Lec%208_Full(1)

Lec%208_Full(1) - IE 343 Engineering Economics Lecture 8:...

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IE 343 Engineering Economics Lecture 8: Chapter 4 – The Time Value of Money Instructor: Tian Ni Sep. 9, 2011 IE 343 Fall 2011 1
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• We will give back the graded Hws and Quizzes in class • Leftovers will be placed in a big box with name "IE343 Engineering Economics Section 2 Tian Ni" in GRIS269 • If you did not get back your hw or quiz in class, you can go to GRIS269 “printing room” to find it out. IE 343 Fall 2011 HWs and Quizzes Return 2
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• Quiz 2 will be given at the beginning of the class 4:30PM – 4:45PM next Wednesday Sep.14 • Quiz 2 will have 2 problems totally 10 points • You will have 15 minutes to finish quiz 2 • All quiz 2 problems will be selected from the following three sources. You will see the same problems but maybe with numbers changed IE 343 Fall 2011 Tips for Quiz 2 3
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• Three sources: 1. Homework 2 Problem 1-9 (solutions for Homework 2 will be posted on Blackboard Vista after Friday’s class Sep.9) 2. Examples on Lecture Notes (please refer to the full version lecture notes for the example solutions) Lec 4_Full: Example 2.1, Example 2.8 – 2.10 Lec 5_Full: Example 2.10 – 2.12 Lec 6_Full: Example 3.1 – 3.4 3. Examples on Textbook Chapter 2: Example 2-4 to 2-11 Chapter 3: Example 3.1 to 3-6 IE 343 Fall 2011 Tips for Quiz 2 4
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Learning Curve Model Assumption: As the output level doubles , the number of input resources decreases by a constant percentage. Last Time … n u u K Z ) ( = curve) learning 90% a for 9 . 0 ( decimal a as expressed rate learning or parameter curve learning the : exponent curve learning the , 2 log log : unit, output first the produce to resources input of number the : unit, output th the produce to resources input of number the : number unit output the : = = s s s n K u Z u u 5 IE 343 Fall 2011
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Learning Curve Model IE 343 Fall 2011 6 Learning rate s lower, decreasing faster! 0 10 20 30 40 50 60 70 80 90 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97 100 Learning Rate=0.75 Learning Rate=0.9 Learning Rate=0.5
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• Finish Chapter 3 - Cost and Revenue Estimation • Quantitative Techniques for Estimation – Parametric cost estimating (Cost Estimating Relationship (CER) development through mathematical techniques) Statistical techniques for developing CER (e.g., linear regression) • Start Chapter 4 - The Time Value of Money IE 343 Fall 2011 Today … 7
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Cost Estimating Relationship IE 343 Fall 2011 8
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Cost Estimating Relationship (CER) IE 343 Fall 2011 Definition: A CER is a mathematical model that describes the cost of an engineering project as a function of one or more design variables. 9
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Cost Estimating Relationship (CER) IE 343 Fall 2011 Steps in CER development: i. Define the problem ii. Collect data iii. Develop CER equation iv. Validate model 10
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IE 343 Fall 2011 iii. Develop CER equation CER equation development involves initial guess of the shape of the relationship and estimation of the model parameters. 11
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Lec%208_Full(1) - IE 343 Engineering Economics Lecture 8:...

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