Economic Analysis for Technologists

Catalog description

This course equips students with essential economic analysis tools for effective project management, preparing them to integrate economic considerations into their engineering practices for cost-effective and efficient project outcomes. Combining theory and practice, key concepts covered include the time value of money, spreadsheet functions for calculations, cost-benefit analysis, present worth analysis, annual worth analysis, rate of return, project evaluation, breakeven analysis, and inflation. The course emphasizes the importance of economic decision-making in engineering. Students learn to perform economic evaluations, understand the impacts of inflation, depreciation, and taxes, and manage risks and uncertainties. They apply economic principles to engineering problems, make informed financial decisions, and effectively communicate results. Upon completion of this course, students know how to apply economic analysis techniques to evaluate the economic feasibility of engineering projects, accounting for various effects such as inflation, depreciation, and taxes. View Sample Syllabus