June 20, 2010
June 20, 2010
June 23, 2010
15.50.1 - 15.50.7
A Look into the Engineering Economy Education Literature
Approximately ten years ago a two-part survey of how engineering economy was taught in U.S. universities was conducted. This survey, conducted in 1995 and 1997, collected data from engineering economy instructors and investigated: 1) the faculty that teach it, 2) the course content and mechanics itself, and 3) the students that take the course. We are currently embarking on a follow-up data collection effort to conduct a longitudinal analysis of this prior study. This survey paper presents a review of the most relevant literature published since this survey. The pedagogy highlighted in this paper includes problems with current teaching methods, modern technological advances in the engineering economy classroom, and new approaches to enhance the classroom experience. These findings support our long term goal of improving engineering economy pedagogy by increasing visibility, enhancing instructor knowledge, and influencing external stakeholders such as textbooks writers and funding agencies.
The literature review presented in this paper serves two purposes. One purpose is to present engineering economy education research that has been published in the last ten years and discuss the synergies between these efforts. As a number of papers have stated, there has been some consensus about the problems with the current teaching of engineering economy. This paper looks to shed some light on the evolution of engineering economics pedagogy including the areas that have undergone change and those that have remained the same. We also examine how the engineering economy curriculum is being taught in progressive classrooms, those which use new methods for teaching and new technologies as a medium for conveying knowledge and materials. Research on suggestions for how the course should be taught including new technologies and suggestions for new teaching methods are also presented.
The second purpose of this paper is to support follow-on work of a study conducted approximately ten years ago about how engineering economy is being taught in undergraduate engineering classrooms at various universities6. Needy, et al.6 presented an empirical analysis of engineering economy pedagogy via a two phase survey that collected data from engineering economy instructors regarding how engineering economy was taught in engineering programs throughout the United States. The primary findings of their survey are: ≠ The majority of the engineering economy courses average more than 30 students, ≠ Respondents provide a positive assessment of the state-of engineering economics as a body of knowledge, ≠ On average, industrial engineering (IE) faculty teach more engineering economy sessions per year than non-IE faculty, ≠ In calculating final grades, exams are weighted most heavily (non-IE faculty weight homework, projects and case studies more heavily), ≠ Non-IE faculty use groups and projects almost twice as much as IE faculty, and
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