Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2023 ASEE Annual Conference & Exposition

Authors

Kate D. Abel, Stevens Institute of Technology (School of Engineering and Science)

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

. Thiscommittee was formed in the spring of 2022. A few virtual meetings occurred in the spring of2022 during which time the members were advised and discussed the upcoming overarching tasksand goals.Over the summer of 2022, each committee member was individually tasked with providing a 1-2page write up of what topics they felt should be covered in the new course and the justification foreach topic, keeping in mind the new constraints of time per week and credit hours. Each committeemember did this individually without contribution from other members in order to not bias anyone.Prior to the fall semester, the committee chair combined the contributions of each committeemember into one document. Although no comments were disregarded in the initial

Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2023 ASEE Annual Conference & Exposition

Authors

Robert P. Leland, Oral Roberts University

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

demonstrated as a way to combat poverty and elevate the status of women byMuhammed Yunus and the Grameen Bank. Yunus was awarded the Nobel Prize for his efforts.Since then a large number of microfinance organizations have arisen. More recently, internetbased microfinance has broadened the participation of both borrowers, who may live in remoteareas, and lenders, who may now be private individuals, investing through organizations such asKiva or Zidisha.History of MicrofinanceMicrofinance was practiced as early as 1720 as a means to alleviate poverty in Ireland, includingbefore and after the famine [1]. Microfinance proliferated after the success of the Grameen Bankin Bangladesh. Started as a project in 1976 by Yunus, the Grameen bank has grown to

Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2023 ASEE Annual Conference & Exposition

Authors

Daniel B. Oerther, Missouri University of Science and Technology

Tagged Divisions

Engineering Economy Division (EED)

EnvironmentalEngineering to lead the corporate role of Chief Sustainability Officer). The lessons learnedthrough this study included: 1) integrating economics into the environmental engineeringclassroom provides an authentic context to understand the importance of adopting a systems-level view of the trade-offs inherent as part of the triple bottom line; 2) future work shouldexplore replication of the results in courses offered by other faculty and at other institutions aswell as more broadly disseminated results to encourage the adoption of similar approaches inother courses within environmental engineering curricula.IntroductionIn 2015, the United Nations adopted, “Transforming our World: The 2030 Agenda forSustainable Development,” also known as the UN

Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2023 ASEE Annual Conference & Exposition

Authors

Huseyin Sarper, Old Dominion University; Nebojsa I Jaksic P.E., Colorado State University - Pueblo

Tagged Divisions

Engineering Economy Division (EED)

) is an important concept for engineers. At the Old DominionUniversity, many engineering majors do not learn the TVM unless they choose to do anengineering management minor. This project-based investment exercise can be easilypedagogically justified by essential body of knowledge in favor of experiential learning [1] - [3],implementations of Kolb’s experiential learning cycle (KLC) [4] - [6], and project-based learning(PBL), the pedagogy implemented frequently in early engineering education [7] - [9]. Furthermore,the importance of TVM is emphasized in many Engineering Economy textbooks [10], [11] andengineering education articles [12], [13].Investment Project Description with Samples of Student WorkFigure 1 shows the description of the project

Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2024 ASEE Annual Conference & Exposition

Authors

Ted Eschenbach, University of Alaska ; Neal A. Lewis, University of Nebraska

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

typically include some level of personal finance rangingfrom loans and savings up to complexities of investing for retirement, insurance, social security,stocks and bonds, and annuities. Class testing has demonstrated that students have a keen interestin personal finance examples [1].In earlier work [2] and again here, we assert that with the opportunity to teach engineeringeconomy students about retirement planning comes with the responsibility to do so. Engineerswho fail to plan and invest for retirement will face additional challenges when it comes to theethical challenges of engineering practice.This paper is an introductory case study of how FICA taxes and social security benefits can bedetermined and linked together to calculate an internal

Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2024 ASEE Annual Conference & Exposition

Authors

Tamara R. Etmannski, University of British Columbia

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

learning, team-projects and writing-based assignments, with special focus on learning through real-world applications ©American Society for Engineering Education, 2024 Creation of Open-Source Course Materials for Engineering Economics Course with Help from a Team of Students - Lessons Learned Tamara R. Etmannski Assistant Professor of Teaching, Department of Civil Engineering, The University of British Columbia, Vancouver, BC, Canada tamara.etmannski@ubc.ca1. IntroductionIn accordance with program accreditation prerequisites [1], engineering students across Canadaare mandated to undertake an Engineering

Conference Session

Engineering Economy Division (EED) Technical Session

Collection

2023 ASEE Annual Conference & Exposition

Authors

Neal A. Lewis, University of Nebraska - Lincoln; Ted Eschenbach, TGE Consulting

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

soon after entering theworkplace, if they haven’t already. Students need to understand how they compare to the“average” that is used to determine costs and benefits. Very often these averages are the basis forpublished advice on what choices should be made and for marketing materials for products andservices.IntroductionEngineering economy is often the only engineering course dealing with money. Nearly every textand course include some level of personal finance, as well they should. Class testing of materialhas demonstrated that students have a keen interest in personal finance examples because theycan identify with the topics [1]. Those topics include loans, investing for retirement, insurance,social security, stocks and bonds, and

Conference Session

Engineering Economy Division (EED) Technical Session

Collection

2023 ASEE Annual Conference & Exposition

Authors

Neal A Lewis, University of Nebraska - Lincoln; Jena Shafai Asgarpoor, University of Nebraska - Lincoln; Ipek Bozkurt

Tagged Divisions

Engineering Economy Division (EED)

-2000 CIP code, which is still available for use by NCES and not assigned to any other discipline.This paper reports the results of activities targeted at learning more about the role that theIntegrated Postsecondary Education Data System (IPEDS) keyholders and Technical ReviewPanels (TRP) play in the CIP code system, and begins laying out a strategy for influencing areclassification.IntroductionCIP stands for Classification of Instructional Programs, a coding system managed by the U.S.Department of Education [1]. NCES, the National Center for Education Statistics, is the agencythat collects and manages the data [2]. CIP codes are used to classify educational programs for awide variety of purposes, including which areas of study are considered

Conference Session

Engineering Economy Division (EED) Technical Session

Collection

2023 ASEE Annual Conference & Exposition

Authors

Ming Li, Beijing Foreign Studies University; Min Zhao, Graduate School of Education, Beijing Foreign Studies University

Tagged Divisions

Engineering Economy Division (EED)

themselves to shaping the evaluationculture based on the participation of multiple stakeholders and forming a joint forcefor quality assurance in engineering education, which provides importantenlightenment for the quality assurance in engineering education in other countries.1. IntroductionAs a type of talents cultivation, engineering education belongs to professionaleducation, yet bears the general characteristics of higher education. However, thestakeholders involved in talents cultivation must be complex as the talents it cultivatesare special. With the in-depth evolution of ABET, the stakeholders of the qualityassurance in engineering education have increasingly become diversified. Whichpower subjects do the stakeholders represent? Which

Conference Session

Engineering Economy Division (EED) Technical Session

Collection

2023 ASEE Annual Conference & Exposition

Authors

Robert A. Baffour, University of Georgia; Nathaniel Hunsu, University of Georgia; Eliza A Banu, University of Georgia; Adel W. Al Weshah, University of Georgia; Barbara Norton McCord P.E., University of Georgia; Marguerite Carol Brickman, University of Georgia

Tagged Divisions

Engineering Economy Division (EED)

results of students’ self-assessment in an engineering economics class. It should benoted here that self-assessment is a general tool that can be implemented in any course.Self-assessment, as in letting students assess their own work, is one of the most interestingassessment topics in literature both in secondary and in higher education. The complexity of thetopics ranging from what constitutes self-assessment, why do self-assessment and how to useself-assessment results are some of the reasons why this topic is interesting and getting attentionin the literature. The interest in self-assessment is due to many reasons. Boud [1], Dochy,Segers and Sluijsmans [2], and Sluijsmans, Moerkerke and Dochy [3] suggested that the reasonfor this greater

Conference Session

AI Integration in Engineering Economy Course

Collection

2025 ASEE Annual Conference & Exposition

Authors

Hamed Samandari, University of Massachusetts Dartmouth

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

, ensuring that students are equipped with the skills necessary to thrivein an AI-driven world. This growing integration of AI tools into curricula promises to driveinnovation in teaching methods, assessment, and the broader educational ecosystem, preparingfuture engineers to navigate and contribute to an AI-powered landscape.Recent studies highlight the growing integration of Artificial Intelligence (AI) tools inengineering education, reflecting both their potential and challenges. For instance, Subramanianand Vidalis [1] explore AI-powered tools, including generative models like ChatGPT, thatfacilitate interactive, personalized learning experiences in engineering classrooms shortly afterthey are becoming readily available to the public. They

Conference Session

Elements of decision making in engineering economics education

Collection

2025 ASEE Annual Conference & Exposition

Authors

Matt Gordon, University of Denver; Daniel D Auger, University of Denver

Tagged Divisions

Engineering Economy Division (EED)

formed with the most common responses being early 62-64, middle 65-67, or late 68-70). They were then asked to refine their arguments, and the projectculminated with an in-class debate.The authors found that this problem-based learning exercise was very beneficial in motivatingthe students to better learn and apply the course material. And, as a bonus, the instructors had amuch better idea as to when to start their social security benefits!IntroductionMost engineering programs require that students take a course in engineering economics as wellas ethics. Previous authors [1-3] have introduced the idea of using Social Security as a case studyto teach economics in graduate programs. Their work, as they hoped, has sparked us to alsopursue a Social

Conference Session

AI Integration in Engineering Economy Course

Collection

2025 ASEE Annual Conference & Exposition

Authors

Billy Gray, Tarleton State University; Gloria Margarita Fragoso-Diaz

Tagged Divisions

Engineering Economy Division (EED)

FERPAviolations, a local instance of an LLM was utilized. Different scenarios were run, where thescenarios changed how the LLM was prompted and rated responses affected subsequentassessments.For this study, three questions are considered. 1. Is there a difference between the ratings provided by the instructor and those provided in the scenarios? 2. Is there agreement between the ratings provided by the instructor and those provided in the scenarios? 3. Is there a time savings created by using the LLM compared against the instructor?BackgroundAI has been around for decades and its continuance and improvements are expected. A briefhistory into AI’s incorporation into Higher Education is introduced along with a discussion of thecomponents

Conference Session

AI Integration in Engineering Economy Course

Collection

2025 ASEE Annual Conference & Exposition

Authors

Raymond L. Smith III, East Carolina University; Ricky T Castles, East Carolina University; Emily Fuller Sondergard

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

revealed strong student perceptions of the chatbot’srole in fostering critical thinking and clarifying professional obligations. These results suggest that AI-supported tools, when thoughtfully designed and aligned with instructional goals, can enhance ethicseducation in engineering. Future work will explore refining chatbot interaction styles, expandingcurricular integration, and adapting implementations across varied learning environments to supportbroader development of ethical decision-making skills.1. IntroductionEngineering Ethics and Engineering EconomyThe importance of ethical decision-making in engineering practice is widely recognized and reinforcedthrough professional standards, accreditation criteria, and licensure examinations

Conference Session

AI Integration in Engineering Economy Course

Collection

2025 ASEE Annual Conference & Exposition

Authors

Dani Fadda, University of Texas at Dallas; Oziel Rios, University of Texas at Dallas; P.l.stephan Thamban

Tagged Divisions

Engineering Economy Division (EED)

Education, 2025 Artificial Intelligence in an Online Engineering Economy ClassAbstractArtificial Intelligence (AI) tools are abundantly available to anyone using a device with Internetconnection. While the improper use of AI in higher education can mean cheating duringsummative assessments, the focus of this paper is to present evidence that the student’s curiosityto investigate AI tools can be leveraged in formative assessments. Encouragement from thefaculty can turn the AI tools into learning enhancers while the integrity of the major courseassessments can be maintained by proctoring.IntroductionIn the presence of AI, people can interact and receive real-time feedback by creating and usingeffective prompts [1]. Students are increasingly

Conference Session

Elements of decision making in engineering economics education

Collection

2025 ASEE Annual Conference & Exposition

Authors

Hartanto Wibowo, Iowa State University of Science and Technology; Jon Matthews Rouse

Tagged Divisions

Engineering Economy Division (EED)

coursework,and broadening the students’ perspective.IntroductionAlthough the course title might vary, engineering economics is a common component of manyengineering curricula across the United States. The topics in engineering economics aresometimes combined with topics in professional ethics and licensure in a semester-long courseoffering. In the ABET accreditation criteria, two of the seven student outcomes are related toeconomic issues [1]. Furthermore, for a civil engineering program, the curriculum must includebasic concepts in project management and business [1], and engineering economics is typicallythe first course to introduce the principles of microeconomics to civil engineering students if theyhave not taken an introductory course in

Conference Session

Elements of decision making in engineering economics education

Collection

2025 ASEE Annual Conference & Exposition

Authors

Gbetonmasse B Somasse, Worcester Polytechnic Institute

Tagged Divisions

Engineering Economy Division (EED)

education, accreditationbodies like the Accreditation Board for Engineering and Technology (ABET) encourage theintegration of economic considerations throughout the engineering curriculum, suggesting thateconomic principles and analysis may be incorporated into various courses and projects forengineering students. Programs such as civil engineering include an explanation of concepts andprinciples in project management and engineering economics in student outcomes [1]. Thecurriculum must explain some, but not necessarily all, of the key concepts and principles, andthere is no obligation to assess students’ ability to explain the key concepts and principles.Most undergraduate engineering programs introduce economics through a complete course

Conference Session

AI Integration in Engineering Economy Course

Collection

2025 ASEE Annual Conference & Exposition

Authors

Katie Leanne Basinger, University of Florida; Andrew Benjamin McGrath, University of Florida; Henry Maxwell Gonzalez, University of Florida

Tagged Divisions

Engineering Economy Division (EED)

Learning Framework portion of the paperThe theoretical frameworks of Behaviorism [1] and Cognitivism [2] support that learning is bestachieved when supplemented with activity [3]. Behaviorism indicates that when studentsperform a behavior, they learn that topic on a deeper level. For example, consider a class incollege that you felt was the most useful. Most of the time, that class had a lot of examples andpractice in class in which you could apply the material. Cognitivism allows students to apply thetopics through open-ended assignments like case studies or group discussions to better learn thetopic [4]. By applying the concepts directly in activities in class, students

Conference Session

Elements of decision making in engineering economics education

Collection

2025 ASEE Annual Conference & Exposition

Authors

Robert J. Rabb P.E., Pennsylvania State University; Paul Mittan, Pennsylvania State University; Ted Graef, Pennsylvania State University

Tagged Divisions

Engineering Economy Division (EED)

business and management; and Able to provideleadership with the ability to effect change in strategies, tactics, policies, and procedures inprojects and other roles [1]. Many other discipline specific organizations have produced visiondocuments [2] – [3].The NSPE also defines 30 capabilities for engineers to know and be able to do by the time ofentry into professional practice. Engineering Economics is one of the capabilities and is essentialin comparing alternatives. Engineers are expected to be able to prepare detailed cost estimates ofinitial capital and annual operation, maintenance, repair, and replacement costs for a project.Additionally, Project Management is another one of the capabilities specified by the NSPE.Project management is the

Conference Session

Elements of decision making in engineering economics education

Collection

2025 ASEE Annual Conference & Exposition

Authors

Tamara R Etmannski, University of British Columbia, Vancouver; Mohosina Jabin Toma, University of British Columbia, Vancouver; Johan Foster, University of British Columbia, Vancouver

Tagged Divisions

Engineering Economy Division (EED)

ongoing development of Open Educational Resources (OER) inthe field of engineering economics. OER offers a scalable solution to affordability andaccessibility challenges in higher education. This paper presents a case study of theimplementation and evaluation of newly developed OER in undergraduate EngineeringEconomics courses at the University of British Columbia (UBC) [1]. By replacing commercialtextbooks with comprehensive open-source instructional materials, this study explores instructoradoption, pedagogical effectiveness, and student performance outcomes. Results indicate thatOER led to approximately $30,000 in textbook cost savings, while leading to comparablemidterm averages across departments. Survey responses from instructors