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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:
- Differential and integral calculus. (MATH 1230).
- 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