| Course Name | Engineering Economics |
| Code | Semester | Theory (hour/week) | Application/Lab (hour/week) | Local Credits | ECTS |
|---|---|---|---|---|---|
| IE 346 | Fall/Spring | 3 | 0 | 3 | 5 |
| Prerequisites | None | |||||
| Course Language | English | |||||
| Course Type | Elective | |||||
| Course Level | First Cycle | |||||
| Mode of Delivery | - | |||||
| Teaching Methods and Techniques of the Course | Problem SolvingLecturing / 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;
|
| 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. |
| Related Sustainable Development Goals | |
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| Core Courses | |
| Major Area Courses | ||
| Supportive Courses | ||
| Media and Managment Skills Courses | ||
| Transferable Skill Courses |
| Week | Subjects | Required Materials |
| 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 | |
| 15 | Review | |
| 16 | Review |
| 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. Lecture PowerPoint slides, Excel sheets supplied in lectures for example problems. |
| Semester Activities | Number | Weigthing |
| Participation | ||
| Laboratory / Application | ||
| Field Work | ||
| Quizzes / Studio Critiques | 1 | 15 |
| Portfolio | ||
| Homework / Assignments | 1 | 15 |
| Presentation / Jury | ||
| Project | ||
| Seminar / Workshop | ||
| Oral Exam | ||
| Midterm | 1 | 35 |
| Final Exam | 1 | 35 |
| Total |
| Weighting of Semester Activities on the Final Grade | 3 | 65 |
| Weighting of End-of-Semester Activities on the Final Grade | 1 | 35 |
| Total |
| Semester Activities | Number | Duration (Hours) | Workload |
|---|---|---|---|
| Course Hours (Including exam week: 16 x total hours) | 16 | 3 | 48 |
| Laboratory / Application Hours (Including exam week: 16 x total hours) | 16 | ||
| Study Hours Out of Class | 14 | 3 | 42 |
| Field Work | |||
| Quizzes / Studio Critiques | 1 | 12 | |
| Portfolio | |||
| Homework / Assignments | |||
| Presentation / Jury | |||
| Project | 1 | 14 | |
| Seminar / Workshop | |||
| Oral Exam | |||
| Midterms | 1 | 14 | |
| Final Exams | 1 | 20 | |
| Total | 150 |
| # | Program Competencies/Outcomes | * Contribution Level | ||||
1 | 2 | 3 | 4 | 5 | ||
| 1 | Being able to transfer knowledge and skills acquired in mathematics and science into engineering, | |||||
| 2 | Being able to identify and solve problem areas related to Food Engineering, | |||||
| 3 | Being able to design projects and production systems related to Food Engineering, gather data, analyze them and utilize their outcomes in practice, | |||||
| 4 | Having the necessary skills to develop and use novel technologies and equipment in the field of food engineering, | |||||
| 5 | Being able to take part actively in team work, express his/her ideas freely, make efficient decisions as well as working individually, | |||||
| 6 | Being able to follow universal developments and innovations, improve himself/herself continuously and have an awareness to enhance the quality, | |||||
| 7 | Having professional and ethical awareness, | |||||
| 8 | Being aware of universal issues such as environment, health, occupational safety in solving problems related to Food Engineering, | |||||
| 9 | Being able to apply entrepreneurship, innovativeness and sustainability in the profession, | |||||
| 10 | Being able to use software programs in Food Engineering and have the necessary knowledge and skills to use information and communication technologies that may be encountered in practice (European Computer Driving License, Advanced Level), | |||||
| 11 | Being able to gather information about food engineering and communicate with colleagues using a foreign language ("European Language Portfolio Global Scale", Level B1) | |||||
| 12 | Being able to speak a second foreign language at intermediate level. | |||||
| 13 | Being able to relate the knowledge accumulated during the history of humanity to the field of expertise | |||||
*1 Lowest, 2 Low, 3 Average, 4 High, 5 Highest
