lexington authors, whose books have been catalogued in the library.

Prof. Kiran had also published over 23 papers in Indian and Foreign Journals, as well as in conference proceedings. He was the Organizing Secretary for the successful 29th Production Convention of the Institution of Engineers, held in August 2014. He is widely traveled, having visited over 30 countries, and is a philanthropist. Having taught engineering students for over 3 decades, he demonstrated his love for the student community by donating for the annual best student awards at IE(I), ISNT, and at Venkateswara Vidyalayam.

Foreword

Engineers are important value adders to manufacturing and economic activities. But as they climb up the echelons they morph into entrepreneurs, needing managerial skills. The present day entrepreneur cannot afford to be innocent of financial management or economics. There is always a difference in the performance of a knowledgeable entrepreneur and of one lacking managerial skills, including financial managerial skills. This book kindles the curiosity of an engineer who has to graduate into an entrepreneur. In the business world, engineers are engaged by entrepreneurs and not vice versa. Although there are no prescribed qualifications for entrepreneurs, an engineer with managerial skills can climb the ladder of success fast. This book introduces the engineer to the basics of financial management. Author Prof. D.R. Kiran’s progressive interest in management is reflected in the deep thought given by him in shaping a wonderful book, of utility to students during their preparation for graduation and also, after that, in their careers.

CA. C. Ananda Kumar

Preface

D.R. Kiran

During my early teaching career, the syllabus for economics for engineering students, which was a part of the Department of Humanities, included mostly macroeconomics and general economic laws. The microeconomic illustrations were more to suit the trade and commerce fields, rather than manufacturing fields. So, I used to teach on my own short introduction on additional topics, such as make or buy decisions, EOQ, value analysis, cost/benefit analysis for machinery replacement, etc., which are needed for engineering managerial decisions, and so would be of more interest to the engineering students. Later, when I happened to see the syllabi of foreign universities, especially of New York Canton University, Texas A&M, and even a Turkish university, I found they covered manufacturing field-oriented economic analysis illustrations, which I was actually teaching, more than macroeconomics. This fact, which concurred with my concept, made me happy and motivated me to retain all my teaching notes, to be able to write a book on engineering economics suitable for engineers. The result is this book, Principles of Economics and Management for Manufacturing Engineering, highlighting the engineering applications of economic theories for use by the decision makers of the manufacturing sector.

To conform to the different syllabi of several universities, this book is in three sections:

Section I—Introduction to Economics

Section II—Principles of Engineering Economics

Section III—Applications of Engineering Economics

A feature of this book is that the first chapter gives an introduction to engineering economics, which is then distinguished from economic theory in the later chapters, to make the reader appreciate the former topic as significant to his or her day to day performance, with emphasis placed on the economy-oriented decisions a manager is confronted with, like the make or buy decision or the economic order quantity. Several university syllabi, both Indian and foreign, from where the topics have been chosen, are appended at the end of the book. Another feature of this book is that all the accountancy and finance management topics included in these syllabi are listed, categorized chapter wise, and explained. Since each of them need a separate chapter to explain them fully, this book makes an attempt to give short paragraph explanations for them with examples, in order to allow the engineer to understand them enough so as to get a general knowledge. In addition to the Bibliography at the end of the book, chapter wise indication of books and other references for further reading is provided to aid the reader. Each chapter ends with criteria questions, to enable the reader to assess for him or herself his or her understanding of the subject.

Acknowledgments

The author acknowledges his indebtedness to all the persons who were associated with him during his 45-year-long industrial and academic career, and who helped him in bringing the book Principles of Economics and Management for Manufacturing Engineering to fruition. He also thanks Mr. C. Ananda Kumar, Chartered Accountant and Auditor, for his enlightening foreword.

D.R. Kiran

Abbreviations used in Engineering Economics

(Readers are requested to note that some abbreviations possess more than one expansion, and consequently may have different meanings elsewhere. The abbreviations and expansions given below are those relevant to the topic of the respective chapter.)

Chapter 1

CBA cost benefit analysis

FNA Federal Navigation Act

HEATCO Harmonised European Approaches for Transport Costing and Project Assessment

SWOT strengths, weaknesses, opportunities, and threats

Chapter 2

DPI disposable personal income

FNA Federal Navigation Act

Chapter 3

ToC theory of constraints

Chapter 4

DMS doctrine of maximum satisfaction

DU diminishing utility

EMU equilibrium marginal utility

MDC market demand curve

MU marginal utility

Chapter 5

EP equilibrium price

ICBM Intercontinental Ballistic Missile

Chapter 6

CAPM capital asset pricing model

CGT capital gains tax

CRR cash reserve ratio

EE economic equivalence

ERR expected rate of return

FP fiscal policy

GATT general agreement on tariffs and trade

GDP gross domestic product

GNP gross national product

GST general sales tax

IP intellectual property

IRR internal rate of return

MARR minimum acceptable rate of return

MARR minimum attractive rate of return

MIRR modified internal rate of return

MUDRA micro units development and refinance agency

NDP net domestic product

NGDP national gross domestic product

NNP net national product

NPA nonperforming asset

NPV net present value

NPW net present worth

PMMY Pradhan Mantri MUDRA Yojana

RBI Reserve Bank of India

SLR statutory liquidity ratio

TRIPS trade-related aspects of intellectual property rights

TVM time value of money

UNO United Nations Organization

VAT value-added tax

WTO World Trade Organization

Chapter 7

ACB activity based costing

AGM annual general body meeting

CDCFD cost dominated cash flow diagram

CFD cash flow diagram

GAAP generally accepted accounting principles

IAD inflation-adjusted depreciation

IARI inflation-adjusted return of investment

IIPE Indian Institute of Production Engineering

ISNT Indian Society for Nondestructive Testing

LCC life cycle costing

MACRS modified accelerated cost recovery system

NGO nongovernmental organization

NIQR National Institute for Quality and Reliability (India)

NPO nonprofit organization

PAT profit after tax

PBDT profit before depreciation and taxes

PBT profit before taxes

RDCFD revenue-dominated cash flow diagram

SFM sinking fund method

WDV written down value

Chapter 8

CIET Centro de Investigation de Enformendates Tropicales (Tropical Disease Research Center)

CSR corporate social responsibility

EAP ethical audit procedure

EAR ethical audit review

OECD Organisation for Economic Cooperation and Development

Chapter 9

SM scientific management

UoC unity of command

Chapter 11

AR average revenue

ATC average total cost

AVC average variable costs

EC explicit cost

GT group technology

HBR Harvard Business Review

IC implicit cost

LATC long run average total cost curve

MC marginal cost

MR marginal revenue

SATC short run average total cost curve

TC total cost

TFC total fixed cost

TR total revenue

TVC total variable cost

VR variation ratio

Chapter 12

MSME micro, small, and medium enterprises

SSI small-scale industries

Chapter 13

ARMAX autoregressive moving average with exogenous inputs

DES discrete event simulation

DT Delphi technique

GMDH group method of data handling

GMRAE geometric mean relative absolute error

IIF International Institute of Forecasters

ISF International Symposia on Forecasting

JEO Jury of Executive Opinion

LSM least square method

MAD mean absolute deviation

MAM moving annual method

MAPE mean absolute percent error

MAT moving annual total

ME&M maintenance engineering and management

NASDAQ National Association of Securities Dealers