Advanced Cost and Value Analysis
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|Course Number:||ENGRG 7830|
|Course Name:||Advanced Cost and Value Analysis (Online)|
|Course Description:||Introduction to cost estimating and value engineering: basic principles of accounting and forecasting; estimate assurance, decision making, and systems engineering for life-cycle costing. Applications of engineering valuation. Basic principles of function analysis. Discussion of current techniques in process value evaluation and improvement.|
NOTE: The information below is representative of the course and is subject to change. The specific details of the course will be available in the Desire2Learn course instance for the course in which a student registers.
- Discuss engineering decision making.
- Provide practice in economic decision making.
- Introduce concepts and practices in value engineering.
- Discuss varied approaches to adding and defining value.
This course focuses on the concepts of cost and value from two different viewpoints. The first unit considers these as given values to be entered into equations as part of economic decision analysis. Economic decision analysis, commonly called engineering economy, is a sound method to make financial decisions. It has many applications to both business and personal decisions. Making the right decisions to earn more or spend less money is always worthwhile.
The second unit looks more at the less tangible side of cost and value, and how to design products and process to achieve value. This unit recognizes that a grandfather's pocket watch may be worth more – much more – to the grandson then the money it could be sold for on eBay. At the heart of value engineering is the concept of creating a product that has value to the customer and to the organization. It is easy to realize that creating a product that nobody buys because it is too expensive or does not work can be devastating to an organization. Therefore, understanding how to create products with real value is a valuable skill.
Homework Exercises: 20% (10 exercises equally weighted, 200 points total)
Group Assignments: 15% (6 groups equally weighted, 150 points total)
Discussions: 10% 910 discussions, equally weighted, 100 points total)
Quizzes: 10% (10 quizzes, equally weighted, 100 points total)
Project: 10% (100 points total)
Discussion 1: 10% of project category (10 points)
Discussion 2: 10% project category (10 points)
Discussion 3: 20% project category (20 points)
Final Report: 60% of project category (60 points)
Exams: 35% (3 exams, equally weighted, 350 points total)
Course grades will follow a traditional scale:
A = 90-100%
B = 80-90%
C = 70-80%
D = 60-70%
F = <60%
All written work must be neat and professional in appearance and preparation. Work is due by midnight on the date specified. All work can be submitted through the courseware or by e-mail directly to me.
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