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Engineering Economics as a General Education Course to Expand Quantitative and Financial Literacy

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

initiativesthroughout the country and to the growing technical demand of the country’s workforce.High School Initiatives and Inadequacy of the Common CoreMany states are looking closely at the specific learning outcomes of high school courses and anengineering economics course in college general education integrates well with these efforts.For example, Virginia has a policy for all public high school students to pass a Financial Literacycourse prior to high school graduation33. The topical coverage of this course links directly to acollege course in engineering economics due to an emphasis on decision making with the timevalue of money concept for individual decisions (e.g., obtaining a loan, developing a personalbudget, implications of a simple contract). The

Relevance Score: 1.0129793

Work in Progress: Engineering Economy Taught Across Engineering Disciplines

Conference Session: Engineering Economy Division Technical Session 1
Collection: 2020 ASEE Virtual Annual Conference Content Access
Authors: Brian Aufderheide, Hampton University; Otsebele E. Nare, Hampton University
Tagged Topics: Diversity
Tagged Divisions: Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

Engineering Disciplines Brian Aufderheide1, Otsebele E. Nare1 1 Hampton University, USAAbstractThis is a Work in Progress. Students are taught how to model, write, and solve engineeringequations as part of their typical curriculum. But what is not covered is how to meld theengineering design world with the economic domain needed to be successful in industry. Oneauthor has supervised over 35 industrial design projects, and through his experience found thatwhat industry values most is a detailed Financial Operational Model with clear design andeconomic parameters evaluated through sensitivity analysis. At Hampton University

Relevance Score: 0.8426506

Engineering Economy at the System Level

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

face of applicable constraints and requirements wherein subjective judgement is given the position of prominence (Section VI). 7) Identify system design examples with generic characteristics that may be used to leverage the utilization of Engineering Economy at the system level, EE@SL (e.g., REPS - Section VII).  Engineering Economy as currently taught and practiced is judged to be inadequate for the system- level involvement promulgated in this paper. Advancing EE@SL would be significantly enabled by: 1) Economic Theory, suggested to be as in Human Action.12 Start with a no cost subscription through the von Mises Institute, articles@mesis.org. 2) Organization Theory, humankind’s most important

Relevance Score: 0.84033495

Using the Education of Engineering Economy to Impact the Reduction of Engineering Student Loan Debt

Conference Session: Engineering Economy Division Technical Session 1
Collection: 2018 ASEE Annual Conference & Exposition
Authors: Erick Jones, University of Texas, Arlington; Billy Gray, Tarleton State University
Tagged Divisions: Engineering Economy

as shown in Figure 1 [8]. State aid to public universities and grant aid to studentshas generally been declining since 2001 [10], [8]. This reduction in aid, along with an increase incosts associated with attending a university, has increased the financial burden on students andtheir parents [10].Figure 1: Public FTE Enrollment and Educational Appropriations per FTE, U.S., FY 1991-2016 [8]Student DebtUnfortunately, students find that it is easy to accumulate debt [2]. The amount of debt isstaggering, student loan debt currently exceeds credit card debt and auto loans and is closing inon home mortgages debt as one of the top debts in the US [1]. A method for monitoring studentdebt is the 10% rule

Relevance Score: 0.8402844

Critical Life-Cycle Decision Making for Projects under Uncertainty

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

and self-efficacy. This course is required for all industrial engineering studentsand is used as a technical elective by students in other majors. Our study used a single casedesign8 recommended by the Department of Education, which does not require a control groupbecause it focuses on the assessment of student understanding before and after an instructionalintervention. The study was reviewed and approved by the Institutional Review Board (IRB).For the self-efficacy survey, 10 statements were included based on the General Self-EfficacyScale of Schwarzer and Jerusalem,9 using a Likert scale of 1 to 4. The first part of the survey (upto Question A) is given in Part A.The pre- and post-test questions (Part B) were constructed to address

Relevance Score: 0.8393711

Work in Progress: Do Engineering Students Gain Financial Literacy Skills by Taking an Engineering Economy Course?

Conference Session: Engineering Economy Division Technical Session 1
Collection: 2018 ASEE Annual Conference & Exposition
Authors: Aimee T. Ulstad, Ohio State University; Mehdi Mashayekhi, Ohio State University; Hannah Meckstroth, Ohio State University
Tagged Divisions: Engineering Economy

to Anheuser-Busch where she worked for over 27 years. She worked as project manager, engineering manager, utility manager, maintenance manager, and finally as the Resident Engineer managing all technical areas of the facility. During her tenure, the brewery saw dramatic increases in productivity improvement, increased use of automation systems, and significant cost reductions in all areas including utilities where they received the internal award for having the best utility usage reduction for 2014. Since joining Ohio State, Aimee has joined the American Society of Engineering Educators and serves as the Division Chair of the Engineering Economics division.Mehdi Mashayekhi, Ohio State UniversityHannah Meckstroth, Ohio

Relevance Score: 0.83932936

The Tax Cuts and Jobs Act and Teaching Engineering Economy

Conference Session: Engineering Economy Division Technical Session 1
Collection: 2019 ASEE Annual Conference & Exposition
Authors: Ted Eschenbach P.E., TGE Consulting; Jerome P. Lavelle, North Carolina State University; Neal A. Lewis, Fairfield University
Tagged Divisions: Engineering Economy

. Lavelle [1] performed an early survey exploringhow engineering economy is taught. This was extended by Lavelle, Needy, and Nachtmann [2].Nachtmann, Needy, Lavelle, and Eschenbach [3] performed a further analysis of the data fromthe expanded survey. Lastly, Nachtmann, Needy and Evans [4] provided a refresher survey onthe standing of the engineering economy classroom.Schmahl, et al. [5] explored textbooks, investigating what percent of problems are actuallyengineering (vs. finance) in context. Hartman [6] described the use of the Wall Street Journal tosupplement the course with relevant news articles. Ristroph and Glassinger [7] updated tax lawchanges as they apply to engineering projects. Sullivan and Terpenny [8] emphasized the needfor after-tax

Relevance Score: 0.8393293

Instructor and Student Perceptions of the Authorized, Self-prepared Reference Sheet for Examinations

Conference Session: Engineering Economy Division Technical Session 1
Collection: 2019 ASEE Annual Conference & Exposition
Authors: Raymond L. Smith III, East Carolina University; Henry D. Lester, University of South Alabama
Tagged Divisions: Engineering Economy

to invest time in preparing their“cheat-sheet” for a variety of reasons and strategies, which correspondingly demonstrate a rangeof outcomes. The factors for these decisions are discussed and outcomes are reported.1 IntroductionOver many years researchers, largely in the field of psychology, have studied the benefits ofusing reference materials in the examination setting with respect to performance, knowledgeacquisition and knowledge retention [1-4]. Although some researcher findings have not beensupportive [5-7], a general consensus has not been formed on the practice due in large part to thediffering examination formats, topics and contexts. As a result, course instructors are often leftto debate whether the allowance of self-made

Relevance Score: 0.83920157

Integrating Ethics in Undergraduate Engineering Economy Courses: An Implementation Case Study and Future Directions

Conference Session: Engineering Economy Division Technical Session 1
Collection: 2018 ASEE Annual Conference & Exposition
Authors: James Burns, Purdue University, West Lafayette; Bob E. White P.E., Western Michigan University; Azim Houshyar, Western Michigan University
Tagged Topics: Diversity
Tagged Divisions: Engineering Economy

considerations that stem from financial decision-making. Although notstrictly by design, the early delivery aligns well with the designated course textbook [6]. Themodule is comprised of the five components summarized in Table 1, and the individualcomponents of the module are described in more detail in the paragraphs ahead. The majority ofthe lesson content was drawn from general ethical concepts and ideas as described inEngineering Ethics, Concepts & Cases by Harris, Pritchard, and Rabins [7].The learning module opens with a survey administered via a physical handout. The intent of thesurvey is not data collection, but rather to give students the opportunity to reflect on their priorexperience with ethics instruction in their degree program and to

Relevance Score: 0.83886236

Engineering Economy: The Crossroads of Business, Engineering, and Entrepreneurship

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

, and corporate sponsors and speakers. NOBE also hosts an annualStock Market competition for its members17.Penn State University Park NOBE InitiativesThe NOBE chapter at Penn State University Park grew out of the engineering economy coursewithin industrial engineering. The NOBE students embraced the curriculum overhaul in theengineering economy course and volunteered their time to work with the incoming engineeringeconomy students in an effort to help them understand the importance of developing essentialbusiness skills to complement their technical, engineering education. The complete, updatedengineering economy curriculum can be found in Table A.1 in the Appendix.Engineering Economy Curriculum Overhaul, Stock CompetitionThe complete

Relevance Score: 0.83832383

A Design-Based Research Approach to Refining Pedagogy in Engineering Economics Online Learning

Conference Session: Engineering Economy Division Technical Session 1
Collection: 2016 ASEE Annual Conference & Exposition
Authors: Kellie Grasman, Missouri University of Science & Technology; Dan Cernusca, North Dakota State University
Tagged Divisions: Engineering Economy

environment) to an active, individually accountable learner. Students are presented witha wide variety of tools to access content and practice skills, complemented with a wealth of on-demand online and “human” support. Instructional design strategies and resources will bediscussed in more detail further in this paper. Most students accepted the message that they canbe successful and will receive the help they need to do so. A general shift in the attitudes aboutclassroom seat time has also occurred, possibly due in part to the course design. Since the pilotoffering, the percentage of enrolled students electing to attend live classroom sessions hasprogressively decreased. The reasons for this shift are likely numerous and complex, but the endresult is

Relevance Score: 0.8381808

A Thesis-based Option for Enhancing Pedagogy in Engineering Economy at the Graduate Level

Conference Session: Engineering Economy Division Technical Session 1
Collection: 2019 ASEE Annual Conference & Exposition
Authors: Priyadarshan A. Manohar, Robert Morris University; Fahad Saad Almutairi, King Fahd Security College
Tagged Divisions: Engineering Economy

a member of ASM International, TMS, ACerS, AIST, ASEE, and a registered Chartered Professional Engineer. Dr. Manohar’s research interests include mathematical and computer modeling of materials behavior, thermo-mechanical processing of steels and other metallic materials, microstructural characterization, and structure – property relationships. He has conducted a number of technical failure investigations, consulted on various materials-related problems, and acted as an expert witness in the Court of Law. Dr. Manohar is the past chair of the Manufacturing Division of ASEE and ASM Pittsburgh Chapter.Capt. Fahad Saad Almutairi , King Fahd Security College Capt. Eng. Fahad Almutairi lecturer, King Fahd Security

Relevance Score: 0.8376294

Engineering Economics for MBA Students

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

fromboth the individual perspective [7] and the couple’s perspective [8].Student Make-upThe course included 22 students, eight of which had an undergraduate engineering degree andworked in an engineering or technical capacity. Approximately half of the students took thecourse to satisfy an elective requirement without regard to the course topic (i.e., it fit theirschedule), and the other half took the course to satisfy credits towards the EngineeringManagement concentration of the MBA program.Course StructureThe course included 14 sessions, 11 face-to-face and 3 online. The sessions were approximately2.75 hours each and the course met two or three times per week. The topical coverage of thosesessions consisted of the following, in order: 1. Time

Relevance Score: 0.8376293

Development of a Mobile App for Engineering Economics

Conference Session: Engineering Economy Division Technical Session
Collection: 2013 ASEE Annual Conference & Exposition
Authors: Weihang Zhu, Lamar University; Alberto Marquez P.E., Lamar University; Julia Yoo, Lamar University
Tagged Divisions: Engineering Economy

toreinforce and improve the understanding of fundamental principles of Engineering Economicsthrough the use of the smart phone apps outside the classroom individually or collaboratively.The example topics include time value of money, cash flow modeling, applications of interestrates, decision making, effects of taxes and depreciation. The current app consists of 5 tabs/sections:  E-Book: This is an E-Book consisting of several sections of key notes relevant to materials covered in this course (Figure 1).  Calculator: This consists of 10 calculators specific to different types of common problems (Figure 2).  Tables: This can generate interactive reference tables. Once the user enters the

Relevance Score: 0.5528328

A Comparative Review of Two Engineering Economics Sections: One Traditional and One Online

Conference Session: Engineering Economy Division Technical Session
Collection: 2013 ASEE Annual Conference & Exposition
Authors: Joseph Hubert Wilck IV, East Carolina University; Paul J. Kauffmann P.E., East Carolina University
Tagged Divisions: Engineering Economy

notes provided, identical homework assignments, consistentweekly topical schedule, textbook, and online quizzes using a lockdown browser (Respondus).The primary difference was that the face to face section had a live lecture and the online sectionhad specifically made videos produced with Camtasia screen capture software.In general, most weeks covered one chapter in the text. The general sequence of activitiesinvolved:  Coverage of course topics either by lecture or by video using consistent power point slides. Figure 1 provides a screen capture of a typical video.  For the online section, Centra chat / white board sessions were held on Tuesday and Wednesday. An example screen capture is shown in Figure 2. These sessions

Relevance Score: 0.55229074

Project based learning in engineering economics: Teaching advanced topics using a stock price prediction modeling

Conference Session: Engineering Economy Division Technical Session
Collection: 2013 ASEE Annual Conference & Exposition
Authors: Lizabeth T Schlemer, California Polytechnic State University
Tagged Divisions: Engineering Economy

(1 + 𝑖)! 𝑠= 𝑁Equation 2: Cashflow from assets is equal to earning plus interest expense CA=CL+CEEquation 3: General account equation A=L+EEquation 4: Relationship between cashflow, value, and return !! 𝑖 ! = , 𝑛 = ∞ (also true for E and L subscripts) ! s :Stock Price ($/shr) N: number of shares n: life (years) A: Total Assets ($) L: Long Term Liabilities ($) E Total Equity

Relevance Score: 0.550266

Curriculum Element: Economic Analysis Group Project Using VoiceThread

Conference Session: Engineering Economy Division Technical Session
Collection: 2021 ASEE Virtual Annual Conference Content Access
Authors: Kellie Grasman, Missouri University of Science and Technology
Tagged Divisions: Engineering Economy

University of Missouri System and earned a Faculty Achievement Award for teaching. American c Society for Engineering Education, 2021 Curriculum Element: Economic Analysis Group Project Utilizing VoiceThreadObjectives:The curriculum element discussed may be implemented in an undergraduate or graduate levelengineering economics course. With sufficient instructor and/or TA support, the project may beimplemented with any class size. The primary objective of this project is to provide students theopportunity to 1) evaluate project(s) using a systematic economic analysis technique, 2) supporttheir recommended alternative with data, and 3

Relevance Score: 0.54982764

Curriculum Element: Using the Wall Street Journal to Provide National and Global Perspectives in an Engineering Economy Course

Conference Session: Engineering Economy Division Technical Session
Collection: 2021 ASEE Virtual Annual Conference Content Access
Authors: James Burns, Western Michigan University; Bob White P.E., Western Michigan University
Tagged Divisions: Engineering Economy

Paper ID #34185Curriculum Element: Using the Wall Street Journal to Provide Nationaland Global Perspectives in an Engineering Economy CourseDr. James Burns, Western Michigan University Jim Burns, Ph.D. Assistant Professor Industrial and Entrepreneurial Engineering and Engineering Man- agement Department Bio: Jim Burns holds a Ph.D. in Industrial Engineering from Western Michigan University, and has more than 10 years industry experience in the manufacturing sector in a variety of roles including process engineering, operations management, and technical sales. His area of expertise centers on applying OR/MS and Simulation

Relevance Score: 0.54982764

Extending the Case Study on When to Collect Social Security: Economic Decision Making for Couples

Conference Session: Engineering Economy Division Technical Session
Collection: 2013 ASEE Annual Conference & Exposition
Authors: Neal A Lewis, University of Bridgeport; Ted Eschenbach, University of Alaska Anchorage
Tagged Divisions: Engineering Economy

, Peter Diamond, Jonathan Gruber, and Alain Jousten, “Delays in Claiming Social Security Benefits,” Journal of Public Economics, 84(2002), 357-385.8. Friedman, Joseph, and Herbert E. Phillips, “The Downside Risk of Postponing Social Security Benefits,” Financial Services Review, 19 (2010), 285-2949. Feldstein, Martin, “Social Security, Induced Retirement, and Aggregate Capital Accumulation,” The Journal of Political Economy, 82(5) (Sept-Oct 1974), 905-926.10. Boskin, Michael J., Laurence J. Kotlikoff, Douglas J. Puffert, and John B. Shoven, “Social Security: A Financial Appraisal Across and Within Generations,” National Tax Journal, 40(1) (March 1987), 19-34.11. Fraser, Steve P., William W. Jennings, and David R

Relevance Score: 0.5485961

Including Risk in a Case Study of When to Start Social Security Benefits

Conference Session: Engineering Economy Division Technical Session
Collection: 2021 ASEE Virtual Annual Conference Content Access
Authors: Neal A Lewis, University of Nebraska, Lincoln; Ted Eschenbach, University of Alaska Anchorage
Tagged Divisions: Engineering Economy

of the pandemic on past results.IntroductionThe U.S. Social Security (SS) program is one of the largest government programs in the world,ranking as the largest expenditure at 23% of the federal budget in Fiscal 2019 [1]. About 81% ofexpenditures of the Social Security Administration (SSA) went towards retirement benefits inFiscal 2019 [2]. The literature on SS is correspondingly vast. However, the literature on the“when to start” decision usually ignores the time value of money and addresses risk onlyqualitatively. This paper will show how a student engineering economic case study can do better.Unlike a supplied case, this is a real-world problem. Information is available from many possiblesources. Detailed rules must be read and understood

Relevance Score: 0.54804474

Using Programming and Simulation as a Research Tool in a Graduate Capital Budgeting Course

Conference Session: Engineering Economy Division Technical Session 3
Collection: 2017 ASEE Annual Conference & Exposition
Authors: James D Burns, Purdue Univeristy; Bob E. White P.E., Western Michigan University
Tagged Topics: Diversity
Tagged Divisions: Engineering Economy

toward requirements. 1 A1 4% - Emphasis on generating correct cash flows, the presence of 1-2 Weeks Hour programming loops and a table of results. - Model is complete and code utilizes loops, variables, and 1 parameters to control the operation of the model. - Output matches expected results. 45 A2 5

Relevance Score: 0.494273

Enriching the Engineering Economics Class

Conference Session: Engineering Economy Division Technical Session 2
Collection: 2017 ASEE Annual Conference & Exposition
Authors: Robert P. Leland, Oral Roberts University
Tagged Topics: Diversity
Tagged Divisions: Engineering Economy

reasons behind their choices. They werealso asked to indicate the topic for their research paper, and the most important thing theylearned from it. The survey is included at the end of this paper. The survey was taken in Fall2016 for the readings and topics used that semester, and completed by 19 students. The resultsare in Tables 1 - 2. In general, the students preferred the material that was more technical, ormore aligned with engineering. In their explanations they also expressed a strong interest inactions that benefitted others.Table 1: Best and Worst Readings Woman not India Pittron Tata Nano Intimidated Inventors Steel Tom Bloch None Most Favorite Reading

Relevance Score: 0.49288413

Using concept inventories to gauge preparedness and assess learning objectives in engineering economy classes

Conference Session: Engineering Economy Division Technical Session 2
Collection: 2017 ASEE Annual Conference & Exposition
Authors: Isaac W Wait, Marshall University; Sameh M. El-Sayegh, American University of Sharjah; Salwa Mamoun Beheiry, The American University of Sharjah
Tagged Divisions: Engineering Economy

identified as well. When asked about what mayhave inhibited their performance on the concept inventory at the end of the semester, somestudents indicated a general sense of being overworked and overwhelmed at that point in thesemester, which may mean some students under-achieved on the concept inventory relative tohow they could have scored in the absence of the last minute projects, assignments, andcramming that often accompanies that time of the semester. Table 2 – Summary of student performance on concept inventory. Spring 2016 - INST 1 Fall 2016 - INST 2 % of % of Question Students

Relevance Score: 0.49278325

Personal Finance Coverage in Engineering Economy Courses

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

the last decade of The Engineering Economist and proceedings from theengineering economy divisions of ASEE and ISERC and found no papers on personal finance asa topical area. We searched more deeply within the ASEE proceedings, because those papersfocus on education and because presentation-only talks are rare. From 1996 to 2016 there were33 papers on peer.asee.org searched under a “personal finance” search, but only 6 are identifiedwith the engineering economy division—none focus on personal finance. Mutter (2011) is onpen-based tablet technology. Wick, Lynch, and Kauffmann (2014) is on using engineeringeconomy as a general education course. Ghanat et al. (2015) is on active learning. Lynch, Bober,and Wilck (2015) is on business expertise

Relevance Score: 0.49175912

Does Knowing a Study’s Outcome Further Impact It’s Conclusion: A Classroom Study

Conference Session: Engineering Economy Division Technical Session 2
Collection: 2017 ASEE Annual Conference & Exposition
Authors: Kate D. Abel, Stevens Institute of Technology (School of Engineering and Science)
Tagged Divisions: Engineering Economy

computer usage allowed by the student, unlimited computerusage by the student, and usage where the tablet is limited to being kept on the desktop.This study analyzed just one course in one single academic term taught the same waywith the same materials and rubrics in different sections, but using the three variedcomputer modes just outlined as comparisons. The study found that student academicachievement was better in the mode when technology was not allowed in the classroom.The above referenced study took place at West Point. However, West Point is not like atraditional college campus, and some might even call it unique. As such, some may saythat the findings of the West Point/MIT study might not apply to the generalized collegeenvironment

Relevance Score: 0.49114248

Engineering Economics for Freshmen Engineers

Conference Session: Engineering Economy Division Technical Session 3
Collection: 2017 ASEE Annual Conference & Exposition
Authors: Gilbert C Brunnhoeffer III P.E., Roger Williams University
Tagged Divisions: Engineering Economy

its equipment. Alsostressed was setting up the cost analysis so all inputs were identified and entered once and onlyonce to enable the student to revise the analysis as new information was discovered withoutsearching through each calculation to change the inputs.The third step was to generate a time-cost profile for removing and replacing the street lightheads. Two situations were considered, 1) replacing the existing street light heads with similarsodium vapor heads and 2) replacing the existing street light heads with LED heads. Theconcept of fitting the remove and replace schedule into the annual budget of the city wasdiscussed and investigated to see the effect on the city-wide project if removal and replacementwas limited to the expected