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

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

received ASEE’s biannual National Engineering Economy Teaching Excellence Award. ©American Society for Engineering Education, 2023 Diversity and Equity as Part of Personal Decision-MakingAbstractDiversity, equity, and inclusion can be difficult to incorporate into an engineering economycourse. There are financial products and services where diversity and demographics are directlylinked with personal financing decisions and economic equity. For example, engineeringeconomy courses can cover useful qualitative perspectives for life, vehicle, and medicalinsurance. Engineering economy courses traditionally cover saving for retirement. This paperextends this to include explicit consideration of career length

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)

forprofessional skill development, while emphasizing engineering economics and projectmanagement through team-driven Project-Based Learning (PBL). Half the lessons are generaleconomics from a real-world perspective so students can relate to the material and see how itimpacts their lives and their engineering careers. The other half of the lessons focus on applyingeconomics learnings to engineering and project management using examples and problems atboth a personal level such as budgets and return on investment and at a more complex levelinvolving project management related to product design. Students stay engaged through in-classdiscussions and activities, out of class reading and video assignments, and quizzes. Theinstructors also developed incentives

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

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

qualitativefactors that often drive decisions [17]. Let that analysis start in mid- to late-career when more isknown.The Language of Social Security and Designing the Case StudyCommunicating about social security relies heavily on key concepts and the acronyms used todescribe them. The starting point is Average Indexed Monthly Earnings (AIME), which is theaverage of an individual's highest 35 years of earnings, adjusted for wage inflation. The AIME isused to determine the Primary Insurance Amount (PIA), which is the monthly benefit anindividual will receive if they start benefits at their normal retirement age (NRA). The NRA is 67for those born after 1960. Until recently the NRA was labeled as the full retirement age (FRA).The Average Wage Index (AWI) is

Conference Session

AI Integration in Engineering Economy Course

Collection

2025 ASEE Annual Conference & Exposition

Authors

Billy Gray, Tarleton State University; Gloria Margarita Fragoso-Diaz

Tagged Divisions

Engineering Economy Division (EED)

responses that are expected, such as identification of the ethical dilemma,identification of the protagonists and antagonists in the dilemma, how the behavior in thedilemma should be addressed, and to tie the behaviors of the actors in the dilemma back to anethical standard in the student’s career field.The course and the workload associated with the course are expected to increase as the universityand the majors serviced by this class continue to experience enrollment growth. The ability toprovide assignment feedback without sacrificing content and to ensure the instructor’sconsistency in grading needed to be developed. To satisfy the workload, an LLM was used to tryand support grading efforts. Due to concerns with privacy and to avoid potential

Conference Session

Elements of decision making in engineering economics education

Collection

2025 ASEE Annual Conference & Exposition

Authors

Gbetonmasse B Somasse, Worcester Polytechnic Institute

Tagged Divisions

Engineering Economy Division (EED)

more curious about economicsand connect economic principles with their lives and careers in an entertaining way. AlfredMarshall, a pioneer in economics, said, “Economics is a study of mankind in the ordinarybusiness of life." Back in 1917, John F Hayford wrote an article to explain the relation ofengineering to economics with some concrete and practical illustrative examples[6]. The goal ofthis problem-solving studio module is to use basic principles of economics (e.g., [7]) to analyzethe transaction beyond first impressions.The “Water and M&M” module relies instead on a set of core economic principles to cover someof the most important concepts. Learning these core concepts is important for students who maynot be able to learn or

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)

isresponsible for monitoring all departments. The Vice Provost for Graduate Studieshas less influence on undergraduate programs and accreditation, but plays animportant role in supporting undergraduate and graduate programs, and in improvingand supporting pathways to intellectual learning for students with career potential.The Vice Provost for Academic Affairs supports course evaluations, learning outcomeevaluations, surveys, and other aspects of course quality control, and works withdepartment chairs to ensure teaching excellence. The dean responsible forundergraduate study is mainly responsible for the quality and effectiveness ofundergraduate programs, cares about the vital interests of teachers and students, andguides the development of new

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)

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

students. Itwill then be taught in Spring 2024 to the remaining ~400 engineering juniors. Feedback will begathered after the pilot and again after the full-scale instruction in order to tweak any issues thatmay remain. In addition to the two goals set out by the faculty at large of having the seniors passthe Engineering Economics portion of their FE and having more cohesive project managementwithin their Capstone teams, it is also the goal of the instructors of the course to have studentsappreciate the lessons of both and see the value in understanding that finances and teamcohesivity are critical factors in the success of engineering projects in their future careers.

Conference Session

Elements of decision making in engineering economics education

Collection

2025 ASEE Annual Conference & Exposition

Authors

Matt Gordon, University of Denver; Daniel D Auger, University of Denver

Tagged Divisions

Engineering Economy Division (EED)

University of Waterloo in Canada. His background is primarily in biomechanics, tribology, mechanical design, materials and Systems Design. He is a former Vice President of R&D and Distinguished Engineering Fellow from DePuy Synthes, Johnson and Johnson where he worked for over 28 years both in the USA and the United Kingdom. Throughout his career Dan has architected multigenerational product platforms, lead projects, built strategy and delivered multiple medical device innovations from research and concept through to the market. He is an inventor with 30+ patents and an author on some 50+ publications. ©American Society for Engineering Education, 2025 When to Start Taking Social

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)

Electronics Engineers, “IEEE Code of Ethics.” Jun. 2020. Accessed: Jan. 15, 2025. [Online]. Available: https://www.ieee.org/about/corporate/governance/p7-8.html[2] American Society of Civil Engineers, “Code of Ethics.” Oct. 2020. Accessed: Jan. 15, 2020. [Online]. Available: https://www.asce.org/career-growth/ethics/code-of-ethics[3] National Society of Professional Engineers, “NSPE Code of Ethics for Engineers.” Jul. 2019. Accessed: Jan. 15, 2025. [Online]. Available: https://www.nspe.org/resources/ethics/code-ethics[4] NCEES, “Fundamentals of Engineering (FE) OTHER DISCIPLINES CBT Exam Specifications.” Jul. 2020. Accessed: Jan. 15, 2025. [Online]. Available: https://ncees.org/wp-content/uploads/FE- Other

Conference Session

Engineering Economy Division (EED) Technical Session 1

Collection

2023 ASEE Annual Conference & Exposition

Authors

Robert P. Leland, Oral Roberts University

Tagged Topics

Diversity

Tagged Divisions

Engineering Economy Division (EED)

course exposes a large percentage ofengineering students to actual business activity, and does so in a way that engages them inmaking a positive impact, addressing ABET outcome 2: an ability to apply engineering design toproduce solutions that meet specified needs with consideration of public health, safety, andwelfare, as well as global, cultural, social, environmental, and economic factors [14]. Trainingin microfinance also prepares graduates to address NSPE Code of Ethics item III.2.a Engineersare encouraged to participate in civic affairs; career guidance for youths; and work for theadvancement of the safety, health, and well-being of their community [15]. In a broader sense,the perception of engineers as making the world a better place is