Conference Session

Integrating Research

Collection

2012 ASEE Annual Conference & Exposition

Authors

Karen M. Bursic, University of Pittsburgh

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

provide “evidence for the value of rapid feedbackand the currently popular clickers”18 in foundation engineering courses, they did note that theycould not make generalizations about the effectiveness in other learning environments andsuggested that further study was worthwhile.Finally, although it may be clear to any seasoned instructor, it is worth noting that implementingclickers in the classroom is time consuming. The instructor needs to spend time learning thetechnology and preparing appropriate questions, then planning how to go about incorporatingthem into the class plan or lecture. The engineering economy course described here requiredfrom a ½ to 1 hour per lecture to incorporate the “clicker questions” into previously developedPowerPoint

Conference Session

Student Development and Assessment in IE Programs

Collection

2012 ASEE Annual Conference & Exposition

Authors

Mysore Narayanan, Miami University

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

. The 20 characteristics chosen bythe author was based on Deming’s 14 points that pertained to TQM. This was recorded in a spreadsheet form as shown in Appendix B. Theseportfolios can also be graded, evaluated and assessed using a variety of rubrics andassessment tools. The author has previously presented some of these results in a form atthe 114th ASEE Annual Conference in Honolulu, Hawaii (Narayanan 2007). Theauthor plans to generate and utilize a rubric for purposes of holistic assessment. Thisrubric is based on Washington State University’s Critical Thinking Project. This isshown in Appendix D. The 20 characteristics chosen by the author are recorded and incorporated intoan excel spreadsheet for documenting collected data

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 Division Technical Session 2

Collection

2016 ASEE Annual Conference & Exposition

Authors

Paul C. Lynch, Penn State University Erie, The Behrend College; James F. Kimpel, University of Pittsburgh; Karen M. Bursic, University of Pittsburgh

Tagged Divisions

Engineering Economy

takethis one step further to be able to understand and explain how their decision will impact companyfinancial statements (i.e., the bottom line of the company). At Penn State, industrial engineeringstudents are only exposed to a semester of financial accounting and financial statements if theychoose to complete a minor in business/liberal arts.An overhaul of the engineering economy course in the industrial engineering program wascompleted. However, simply adding additional lecture material in the engineering economycourse to cover the link between engineering economic decisions and business planning,financial statements, financial accounting, and stock value was only one part of addressing theneeds of the companies hiring industrial engineering

Conference Session

Effective Tools for Teaching Engineering Economy

Collection

2007 Annual Conference & Exposition

Authors

Sarah Ryan, Iowa State University; John Jackman, Iowa State University; Rahul Marathe, Iowa State University; Pavlo Antonenko, Iowa State University; Piyamart Kumsaikaew, Iowa State University; Dale Niederhauser, Iowa State University; Craig Ogilvie, Iowa State University

Tagged Divisions

Engineering Economy

threeprogressively more complex and ill-structured group problem-solving exercises.Loan AnalysisThe first problem was adapted from a short case study in the course text21. A choice of two carloans was presented: a conventional three year loan or an alternative with lower monthlypayments and a final balloon payment. Similar to a financing company’s advertising brochure, Page 12.1316.9the problem statement contained a fine print, distracting details and a somewhat misleadingclaim as to the money saved in the alternative plan. Students working in teams of 3-4 solved theproblem with markers on poster-sized sheets of paper in a 50-minute session. They

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

The Evolution of Engineering Economy

Collection

2007 Annual Conference & Exposition

Authors

Joseph Hartman, Lehigh University; David Enke, University of Missouri

Tagged Divisions

Engineering Economy

. An advanced engineering economy course wouldbe for those students pursuing engineering careers, with topics including advanced methods foranalysis under risk and uncertainty (simulation and real options analysis) with applications inequipment replacement and capacity planning. An advanced course in financial engineeringwould include topics on options pricing and portfolio optimization. For those curriculums thatcannot afford three courses, two courses may suffice, but applications must be mixed. Forexample, a discussion of the Black-Scholes model for options pricing should be followed by itsapplication to a real options-based invest/delay/do-not-invest decision for a manufacturing ordistribution facility, followed by alternative forms of

Conference Session

Engineering Economy Division Technical Session 3

Collection

2017 ASEE Annual Conference & Exposition

Authors

Gilbert C Brunnhoeffer III P.E., Roger Williams University

Tagged Divisions

Engineering Economy

waiting for thatgiant payday. Given that each employee is likely to receive a pay raise at the end of a year, wealso introduce the concept of a widening pay gap due to the effect of compound interest. Thewhole example is geared towards explaining the time value of money and showing the studentshow to use simple arithmetic (not mathematics, such as present value and future value equations)to evaluate the economic worth of a dollar today and compare it to a dollar at a specific time inthe future. At the age of eighteen, five years in the future is an eternity so it takes some time fortheir personal time and planning horizon to stretch out five years.The key to introducing the concepts of engineering economic analysis is to lay out the

Conference Session

New Topics in Engineering Economics

Collection

2006 Annual Conference & Exposition

Authors

Leslie Pagliari, East Carolina University; Gene Dixon, East Carolina University; Paul Kauffmann, East Carolina University; Merwan Mehta, East Carolina University

Tagged Divisions

Engineering Economy

the highest and most consistently selected areas. As far asdistance education approaches, students prefer use of streamed lectures coupled with some formof instructor interaction to answer questions. In addition, students prefer testing approaches thatallow more diverse expression as contrasted to multiple choice tests.The authors plan to continue these surveys and analytical studies for several more years andsolicit increased involvement from MEM and MS TS programs throughout the country.Additionally, the authors will collect longitudinal data to see how and if recommendationschange after a number of years pass. We hope that this study may also be a model for increasedcollaboration in other subject matter areas that are critical to MEM and

Conference Session

Innovation in Teaching Engineering Economics

Collection

2006 Annual Conference & Exposition

Authors

Ahmad Sarfaraz, California State University-Northridge; Tarek Shraibati, California State University-Northridge

Tagged Divisions

Engineering Economy

strategy to engage studentsin this particular case. We believe this to be true because weekly quizzes force students to studyon a regular basis and to keep abreast of material in the course as it is being presented. Theauthors plan to study the effects of weekly journals and extra help sessions on student success inthe upcoming semesters while continuing with weekly quizzes to determine if success rate can befurther improved.References Page 11.750.61. Omar Zahir, Redesigning a Challenging Gateway Course, The Center for Excellence in Learning and Teaching Letter, California State University, Northridge, Volume 3, Number 1, 20012. Report

Conference Session

Engineering Economy Division Technical Session

Collection

2013 ASEE Annual Conference & Exposition

Authors

Weihang Zhu, Lamar University; Alberto Marquez P.E., Lamar University; Julia Yoo, Lamar University

Tagged Divisions

Engineering Economy

LamarUniversity. It will give students more opportunity to learn and practice Engineering Economicswhenever they have spare time. The preliminary assessment results in Fall 2012 semester arepresented in this paper. Surveys and interviews are conducted with randomly selected students toget a better understanding of the impact of the mobile app. The authors are now in the process oftransforming the app into game-style. Further development and improvement with formativeassessment is planned in the next three years.* Acknowledgment: This project is partially supported by a grant from the National ScienceFoundation DUE-1140457 to Lamar University. 1. Introduction Engineering Economics is a core class in engineering and is often required in

Conference Session

Integrating Engineering Economy into Curricula

Collection

2014 ASEE Annual Conference & Exposition

Authors

Christina Jauregui Barboza, Stevens Institute of Technology (SSE)

Tagged Divisions

Engineering Economy

the financing design duringthe planning stage by manipulating the parameters; and ultimately the most profitable solutioncan be implemented 18. This paper presents a case study depicting the cost of construction, implementation andoperation of a commercial wind farm with the application of life cycle costing using ATA. Thistechnique defines the life cycle cost for the entire operation: from financing the project, topurchasing the equipment, and the project revenue. While this approach requires extensiveresearch to determine the parallel costs and revenue rates, the results from conducting an ATAwith life cycle costs allows for a solid final decision based on actual figures and predefinedeconomic criteria. The results from this

Conference Session

Methods, Cases, and Directions

Collection

2012 ASEE Annual Conference & Exposition

Authors

Bidhan C. Roy, University of Wisconsin, Platteville; Osama M. Jadaan, University of Mount Union; Mitchell Dean Cornelius, University of Wisconsin, Platteville

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

AC 2012-4882: A NANOTECHNOLOGY MODULE WITHIN THE CUR-RENT COURSE IN ENGINEERING ECONOMYDr. Bidhan C. Roy, University of Wisconsin, Platteville Bidhan Roy (Ph.D. 2003, UIUC) is an Assistant Professor with the Department of General Engineering, University of Wisconsin, Platteville. His research interests are primarily in mechanics with a focus on biological systems, applied mathematics, and numerical methods.Dr. Osama M. Jadaan, University of Wisconsin, PlattevilleMitchell Dean Cornelius, University of Wisconsin, Platteville Mitchell Cornelius is originally from Decorah, Iowa. He is currently a Senior Mechanical Engineer at the University of Wisconsin, Platteville, and he plans to attend Iowa State University for graduate

Conference Session

Engineering Economy Division Technical Session 2

Collection

2017 ASEE Annual Conference & Exposition

Authors

Karen M. Bursic, University of Pittsburgh

Tagged Divisions

Engineering Economy

for assessing learning are not readilyavailable for many curriculum areas. Since instructors are naturally more willing to put theirefforts into evidence-based teaching practices it is critical that we are able to measure whetherlearning increases have occurred as a result of new practices.Concept inventories (CIs) are available for such engineering topics as statics and dynamics, heatand energy, signals and systems as well as statistics, however there are no proven valid, reliableCIs available for engineering economy. Thus we are interested in developing such a tool. In thispaper we will discuss the development of the Engineering Economy Concept Inventory (EECI),results from assessment of its validity, and plans for further study and

Conference Session

Industrial Engineering Division Tech Session 2, IE-ing the Classroom

Collection

2017 ASEE Annual Conference & Exposition

Authors

Nadiye O. Erdil, University of New Haven

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

capability analysis, measurement systemanalysis, specification and tolerances, and acceptance sampling plans. Students typically take thiscourse in the second year of their masters program. The course learning outcomes are (a) Defineconcepts in quality and quality management; (b) Apply statistical tools in analysis andapplication of Statistical Process Control; (c) Produce and employ control charts; (d) Explainsampling process; and (e) Design acceptance sampling procedures for quality control.The course work and activities typically include a term paper, a term project, homework, in classexercises and discussions, quizzes and two exams (midterm and final). During the study periodthe author added the library training and a factory visit to the class

Conference Session

Engineering Economy Division Technical Session 2

Collection

2017 ASEE Annual Conference & Exposition

Authors

Omar Ashour, The Pennsylvania State University, The Behrend College; Faisal Aqlan, Penn State Behrend; Paul C. Lynch, Penn State Erie, The Behrend College

Tagged Divisions

Engineering Economy

instructors on what areas to focus on when planning forfuture offerings of the course.References[1] Guskey, T. R. (2005). Formative Classroom Assessment and Benjamin S. Bloom: Theory, Research and Implications. In the Annual Meeting of American Educational Research Association, Montreal, Canada.[2] Bloom, B. S., Hastings, J. T., and Madaus, G. F. (1973). Learning for Mastery. National Laboratory for Higher Education.[3] Bloom, B. S., and Carroll, J. B. (1971). Mastery learning: Theory and Practice. Ed. James H. Block. New York: Holt, Rinehart and Winston.[4] Keller, F. S., Sherman, J. G., and Bori, C. M. (1974). PSI, the Keller Plan Handbook: Essays on a Personalized System of Instruction. Menlo Park, Calif.: WA Benjamin.[5] Onipede, O

Conference Session

Improving course effectiveness

Collection

2013 ASEE Annual Conference & Exposition

Authors

Richard L Marcellus, Northern Illinois University

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

agreement that consciously developing metacognitive habits significantlyincreases the ability to transfer academic learning to the workplace5-9 (The references given are onlya small representative sample.). This diagram summarizes metacognition: awareness dealing with problems Self planning while learning / teaching evaluating thinkingThe rest of this paper focuses on problem posing and problem structuring, with little explicitmention of metacognition. However, thinking about the essential qualities of problems is reflectivein nature, and hence metacognitive. Here is an example

Conference Session

Integrating Research

Collection

2012 ASEE Annual Conference & Exposition

Authors

Kellie Grasman, Missouri University of Science & Technology; Suzanna Long, Missouri University of Science & Technology; Sean Michael Schmidt, Missouri University of Science & Technology

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

the hybrid/buffet course was offered to all sections on campus in both Spring 2011and Fall 2011, no control group was available to compare learning within a given semester.Therefore, baseline data from an offering of the course in the traditional format in Fall 2010 wascompared to data collected from the two hybrid/buffet sections.The assessment plan consisted of a comparison of student performance on eight exam questionscovering select fundamental learning objectives of the course. The exam questions werepresented to students in the final exam of all Fall 2010 sections delivered in a traditional manner.The same questions were then embedded in exams of the hybrid/buffet course in both Spring2011 and Fall 2011. The Instructor was the same for

Conference Session

Student Development and Assessment in IE Programs

Collection

2012 ASEE Annual Conference & Exposition

Authors

Yaseen Mahmud, Morgan State University; Masud Salimian, Morgan State University

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

. Page 25.231.1 c American Society for Engineering Education, 2012 Assessment of Student Performances in Operations Research Class Delivered by an Innovative ApproachIntroductionOperations Research (OR) provides the core foundation skills and knowledge set for IndustrialEngineers (IE). It is one of the first courses to introduce crucial skills in its algorithmic approachto problem solving and abstract mathematical modeling of real systems. It provides themathematical science of optimization that underpins functionality of the optimization tools andalgorithms used by IE’s. It is a gateway course for IE specializations such as Simulation,Production Planning and Control, Logistics, and similar

Conference Session

Engineering Economy Division Technical Session 1

Collection

2018 ASEE Annual Conference & Exposition

Authors

James Burns, Purdue University, West Lafayette; Bob E. White P.E., Western Michigan University; Azim Houshyar, Western Michigan University

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy

. From 1995 to 1997, Dr. Houshyar spent all of his spring and summer terms at Argonne National Labo- ratory (ANL) assisting them with the scheduling of the EBR-II nuclear reactor shutdown. Dr. Houshyar developed several mathematical and simulation models that helped plan for the reactor shutdown accord- ingly. Dr. Houshyar has served as the Editor-in-Chief of the International Journal of Modelling and Simula- tion for over 20 years, and is very active in publication of scholarly articles. He has over 30 journal publications and 100 articles in conference proceedings. Some of Dr. Houshyar’s journal publications are in Computer and Industrial Engineering, Computers in Industry, The International Journal of Mod

Conference Session

Using a Real-Options Analysis Tutorial in Teaching Undergraduate Students

Collection

2016 ASEE Annual Conference & Exposition

Authors

John A. White Jr., University of Arkansas

Tagged Divisions

Engineering Economy

elective for industrial engineering majors andis occasionally taken by graduate students. The prerequisite for AdvEngEcon is EngEcon. As such,several students are juniors, but the majority are seniors.As taught for many years, AdvEngEcon typically began with a review of material covered inEngEcon: annual worth, future worth, present worth, and rate of return methods of comparingmutually exclusive investment alternatives, after-tax comparison of investment alternatives underinflationary conditions; and replacement analysis. Additional material in AdvEngEcon included: costestimation; capital planning and budgeting; break-even, sensitivity, and risk analysis; decisionanalysis; analytic hierarchy process; and real options. The textbook adopted for the

Conference Session

Engineering Economy Division Technical Session 1

Collection

2019 ASEE Annual Conference & Exposition

Authors

Raymond L. Smith III, East Carolina University; Henry D. Lester, University of South Alabama

Tagged Divisions

Engineering Economy

they go about their study preparation with use of the cheat-sheet option; (3)what did they think the benefit would be in using a cheat-sheet; and, (4) how do they think otherswill behave relative to academic integrity if a cheat-sheet were not allowed. The followingdetailed questions were posed in the survey. Questions Q1 through Q7 were used to evaluate study preparation given the authorized cheat- sheet option was available. Responses include: (a) always, (b) sometimes, and (c) rarely. 1. I plan adequate study time for each exam. 2. I keep my course materials organized and in a logical order. 3. I study with a group from my class. 4. I prepare potential test questions from themes, central topics, old exams

Conference Session

Engineering Economy Division Technical Session 2

Collection

2016 ASEE Annual Conference & Exposition

Authors

Jerome P. Lavelle, North Carolina State University

Tagged Divisions

Engineering Economy

o timing, involvement matrix  Describe attainment  Describe CI and results Criterion 5: Curriculum  Table 5-1 data  Curriculum/PEO alignment  Course syllabi information Criterion 6: Faculty  Rank, qualifications, workload, responsibilities  Size, ratios, professional development Criterion 7: Facilities  Quantify types, computing, other support  Maintenance and safety plans Criterion 8: Institutional

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

Conference Session

Effective Tools for Teaching Engineering Economy

Collection

2007 Annual Conference & Exposition

Authors

John Ristroph, University of Louisiana-Lafayette

Tagged Divisions

Engineering Economy

AC 2007-1453: SPREADSHEET TECHNIQUES FOR ENGINEERINGPROFESSORS: THE CASE OF EXCEL AND ENGINEERING ECONOMICSJohn Ristroph, University of Louisiana-Lafayette JOHN H. RISTROPH is an emeritus Professor of Engineering Management. His doctorate is in industrial engineering and operations research, and his non-academic experience includes service to the Louisiana Department of Natural Resources first as Head of Economics and Statistics and then as Director of Policy and Planning. His interests include engineering economics and computer-aided-instruction. Page 12.1297.1© American Society for Engineering

Conference Session

Applications of Engineering Economy

Collection

2008 Annual Conference & Exposition

Authors

Donald Merino, Stevens Institute of Technology; Jakob Carnemark, SKANSKA

Tagged Divisions

Engineering Economy

AC 2008-835: OPTIMIZING DATA CENTER REDUNDANCYDonald Merino, Stevens Institute of Technology Donald N. Merino is a tenured full professor and the Alexander Crombie Humphreys Chaired Professor of Economics of Engineering at Stevens Institute of Technology. He teaches Engineering Economy, Decision Analysis, Total Quality Management, and Strategic Planning. He is Founder Emeritus of the undergraduate Bachelor of Engineering in Engineering Management (BEEM) and the Executive Master in Technology Management (EMTM) Program at Stevens. He won the Morton Distinguished Teaching Award for full professors at Stevens. John Wiley published his book, “The Selection Process for Capital Projects”. Dr

Conference Session

Frontiers in Engineering Economy

Collection

2009 Annual Conference & Exposition

Authors

Philip Brach, University of the District of Columbia; Ahmet Zeytinci, University of the District of Columbia; Pradeep Behera, University of the District of Columbia

Tagged Divisions

Engineering Economy

unable to handle the home mortgagebusiness, so a sound government plan is a viable alternative. Of course adequate oversight andcontrols will be necessary.For years engineers have been criticized for failing to consider or be cognizant of social andhumanistic values. A case study like the one proposed would assist in changing this image of theengineer and create awareness in engineering students of the importance and significance ofsocial issues as well as traditional technical aspects when considering the engineering economyof their projects. In terms of priorities in life, cost of shelter is almost always the most expensive,transportation, food and clothing follow. These entire human needs imply a demand forengineering; if homes are made

Conference Session

Advances in Engineering Economy Pedagogy

Collection

2009 Annual Conference & Exposition

Authors

John Ristroph, University of Louisiana, Lafayette

Tagged Divisions

Engineering Economy

flows can be evaluated using equation (12) directly, and uniform series can be evalu-ated by using the formula for a geometric series with r equal to (1+i)-1. Equivalent annual worth expresses present worth as annual flows at times 1, 2, …, n (theend of the planning horizon) that produce the same compound amount as present worth, so n PW (1 + i ) n = ∑ EAW (1 + i) n −t . (13) t =1Applying the formula for a geometric series with r equal to 1+i results in the well establishedrelationship between PW and EAW

Conference Session

Innovation in Teaching Engineering Economics

Collection

2006 Annual Conference & Exposition

Authors

Karen Bursic, University of Pittsburgh

Tagged Divisions

Engineering Economy

mid-semester report to ensure that they had begunresearching and planning their approach to the analysis. Final project reports were due the lastweek of class. Students were given a general outline to be used in writing their reports (seeFigure 1). The projects were graded using a pre-defined grading rubric based on this outline andusing a total of 100 points.Once the projects had been submitted, students were asked to complete a short survey to evaluatethe effectiveness of the project as a learning tool. The survey was aimed at determining whetherstudents felt that the project increased their understanding and awareness of global, societal, andcontemporary problems and the application of the course material. The report should include the

Conference Session

Engineering Economy Division Technical Session 2

Collection

2017 ASEE Annual Conference & Exposition

Authors

Robert P. Leland, Oral Roberts University

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy

University, this is a two credit class, taught at the 400 level, and taken primarily byseniors at the same time as senior design. For their senior projects, students are required toestimate costs, and plan and track progress, so there are some connections. It has been veryhelpful to enrich the course through short assigned readings, in class topics and a research paper.The goal is to give students a broader perspective on economic activity and the business side ofengineering. These assignments and lectures address the non-quantitative side of practicingengineering and business that is quite real, and can easily overshadow the quantitative variablestreated in most textbooks.ReadingsThe readings are taken from business and investing publications