FACULTY OF ENGINEERING

Department of Food Engineering

IE 346 | Course Introduction and Application Information

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 -
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;
  • Will be able to describe time value of money and economic equivalence
  • Will be able to analyze engineering and managerial decision making problems
  • Will be able to to make informed financial decisions as a project evaluation team member or project manager
  • Will be able to cosnider the effect of inflation on economic analysis
  • Will be able to build critical decision making tools for making appropriate personal, private or public economic and financial decisions
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.

 



Course Category

Core Courses
Major Area Courses
Supportive Courses
Media and Management Skills Courses
Transferable Skill Courses

 

WEEKLY SUBJECTS AND RELATED PREPARATION STUDIES

Week Subjects Related Preparation
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.

 

EVALUATION SYSTEM

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 Exams
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

ECTS / WORKLOAD TABLE

Semester Activities Number Duration (Hours) Workload
Theoretical Course Hours
(Including exam week: 16 x total hours)
16
3
48
Laboratory / Application Hours
(Including exam week: '.16.' x total hours)
16
0
Study Hours Out of Class
14
3
42
Field Work
0
Quizzes / Studio Critiques
1
12
12
Portfolio
0
Homework / Assignments
0
Presentation / Jury
0
Project
1
14
14
Seminar / Workshop
0
Oral Exam
0
Midterms
1
14
14
Final Exam
1
20
20
    Total
150

 

COURSE LEARNING OUTCOMES AND PROGRAM QUALIFICATIONS RELATIONSHIP

#
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

 


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