June 14, 2015
June 14, 2015
June 17, 2015
26.620.1 - 26.620.7
Engineering Economics and Its Vital Role In The Engineering CurriculaEngineering economics is a field that addresses the dynamic environment of economiccalculations and principles through the prism of Engineering. It is a fundamental skill that allsuccessful engineering firms employ in order to retain competitive advantage and market share.Many schools across the country have integrated courses in engineering economics for theirstudents, thereby providing them with the tools to optimize profits, minimize costs, analyzevarious scenarios, forecast fluctuations in business cycles, and more. Despite the importance ofthis field, many universities are unable to teach economic concepts to students in ways they areable to understand. This is because engineering students generally have a strictly quantitative,calculated approach to solving problems. They look at hard numbers and try to extrapolate otherdata from those numbers. Thus, it is imperative to teach students about qualitatively solvingthings through a problem-solving medium. By promoting a more conceptual learning approach,students become well-rounded and better overall thinkers.It is the intent of this paper to highlight various methods of teaching engineering economics tostudents in a way that maximizes learning and engagement. Through numerous simulations,guest-lectures, and experiential techniques, engineering students are able to bridge the gapbetween the real world and the classroom. One successful simulation method entails usinghypothetical scenarios involving real-life companies before, during, and after economicrecessions/expansions. Students are able to work together in teams, which further promotesenhanced interpersonal skills. Initial assessments have shown that students become significantlymore passionate and knowledgeable of the material at hand, which is key for engaging a diversepopulation of students. Along with a detailed assessment of the various methods for teachingengineering economics, this paper is intended to provide a comprehensive analysis of theeconomic implications of an economy with engineers who comprehend microeconomics,macroeconomics, and business cycles; the paper highlights these using various models including,but not limited to, the Cobb-Douglas production function and the Solow model.
Zoghi, S. (2015, June), Engineering Economics and Its Role in the Engineering Curricula Paper presented at 2015 ASEE Annual Conference & Exposition, Seattle, Washington. 10.18260/p.23958
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