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Integrating Costing into an Engineering Economics Course

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Conference

2017 ASEE Annual Conference & Exposition

Location

Columbus, Ohio

Publication Date

June 24, 2017

Start Date

June 24, 2017

End Date

June 28, 2017

Conference Session

Engineering Economy Division Technical Session 3

Tagged Division

Engineering Economy

Page Count

7

DOI

10.18260/1-2--28550

Permanent URL

https://peer.asee.org/28550

Download Count

212

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Paper Authors

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Billy Gray Tarleton State University

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Billy Gray is an Assistant Professor at Tarleton State University in the Department of Engineering Technology. He holds a PhD in Industrial Engineering from the University of Texas at Arlington, a Master’s degree from Texas Tech University in Systems and Engineering Management and a Bachelor’s degree from Tarleton in Manufacturing Engineering Technology. He has 10 years of work experience in manufacturing, operations, and engineering management.

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Daren Davis Tarleton State University

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Daren Davis is an Instructor at Tarleton State University in the Department of Engineering Technology. He holds a Master’s degree from Texas A&M University in Industrial Technology and a Bachelor’s degree from Texas A&M in Engineering Technology. He has 15 years of work experience in manufacturing research and development and engineering management.

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Erick C Jones P.E. University of Texas, Arlington

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Dr. Erick C. Jones is a Professor in Industrial and Manufacturing Systems and focuses on Internet of things (IoT) RFID technologies, Lean Six Sigma Engineering Economics, and Engineering Management research. As a former Alfred P. Sloan Minority PhD Scholar and Center director he has addressed diversity challenges such as implicit bias and unconscious assumptions throughout his career.

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Abstract

Economic analysis is critical to virtually every engineering and manufacturing decision. Economic analysis is typically taught in a traditional lecture environment, with application only in a senior-level capstone course. We conducted a study using a subjective test to simulate a capstone environment, wherein students were tasked with a new design and were instructed to include economic analyses in their decision making. Our results indicate that for the students who had previous coursework in economic analysis, the application of such analysis principles was less than effective. Based on feedback from students involved in the study and our industry partners, we assert that introducing the education intervention of “real-world repetition” would be more effective than the conventional approach. This research describes how the integration of this intervention with the principles of economic-analysis in many project-based courses can lead to students better understanding the concepts of economic analysis and a better grasp on how to better apply these concepts.

Gray, B., & Davis, D., & Jones, E. C. (2017, June), Integrating Costing into an Engineering Economics Course Paper presented at 2017 ASEE Annual Conference & Exposition, Columbus, Ohio. 10.18260/1-2--28550

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