Course Code and Name: SEEM2440 – Engineering Economics

Course Objectives:

1.     Build a framework to systematically analyze the economic aspects of engineering solutions.

2.     Acquire the techniques to evaluate the profitability of engineering proposals.

3.     Evaluate alternative designs by considering notions such as time value of money, economic equivalence, depreciation, inflation, tax, and benefit-cost ratio.

Course Outcomes:

 

  1. Able to identify and categorize cost items in an engineering design project by using the relevant terminology.
  2. Competent to generate new engineering designs within economical constraints.
  3. Able to optimize the performance of an engineering design or system by analyzing its revenue and cost components.
  4. Skilled at communicating with multidisciplinary teams to analyze engineering designs and to effectively explain solutions.
  5. Able to apply relevant methodological tools to make decisions regarding the acceptability of a proposal and selection of the best solution. 
  6. Able to revise analysis and solutions by including the dynamic and uncertain global economical conditions.
  7. Ethical in selecting the problem parameters such as study period, interest rate etc.

Programme Outcomes:

(P1)    The ability to apply knowledge of mathematics, science, and engineering appropriate to the degree discipline (K/S)

(P2)    The ability to design and conduct experiments, as well as to analyze and interpret data (K/S)

(P3)    The ability to design a system, component, or process to meet desired needs within realistic constraints, such as economic, environmental, social, political, ethical, health and safety, manufacturability and sustainability (K/S)

(P4)    The ability to function in multi-disciplinary teams (S/V)

(P5)    The ability to identify, formulate, and solve engineering problems (K/S)

(P6)    The understanding of professional and ethical responsibility (V)

(P7)    The ability to communicate effectively (S)

(P8)    The ability to understand the impact of engineering solutions in a global and societal context, especially the importance of health, safety and environmental considerations to both workers and the general public (V)

(P9)    The ability to recognize the need for, and to engage in life-long learning (V)

(P10) The ability to stay abreast of contemporary issues (S/V)

(P11) The ability to use the techniques, skills, and modern engineering tools necessary for engineering practice appropriate to the degree discipline (K/S)

(P12) The ability to use the computer/IT tools relevant to the discipline along with an understanding of their processes and limitations (K/S/V)

(P13) The ability to apply the skills relevant to the discipline of operations research and information technology and their applications in engineering and managerial decision making, especially in financial services, logistics and supply chain management, business information systems, and service engineering and management (K/S)

 

K = Knowledge outcomes

S = Skills outcomes

V = Values and attitude outcomes

Weights (in %):

P1

P2

P3

P4

P5

P6

P7

P8

P9

P10

P11

P12

P13

Other

Total

5%

 

25%

10%

25%

5%

5%

 

5%

 

 

 

20%

 

100%

Course Outcome(s) is/are measurable or not: Yes  /  Yes (Partial) /  No   (Please choose).     If Yes, please suggest ways to measure:

This course contributes to

(P1) by teaching mathematical methods to analyze engineering design problems. It could be measured by designing related questions and evaluating students’ solutions.

(P3) by teaching methods to handle economic constraints in system design. It could be measured by designing related questions and evaluating students’ solutions.

(P4) by demonstrating the need to interact with multiple departments in an organization such as accountancy, mechanical or electrical engineering divisions, to determine problem parameters or understand cost components of a system.   

(P5) by exposing students to different problem situations and asking them to propose a solution. It could be measured by assigning case studies motivated from practical applications and by evaluating the students’ analysis.

(P6) by demonstrating the effects of unethical behavior on the final results. It could be measured by designing questions that specifically ask students to describe the ethical approach in a particular economic analysis.

(P7) by asking students to present and defend their proposals or solutions using technical reports.

(P9) by teaching how to respond to dynamic economical environments including uncertainty and risk analysis.

(P13) by applying the optimization tools from Operations Research discipline and allowing students to practice. It could be measured by designing problems that require optimization of certain outputs such as profit and cost in a particular problem.