Fundamentals and application of engineering economic principles to civil engineering problems. Evaluation of alternatives. Value engineering and optimization with emphasis in civil engineering applications.
- Give students good exposure to, and working familiarity with the fundamentals of engineering economics and the management decision making processes that are used in engineering problem solving.
- Give the students the opportunity to work with the state-of-the art software in problem solving in engineering economics and management decision making.
- Give the students the experience of collaborating in project teams while working on course project(s) and enhancing their written and oral communication skills.
- Understanding the concept of interest and equivalence.
- Learning the methods of engineering economic analysis (present worth, rate of return, annual cash flow, and benefit-cost ratio.)
- Understanding the concept of depreciation.
- Understand the concept of value engineering.
- Learning the basics of mathematical modeling by being able to develop and solve engineering optimization models using linear programming.
- Learning to work with peers in project teams to deal with semi-real world scale projects.
- Being able to communicate effectively both in written and oral form.
- Engineering Decision Making Process
- Equivalence and Compound Interest
- Present Worth Analysis
- Annual Cash Flow Analysis
- Rate of Return Analysis
- Benefit – Cost Ratio Analysis
- Value Engineering
- Linear Programming
- Mid term Exam 25%
- Final Exam 45%
- Research Projects 15%
- Quizzes & Homework 15%
D.G. Newman. “Engineering Economic Analysis”. Engineering Press Inc. San Jose, California. 9th. Ed. 2003.
The course will generally cover the text. However, some material from the references may also be covered.