Engineering Economics, Risk, and Decision-Making

Catalog description

Introduction to quantitative methods of engineering economic analysis, probabilistic modeling, and decision-making under risk and uncertainty. Application of cost-benefit analysis, net present value calculations, supply-demand analysis, cost and production function assessment, and social welfare analysis. Non-monetary and multi-attribute evaluations are also covered, as well as risk assessment, Bayesian updating, Monte Carlo simulation, risk attitudes, and expected utility calculations. Application areas include finance, environmental protection, climate change management, infrastructure design, and business planning. Prerequisite: CEE 201L or CEE 251L.