| Course Unit Code | Course Unit Title | Type of Course Unit | Year of Study | Semester | Number of ECTS Credits | | 180102003101 | ENGINEERING ECONOMY | Compulsory | 1 | 1 | 3 |
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| 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 |
| 1 | Students shall have knowledge about the concepts used in the economy and decision making and learn the application of these concepts. | | 2 | Students 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. | | 3 | Students shall make decisions about the machines in hand and learn how to make depreciation calculations. | | 4 | Students 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. | | 5 | Students shall gain skills on analytical thinking. |
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| 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 |
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| 1 | Introduction to engineering economics | | | | 2 | Interest and time value of money, simple interest, compound interest, cash flow, economic equivalence | | | | 3 | Interest factors: Single payment cash flow, uniform series cash flow, Arithmetic gradient series cash flow | | | | 4 | Combining interest factors | | | | 5 | Nominal interest and effective interest calculations | | | | 6 | Evaluation of alternatives: Minimum attractive rate of return analysis | | | | 7 | Tools for evaluating alternatives: Present worth analysis, Future worth analysis | | | | 8 | Mid-term exam | | | | 9 | Tools for evaluating alternatives: Annual worth analysis | | | | 10 | Tools for evaluating alternatives: Rate of return analysis | | | | 11 | Tools for evaluating alternatives: Break-even and Payback period analysis | | | | 12 | Tools for evaluating alternatives: Benefit cost analysis | | | | 13 | Replacement and Retention Decisions | | | | 14 | Depreciation concept | | |
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| Recommended or Required Reading |
| 1) Mühendislik Ekonomisi: Prensipler ve Uygulamalar, Osman Okka, Nobel, 4. Edition, 2014 |
| Planned Learning Activities and Teaching Methods |
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| Assessment Methods and Criteria | |
| Midterm Examination | 1 | 100 | | SUM | 100 | |
| Final Examination | 1 | 100 | | SUM | 100 | | Term (or Year) Learning Activities | 40 | | End Of Term (or Year) Learning Activities | 60 | | SUM | 100 |
| | Language of Instruction | | Turkish | | Work Placement(s) | | None |
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| Workload Calculation |
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| Midterm Examination | 1 | 1 | 1 |
| Final Examination | 1 | 2 | 2 |
| Attending Lectures | 13 | 3 | 39 |
| Self Study | 14 | 3 | 42 |
| Individual Study for Mid term Examination | 1 | 5 | 5 |
| Individual Study for Final Examination | 1 | 5 | 5 |
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| Contribution of Learning Outcomes to Programme Outcomes |
| LO1 | 3 | 4 | 4 | 4 | 3 | 4 | 4 | 3 | 3 | 4 | 3 | | LO2 | 3 | 3 | 3 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 4 | | LO3 | 4 | 4 | 4 | 4 | 4 | 4 | 3 | 4 | 3 | 3 | 3 | | LO4 | 3 | 3 | 4 | 4 | 3 | 3 | 3 | 4 | 4 | 3 | 3 | | LO5 | 4 | 4 | 3 | 4 | 4 | 3 | 3 | 3 | 3 | 4 | 4 |
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| * Contribution Level : 1 Very low 2 Low 3 Medium 4 High 5 Very High |
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Iğdır University, Iğdır / TURKEY • Tel (pbx): +90 476
226 13 14 • e-mail: info@igdir.edu.tr
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