Demonstrate economics knowledge to real life planning for your life following graduation.

Primary Objectives of this Project
The primary objective is to give you practice applying engineering economic decision making principles to realistic problems.
To give you experience in managing your Projects using simplified Product Management and Product/Service Design Tools
To help you improve your communication skills. Those skills include both writing and oral presentation proficiency.
Identifying the Project, writing the Project Charter and Approval
The first step is to identify a project relevant to one of the following areas:
(1) Service Improvement,
(2) Equipment and Process Selection,
(3) Equipment Replacement,
(4) New Product and Product Expansion, or
(5) Cost Reduction.
You can find examples of these projects by looking at the case studies in the text.
Additionally, many of you work, and I also have some industry contacts. You “may” be able to request and identify an acceptable project in the real world – at Metropolitan State University, or with Private Industry.
There are reports posted on BB that define the massive changes this world is experiencing and the corresponding significant challenges that need to be addressed. These may give you additional ideas.
You will identify 3 potential projects including a brief review of the project and some initial, well thought SMART Goals identifying your objectives.
You will share these with your class on Feb 16, 2016. From this discussion, you will pick the project YOU want to move forward with.
On Feb 23, 2016, you will provide a Project Scope report and Charter requesting my approval.
You will establish and maintain Report Files and a research Journal on BB.
We will establish a Class Blog (right tool?) to solicit help from your team and class members during your journey.
Project Process
Each project should follow the process discussed in Chapter 1, Engineering Economy and Design Process of the class text.
As part of your conclusion(s), you must specifically address how this project relates to the two ABET criteria below:
“the broad education necessary to understand the impact of engineering solutions in global/societal context” and
recognition of the need for, and an ability to engage in life-long learning”.
This project will help illustrate the principle that “you learn by doing” and will help you link Engineering Economics knowledge to real life planning for your life following graduation.
Specific Engineering topics you will address include:
4Es
Cost and Revenue identification and projections over multiple years
Time Value of Money Considerations, including
Present Worth, EAW, IRR, MARR
Depreciation and Taxes
Inflation predictions and possible exchange rates as necessary
When to replace equipment
Sensitivity analysis
Decision Making Processes
This will be a PEER REVIEWED project. You will utilize your team to review the Project Charter, the Project Plan and the resulting Project Deliverables. This will take time and effort. Plan for it.
Final Draft Reports and Presentations will be due for Peer review April 26, 2016.
Project Deliverables
A professional, well written, compelling and engaging report about your project, including the problem statement, your analysis and the results is required. It will be used as the basis for a presentation to the class. All calculations will be included in either the body or an Appendix in Excel.
You will have 15 minutes to make a presentation to the class. The presentations will be followed by 5 minutes of questions from the class.
Teams will be graded on the quality of the presentation and their responses to the questions from the class. Students will also be graded on the number and quality of the questions they ask.
Project Due and Presentations begin May 3, 2016.
Considerations when writing your report include:
Who is you audience?
The assignment states: Your target audiences are colleagues in the engineering and management community. So who will be your colleagues when you are in a work environment?
What do you colleagues know about your subject?
Why would your colleagues be interested in your topic?
What do they have to gain from the information you present?
How does what your colleagues have to gain from your subject relate to what they need to work productively?
What action do you want your colleagues to take after they read your report?
What does you audience need to know before they will want to take that action?
Now you need to use this information to guide your writing process. As you develop you ideas, you will need to keep coming back to these questions in order to develop a well-prepared and effective report.
Note: Be sure to thoroughly document your sources and quote and cite from them. Then your colleagues can better understand where your ideas are coming from. Also you will be able to find your source documents easily at a later time if you need more information.