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EG4000 - Engineering Economics

Credit points: 3
Year: 2014
Student Contribution Band: Band 2
Administered by: School of Engineering (pre 2015)

Introduction of economic considerations in Engineering design and planning, engineering systems concepts, modelling and analysis of engineering systems and processes, economic considerations in engineering decision making, concepts of alternative engineering design and planning, tangible and intangible outcomes of engineering projects, economic values, engineering production functions, marginal analysis for project optimality, technological constraints, optimal input output levels in production process, constrained optimisation for economic design and planning, optimisation algorithms for linear and nonlinear decision models: Lagrangian function method and simplex method, sensitivity analysis, optimum decision model formulation and solution, decision models with multiple objective and multiple decision makers, utility functions, commensurable economic values, cash flow, planning horizon, present worth, rate of return, depreciation, replacement of components, inflation and taxation effects, benefit cost analysis and selection of best engineering alternative, risk evaluation. Group project on: developing and analysing economically efficient alternative engineering plans and design with real life examples from different disciplines of engineering emphasising engineering design aspects.

Learning Outcomes

  • advance effective oral and written communication skills;
  • develop an attitude for working as a team member and leader, dealing with other people and handling contracts and resolving conflicts;
  • learn to undertake problem identification, formulation and solution;
  • acquire an understanding of basic economic principles for engineering decision making with emphasis on technological aspects of engineering and design;
  • understand basic economic principles framework and their application in the context of engineering and technology.
Prerequisites: EG1000 AND EG1002 AND EG1010 AND EG1011 AND EG1012 AND MA1000 AND MA1003 AND (PH1005 OR EG1001)45 credit points.
Inadmissible
Subject
Combinations:
CS4000

Availabilities

Townsville, Internal, Study Period 1
Census Date 27-Mar-2014
Coordinator: Dr Katia Bazaka
Lecturers: Miss Diana Sheedy, Dr Katia Bazaka.
Workload expectations:
  • 65 hours - Lectures, tutorials, demonstrations, practicals, site visits and/or seminars. Refer to Subject Outline for details.
Assessment: end of semester exam (50% - 70%); on-course assessment, some of which may be invigilated (30% - 50%).

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.