Conference Session

Engineering Economy Division Technical Session 3

Collection

2017 ASEE Annual Conference & Exposition

Authors

Ted Eschenbach, TGE Consulting; Jerome P. Lavelle, North Carolina State University; Neal A Lewis, University of New Haven

Tagged Divisions

Engineering Economy

chapters ranged from the basics of tabulated factors through load factors,replacement analysis, and capacity planning to the type of enterprise, financing, forecasting,extreme conditions, and social implications. Its coverage of the human element is businessfocused.Another important text was Woods and DeGarmo (1942) which has evolved into today’s text byWilliam Sullivan et al. The text’s topical coverage was more limited than Grant’s but with moreexplanation—and still with more advanced topics than most of today’s texts. H.G. Thuesen(1950) added a functional system for interest factors along with the “given x find y” languagethat is still used today. Early editions of both texts were focused on topics and examples forbusinesses and the public

Conference Session

Industrial Engineering Division Tech Session 1: IE-ing a Broader Perspective

Collection

2017 ASEE Annual Conference & Exposition

Authors

Susan O. Schall, SOS Consulting, LLC

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

Paper ID #20279Engineeering the Accreditation ProcessDr. Susan O. Schall, SOS Consulting, LLC Susan O. Schall is President of SOS Consulting, LLC. Susan has over 20 years experience delivering improved performance using engineering, statistical and business process improvement methodologies, including Lean Six Sigma, team-based problem-solving, and strategic planning. Clients include higher education institutions and non-profits as well as organizations in the chemical, food, automotive,industrial supply and printing industries. Prior to consulting, Susan held a variety of process improvement and leadership roles at

Conference Session

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

Collection

2017 ASEE Annual Conference & Exposition

Authors

Alejandro Salado, Virginia Tech; John Ray Morelock, Virginia Tech; Arash Baghaei Lakeh, Virginia Tech

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

provide a description of ourmethods, which includes the site where the intervention was conducted, the design of theintervention, the data collection process, and the data analysis approach. Then, we present theresults of the intervention and provide a summary of the conclusions, implications, andrecommendations for our planned next steps in this research direction. The results of this studyare meant to inform a more thorough, mixed methods assessment of the simulation game’s nextimplementation, as well as to refine and iterate the game’s design.BackgroundContemporary engineering work primarily involved solving problems related to decision-makingamong alternatives, troubleshooting malfunctioning systems, and design, all of which requiresome level

Conference Session

Engineering Economy Division Technical Session 2

Collection

2017 ASEE Annual Conference & Exposition

Authors

Isaac W Wait, Marshall University; Sameh M. El-Sayegh, American University of Sharjah; Salwa Mamoun Beheiry, The American University of Sharjah

Tagged Divisions

Engineering Economy

analysis. 4. Evaluate projects according to benefit/cost analysis, cost effectiveness analysis, and alternative selection with budget limitations. 5. Incorporate uncertainty analysis into simulations that address random project variabilities, including cost, inflation, and revenue. 6. Calculate the effect of taxes on project rates of return, and incorporate various depreciation models into project planning models.Of these outcomes, some have elements that are not suitable for assessment through a pen andpaper instrument at the beginning of the semester (e.g., the “software tools” mentioned inOutcome 2). Similarly, there are other elements that assessment of which would simply requiremore detailed effort (and thus time) than

Conference Session

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

Collection

2017 ASEE Annual Conference & Exposition

Authors

Dia St. John, University of Arkansas; Eric Specking, University of Arkansas

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

math that doesnot relate directly to the topic at hand. Use undergraduate students, family members, otherfaculty and staff, or anyone that you can find to test and discuss your plans. Students especiallycan provide a perspective to help with the streamlining process. A good example of streamliningis provided with the activity in section 4.g. Implementing the activityAt this point, it is time to implement the activity as it has been developed. Make sure to haveextensions or additional activities ready in case the project takes less time than expected. Thefirst time an activity is implemented, it is nearly impossible to predict exactly how it will go. Beprepared for things to go wrong and have as many backup plans as possible. The amount

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

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

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

Conference Session

Engineering Economy Division Technical Session 3

Collection

2017 ASEE Annual Conference & Exposition

Authors

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy

requires a car to get to the site and about 3 hours of total time including the tour and travel back and forth from campus.• Macaroon Cookie Business Expansion: This is a theoretical case based on ideas from a student capstone project where a small business company is looking at producing a new product line and they need to analyze if their expansion plans will be cost effective. No tour is provided.• HCP Laser Project – Heating and Cooling Products (HCP) is a small US based ductwork components manufacturer about 1-hour drive north of campus. A previous intern helped develop this case study which was based on the need for the company to improve cost effectiveness in terms of labor and scrap for their blank cutting process for

Conference Session

Industrial Engineering Division Tech Session 1: IE-ing a Broader Perspective

Collection

2017 ASEE Annual Conference & Exposition

Authors

Alejandro Salado, Virginia Tech

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

over 10 years in the spaceindustry as a practicing engineer before joining academia, is illustrative: As the development of a satellite was ending, we (team members) started to talk to each other about what was coming next for us. One of my colleagues said that he was planning to write the continuation of Harry Potter. Intrigued by the idea, we asked him why. His answer was enlightening: “I have had to write so much science fiction in this project, that I feel totally capable to do it!”Engineering work affects society. Consequently, engineers have an inherent responsibility as partof their engineering practice for public safety and environmental sustainability, which requiresengineers to practice engineering