Engineering Economics and Decision Analysis

Catalog description

Economic analysis of engineering projects, focusing on financial decisions concerning capital investments. Present worth, annual worth, internal rate of return, benefit/cost ratio. Replacement and abandonment policies, effects of taxes, and inflation. Decision making under risk and uncertainty. Decision trees. Value of information. The course will incorporate the use of Grand Challenges in the areas of Energy Systems, Control Systems, and Data Analytics in order to provide a framework for problems to study in the development and application of the concepts and tools studied in the course. Various aspects of important engineering skills relating to leadership, teaming, emotional intelligence, and effective communication are integrated into the course.