Course Overview

Course Overview - McGill Faculty of Engineering MIME 310...

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1 McGill Faculty of Engineering MIME 310 Engineering Economy ENGINEERING ECONOMY Lectures: MW, 16:30 - 18:00, 304 ENGMC (Jassim) TR, 16:00 - 17:30, 304 ENGMC (Jassim) Tutorials: M, 12:30 - 13:30, 304 ENGMC (Bilodeau or TA) R, 13:00 - 14:00, 304 ENGMC (Bilodeau or TA)
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2 McGill Faculty of Engineering MIME 310 Engineering Economy YOUR HOSTS Prof. R. Jassim (MW and TR lectures) Department of Mining and Materials Engineering Consulting Office – 118 Frank Dawson Adams Bldg. Tel.: 398-1407 Internet: Raad.Jassim@McGill.CA Prof. M.L. Bilodeau (tutorials) Department of Mining and Materials Engineering Consulting Office – 113 Frank Dawson Adams Bldg. Tel.: 398-2233 Internet: Michel.Bilodeau@McGill.CA
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3 McGill Faculty of Engineering MIME 310 Engineering Economy ENGINEERING ECONOMY Your jobs as engineers and managers are driven by the health of the economic systems of the world. As such, you have the responsibility of making decisions. .. In the majority of situations, some form of economic analysis is necessary. Decision-making in the context of engineering projects relates to the choice among a series of technical options in which… Differences are measured in $ The objective is economic efficiency A multitude of intangibles (non-monetary issues) must be considered
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4 McGill Faculty of Engineering MIME 310 Engineering Economy To make such decisions, some important questions must be asked… 1. What implementation options are available? 2. What are their costs? 3. What are their benefits? 4. What intangibles should be considered? 5. Which option is most efficient and desirable? Questions 2, 3 and 5 are answered through the use of ECONOMIC EVALUATION TECHNIQUES , which is the focus of the Engineering Economy course.
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5 McGill Faculty of Engineering MIME 310 Engineering Economy For the larger engineering projects, the design and evaluation process is most probably a team effort, with the collaboration of engineers, technologists, accountants and other non-technical personnel. However, smaller projects typically involve only a few or even one engineer. In either case, the whole process cuts across a variety of disciplines that comprise… Vision of the developer Organising talent of the manager Technical capability of the engineer Analytical ability of the economist Mathematical skills of the financial analyst
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6 McGill Faculty of Engineering MIME 310 Engineering Economy COURSE OBJECTIVES Learn and master the technical jargon associated with engineering economic analysis as well as financial analysis Learn and master the various economic concepts, elements and techniques required in the evaluation of engineering projects Learn and master simple decision-making principles with respect to capital budgeting
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7 McGill Faculty of Engineering MIME 310 Engineering Economy INFORMATION ABOUT THE COURSE Course Material Problem Exercises Tutorials and Consulting Periods Spreadsheet Software Final Mark Assessment
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This note was uploaded on 10/15/2011 for the course MIME 310 taught by Professor Bilido during the Fall '08 term at McGill.

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Course Overview - McGill Faculty of Engineering MIME 310...

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