Conference Session

Methods, Cases, and Directions

Collection

2012 ASEE Annual Conference & Exposition

Authors

Joseph C. Hartman, University of Florida

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

impact the investment decision.Of course, these steps must occur after an initial estimate of fiscal feasibility has beenestablished, such as computing the net present value (NPV) or rate of return (IRR) from an initialestimate of project cash flows.Unfortunately, most engineering economy courses at the undergraduate level focus theircoursework on the financial mathematics and eventual computation of the NPV or IRR of a cashflow stream1. This is evidenced by the number of “fundamentals” or “essentials” textbooks onthe market that generally have only one or two chapters dedicated to risk analysis.With the use of spreadsheets becoming ubiquitous in practice and commonplace in teachingengineering economy, it is time to change the focus of our

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

a broaderimplementation spanning several instructors, locations, and delivery methods. The centerpieceof the learning module is a writing assignment in which students analyze a historical case inwhich financial considerations appear to have played a role in the violation of ethical codes ornorms. In this paper, we outline specific ethics concepts that were brought up during classroomdiscussions regarding this writing assignment and provide a qualitative assessment of how wellstudents applied ethical considerations in their analyses of the various case studies. The modulealso includes a survey intended to explore the attitudes of students related to professional ethics,their perception of ethics education in their curriculum, and how they

Conference Session

Engineering Economy -- Outside the Introductory Course

Collection

2008 Annual Conference & Exposition

Authors

William Peterson, Arizona State University

Tagged Divisions

Engineering Economy

evaluation tool for projects and programs. This is not anisolated occurrence. Recently, in a graduate engineering economy course being taught by thisauthor, part of the course required each student to write an application paper in which theyapplied engineering economy principles to evaluate a project – preferably one at work since mostof the students were working professionals. One student submitted a paper in which the studentevaluated a training program which the student was eager to initiate. The evaluation techniqueselected was ROI. This selection was based on the student’s use of a book on training – this booksaid use ROI because net present worth and internal rate of return were too difficult tounderstand, use or explain. The student was

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

business students.On an interim basis, each ECS department approved that these two courses are permitted tosubstitute for two existing curriculum requirements. This is a similar arrangement as for theactual study-abroad ECS courses. The permitted substitutions vary by department and rangefrom courses in engineering economy, technical writing, history/social science elective, technicalelective, and even foreign language.The existing and required Engineering Economic Analysis course is offered by a faculty memberin the business school. It covers traditional engineering economy topics, including those that areperceived by some to be beyond what is tested on the Fundamental of Engineering exam.Because this course is somewhat isolated in the business

Conference Session

Engineering Economy -- The Introductory Course

Collection

2008 Annual Conference & Exposition

Authors

Rajkamal Kesharwani, Virginia Polytechnic Institute and State University; Xiaomeng Chang, Virginia Polytechnic Institute and State University; Janis Terpenny, Virginia Polytechnic Institute and State University; william sullivan, Virginia Polytechnic Institute and State University

Tagged Divisions

Engineering Economy

Ais likely to never communicate improvements to the author. As a result of this, someone whocould have benefited more by learning about A’s experience loses out on the opportunity. Thislack of dynamic mechanism to continuously improve learning resources is the same forconventional websites, and other printed media such as journal and conference papers. Page 13.331.2This paper proposes a material collection and usage method that can be used to learn or reviewengineering economy. A wiki framework provides the means to post instructional materials onthe fundamentals of engineering economy as well as example problems and cases from a widevariety

Conference Session

Frontiers in Engineering Economy

Collection

2009 Annual Conference & Exposition

Authors

Robert Lundquist, Ohio State University

Tagged Divisions

Engineering Economy

"fundamentals" versions of those bookssince these are more widely used in the shorter, one-term courses that are mostcommonly required across a number of disciplines at many universities. One is less Page 14.1238.2widely used but from a prolific textbook author and the fifth is a completely new book inits first edition.Modified Accelerated Cost Recovery SystemThe Modified Accelerated Cost Recovery System or MACRS came into being with theTax Reform Act of 1986 and replaced, or modified as the name implies, the AcceleratedCost Recovery System or ACRS which began with the Economic Recovery Act of 1981.It is the only method by which assets can be depreciated for

Conference Session

Engineering Economy Education

Collection

2011 ASEE Annual Conference & Exposition

Authors

Bruce V. Mutter, Bluefield State College

Tagged Divisions

Engineering Economy

review for tests and quizzes; (7) providestudents with a ready-made, savable, printable, portfolio useful for Fundamentals of Engineering(FE) review and exam preparation, and (8) work more high-quality problem examples due tothese increased course delivery efficiencies.BackgroundENGR 315 -Engineering Economics is a three credit hour course that does not incorporate aformal laboratory (3-0-3). At our college it is described as the study of the relative economy ofengineering alternatives, compound interest in relation to calculation of annual costs, presentworth and prospective rates of returns on investments, methods of depreciation, sinking cost,increment cost, general studies with emphasis on retirement and replacement of equipment

Conference Session

Innovative IE Curricula

Collection

2013 ASEE Annual Conference & Exposition

Authors

Susan L. Murray, Missouri University of Science & Technology; Terri M. Lynch-Caris, Kettering University

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

research is in the area of Human Work Design and Environmental Design. Page 23.451.1 c American Society for Engineering Education, 2013 Educating the Professional Engineer of 2020: The Changing Licensure RequirementsAbstractEngineering education programs would be well served to align their curricula and programoutcomes to the Fundamentals of Engineering (FE) Exam and Professional Engineer (PE) Examspecifications. These exams are required steps in the process of becoming a licensed engineer inmost states. NCEES (the National Council of Examiners for Engineering and

Conference Session

Applications of Engineering Economy

Collection

2008 Annual Conference & Exposition

Authors

John Robertson, Arizona State University; Michael Kozicki, Arizona State University; Slobodan Petrovic, Arizona State University

Tagged Divisions

Engineering Economy

index (Cpk) that is based on process variation. For software, it is a staged process that uses CMMI criteria. In both cases, the goal is to achieve a predictably robust product. d. When techniques a, b or c are not applicable, status can be determined by systematic interactive questioning and analysis. Examples are the Myers-Briggs personality test and tax preparation software. By posing a structured series of questions, a determination can be made of the status of a complex scenario. At a more fundamental pedagogical level, this is a variant of the Socratic dialog that is familiar and effective.What these techniques have in common is that they break a complex topic down intoseveral parameters that can

Conference Session

Improving course effectiveness

Collection

2013 ASEE Annual Conference & Exposition

Authors

Abhijit Gosavi, Missouri University of Science & Technology; Jane M. Fraser, Colorado State University, Pueblo

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

developed for a reason and that they did not always exist in the body of knowledge.This thought process, especially when stimulated in the context of many fundamental conceptsrelated to the subject (e.g., Discrete-event simulation, Production Planning and Control, Linearand Non-linear Programming, and Quality Control), is often the reason for outcomes c and e.When students are forced to think and research a topic on their own, they have been seen to havean increased long-term memory of the topic (outcome a). Outcome b can be an indirectconsequence that is likely to occur when students start seeing the whys behind the fundamentaltopics. The outcome d is seen when students spend time researching the topic on their own.In contrast to PBL, deductive

Conference Session

Innovative IE Course Content

Collection

2013 ASEE Annual Conference & Exposition

Authors

John P. Mullen, New Mexico State University

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

the txt file to MS Excel or MatLab and then how toextract the individual times between arrivals and service times. Then, they check forhomoscedasticity among the data sets, estimate arrival and service rates, characterize the arrivaland service-time distributions, and compute 90% confidence intervals for λ, μ, and k. Finally,they write a one-page executive summary and publish their report online.I provide a number of self-checked exercises, as well as some discussion in lecture, of thedifferent elements of this exercise, but students need to assemble the different elements andpresent a coherent report. Because this is new to most students, the log includes redundantinformation students can use to check their work. In the example above, that

Conference Session

Frontiers in Engineering Economy

Collection

2010 Annual Conference & Exposition

Authors

Ted Eschenbach, TGE Consulting

Tagged Divisions

Engineering Economy

learning from each other. This paper is written from the perspective of an engineeringeconomist with over 30 years of teaching and textbook writing experience, who has recently hadhis world-view shifted by multiple forays into finance classrooms.IntroductionThe time value of money is the foundation of two fields—engineering economy and finance. Yethow those two fields are presented in their introductory course have a surprisingly smallintersection. The basic reason is that engineering economy focuses at the project level, whileintroductory corporate finance focuses at the firm level. But both courses include the firm andproject levels and both include applications of the time value of money to the personal lives ofstudents. This creates the

Conference Session

Engineering Economy: Beyond the Classroom

Collection

2007 Annual Conference & Exposition

Authors

Donald Remer, Harvey Mudd College; Karen Ahle, Raytheon; Kevin Alley, Southwest Research Institute; John Silny, Raytheon; Karen Hsin, Accenture; Elijah Kwitman, Harvey Mudd College; Allison Hutchings, Harvey Mudd College

Tagged Divisions

Engineering Economy

evaluations. For example, one of the authors haspresented short courses on cost estimation and economic evaluation to over 10,000 professionals,mostly engineers and engineering managers who are in industry and government. Most of theseengineers have taken engineering economics courses while in college, and they have a goodgrasp of the fundamentals of engineering economics. However, most practicing engineers lackthe fundamentals to do accurate cost and schedule estimates. To keep projects from going overbudget and schedule, more and more organizations are requiring their engineers and engineeringmanagers to obtain certifications in cost estimation from professional societies. The purpose ofthis paper is to discuss the current certifications offered so

Conference Session

Engineering Economy -- The Introductory Course

Collection

2008 Annual Conference & Exposition

Authors

Joseph Hartman, University of Florida

Tagged Divisions

Engineering Economy

amount of time to grade the final project and exam, but one mustrealize that these are open-ended problems and one can quickly determine the “path” of analysis.Specifically, an investment option is provided with some data – enough to construct an initialcash flow diagram with information about what portion of the data is uncertain. From here, thestudent should conduct (at a minimum) a sensitivity analysis to identify the risk. From there, therisk can be investigated (through a variety of methods, including breakeven analysis, scenarioanalysis, probabilistic analysis, etc.) and a decision can be made. Although time is limited on thefinal, a good write-up that clearly spells out assumptions and a discussion about important non-economic impacts is

Conference Session

Advances in Engineering Economy Pedagogy

Collection

2010 Annual Conference & Exposition

Authors

Paul Kauffmann, East Carolina University; Stephanie Sullivan, East Carolina University; Gene Dixon, East Carolina University; B.J. Kim, East Carolina University

Tagged Divisions

Engineering Economy

reinforced and integrated. Finally, it maps course concepts tothe Fundamentals of Engineering (FE) exam and segments FE topics based on those which applyto the Industrial Engineering exam (afternoon segment) and those which are more broadlyapplicable to the general portion of the exam (morning segment) and other engineeringdisciplines. The paper contributes to the literature on curricular integration, work place skills,and pass rate for the FE exam.IntroductionThe concept of an integrated engineering curriculum is based on the foundation of howengineering is defined and how engineering is practiced. Most commonly accepted definitionsof engineering involve the concept of the application of mathematics and science to solve realworld or applied

Conference Session

Innovations in the IE Curriculum

Collection

2012 ASEE Annual Conference & Exposition

Authors

Jane M. Fraser, Colorado State University, Pueblo; Abhijit Gosavi, Missouri University of Science & Technology

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

, emphasis added) As the application of ISE tools have migrated beyond the plant, they have also migrated to other fields. Methods in which to improve operations are not relegated to the world of manufacturing and its associated logistics. Any system in general can be studied and optimization — whether a manufacturing or service system. Hospitals are complex systems that are turning to ISE majors for optimization. Financial systems are looking for efficiencies as well as the mathematical modeling that is fundamental ISE knowledge. Telecommunications, electrical, and water distribution networks must be designed for efficiency, often with the help of ISEs. Even biomedical and biological systems are being

Conference Session

Engineering Economy Division Technical Session 3

Collection

2016 ASEE Annual Conference & Exposition

Authors

Paulina Z. Sidwell, McLennan Community College

Tagged Topics

ASEE Diversity Committee, Diversity

Tagged Divisions

Engineering Economy

, given principal, interest rate, and pay period. 5. Perform project evaluation, including cost/benefit analysis. 6. Articulate principles of taxation and depreciation. 7. Perform capital budgeting, cost comparisons, and replacement analyses. 8. Solve problems at a level consistent with expectations of the engineering economics portion of the Fundamentals of Engineering examEngineering is a global and interdisciplinary field. Accreditation boards and engineeringeducation institutions across the board have called for a more well-rounded engineeringeducation, expressing the need for engineers that are better equipped to understand the impact ofthe global economy on engineering solutions, as well as the social and global

Conference Session

Improving IE Course Content

Collection

2012 ASEE Annual Conference & Exposition

Authors

Yosef S. Allam, Embry-Riddle Aeronautical University, Daytona Beach; Scott Sink, Ohio State University; Joseph M. Cerrato, Ohio State University; John A. Merrill, Ohio State University

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

Page 25.66.4and concepts.Learning Objectives • Describe how organizations function and are organized • Demonstrate an understanding of the challenges organizations today face in a very global and competitive marketplace • Apply fundamental principles of quality and productivity improvement • Apply fundamental principles of lean and sigma such as push versus pull, single piece flow, inventory management to achieve quality AND productivity • Complete a balanced scorecard and use it to improve quality and productivity • Identify the voice of the customer and describe what the customer wants and how the customer defines qualityLab OverviewThe quality and productivity lab is approached in three phases

Conference Session

Pedagogical Advancements in Engineering Management

Collection

2012 ASEE Annual Conference & Exposition

Authors

Mysore Narayanan, Miami University

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

effectively utilized in amechanics course. It is important to recognize that a methodical approach has always been theprinciple behind solid fundamental knowledge acquisition.DEPLOY: Once the first three ideas have been secured in place, it is now necessary toimplement them at the required level with appropriate advantage. Here, the instructor shouldutilize multiples modes of delivery techniques. Such methods have been suggested by Flemingand Mills (Fleming and Mills, 1992). Lectures, Reading, Writing, Visual Aids, Tactile andKinesthetic modes of delivery help to reach students with diverse learning skills.DECIDE: Finally, there should be separate assessments of the course, the curriculum, thestudent body, the instructor and the

Conference Session

Effective Tools for Teaching Engineering Economy

Collection

2007 Annual Conference & Exposition

Authors

Kailash Bafna, Western Michigan University; Betsy Aller, Western Michigan University

Tagged Divisions

Engineering Economy

the working world, where finding textbooks and business calculators are an exceptionfor the engineer but having computers with Excel or any other spreadsheet software iscommonplace. Moreover, if any of the students wish to take the Fundamentals of Engineering(FE) Exam, they would not be at a disadvantage since they would also know how to solve theproblems using the traditional methods. The authors plan to report the results of this experimentat the conference in June.Making the Course Completely “Paperless”Another major change in the incorporation of technology in teaching the engineering economycourse is to make it completely “paperless,” an endeavor that has been quite successful. For thelast two years, the class meets in a computer lab

Conference Session

Pedagogical Advancements in Engineering Management

Collection

2012 ASEE Annual Conference & Exposition

Authors

Ralph Ocon, Purdue University, Calumet

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

AC 2012-4441: TEACHING CREATIVE THINKING USING PROBLEM-BASED LEARNINGProf. Ralph Ocon, Purdue University, Calumet Page 25.1245.1 c American Society for Engineering Education, 2012 Teaching Creative Thinking Using Problem-Based LearningAbstractAs global competition and technological innovation continue to challenge businessorganizations, the ability to solve diverse and complex problems has become essential forstudents in every academic discipline. While pursuing their careers, technology andengineering students will soon realize that the development of creative problem solvingskills is fundamental for success in today’s

Conference Session

Innovations in Teaching Engineering Economy

Collection

2014 ASEE Annual Conference & Exposition

Authors

Weihang Zhu, Lamar University; Alberto Marquez P.E., Lamar University; Julia H. Yoo, Lamar University

Tagged Divisions

Engineering Economy

Paper ID #8416”Engineering Economics Jeopardy!” Mobile App Development Process andStudent SatisfactionProf. Weihang Zhu, Lamar University Weihang Zhu is an Associate Professor of Industrial Engineering, Lamar University, USA since 2005. He received his Ph.D. in Industrial Engineering from North Carolina State University (2003), USA and his M.S. (2000) and B.S. (1997) in Mechanical and Energy Engineering at Zhejiang University, China. His research interests include Engineering Education, Computer haptics, CAD/CAM, high per- formance computing, meta-heuristics, multi-axis NC surface machining. He can be reached via email at

Conference Session

Integrating Research

Collection

2012 ASEE Annual Conference & Exposition

Authors

Kellie Grasman, Missouri University of Science & Technology; Suzanna Long, Missouri University of Science & Technology; Sean Michael Schmidt, Missouri University of Science & Technology

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering, Systems Engineering

short“lecture” that students could replay, rewind, fast forward, and pause as they viewed online. Mostvideo Lessons followed a similar format, presenting equations and theory followed by anexample solved using one of several methods.While it is difficult to convey the nature of the video lessons in a written format, the image inFigure 1 may help to clarify. Page 25.706.4 Figure 1 – Sample Lesson SlideThe underlying PowerPoint™ was carefully designed to allow the Instructor room to animatemost slides, by writing on the computer screen, as the Lesson progressed. This mimicked the actof writing on the board in

Conference Session

Industrial Engineering Division Tech Session 2, IE-ing the Classroom

Collection

2017 ASEE Annual Conference & Exposition

Authors

Nadiye O. Erdil, University of New Haven

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

individual efforts and the ability level that can be reached under adult guidance or incollaboration with more capable peers.1 Guidance can be provided by helping the learner tofocus on particular aspects of the problem by asking leading questions or providing starterinformation, or simplifying some of the details.2Scaffolding provides a structure that helps students construct knowledge by building newknowledge and competencies upon their existing abilities. It is commonly used in writing andusually given in one the following three forms: 1) breaking up an assignment into smallerassignments, 2) keeping assignment constant but increasing the difficulty of materials, or 3)creating a scaffold within a single assignment. 3 The levels of learning based

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

thesolution process. Video examples demonstrated the solution process with audio narration andoften included multiple solution approaches. For instance, one example problem might besolved “by hand” with text writing and equations as well as in Excel with a recording of thecreation of the software solution displayed.It is important to note that a subset of the video lessons and video examples incorporated in theWileyPLUS environment were previously available to students within Blackboard, the courselearning management system (LMS). While students were directed to view these video lessonsand video examples in the LMS, they were not part of graded assignments nor contained in theenvironment were students completed graded assignments.The modifications

Conference Session

Industrial Engineering Division Tech Session 1: IE-ing a Broader Perspective

Collection

2017 ASEE Annual Conference & Exposition

Authors

Cristina D. Pomales-Garcia, University of Puerto Rico, Mayaguez campus; Christopher Papadopoulos, University of Puerto Rico, Mayaguez campus

Tagged Divisions

Engineering Economy, Engineering Management, Industrial Engineering

Paper ID #17820An Industrial Engineering Design Experience Reflecting upon Moral Devel-opment and WellbeingDr. Cristina D. Pomales-Garcia, University of Puerto Rico, Mayaguez campus Dr. Cristina Pomales is Professor at the Department of Industrial Engineering at the University of Puerto Rico at Mayaguez (UPRM). She has a Bachelors in Psychology from the University of Puerto Rico at Mayag¨uez (2001) and a Ph.D. in Industrial and Operations Engineering from the University of Michigan (2006). Her research areas of interest are the study of Work Systems Design in Agriculture, Human Fac- tors, Occupational Safety Web-based

Conference Session

Integrating Engineering Economy into Curricula

Collection

2014 ASEE Annual Conference & Exposition

Authors

Heath J. LeBlanc, Ohio Northern University; Bryan O'Neil Boulanger, Ohio Northern University

Tagged Divisions

Engineering Economy

the future offering is depreciation of thedifferent equipment involved in the data center investment. The instructors can go into detailabout the different property classes involved in the data center venture and require a detaileddepreciation schedule and after-tax calculations to be included in the engineering economicanalysis.References[1] Newnan, D.G., Eschenbach, T.G., Lavelle, J.P., “Engineering Economic Analysis,” 11th edition, Oxford University Press, New York, 2012.[2] White, J.A., Grasman, K.S., Case, K.E., LaScola Needy, K., Pratt, D.B., “Fundamentals of Engineering Economic Analysis,” 1st edition, John Wiley & Sons, 2014