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IME 2100 - Engineering Cost Estimating
Catalog Description:
This course will cover engineering cost estimating principles including development of standard costs, development of general overhead and burden rates, and quoting and estimating new jobs.
Credits: 3 hours
Lecture Hours - Laboratory Hours: (3 - 0)
Prerequisites by Topic:
- Mathematical level equivalent to MATH 1180
Course Objectives:
At the end of the semester the student will be able to:
- Understand financial statements, including profit and loss and balance sheet.
- Compute labor and material components of product cost.
- Understand the importance of making appropriate economic decisions.
Performance Criteria:
The student will be able to:
Objective 1
Construct and interpret financial statements.
Objective 2
Identify relevant and pertinent data and apply appropriate labor and material costing methods to determine variable cost.
Objective 3
Identify other relevant costs to determine total cost.
Objective 4
Correctly identify how economic decisions impact individuals, companies, and society in general.
Textbooks:
Cost Analysis and Estimating for Engineering and Management, Phillip Ostwald and Timothy McLaren, 1 st Edition, 2004, Prentice-Hall.
Course Instructor:
Bob White
Industrial and Manufacturing Engineering Western Michigan University
E-216 Parkview Campus
Kalamazoo, Michigan 49008-5336
Phone: 276-3379
Email: bob.white@wmich.edu
Revision Date: Spring 2006