Conference Session

Engineering Economy Division Technical Session

Collection

2021 ASEE Virtual Annual Conference Content Access

Authors

Kellie Grasman, Missouri University of Science and Technology

Tagged Divisions

Engineering Economy

) convey their recommendation in a professionalmanner. This project allows students to practice these skills in a real life situation.Content:Within the project, student teams analyze real life investment alternatives using a structuredSystematic Economic Analysis Technique (7 steps) as a framework. The full project descriptionis included at the end of the curriculum element summary. The seven step analysis framework isoutlined here:1. Identify the investment alternatives: Students consider at least two alternative options,possibly including the do-nothing alternative as well. Each alternative should be presented indetail so the audience understands each choice.2. Define the planning horizon: The period of time over which to analyze the

Conference Session

Engineering Economy Course Strategy Panel Session

Collection

2021 ASEE Virtual Annual Conference Content Access

Authors

Michael B. O'Connor P.E., New York University

Tagged Divisions

Engineering Economy

needs. This Instructor plans to continuewith the “flipped classroom” delivery method. The challenge in this would be to incorporatemore formal communication and teamwork scope into the course. The formal communicationwould be in the form of engineering economic deliverables and teamwork in collaborativelearning exercises. [10]Approach to Instruction and TechnologyThe course was redesigned in 2018 to use a problem-based learning (PBL) process that allowedthe Instructor to meet program-specific learning outcomes such as Accreditation Board forEngineering and Technology (ABET) and discipline-specific objectives. Problem-based learninghas been defined as “an instructional method where student learning occurs in the context ofsolving an authentic

Conference Session

Engineering Economy Course Strategy Panel Session

Collection

2021 ASEE Virtual Annual Conference Content Access

Authors

James Burns, Western Michigan University; Bob White P.E., Western Michigan University

Tagged Divisions

Engineering Economy

want to work is uncertain. Technology should be used toanswer such questions in higher education because technology would be used to answer suchquestions in real life!It is important to pause here in order to link this retirement planning example directly to ourunderlying notion of coupling industry-centered analysis and engineering design in EE. The realconcepts at work in the retirement situation are identifying a problem (saving for retirement) andthe variables generally within my control (how much I save, the career I choose), understandingthe unknowns and uncertainties of the problem (salary growth, inflation, future needs, how long Iintend to work), creating boundaries for a problem (i.e., bounds on the unknowns), and thengenerating

Conference Session

Engineering Economy Division Technical Session

Collection

2021 ASEE Virtual Annual Conference Content Access

Authors

Neal A Lewis, University of Nebraska, Lincoln; Ted Eschenbach, University of Alaska Anchorage

Tagged Divisions

Engineering Economy

. Once full retirement age is reached there is no reduction in benefits due to earned income.If students analyze an individual case, such as a grandparent, with the SSA’s benefit estimatorthe years between early and normal retirement can raise their AIME. If a person has less than 35years with significant income subject to Federal Insurance Contributions Act (FICA) tax, thenmore years at a high income may raise their AIME significantly. For example, a state universityprofessor may have many years covered by a state pension plan with only limited amounts ofsocial security income or an individual may have long child-care gaps in their employmentrecord.Calculating an NPV or IRR once a cash flow stream is known is straight-forward, so this