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

and student outcomes. Also of interest wasthe degree to which various learning tools are used and their relative use based on learningstyles. The ultimate goal was continuous improvement with plans to share findings of interest tothe engineering economy and hybrid on-line class communities. Another desire was to be able torecommend learning tool strategies based on actual student experience.An initial study was conducted using data collected Spring 2002, Fall 2002, and Winter 2003.Spring 2002 was taught using the traditional face-to-face format. Fall 2002 was a transitionquarter, and Winter 2003 was taught in a hybrid on-line format. Throughout the paper this isreferred to as the 2003 study period8. Subsequently, data was collected for nine

Conference Session

Effective Tools for Teaching Engineering Economy

Collection

2007 Annual Conference & Exposition

Authors

Kailash Bafna, Western Michigan University; Betsy Aller, Western Michigan University

Tagged Divisions

Engineering Economy

exams and solve even complexproblems using Excel only. This approach should prove to be valuable to the students when theyenter the working world, where finding textbooks and business calculators are an exception forthe engineer, but having computers with Excel or any other spreadsheet software is commonplace. With an eye toward the needs of a changing student population, presentation and deliveryof course materials have also been redesigned to enhance interest and learning, and to makecourse materials more accessible than previously possible. This paper discusses the need forchange in the teaching of engineering economy, specific technological and pedagogical methodsused, the quantitative and qualitative testing and results of changes, plans

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

, and to provide a five-minute oral summary to the class. No written work issubmitted. Grading has been handled in a slightly different manner each semester, but thecurrent plan is to have each discussion contribute 1% of the overall course grade. Thispercentage seems to strike an appropriate balance between the relatively low effort involved incompleting the assignment and the importance of teaching students to take responsibility forlearning something beyond the textbook and outside of the classroom. A student’s grade foreach assignment is broadly recorded as an A (expectations fully met), C (a reasonable attemptwas made to complete the assignment, but some element of the assignment was not appropriatelyexecuted), or F (absent or completely

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

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

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

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