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

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Diversity

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Engineering Economy Division (EED)

, period of retirement, and averageage at death (career and retirement planning).Mortality data from the National Vital Statistics System show large differences in the“expectation of life at age x.” The tabulated value at age 22 for a male American Indian orAlaska Native is 65.3 years and for a female Asian it is 21.1 years longer at 86.4 years.Differences like these are substantial, of major social importance, and highly relevant forpersonal financial planning by students—now and as retirement nears.We assert that engineering economy courses should include the use of relevant demographicbased information for personal financial decision making. Students will begin making financialdecisions regarding insurance, investing, and retirement planning

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)

Engineering/Industrial Management CIP, 1980 – 1999 [4]14. Engineering 14.30 Engineering/Industrial Management 14.3001 Engineering/Industrial Management. An instructional program that describes the application of engineering principles to the planning and operational management of enterprises and organizations, including budgeting, costing, quality control, efficient resource allocation and utilization, product production and distribution, human resource management, systems and plant maintenance, scheduling, storage and security, organization planning, acquisitions, and logistics.Exhibit 2. Description of Engineering/Industrial Management CIP, 2000 – 2010 [6]15. Engineering Technologies/Technicians 15.15

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

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Diversity

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Engineering Economy Division (EED)

pension. Socialsecurity is the centerpiece of retirement planning for most Americans. Engineering economystudents have the tools to analyze this aspect of their futures. Engineering economy professorshave the responsibility for helping students to achieve mastery of the basics for retirementfinancial planning. The rate of return on our tax investment is demonstrated as a real example oftime value of money and personal financial planning.While the analysis is applicable to the U.S. social security system as it is defined today, ourmethodology is applicable to other defined benefit systems. The approach is also applicableinternationally, as most countries have some form of public pension system.IntroductionEngineering economy texts and courses

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)

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Diversity

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Engineering Economy Division (EED)

(50 to 100 mins) Assignments Week PM - Project Initiation, Integration and Change Management – 1 fundamental management Understanding and incorporating steps Stakeholder needs analysis, etc Week PM - Managing Systems and Trends and Benefits in Project Management HW -1 PM 2 IT Projects – Less rework and Improved productivity through defined roles and responsibilities and resource management Week PM – Strategic Planning, Project Life Cycles – Improved Project Cost HW 2 - PM 3 Project

Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2024 ASEE Annual Conference & Exposition

Authors

Tamara R. Etmannski, University of British Columbia

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Diversity

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Engineering Economy Division (EED)

thisanalysis is presented here along with representative student comments, and discussed. The fulllist of survey responses and coding notes can be made available to any interested party.3. Results3.1 Material DevelopmentThe early planning stages of the project included rethinking the traditional textbook format, andopting instead to produce annotated and comprehensive slides designed to function as both studyaids for students and instructional tools for educators. The foundational concepts of engineeringeconomics were systematically organized into twelve distinct chapters, each represented by aPowerPoint slide deck. The size of these decks varied, spanning from 20 to 40 slides, with anaverage of 30 slides and a median of 29. Each deck included a title

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)

alternatives (including their economic impact, social impact, etc.).Engineers need to be skilled decision-makers and evaluators, emphasizing the evaluation ofeconomic impact of those recommendations and decisions as taught in engineering economics.Course DevelopmentDeveloping a new course for undergraduate engineering students from many different programscan be burdensome with the amount of coordination required across different academic units.Some of the departments wanted their students to take a course like this early in the curriculum,so the course was developed with first- or second-year engineering students in mind with limitedexposure in any specific degree plan. This removed any minimum math requirement and allowedthe course to be developed to

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)

coherence. Future work will include gathering andanalysing student feedback, refining materials based on recommendations, planning a morerigorous study comparing OER-using sections with textbook using sections, and expanding thepilot to additional departments to expand on annual student savings.6. EthicsAs confirmed by the UBC Behavioural Research Ethics Board (BREB) office, the work isconsidered “Quality Improvement and Assurance and Program Evaluation”, which under Article2.5 of the Tri Council Policy Statement is exempt from institutional ethics review requirements.This work therefore does not require ethics review for its performance or dissemination.7. References[1] T. R. Etmannski, S. Song, J. Sandhu, L. Kim, & A. Wang, “Online Open

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)

, “Understanding by Design,” 2006, Pearson: Merrill PrenticeHall.[5] D. Fadda and O. Rios, “Online Computer Aided Design Class,” 126th ASEE AnnualConference and Exposition, June 15-19, 2019, Tampa, Florida, USA[6] D. Fadda, R. Vinay, and O. Rios, “Online Development Plan for an Applied ThermodynamicsCourse,” Proceedings of the ASME International Mechanical Engineering Congress andExposition, October 29-November 2, 2023, New Orleans, LA, USA, IMECE2023- 112320[7] NCEES Fundamentals of Engineering (FE) Exam, https://ncees.org/exams/fe-exam/[8] L. Blank and A. Tarquin, Basics of Engineering Economy, 3rd Edition, McGraw Hill, 2021,ISBN10: 1259875989, ISBN13: 9781259875984[9] Honorlock Proctoring, https://honorlock.com/[10] ChatGPT, https://openai.com/chatgpt

Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2023 ASEE Annual Conference & Exposition

Authors

Robert P. Leland, Oral Roberts University

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Diversity

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Engineering Economy Division (EED)

more about the role of technology. Both the internet and wirelesscommunication have been enabling technologies, especially in funds transfers. Students alsorequested fewer restrictions on the choice of loans. This might be accomplished by removing therequirement that they complete the loan amount. That would enable them to invest in largerloans.Future PlansIn the future I plan to start this project earlier in the semester, so the students can get morefeedback on the repayment of their loans. It would also be helpful for the students to conductsome research on the borrower’s country, especially with regard to the economic conditionsaffecting potential borrowers. I also plan to include more connections to cash flow analysis.DiscussionThis

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)

Sustainable Development Goals or UNSDGs[1]. The preamble begins, “This Agenda is a plan of action for people, planet and prosperity …They [the 17 goals and 169 targets] are integrated and indivisible and balance the threedimensions of sustainable development: the economic, social and environmental.” Measuringboth the direct as well as the indirect costs (and benefits) of these three dimensions – people,planet, and prosperity – is known as “full cost accounting” or “true cost accounting” (i.e., hereinknown as “triple bottom line”). This triple bottom line varies from “standard accounting” in anumber of important ways. For example, the value of goods and services are recorded even if nocash outlays are involved and lifecycle analysis is used to

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)

) and although BAC and BA stayed fairly similar in stock prices, TSLA dropped almost $80 a share leaving me with massive losses. Unfortunately, nobody could have seen Elon Musk deciding to buy twitter before buying this stock, so I do not believe this would have happened normally and probably would have taken the same route as BAC and BA. According to Figure 8, I would say there are no strategies involved in investing because everyone’s are just scattered and there is no real way of finding the best investment plan. Overall, this will be very useful to keep in mind in the future when making a lot of money from an Engineering job. I learned a lot from this exercise about how volatile the stock

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)

and applicability for the students. Whether the game activities improved studentperformance on other course deliverables is more difficult to assess. In general, students whowon in the investment game received high grades in the course relative to the mean, but causalitycannot be established from the data collected, partially because there is an element of luckinvolved in the game. A continued effort to improve the implementation these game-basedactivities is ongoing. In the future, the instructor-of-record plans to make the game component asmandatory for students and collect more data at the end of the semester to further correlate withthe measurable course outcomes. Logistically, the activities were implemented within the Canvaslearning

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)

importantimplications. In order to further effectively achieve teacher cooperation, theevaluation committee needs to work closely with the curriculum committee.3.3 Student power“Student-centered” teaching is one of the educational philosophies followed by 4colleges and universities. The main function of the school is to maximize the role ofthe student in teaching. “student-centered” teaching is the foundation of the survivaland development of colleges and universities, and individualized education forstudents is the embodiment of the school’s characteristics. Taking WPI as an example,“student-centered” teaching is the basic educational philosophy of the “WPI Plan”.Under the guidance of the “student-centered” teaching

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)

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)

provided more accurate and detailed explanations than ChatGPT in some cases.This has prompted us to consider integrating these tools into future iterations of the study.Moving forward, we plan to develop more structured and clearly defined activities for students,with the aim of repeating the study in the following year. By then, we anticipate that universitieswill have clearer instructions and policies regarding the use of AI in classroom settings, whichwill help us refine the design and execution of the study.References[1] R. Subramanian and S. M. Vidalis, “Artificial Intelligence tools: Boon to Engineering Education or a threat?,” in 2023 Fall Mid Atlantic Conference: Meeting our students where they are and getting them where they