Showing papers on "Engineering economics published in 2017"

ASCE-ASME Journal of Risk and Uncertainty in Engineering Systems, Part A: Civil Engineering

Abstract: The journal will meet the needs of the researchers and engineers to address risk, disaster and failure-related challenges due to many sources and types of uncertainty in planning, design, analysis, construction, manufacturing, operation, utilization, and life-cycle management of existing and new engineering systems. Challenges abound due to increasing complexity of engineering systems, new materials and concepts, and emerging hazards (both natural and human caused). The journal will serve as a medium for dissemination of research findings, best practices and concerns, and for the discussion and debate on risk and uncertainty related issues. The journal will report on the full range of risk and uncertainty analysis state-of-the-art and state-of-the-practice relating to civil and mechanical engineering including but not limited to: Risk quantification based on hazard identification, Scenario development and rate quantification, Consequence assessment, Valuations, perception, and communication, Risk-informed decision making, Uncertainty analysis and modeling, Other related areas. Part A of the journal, published by the American Society of Civil Engineers, will focus on the civil engineering aspects of these topics. Part B will be published by the American Society of Mechanical Engineers focusing on mechanical engineering.

$AV€ – Web System to Support the Teaching and Learning Process in Engineering Economics

Abstract: Considering that the teaching and learning process of Engineering Economics (EE) has limitations regarding the tools used, this article aims at presenting a web system to assist in this process, with emphasis on the economic viability analysis of Investment Projects (IPs). This system, called $AV€

Fuzzy Economic Analysis Methods for Environmental Economics

Abstract: Environmental economics is an area of economics that studies the financial impact of environmental policies to determine the theoretical or empirical effects of these policies on the economy. In this chapter, engineering economy techniques are developed under fuzziness to be employed in environmental problems. Ordinary fuzzy sets, type-2 fuzzy sets , intuitionistic fuzzy sets , and hesitant fuzzy sets are handled in the development of fuzzy engineering economy analyses. For each of these fuzzy sets, an application related to environmental economics is given.

The future of engineering — scenarios of the future way of working in the engineer-to-order business

Abstract: Companies of the engineer-to-order (ETO) business face various trends such as digitalization and globalization. These trends will radically change the way of working in engineering. First, this paper carves out four basic categories of engineering in the ETO business — ‘Easy Engineering’, ‘Zero Engineering’, ‘Perfect Engineering’ and ‘Pioneer Engineering’ — and describes their distinctive characteristics and implications for engineering companies. Second, this paper elaborates engineering scenarios that show how the described trends will change the way of working in the respective engineering categories. It further outlines how the trends will change the relative importance of the engineering categories within the ETO business. Finally, the contribution discusses what challenges engineering companies need to tackle on their way to the future of engineering.

Systematic Analysis of Economic Viability with Stochastic Approach: A Proposal for Investment

Abstract: This paper aims to expand a Systematic for the Analysis of the Economic Viability of Investment Projects (SAEVIP) proposed by Lima et al. (Joint conference CIO-ICIEOM-IIIE 2014—XX international conference on industrial engineering and operations management 2014, p. 87, 2014), (Int J Eng Manage Econ, 2015) using methods of Engineering Economics. The SAEVIP received the “Research Award 2014” of the joint conference CIO-ICIEOM-IIIE. For this purpose, adopts a stochastic treatment on principal variables that affect the expected economic performance of an investment project. The method of Monte Carlo simulation along with some distributions of probabilities, such as: uniform, triangular and normal are used to achieve the proposed objective. An example is used to illustrate the use of this approach in SAEVIP. The results extend the quality and reliability of the information generated and better substantiate the decision-making process on investment in fixed assets.

Personal Finance Coverage in Engineering Economy Courses

Abstract: This paper addresses several questions about using personal finance topics in teaching engineering economics. Should personal finance materials be intentionally designed into an engineering economy course? What topics have been and are included in texts? What could be included? What do students think about including these topics—with new survey results? What do we believe should be included and why.

Engineering framework for the future: Cynefin for engineers

Abstract: Companies of the engineer-to-order (ETO) business face various trends such as digitalization and globalization. These trends will radically impact our ways of engineering. The Engineering framework translates Dave Snowden's Cynefin framework [2] to the engineering world. Cynefin for Engineers allows structuring future ways of engineering and guiding ETO companies along their transformation of engineering processes. First, this paper carves out four basic categories of engineering in the ETO business - ‘Easy Engineering', ‘Perfect Engineering', ‘Pioneer Engineering' and ‘Crisis Engineering'- and describes their distinctive characteristics and implications for engineering companies. Second, this paper elaborates engineering scenarios that show how the described trends will change the way of working in respective engineering categories. It further outlines how the trends will change relative importance of the engineering categories within the ETO business. Finally, the contribution discusses what challenges engineering companies need to tackle on their way to the future of engineering.

Enriching the Engineering Economics Class

Abstract: This paper describes an effort to enrich the Engineering Economics course by adding readings, class discussion topics and a research paper. The goal is to help students understand the nonquantitative side of engineering economics. In particular, students are exposed to examples of using engineering or business techniques to benefit people in need, and to introduce notions of risk and the quality movement.

Integrating Costing into an Engineering Economics Course

Abstract: Billy Gray is an Assistant Professor at Tarleton State University in the Department of Engineering Technology. He holds a PhD in Industrial Engineering from the University of Texas at Arlington, a Master’s degree from Texas Tech University in Systems and Engineering Management and a Bachelor’s degree from Tarleton in Manufacturing Engineering Technology. He has 10 years of work experience in manufacturing, operations, and engineering management.

The Pathology of the Hindrance Factors Impeding the Application of Value Engineering in the Construction Industry in Iran and Ranking Them by Use of Analytical Hierarchy Process

Abstract: Nowadays due to the importance of value engineering, many researches have been done about it and application of it in engineering subcategories especially civil engineering. Researches have either paid attention to the structure of value engineering or to the procedures of getting it done or to mixing it with other managerial tactics like risk management, cost management, quality management, or to the diagnosis of the problems in the procedure of value engineering. However, the present research is about the diagnosis of the barriers against application of value engineering in civil engineering projects in Iran with collecting data and experts’ views and engineers and professors and also application of statistical and AHP approach. The findings of this research include: diagnosis and ranking of the barriers against development and application of value engineering in civil projects with help of AHP-categorizing applicants of value engineering in terms of their field of work in civil engineering, their level of education, their experience and visualizing the amount of application of value engineering in today`s civil projects. It can be reached from data that the most important barrier is lack of the culture and aspiration for thrift. It can be reached from the research that the most important barriers against application of value engineering are lacking the related culture and incentive for thrift and good use of resources. Of course the activities of groups like value engineers club, civil engineers club, office of planning and controlling of presidency are most important in making applicants keen on using the value engineering.

A probabilistic formulation for cost / benefit analysis in power distribution engineering

Abstract: Cost to benefit analysis in electric power engineering is revisited by including uncertainty in both the cost and benefit models The uncertainty in costs and benefits are modeled in probabilistic terms with assumed probability density functions The result is a stochastic calculation of such indicators as payback time, expected monetized benefits, and conditional expectations of these indicators The method is applied to power distribution system cost to benefit analysis

Application of the Net Present Value Profile to Anaconda Mining

Abstract: The idea of the NPV Profile, which shows how the net present value of a project changes over the life of the project, can be used in applied settings. For example, it can be used in situations where significant changes are made to the life-of-mine plan for a gold mine. This paper presents such an example with a description of engineering changes required to achieve the change in the mine plan based on the current situation facing Anaconda Mining, a publicly-traded gold mining company in Canada.

Grid-Connected Photovoltaic Power Generation: Technologies, Engineering Economics, and Risk Management

Abstract: Covering technical design and construction aspects as well as financial analysis and risk assessment, this professional reference work provides a comprehensive overview of solar power technology. Whether or not you have a technology background, this essential guide will help you to understand the design, construction, financial analysis, and risk assessment of solar power technology. The first two chapters present an uncomplicated overview of solar power technology physics, solar cell technology, applications, and equipment. In subsequent chapters, readers are introduced to fundamental econometric analysis in such a way that will allow anyone, whether or not they have a background in finance, to become familiar with the fundamental costing and financing of large scale solar power programs. This book is essential reading for anyone involved with solar power project development, and is suitable for both graduate students and professionals.