FACULTY OF ENGINEERING

Department of Industrial Engineering

IE 215 | Course Introduction and Application Information

Course Name
Engineering Economics
Code
Semester
Theory
(hour/week)
Application/Lab
(hour/week)
Local Credits
ECTS
IE 215
Fall
3
0
3
5

Prerequisites
None
Course Language
English
Course Type
Required
Course Level
First Cycle
Mode of Delivery -
Teaching Methods and Techniques of the Course Problem Solving
Lecture / Presentation
Course Coordinator
Course Lecturer(s)
Assistant(s)
Course Objectives To introduce the fundamental concepts of economic analysis for engineering and managerial decision making, to explain how these will affect the functioning of an engineering company and contribute to decision making in engineering operations.
Learning Outcomes The students who succeeded in this course;
  • Will be able to describe time value of money and economic equivalence
  • Will be able to analyze engineering and managerial decision making problems
  • Will be able to make informed financial decisions as a project evaluation team member or project manager
  • Will be able to consider the effect of inflation on economic analysis
  • Will be able to build critical decision making tools for making appropriate personal, private or public economic and financial decisions
Course Description Economic analysis for engineering and managerial decision making. Techniques for evaluating the worth of prospective projects, investment opportunities and design choices. Interest and time value of money, methods for evaluation of alternatives: present worth, annual equivalent worth, rate of return, and payback method. Inflation, after tax economic analysis. Sensitivity and risk analysis.

 



Course Category

Core Courses
Major Area Courses
X
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
1 Engineering Economic Decisions Fundamentals of Engineering Economics, Chapter 1
2 Time Value of Money Fundamentals of Engineering Economics, Chapter 2
3 Time Value of Money Fundamentals of Engineering Economics, Chapter 2
4 Time Value of Money Fundamentals of Engineering Economics, Chapter 2
5 Understanding Money Management Fundamentals of Engineering Economics, Chapter 3
6 Equivalance Calculations Under Inflation Fundamentals of Engineering Economics, Chapter 4
7 Midterm Exam
8 Present Worth Analysis Fundamentals of Engineering Economics, Chapter 5
9 Annual Equivalence Analysis Fundamentals of Engineering Economics, Chapter 6
10 Rate of Return Analysis Fundamentals of Engineering Economics, Chapter 7
11 Benefit-Cost Analysis Fundamentals of Engineering Economics, Chapter 8
12 Accounting for Depreciation and Income Taxes Fundamentals of Engineering Economics, Chapter 9
13 Project Cash Flow Analysis Fundamentals of Engineering Economics, Chapter 10
14 Review Semester
15 Review Semester
16 Final Exam

 

Course Notes/Textbooks

Fundamentals of Engineering Economics, 3rd ed., Chan S. Park, PrenticeHall..

Suggested Readings/Materials

Contemporary Engineering Economics, Chan S. Park, 3rd ed., PrenticeHall.Engineering Economy, Leland Blank, Anthony Tarquin, McGrawHill.Principles of Engineering Economic Analysis, John A. White,

Marvin H. Agee, Kenneth E. Case, Wiley.

 

EVALUATION SYSTEM

Semester Activities Number Weigthing
Participation
Laboratory / Application
Field Work
Quizzes / Studio Critiques
1
10
Portfolio
Homework / Assignments
Presentation / Jury
Project
1
20
Seminar / Workshop
Oral Exams
Midterm
1
30
Final Exam
1
40
Total

Weighting of Semester Activities on the Final Grade
3
60
Weighting of End-of-Semester Activities on the Final Grade
1
40
Total

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
14
3
42
Field Work
0
Quizzes / Studio Critiques
1
12
12
Portfolio
0
Homework / Assignments
0
Presentation / Jury
0
Project
1
14
14
Seminar / Workshop
0
Oral Exam
0
Midterms
1
14
14
Final Exam
1
20
20
    Total
150

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
Program Competencies/Outcomes
* Contribution Level
1
2
3
4
5
1

To have adequate knowledge in Mathematics, Science and Industrial Engineering; to be able to use theoretical and applied information in these areas to model and solve Industrial Engineering problems.

X
2

To be able to identify, formulate and solve complex Industrial Engineering problems by using state-of-the-art methods, techniques and equipment; to be able to select and apply proper analysis and modeling methods for this purpose.

X
3

To be able to analyze a complex system, process, device or product, and to design with realistic limitations to meet the requirements using modern design techniques.

X
4

To be able to choose and use the required modern techniques and tools for Industrial Engineering applications; to be able to use information technologies efficiently.

5

To be able to design and do simulation and/or experiment, collect and analyze data and interpret the results for investigating Industrial Engineering problems and Industrial Engineering related research areas.

X
6

To be able to work efficiently in Industrial Engineering disciplinary and multidisciplinary teams; to be able to work individually.

7

To be able to communicate effectively in Turkish, both orally and in writing; to be able to author and comprehend written reports, to be able to prepare design and implementation reports, to present effectively; to be able to give and receive clear and comprehensible instructions

8

To have knowledge about contemporary issues and the global and societal effects of Industrial Engineering practices on health, environment, and safety; to be aware of the legal consequences of Industrial Engineering solutions.

9

To be aware of professional and ethical responsibility; to have knowledge of the standards used in Industrial Engineering practice.

10

To have knowledge about business life practices such as project management, risk management, and change management; to be aware of entrepreneurship and innovation; to have knowledge about sustainable development.

X
11

To be able to collect data in the area of Industrial Engineering; to be able to communicate with colleagues in a foreign language.

12

To be able to speak a second foreign at a medium level of fluency efficiently.

13

To recognize the need for lifelong learning; to be able to access information, to be able to stay current with developments in science and technology; to be able to relate the knowledge accumulated throughout the human history to Industrial Engineering.

*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest

 


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