Asee peer logo

Incorporating and Assessing Risk Analysis in Undergraduate Engineering Economy Courses

Download Paper |

Conference

2012 ASEE Annual Conference & Exposition

Location

San Antonio, Texas

Publication Date

June 10, 2012

Start Date

June 10, 2012

End Date

June 13, 2012

ISSN

2153-5965

Conference Session

Methods, Cases, and Directions

Tagged Divisions

Engineering Management, Systems Engineering, Engineering Economy, and Industrial Engineering

Page Count

6

Page Numbers

25.758.1 - 25.758.6

Permanent URL

https://peer.asee.org/21515

Download Count

17

Request a correction

Paper Authors

biography

Joseph C. Hartman University of Florida

visit author page

Joseph C. Hartman is professor and Chair of Industrial and Systems Engineering. He received his B.S. in general engineering from Illinois and M.S. and Ph.D. in industrial and systems engineering from Georgia Tech. His teaching and research interests are in economic decision analysis and applied operations research. He is currently Editor of the Engineering Economist and is author of the textbook Engineering Economy and the Decision-Making Process.

visit author page

Download Paper |

Abstract

Incorporating and Assessing Risk Analysis in Undergraduate Engineering Economy CoursesAbstractAs spreadsheets have become commonplace in the teaching of engineering economics, itis time to adjust our curriculums to include more advanced material. Specifically,financial mathematics calculations can be reduced to teaching the meaning of (P/F,i,N) and(A/P,i,N) and all other calculations can be eliminated, as they are unnecessary with the useof spreadsheets. Eliminating this material allow more time to focus on tools for makinggood financial investment decisions, such as cash flow estimation, risk analysis andmulti-attribute decision analysis. We report on how this material can be covered in alarge-class setting, including how it can be examined. Our data suggests thatspreadsheets must be incorporated into quizzes and or examinations in order to assessstudent abilities in these areas. Thus, while our teaching has evolved to includespreadsheets, so must our examination procedures.

Hartman, J. C. (2012, June), Incorporating and Assessing Risk Analysis in Undergraduate Engineering Economy Courses Paper presented at 2012 ASEE Annual Conference & Exposition, San Antonio, Texas. https://peer.asee.org/21515

ASEE holds the copyright on this document. It may be read by the public free of charge. Authors may archive their work on personal websites or in institutional repositories with the following citation: © 2012 American Society for Engineering Education. Other scholars may excerpt or quote from these materials with the same citation. When excerpting or quoting from Conference Proceedings, authors should, in addition to noting the ASEE copyright, list all the original authors and their institutions and name the host city of the conference. - Last updated April 1, 2015