Department of Industrial and Manufacturing Engineering - Leading Process and Product Improvement

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IME 3100 - Engineering Economy


Catalog Description:

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)


Prerequisites by Topic:

  1. Differential and integral calculus. (MATH 1230).
  2. Understanding and familiarity with computer programming. (Junior Standing).

Course Objectives, Performance Criteria, and Outcomes:

Course Objectives

ABET-TAC Outcomes2

 

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


Textbooks:

Newnan, Donald G., Jerome P. Lavelle, and Ted G. Eschenbach, Engineering Economic Analysis, (New York: Oxford University Press, 2009, Tenth Edition).

References:

Principles of Engineering Economic Analysis, White, Case, and Pratt. Wiley & Sons, 2010.

Calculator Requirement:

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.


Course Coordinator:

Bob White
Western Michigan University
E-216 Parkview Campus
Kalamazoo, Michigan 49008-5336
Phone: 276-3379
Email: bob.white@wmich.edu


Revision Date: Summer 2011

 

Department of Industrial and Manufacturing Engineering
Western Michigan University
Kalamazoo MI 49008-5336 USA
(269) 276-3350 | (269) 276-3353 Fax



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Questions: ime-info@wmich.edu