Conference Session

Engineering Economy: Beyond the Classroom

Collection

2007 Annual Conference & Exposition

Authors

Donald Remer, Harvey Mudd College; Karen Ahle, Raytheon; Kevin Alley, Southwest Research Institute; John Silny, Raytheon; Karen Hsin, Accenture; Elijah Kwitman, Harvey Mudd College; Allison Hutchings, Harvey Mudd College

Tagged Divisions

Engineering Economy

from Harvey Mudd College in Claremont, California in May 2002 with a B.S. in engineering. She is working at Honeywell International, an aerospace and defense manufacturer in El Segundo, CA. Her interests are systems integration and hardware development.Kevin Alley, Southwest Research Institute Kevin J. Alley graduated from Harvey Mudd College in Claremont, California in May 2005 with a B.S. in engineering. He is working at Southwest Research Institute, a nonprofit research institute in San Antonio, Texas. His interests are in business management and law.John Silny, Raytheon John F. Silny graduated from both Harvey Mudd College and Claremont McKenna College in Claremont, California in

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

. Princeton University offers anundergraduate degree through its Operations Research and Financial Engineering department,while Columbia University offers an undergraduate degree in Operations Research: FinancialEngineering.With the growth of these new courses and curriculums in financial engineering, it is believed thatthere has been a decline in the offerings of engineering economy. As noted by Fraser1 nearly allIndustrial Engineering programs required a course in engineering economics. However,offerings outside the departments are not always required. For example, only industrial and civilengineers typically must take engineering economy. At Georgia Tech, non-IE majors take a 2-hour online version with microeconomics. Despite being a section on

Conference Session

Engineering Economy: Beyond the Classroom

Collection

2007 Annual Conference & Exposition

Authors

Jeannette Russ, Union University; Doanh Van, Union University

Tagged Divisions

Engineering Economy

still relatively new EngineeringCriteria 2000 (EC 2000). While no one suggests that the criteria are perfect, we have found thatthey do indeed allow flexibility to “focus on what is learned rather than what is taught,” asABET asserts in its organizational history.1 The use of current events in the engineeringeconomy course has been one of our direct attempts to encourage student learning, but wereadily admit that using current events is not a particularly novel idea. In fact, others haveintroduced more formalized methods of integrating current events throughout the engineeringeconomy course.2 The main contribution of this paper is to demonstrate how this common-senseelement of teaching engineering economy can be implemented, measured, and

Conference Session

The Evolution of Engineering Economy

Collection

2007 Annual Conference & Exposition

Authors

Gerald Thuesen, Georgia Institute of Technology

Tagged Divisions

Engineering Economy

History of the Development of Engineering Economic Representation within A.S.E.EAbstractThe development of the Engineering Economy Division of A.S.E.E. was an outgrowth ofthe technical progress of the field of engineering economics beginning in 1877 with thepublications of Arthur M. Wellington. As these new methodologies were formed, a fewengineering faculty began to realize that this material should be an integral part of theengineering curriculum. This paper traces the formation in 1942 of the IndustrialEngineering Division in the Society for the Promotion of Engineering Education(S.P.E.E., the forerunner of A.S.E.E.) and how these members played a critical role in the1956 formation of the Engineering Economy Division for the

Conference Session

Effective Tools for Teaching Engineering Economy

Collection

2007 Annual Conference & Exposition

Authors

Phil Rosenkrantz, California State Polytechnic University-Pomona

Tagged Divisions

Engineering Economy

activities were planned for the course todeliver curriculum component 4.Learning Strategy #1: Personalize and engage the student in the subject matter and communicatewith them often 2.Learning Activity #1: This activity is an individual project. To generate engagement students areasked to create their personal retirement plan to illustrate the course concepts, terminology andmethods in a way that should interest them. The normal lecture approach was supplemented witha narrated four-part PowerPoint presentation on retirement planning that included informationabout retirement plans and investing options. A basic EXCEL template was provided as astarting point for each student to develop their own retirement plan and sensitivity analysis. Inthe end they