Course Description
Introduction to economic principles and economic analysis from a micro and macro scale. Statistics and system performance studies of environmental engineering systems. Statistics and system performance studies, probabilistic models and simulation, basic economics and capital investments, project elements and organization, managerial concepts and network technique, project scheduling.
Athena Title
ENGR ECON AND MGMT
Prerequisite
ENVE 3510
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Course Objectives
By the end of this course, students will have an understanding of: (1) The principles of economic analysis (2) Methods used for statistical analysis of economic data (3) How to define a model for a complex system, identify key parameters, determine the range of variation allowed in each parameter, and identify the values to use for each parameters in the model that will provide the best fit for the system being studied. (4) Setting up of a system model and performing simulations to determine answers for “what if?” scenarios. (5) Basic project and company management techniques, particularly focused on the use of economic and statistical data in decision making (6) Development of project budgets, schedules, cash flow forecasting and organization structure, particularly related to a technically focused company or organization.
Topical Outline
1) The principles of economics and economic analysis, with focus on engineering and technology related projects. 2) Microeconomics, the market economy and resources allocation 3) Statistical analysis of data a) Data collection and organization b) Analysis of comparison tests, trends, errors 4) Developing economic and management system models a) Review of modeling methods b) Model development and validation, error analysis 5) Application of modeling concepts a) Economic systems case study b) Environmental economics case study 6) Business management and the use of economic modeling and forecasting. 7) Project and business management techniques using economic analysis a) Forecasting: cash flow, staffing b) Scheduling
Syllabus