Economic Project Evaluation

Application of economic principles and capital budgeting in the management of engineering projects, including investment in new facilities and technologies for improving production and/or service processes. Deterministic, stochastic, and multi-attribute evaluation approaches in conjunction with the objectives of wealth and utility maximization, as well as cost minimization and risk reduction. Methodologies for the economic evaluation of project alternatives, such as capital budgeting, cost estimating, life cycle costing, and activity-based costing. Defining and implementing an economic analysis framework to provide the capability to make investment decisions within enterprises. Pre: Graduate standing.