| School/Faculty/Institute | Faculty of Engineering | ||||
| Course Code | IE 201 | ||||
| Course Title in English | Engineering Economics | ||||
| Course Title in Turkish | Mühendislik Ekonomisi | ||||
| Language of Instruction | EN | ||||
| Type of Course | Flipped Classroom,Lecture | ||||
| Level of Course | Intermediate | ||||
| Semester | Fall | ||||
| Contact Hours per Week |
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| Estimated Student Workload | 133 hours per semester | ||||
| Number of Credits | 5 ECTS | ||||
| Grading Mode | Standard Letter Grade | ||||
| Pre-requisites | None | ||||
| Expected Prior Knowledge | - | ||||
| Co-requisites | None | ||||
| Registration Restrictions | - | ||||
| Overall Educational Objective | To learn the evaluation of engineering projects from the financial point of view. | ||||
| Course Description | This course is concerned with the fundamental principles to be employed in the financial assessment of engineering projects. It provides the student with the time of value concepts, which are crucial to perform the analysis of the proposed engineering alternatives in terms of the economic viability. The student is expected to learn and understand these techniques, and further to be able to apply them for real-life investment decision making processes (both for personal and corporate decisions). | ||||
| Course Description in Turkish | Bu ders mühendislik projelerinin finansal değerlendirmelerinde kullanılan temel prensiplerle ilgilidir. Ders, önerilen mühendislik çözümlerinin ekonomik olarak uygulanabilirliğini analiz etmede önemli olan paranın zaman değeri kavramlarını öğrenciye temin eder. Öğrenciden bu teknikleri öğrenmesi ve anlaması, ve ileride bunları gerçek hayat yatırımları için kullanılan karar verme mekanizmalarında uygulayabilmesi beklenmektedir (hem bireysel hem kurumsal kararlarda). |
Course Learning Outcomes and CompetencesUpon successful completion of the course, the learner is expected to be able to:1) apply the basic concepts of engineering economy; 2) analyze the relationship between time and money; 3) develop a cash flow for each alternative of an engineering project; 4) compare possible investment alternatives using quantitative methods; 5) evaluate the effects of depreciation and taxation on engineering projects. |
| Program Learning Outcomes/Course Learning Outcomes | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| 1) Thorough knowledge of the major concepts, theoretical perspectives, empirical findings, and historical trends in psychology. | |||||
| 2) Understanding of and ability to apply essential research methods in psychology, including research design, data analysis, and data interpretation. | |||||
| 3) Competence to use critical and creative thinking, skeptical inquiry and a scientific approach to solving problems related to behavior and mental processes. | |||||
| 4) Understanding and ability to apply psychological principles, skills and values in personal, social, and organizational contexts. | |||||
| 5) Ability to weigh evidence, to tolerate ambiguity, and to reflect other values that underpin psychology as a discipline. | |||||
| 6) Internalization and dissemination of professional ethical standards. | |||||
| 7) Demonstration of competence in information technologies, and the ability to use computer and other technologies for purposes related to the pursuit of knowledge in psychology and the broader social sciences. | |||||
| 8) Skills to communicate the knowledge of psychological science effectively, in a variety of formats, in both Turkish and in English (in English, at least CEFR B2 level). | |||||
| 9) Recognition, understanding, and respect for the complexity of sociocultural and international diversity. | |||||
| 10) Recognition for the need for, and the skills to pursue, lifelong learning, inquiry, and self-improvement. | |||||
| 11) Ability to formulate critical hypotheses based on psychological theory and literature, and design studies to test those hypotheses. | |||||
| 12) Ability to acquire knowledge independently, and to plan one’s own learning. | |||||
| 13) Demonstration of advanced competence in the clarity and composition of written work and presentations. |
| N None | S Supportive | H Highly Related |
| Program Outcomes and Competences | Level | Assessed by | |
| 1) | Thorough knowledge of the major concepts, theoretical perspectives, empirical findings, and historical trends in psychology. | N | |
| 2) | Understanding of and ability to apply essential research methods in psychology, including research design, data analysis, and data interpretation. | N | |
| 3) | Competence to use critical and creative thinking, skeptical inquiry and a scientific approach to solving problems related to behavior and mental processes. | H | Exam,HW,Participation |
| 4) | Understanding and ability to apply psychological principles, skills and values in personal, social, and organizational contexts. | N | |
| 5) | Ability to weigh evidence, to tolerate ambiguity, and to reflect other values that underpin psychology as a discipline. | N | |
| 6) | Internalization and dissemination of professional ethical standards. | N | |
| 7) | Demonstration of competence in information technologies, and the ability to use computer and other technologies for purposes related to the pursuit of knowledge in psychology and the broader social sciences. | N | |
| 8) | Skills to communicate the knowledge of psychological science effectively, in a variety of formats, in both Turkish and in English (in English, at least CEFR B2 level). | N | |
| 9) | Recognition, understanding, and respect for the complexity of sociocultural and international diversity. | S | Participation |
| 10) | Recognition for the need for, and the skills to pursue, lifelong learning, inquiry, and self-improvement. | S | HW,Participation |
| 11) | Ability to formulate critical hypotheses based on psychological theory and literature, and design studies to test those hypotheses. | N | |
| 12) | Ability to acquire knowledge independently, and to plan one’s own learning. | S | Exam,HW |
| 13) | Demonstration of advanced competence in the clarity and composition of written work and presentations. | H | Exam,HW |
| Prepared by and Date | ŞİRİN ÖZLEM , November 2023 |
| Course Coordinator | ŞİRİN ÖZLEM |
| Semester | Fall |
| Name of Instructor | Asst. Prof. Dr. ŞİRİN ÖZLEM |
| Week | Subject |
| 1) | Introduction to engineering economy |
| 2) | Cost concepts |
| 3) | Cost-estimation techniques |
| 4) | Time value of money |
| 5) | Time value of money |
| 6) | Evaluating a single project |
| 7) | Comparing and selecting among alternative solutions |
| 8) | Comparing and selecting among alternative solutions |
| 9) | Depreciation and taxation |
| 10) | Depreciation and taxation |
| 11) | Price changes and exchange rates |
| 12) | Replacement analysis |
| 13) | Replacement analysis |
| 14) | Evaluating projects with benefit-cost ratio method |
| 15) | Final Exam/Project/Presentation period |
| 16) | Final Exam/Project/Presentation period |
| Required/Recommended Readings | Engineering Economy, W.G. Sullivan, E.M. Wicks, C.P. Koelling, 16th Edition, Pearson Education, 2014 | ||||||||||||||||||
| Teaching Methods | Lectures/contact hours using “flipped classroom” as an active learning technique | ||||||||||||||||||
| Homework and Projects | Flipped learing class exercises will be graded | ||||||||||||||||||
| Laboratory Work | - | ||||||||||||||||||
| Computer Use | - | ||||||||||||||||||
| Other Activities | - | ||||||||||||||||||
| Assessment Methods |
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| Course Administration |
Exams and quizzes: Closed book and closed notes. Homework: Problems from textbook will be given as extra course material (they will not be collected and not graded, quiz questions will be very similar or identical to the problems). Rules for attendance: Weekly Flipped exercises contributes to 15% of the final grade. Missing a quiz or midterm: You are expected to be present without exception and to plan any travel around these dates accordingly. Medical emergencies are of course excluded if accompanied by a doctor’s note. A note indicating that you were seen at the health center on the day of the exam is not a sufficient documentation of medically excused absence from the exam. The note must say that you were medically unable to take the exam. Provided that proper documents of excuse are presented, either missed exam by the student will be given the grade of the final exam or a make-up exam will be given. If you fail to take the exam on the assigned day and do not have a valid excuse, you will be given zero (0) on the exam. For medical reports acceptance, faculty rules apply.Employment interviews, employer events, weddings, vacations, etc. are not excused absences. Missing a final: Faculty regulations. A reminder of proper classroom behavior, code of student conduct: YÖK Regulations Statement on plagiarism: YÖK Regulations (http://3fcampus.mef.edu.tr/uploads/cms/webadmin.mef.edu.tr/4833_2.pdf) |
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| Activity | No/Weeks | Hours | Calculation | ||||
| No/Weeks per Semester | Preparing for the Activity | Spent in the Activity Itself | Completing the Activity Requirements | ||||
| Course Hours | 14 | 1 | 3 | 1 | 70 | ||
| Homework Assignments | 14 | 1 | 14 | ||||
| Quiz(zes) | 3 | 2 | 1 | 9 | |||
| Midterm(s) | 1 | 16 | 2 | 18 | |||
| Final Examination | 1 | 20 | 2 | 22 | |||
| Total Workload | 133 | ||||||
| Total Workload/25 | 5.3 | ||||||
| ECTS | 5 | ||||||