Description of Individual Course Units
Course Unit CodeCourse Unit TitleType of Course UnitYear of StudySemesterNumber of ECTS Credits
180102003101ENGINEERING ECONOMYCompulsory233
Level of Course Unit
First Cycle
Objectives of the Course
Understanding economics in general, establishing market-cost-benefit-time relationship, identifying and evaluating economical parameters and variables in making engineering decisions, developing a rational approach and knowledge-base to reach the best possible economical outcome.
Name of Lecturer(s)
Doç. Dr. Engin Yener
Learning Outcomes
1Students shall have knowledge about the concepts used in the economy and decision making and learn the application of these concepts.
2Students shall have knowledge about the concepts used in the economy and decision making and learn the application of these concepts.
3Students shall gain knowledge of establishing the awareness that engineering is developing the safest design in the most economical matter, understanding economics and its variables while evaluating decisions rationally.
4Students shall gain knowledge of establishing the awareness that engineering is developing the safest design in the most economical matter, understanding economics and its variables while evaluating decisions rationally.
5Students shall make decisions about the machines in hand and learn how to make depreciation calculations.
6Students shall make decisions about the machines in hand and learn how to make depreciation calculations.
7Students shall gain knowledge of planning, controlling, having an aptitude in financial and managerial topics, working managerial, being flexible and efficient and having operational knowledge instead of solving problems by daily decision concepts.
8Students shall gain knowledge of planning, controlling, having an aptitude in financial and managerial topics, working managerial, being flexible and efficient and having operational knowledge instead of solving problems by daily decision concepts.
9Students shall gain skills on analytical thinking.
10Students shall gain skills on analytical thinking.
Mode of Delivery
Daytime Class
Prerequisites and co-requisities
None
Recommended Optional Programme Components
None
Course Contents
Introduction to engineering economics / Cost and its usage in decision making / Market conditions, supply-demand equilibrium / Economic systems, macro and micro economy concepts, income distribution / Interest and time value of money, cash-flow / Methods of calculating interest: simple, compound, nominal and effective interest; effect of varying interest rate / Rational comparison of economic alternatives with various methods / Depreciation concept and analysis methods / Investment amount, determination of revenue and costs / Inflation concept, its types and effect on economical parameters.
Weekly Detailed Course Contents
WeekTheoreticalPracticeLaboratory
1Introduction to engineering economics
2Interest and time value of money, simple interest, compound interest, cash flow, economic equivalence
3Interest factors: Single payment cash flow, uniform series cash flow, Arithmetic gradient series cash flow
4Combining interest factors
5Nominal interest and effective interest calculations
6Evaluation of alternatives: Minimum attractive rate of return analysis
7Tools for evaluating alternatives: Present worth analysis, Future worth analysis
8Mid-term exam
9Tools for evaluating alternatives: Annual worth analysis
10Tools for evaluating alternatives: Rate of return analysis
11Tools for evaluating alternatives: Break-even and Payback period analysis
12Tools for evaluating alternatives: Benefit cost analysis
13Replacement and Retention Decisions
14Depreciation concept
Recommended or Required Reading
1) Mühendislik Ekonomisi: Prensipler ve Uygulamalar, Osman Okka, Nobel, 4. Edition, 2014
Planned Learning Activities and Teaching Methods
Assessment Methods and Criteria
Term (or Year) Learning ActivitiesQuantityWeight
Midterm Examination1100
SUM100
End Of Term (or Year) Learning ActivitiesQuantityWeight
Final Examination1100
SUM100
Term (or Year) Learning Activities40
End Of Term (or Year) Learning Activities60
SUM100
Language of Instruction
Turkish
Work Placement(s)
None
Workload Calculation
ActivitiesNumberTime (hours)Total Work Load (hours)
Midterm Examination111
Final Examination122
Attending Lectures13339
Self Study14342
Individual Study for Mid term Examination155
Individual Study for Final Examination155
TOTAL WORKLOAD (hours)94
Contribution of Learning Outcomes to Programme Outcomes
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* Contribution Level : 1 Very low 2 Low 3 Medium 4 High 5 Very High
 
Iğdır University, Iğdır / TURKEY • Tel (pbx): +90 476 226 13 14 • e-mail: info@igdir.edu.tr