Advanced Engineering Economics

Catalog description

Effective project managers have complete command of their project costs and a thorough understanding of the financial aspects of their business. This course reviews the fundamentals of accounting; examines project cost accounting principles; applications, and impact on profitability; examines the principles of project costing; covers the elements involved in cash management; introduces the framework for how projects are financed and the potential impact financing has on the projects; and a framework for using an effective project cost system. The course is aimed primarily to engineering graduate students interested in project management. Prerequisite: ME 31100 or ECE 31200 and a course in basic Statistics. Typically offered Fall Spring Summer. Prerequisite(s): ME 31100 FOR LEVEL UG WITH MIN. GRADE OF D- OR ECE 31200 FOR LEVEL UG WITH MIN. GRADE OF D- Course Learning Outcomes 1. Understand how the project cost system works and how it functions in the context of corporate accounting. 2. Learn how to set fees to make a profit; how to read corporate financial statements; and understand what the numbers mean; concepts of budgeting; and does the data tell a story. 3. Understand the basics they need to be effective project managers (and to some extent, firm managers) having full command of the project cost accounting system and its roll in delivery a project on time and in budget. 4. Learn to analyze engineering costs and capital investments, and the ability to compare and select individual projects. View Class Schedule