Application of principles of engineering economy for establishment of equipment and system feasibility. Interest, equivalence, taxes, depreciation, uncertainty and risk, incremental and sunk costs, and replacement models.
Prerequisites & Corequisites: Prerequisites: MATH 1230 and Junior standing.
Credits: 3 hours
Lecture Hours - Laboratory Hours: (3 - 0)
Performance Criteria Measured1
|Understand professional and ethical responsibility.||f*||
F1: Engineering ethics case study assignment.
|Demonstrates knowledge of professional, societal, and global issues.||h*||
H2: Weekly Wall Street Journal quizzes.
|Work together in a multidisciplinary team to develop an economic model of an operating company.||d*||
D3: Semester long team project and report.
|Understand how Monte Carlo simulationcan be used to improve designs from an engineering and economic perspective.
Performance Criteria1: IME performance criteria may be found at http://www.wmich.edu/ime/performance-criteria.html
ABET-TAC Outcomes2: Outcomes may be found at http://www.abet.org/
*results tracked in ABET course notebooks
Newnan, Donald G., Jerome P. Lavelle, and Ted G. Eschenbach, Engineering Economic Analysis, (New York: Oxford University Press, 2009, Tenth Edition).
Principles of Engineering Economic Analysis, White, Case, and Pratt. Wiley & Sons, 2010.
The course is taught using a TI BAII Plus calculator. Homework and exams are structured assuming you have this calculator or a calculator with similar capabilities.
Western Michigan University
E-216 Parkview Campus
Kalamazoo, Michigan 49008-5336
Revision Date: Summer 2011