EMGT 567 - Economic Analysis of Engineering Projects
- Credit Hours: 4R-0L-4C
- Term Available: -
- Graduate Studies Eligible: No
- Prerequisites: Senior standing or consent of instructor
- Corequisites: None
This class will introduce students to critical principles of economic analysis of engineering projects. In particular, students will explore the process of making economic decisions under the influence of possibly uncertain future conditions and events. These economic decisions might involve investing in new facilities, improving existing production processes, or developing and marketing new products or services in the private and public sectors. Deterministic and multi-attribute evaluation approaches will be discussed. Students will be introduced to methodologies including capital budgeting, cost estimating, various alternative comparison methods, and life cycle costing. Additionally, students will be introduced to the concept of welfare economics through which they will explore economic impacts of infrastructure projects in the public sector. Emphasis will be placed on systems thinking and a systems approach to defining and solving economic problems.