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To What Extent Do Engineering Economy Textbooks Still Rely on the Factor Tables?

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Conference

2016 ASEE Annual Conference & Exposition

Location

New Orleans, Louisiana

Publication Date

June 26, 2016

Start Date

June 26, 2016

End Date

August 28, 2016

ISBN

978-0-692-68565-5

ISSN

2153-5965

Conference Session

Engineering Economy Division Technical Session 2

Tagged Division

Engineering Economy

Page Count

12

DOI

10.18260/p.27049

Permanent URL

https://peer.asee.org/27049

Download Count

268

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Paper Authors

biography

Ted Eschenbach P.E. TGE Consulting

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Dr. Ted Eschenbach, P.E. is the principal of TGE Consulting, an emeritus professor of engineering management at the University of Alaska Anchorage, and the founding editor emeritus of the Engineering Management Journal. He is the author or coauthor of nearly 300 publications and presentations, including 19 books. With his coauthors he has won best paper awards at ASEE, ASEM, ASCE, & IIE conferences, and the 2009 Grant award for the best article in The Engineering Economist. He earned his B.S. from Purdue in 1971, his doctorate in industrial engineering from Stanford University in 1975, and his masters in civil engineering from UAA in 1999.

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biography

Neal Lewis University of Bridgeport

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Neal Lewis received his Ph.D. in engineering management in 2004 and B.S. in chemical engineering in 1974 from the University of Missouri – Rolla (now the Missouri University of Science and Technology), and his MBA in 2000 from the University of New Haven. He is an associate professor in the School of Engineering at the University of Bridgeport. He has over 25 years of industrial experience, having worked at Procter & Gamble and Bayer. Prior to UB, he has taught at UMR, UNH, and Marshall University. Neal is a member of ASEE, ASEM, and IIE.

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Abstract

In 2011 The Engineering Economist published a proposition calling for engineering economy teaching to catch up with engineering practice by relying more on spreadsheets and financial calculators. Every example in 7 texts is analyzed for its use of tabulated factors, spreadsheets, or formulas. Our conclusion is that there has been progress in coverage of spreadsheets—but more progress is possible and needed. Moreover, the texts vary enough to suit many but not all instructors. The results will be useful to both teachers and authors, and most importantly to the students they serve. We include examples that instructors can use in a text-independent fashion. We also address the classroom and textbook challenges in shifting the balance between the engineering economy factors and the more modern tools of engineering economy practice.

Eschenbach, T., & Lewis, N. (2016, June), To What Extent Do Engineering Economy Textbooks Still Rely on the Factor Tables? Paper presented at 2016 ASEE Annual Conference & Exposition, New Orleans, Louisiana. 10.18260/p.27049

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