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

Engineering at Penn State UniversityPark, expressed the need for the engineering economy class and its curriculum to serve as thecrossroads between business, engineering, and entrepreneurship. The executives saw that one ofthe biggest deficiencies in young engineers entering their companies was the lack of a generalknowledge of important business skills and the lack of application of the engineering economycurriculum prior to entering the work force. After collecting this feedback from the corporateexecutives it was evident that every engineering student should not only be exposed to thetraditional engineering economy time value of money formulas but also key financial accountingtopics with much emphasis on real life applications. The advisory board

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

describes results from a student survey and after-class evaluations.  We describe why personal finance is important. For example, we believe that shifts in how retirement is funded and the seemingly ever increasing level of student debt have created the need to better educate future engineers about personal finance.  Examples of how personal finance could be integrated with current topics in engineering economy courses are presented next.  There are also potential links between the technology that is used to teach engineering economy and covering personal finance.  Our conclusion is that more coverage of personal finance is possible, desirable, and perhaps necessary.Literature ReviewWe have examined

Conference Session

Engineering Management Applications

Collection

2012 ASEE Annual Conference & Exposition

Authors

Gene Dixon, East Carolina University

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

necessary part of their emergingworld. This emerging world for engineering students requires them to grasp the role ofleadership in the formation of engineering and its role in society currently and historically. Itserves as an expansion of the engineering student’s awareness of self and awareness as studentsare called on to interact with these leaders by understanding the principles and values of theengineering discipline.Exploration/Engagement. As students progress in their curricular pursuits and in establishingtheir personal roles in the class, the university and the community, they began to experiencethemselves interacting with their peers. They are placed into a context where seekingopportunities to explore their numerous interests is

Conference Session

Engineering Economics New Frontiers

Collection

2015 ASEE Annual Conference & Exposition

Authors

Paul C. Lynch, Pennsylvania State University, University Park; Cynthia Bober, Penn State University; Joseph Wilck, East Carolina University

Tagged Divisions

Engineering Economy

andfinancial statements if they choose to complete a minor in business/ liberal arts. Students wouldhave limited exposure to these topics if they completed an engineering entrepreneurship minor.All of the industrial engineering students at Penn State must complete either macroeconomics ormicroeconomics as part of their general education course work in their freshman or sophomoreyear. Page 26.191.2Simply adding additional lecture material in the engineering economy course to cover the linkbetween engineering economic decisions and business planning, financial statements, financialaccounting, and stock value was only one part of addressing the needs of

Conference Session

Applications of Engineering Economy

Collection

2008 Annual Conference & Exposition

Authors

Benjamin Kelley, Baylor University; Robert Doty, Baylor University; Bill booth, Baylor University; Cynthia Fry, Baylor University

Tagged Divisions

Engineering Economy

-campus companion course sequencewith similar learning objectives was conceived that can reach a greater numbers of students. Apilot version of the course, Global Business Communication (GBC), was offered for the firsttime during fall 2006. The second course in the sequence, Technology Entrepreneurship, is anew course offered through Baylor’s Business School, in which adequately prepared businessstudents may also enroll.Like the abroad course, the on-campus GBC course must substitute for existing courses in theECS curriculum. Engineering Economic Analysis is one of the possible course substitutions.Baylor engineering seniors perform on the Fundamentals of Engineering exam at a near 100%pass rate. Because of the prominence of engineering economy

Conference Session

Integrating Engineering Economy into Curricula

Collection

2014 ASEE Annual Conference & Exposition

Authors

Joseph Wilck IV, East Carolina University; Paul C. Lynch, The Pennsylvania State University, University Park, PA; Paul J. Kauffmann P.E., East Carolina University

Tagged Divisions

Engineering Economy

appropriate forthe general education of a college or university student. In the past an engineering economicscourse focused primarily on financial mathematics; however, the modern engineering economicscourse centers on financial decision making in addition to financial mathematics. These topicsare applicable, if not mandatory, for students pursuing interests in engineering, law, productdevelopment, public service, entrepreneurship, marketing, business, finance, political science,sociology, government, and ethics. This issue is timely because schools at various levels (e.g.,K-12, community colleges, and universities) are including the concepts of quantitative andfinancial literacy into their required curricula, with some being required by state

Conference Session

Engineering Economy Division Technical Session 1

Collection

2019 ASEE Annual Conference & Exposition

Authors

Joseph Wilck, College of William & Mary; Paul C. Lynch, Penn State Erie, The Behrend College

Tagged Divisions

Engineering Economy

to similar conclusions [6].Course DiscussionThe instructor for this course had taught Engineering Economy in the more traditional sense toboth undergraduate and graduate engineering students. In each of those cases the majority of thestudents had not taken finance nor accounting; thus, the time value of money calculations andprinciples were the focal point of the courses. In the undergraduate course the FE (EIT) Examprovided a good repository for questions. However, for an MBA class with students who havetaken a core of classes which included accounting and finance, and all students having at leastthree years of work experience (and some with 20+ years), the course needed to take on adifferent structure.The lectures and problem sets covered