| Industrial Engineering (English) | |||||
| Bachelor | TR-NQF-HE: Level 6 | QF-EHEA: First Cycle | EQF-LLL: Level 6 | ||
| Course Code: | ISE202 | ||||
| Course Name: | Engineering Economics | ||||
| Semester: | Spring | ||||
| Course Credits: |
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| Language of instruction: | English | ||||
| Course Condition: | |||||
| Does the Course Require Work Experience?: | No | ||||
| Type of course: | Compulsory Courses | ||||
| Course Level: |
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| Mode of Delivery: | Face to face | ||||
| Course Coordinator: | Dr. Öğr. Üy. NOYAN SEBLA SEZER | ||||
| Course Lecturer(s): | Dr. Öğr. Üy. Noyan Sebla SEZER | ||||
| Course Assistants: |
| Course Objectives: | The objective of the course is to equip students with the knowledge and skills to understand, evaluate and making informed decisions on the engineering projects using fundamental economic principles and techniques. |
| Course Content: | Engineering economic decisions; cost concepts, time value of money; the present value; future value; rate of return; cash flow analysis; cost-benefit analysis; break-even analysis; capital investment appraisal techniques; evaluation of alternatives; sensitivity analysis of economic decisions; effects of price changes on project economics; replacement analysis; decision-making under uncertainty. |
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The students who have succeeded in this course;
1) Understand the fundamental principles and concepts of Engineering Economy, including the time value of money, economic equivalence, and cash flow analysis. 2) Apply various capital investment appraisal techniques to evaluate engineering projects. 3) Analyze and compare alternative investment opportunities using quantitative methods to make informed decisions. 4) Perform benefit-cost analysis to determine feasibility of project investments. 5) Understand the concept of breakeven analysis and implement in decision-making within engineering projects. |
| Week | Subject | Related Preparation |
| 1) | Introduction to engineering economics | |
| 2) | The time value of money | |
| 3) | The time value of money | |
| 4) | Evaluating a single project | |
| 5) | Evaluating a single project | |
| 6) | Comparison and selection among investment alternatives | |
| 7) | Comparison and selection among investment alternatives | |
| 8) | Mıdterm | |
| 9) | Benefit-cost analysis | |
| 10) | Benefit-cost analysis | |
| 11) | Breakeven and sensitivity analysis | |
| 12) | Probabilistic risk analysis | |
| 13) | Depreciation analysis | |
| 14) | Price changes & replacement analysis |
| Course Notes / Textbooks: | Sullivan, W.G. (2015), Engineering Economy (16th/Global edition), Pearson Education. |
| References: | Park, C.S. (2020), Fundamentals of Engineering Economics (4th/Global edition), Pearson Education. |
| Course Learning Outcomes | 1 |
2 |
3 |
4 |
5 |
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| Program Outcomes | |||||||||||
| 1) Adequate knowledge in mathematics, science and industrial engineering; the ability to use theoretical and practical knowledge in these areas in complex engineering problems. | 2 | 2 | 2 | ||||||||
| 2) Ability to identify, formulate, and solve complex industrial engineering problems; ability to select and apply appropriate analysis and modeling methods for this purpose. | 3 | 3 | 2 | 2 | |||||||
| 3) Ability to design a complex industrial system, process, device or product to meet specific requirements under realistic constraints and conditions; ability to apply modern design methods for this purpose. | 2 | 2 | 2 | ||||||||
| 4) Ability to develop, select and use modern techniques and tools necessary for the analysis and solution of complex problems encountered in industrial engineering applications; ability to use information technologies effectively. | 2 | 2 | 2 | ||||||||
| 5) Ability to design, conduct experiments, collect data, analyze and interpret results for the study of complex engineering problems or industrial engineering research topics. | |||||||||||
| 6) Ability to work effectively within and multidisciplinary teams; individual study skills. | |||||||||||
| 7) Ability to communicate effectively orally and in writing; knowledge of at least one foreign language; ability to write effectice reports and understand written reports, to prepare design and production reports, to make effective presentations, to give and receive clear and understandable instructions. | |||||||||||
| 8) Awareness of the necessity of lifelong learning; ability to access information, to follow developments in science and technology and to renew continuously. | |||||||||||
| 9) To act in accordance with ethical principles, professional and ethical responsibility; information on the standards used in engineering applications. | |||||||||||
| 10) Information on business practices such as project management, risk management and change management; awareness of entrepreneurship and innovation; information about sustainable development. | |||||||||||
| 11) Knowledge of the effects of industrial engineering practices on health, environment and safety in the universal and social scale and the problems of the era reflected in industrial engineering; awareness of the legal consequences of industrial engineering solutions. | |||||||||||
| No Effect | 1 Lowest | 2 Average | 3 Highest |
| Program Outcomes | Level of Contribution | |
| 1) | Adequate knowledge in mathematics, science and industrial engineering; the ability to use theoretical and practical knowledge in these areas in complex engineering problems. | 2 |
| 2) | Ability to identify, formulate, and solve complex industrial engineering problems; ability to select and apply appropriate analysis and modeling methods for this purpose. | 3 |
| 3) | Ability to design a complex industrial system, process, device or product to meet specific requirements under realistic constraints and conditions; ability to apply modern design methods for this purpose. | 2 |
| 4) | Ability to develop, select and use modern techniques and tools necessary for the analysis and solution of complex problems encountered in industrial engineering applications; ability to use information technologies effectively. | 2 |
| 5) | Ability to design, conduct experiments, collect data, analyze and interpret results for the study of complex engineering problems or industrial engineering research topics. | |
| 6) | Ability to work effectively within and multidisciplinary teams; individual study skills. | |
| 7) | Ability to communicate effectively orally and in writing; knowledge of at least one foreign language; ability to write effectice reports and understand written reports, to prepare design and production reports, to make effective presentations, to give and receive clear and understandable instructions. | |
| 8) | Awareness of the necessity of lifelong learning; ability to access information, to follow developments in science and technology and to renew continuously. | |
| 9) | To act in accordance with ethical principles, professional and ethical responsibility; information on the standards used in engineering applications. | |
| 10) | Information on business practices such as project management, risk management and change management; awareness of entrepreneurship and innovation; information about sustainable development. | |
| 11) | Knowledge of the effects of industrial engineering practices on health, environment and safety in the universal and social scale and the problems of the era reflected in industrial engineering; awareness of the legal consequences of industrial engineering solutions. |
| Semester Requirements | Number of Activities | Level of Contribution |
| Application | 3 | % 15 |
| Midterms | 1 | % 35 |
| Final | 1 | % 50 |
| total | % 100 | |
| PERCENTAGE OF SEMESTER WORK | % 50 | |
| PERCENTAGE OF FINAL WORK | % 50 | |
| total | % 100 | |
| Activities | Number of Activities | Preparation for the Activity | Spent for the Activity Itself | Completing the Activity Requirements | Workload | ||
| Course Hours | 13 | 0 | 3 | 39 | |||
| Laboratory | 13 | 2 | 2 | 52 | |||
| Study Hours Out of Class | 13 | 0 | 2 | 26 | |||
| Midterms | 1 | 10 | 2 | 12 | |||
| Final | 1 | 30 | 2 | 32 | |||
| Total Workload | 161 | ||||||