Conference Session

Engineering Economy Division Technical Session 1

Collection

2016 ASEE Annual Conference & Exposition

Authors

K. Jo Min, Iowa State University; John Jackman, Iowa State University; Michelle Zugg, Iowa State University

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy

Paper ID #17118Critical Life-Cycle Decision Making for Projects under UncertaintyDr. K. Jo Min, Iowa State University K. Jo Min is Associate Professor and Associate Chair, Director of Undergraduate Education in Industrial and Manufacturing Systems Engineering Department at Iowa State University. He teaches courses on pro- duction systems, closed-loop supply chains, and engineering valuation. His education research interests include outcome assessment and visualization aids, and his engineering research focuses on application of stochastic optimal control on engineering decision making. He has co-authored numerous papers in

Conference Session

Engineering Economy Division Technical Session 3

Collection

2016 ASEE Annual Conference & Exposition

Authors

Paulina Z. Sidwell, McLennan Community College

Tagged Topics

ASEE Diversity Committee, Diversity

Tagged Divisions

Engineering Economy

, given principal, interest rate, and pay period. 5. Perform project evaluation, including cost/benefit analysis. 6. Articulate principles of taxation and depreciation. 7. Perform capital budgeting, cost comparisons, and replacement analyses. 8. Solve problems at a level consistent with expectations of the engineering economics portion of the Fundamentals of Engineering examEngineering is a global and interdisciplinary field. Accreditation boards and engineeringeducation institutions across the board have called for a more well-rounded engineeringeducation, expressing the need for engineers that are better equipped to understand the impact ofthe global economy on engineering solutions, as well as the social and global

Conference Session

Engineering Economy Division Technical Session 1

Collection

2016 ASEE Annual Conference & Exposition

Authors

Paul C. Lynch, Penn State University Erie, The Behrend College; Joseph Wilck, United States Air Force Academy; Omar Ashour, Pennsylvania State University Erie, The Behrend College

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy

decision to fund an engineering project, merger, acquisition, orto provide venture capital to an entrepreneur comes down to using the basic principles learned inengineering economy. This paper discusses the evolution of an engineering economy curriculumand the birth and success of a business and engineering student group that grew out of theengineering economy course that has grown from six to over 70 active members in just twoyears. All students in the student group completed the engineering economy course assophomore or junior engineering students and have gone on to serve as financial advisers for thecurrent engineering economy students, sponsor company case competitions, and most recentlyserve as consultants in the local community to help

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

industry experience includes work in the fields of marine outfitting; software design and consulting; medical devices; and heavy equipment. Jim held operational positions in production supervision; master scheduling; materials management; and industrial engineer- ing. In an IT capacity, he served as a software engineer; systems analyst; project manager; manager of programming, quality assurance, and architecture; director of IT governance and program management; and director of business service demand management. He leverages his industry experience to enhance classroom learning. In his three-year teaching career at the University of Pittsburgh he has won four ”student choice” teaching awards from undergraduate and

Conference Session

Engineering Economy Division Technical Session 3

Collection

2016 ASEE Annual Conference & Exposition

Authors

Corey Kiassat, PhD, MBA, PE P.E., Quinnipiac University; Xiaoyue Jiang, Quinnipiac University

Tagged Topics

ASEE Diversity Committee

Tagged Divisions

Engineering Economy

-learning (CL) setting involves smaller groups (2-4 members) andruns non-permanent teams. Most CL tasks are structured to be completed within one class period,and can be handled by groups with 2-4 members. Smaller groups are both more efficient and moreeffective than larger groups in dealing with small-scaled tasks and projects. For a thoroughcomparative study on various types of learning in small groups, which include collaborativelearning, cooperative learning and problem-based learning, see Davidson and Major (2014) 17.We adopt a mixture of team-based and cooperative learning strategies to best suit our pedagogicalneeds. In particular, we adopt permanent team (a TBL feature) with 3-4 members each team (a CLfeature), and design experiments to

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

analyses should be performed: As to when real-options analysesshould be performed, Eschenbach, et al pointed out, “Real options have their application only inthose projects where the NPV is close to zero, where there is uncertainty, and where managementhas the ability to exercise [its] managerial options.” [2, p. 401]When deciding if an individual investment should be pursued in the future, students have nodifficulty accepting the decision rule: pursue if the present worth is positive-valued; otherwise, donot pursue the investment. However, they do not readily accept a decision to pursue a futureinvestment having a negative-valued present worth because of the intrinsic value of the flexibilityto pursue (or not pursue). Realizing such decisions are

Conference Session

Engineering Economy Division Technical Session 2

Collection

2016 ASEE Annual Conference & Exposition

Authors

Ted Eschenbach P.E., TGE Consulting; Neal A Lewis, University of Bridgeport

Tagged Divisions

Engineering Economy

data blocks when building cash flow tables. These data blocks define the values of allvariables, and then the table is built with formulas that reference data block cells. Figure 4. Newnan Figure B-1, p. 589Park 6th frequently included a graph of project balance/amount owed in introductory TVMspreadsheets (see Figure 5). Figure 5. Park Example 3.8, p. 77  White et al. 6th and White et al. Fundamentals include the highest percentage of spreadsheet inclusion. Both texts also make frequent use of SOLVER and GOAL SEEK, even in the very early chapters, as shown in Figure 6. Figure 6. White Fundamentals Example 2.4 p. 32Coverage of Financial

Conference Session

Engineering Economy Division Technical Session 1

Collection

2016 ASEE Annual Conference & Exposition

Authors

Wolter J. Fabrycky P.E., Virginia Tech

Tagged Divisions

Engineering Economy

Figure 2 beintegrated and applied iteratively and continuously, guided by these 10 blocks. Figure 4. A morphology for systems engineeringSynthesis. To design is to synthesize, project, and propose what might be for a specific set ofcustomer and stakeholder requirements, often expressed in functional terms (Block 2). Synthesisis the creative process of putting known things and newly developed entities together into moreuseful and new combinations to produce emergent properties. Meeting a need in compliance withcustomer and stakeholder requirements is the objective of design synthesis.The primary elements enabling design synthesis are the design team (Block 3) supported bytraditional and computer-based tools for design

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

Paper ID #15953ABET Data as a Model for Improving Engineering Education: A Pilot of theEngineering Economy CourseDr. Jerome P. Lavelle, North Carolina State University Jerome P. Lavelle is Associate Dean of Academic Affairs in the College of Engineering at North Carolina State University. His teaching and research interests are in the areas of engineering economic analysis, decision analysis, project management, leadership, engineering management and engineering education. c American Society for Engineering Education, 2016 ABET’s Self Study Report: a New Model for Improving

Conference Session

Engineering Economy Division Technical Session 3

Collection

2016 ASEE Annual Conference & Exposition

Authors

Deborah Ann Pedraza, Texas Tech University; Mario G. Beruvides P.E., Texas Tech University

Tagged Topics

ASEE Diversity Committee

Tagged Divisions

Engineering Economy