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

. After graduation he plans to travel and pursue career opportunities in the field of engineering design and systems.Allison Hutchings, Harvey Mudd College Allison Hutchings graduated from Harvey Mudd College in Claremont, California in May 2007 with a B.S. in engineering. She plans to attend graduate school. Her interests are in structures and dynamics of aerospace systems. Page 12.411.1© American Society for Engineering Education, 2007 Cost Estimating Certificates Offered by Professional Societies in the United States and AbroadAbstractMany projects in industry and

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: Beyond the Classroom

Collection

2007 Annual Conference & Exposition

Authors

J. Cunha, University of Alberta

Tagged Divisions

Engineering Economy

focus of this work.A table with the complete questionnaire and all evaluation results for both courses ispresented in Appendix 1.Conclusions and Final RemarksAs mentioned before, this is a case study and not a pre-designed educational experiment. Forthat matter, most of the possible conclusions are not obtained from pre-designed surveys.It was noticed, probably due to maturity and better understanding of the importance ofeconomic issues in their future career, that graduate students valued the seminars and putmore effort on its preparation than most of the undergraduate students. Page 12.11.7Even though the use of seminar was not a complete failure

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

expressed his intent to read it for the rest of his career, a clear allusion to life-long learning(outcome I) that was inspired by a simple article search in an engineering journal. Anotherstudent said that doing research for the current events helped him understand how engineeringaffects and improves society, providing support for our assertion that outcome H was addressed.After a discussion on various international power issues, yet another student expressed his desireto eventually return to his native country of Nigeria to help improve the power infrastructurethere – a clear expression of intent to actually use his engineering education to make an impact ina global context (outcome H). Finally, at least half of the students said at the end of

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

had some idea about how much they will need to save over their working career inorder to retire with the lifestyle they desire 3. Students upload to WebCT their EXCEL templateand a brief paper about their findings and retirement plan.Results of Learning Activity #1: Students learned how to apply course concepts and use anEXCEL spreadsheet to make financial calculations. They also learned how to perform sensitivityanalysis using the spreadsheet. They learned how to summarize their results in the form of anexecutive summary. No negative comments were received during assessment about the use of theretirement plan as a learning activity. Many students responded in the optional comment sectionof the survey that they really liked the activity and

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

AC 2007-1929: STUDENT SELECTION OF INFORMATION RELEVANT TOSOLVING ILL-STRUCTURED ENGINEERING ECONOMIC DECISIONPROBLEMSSarah Ryan, Iowa State University Sarah Ryan is an Associate Professor of Industrial and Manufacturing Systems Engineering at Iowa State University. She received an NSF CAREER award with its educational component to promote active learning and was part of the team that developed the PSLP under a National Science Foundation grant, pioneering its use in engineering economic analysis.John Jackman, Iowa State University John Jackman is an Associate Professor of Industrial and Manufacturing Systems Engineering at Iowa State University. He brings to this project expertise in the