Course Description:
ENGRG 7830 Advanced Cost and Value Analysis
| Course Number: | ENGRG 7830 |
| Course Name: | Advanced Cost and Value Analysis |
| 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. |
| Prerequisites: | None |
| Level: | Graduate |
| Credits: | 3 |
| Format: | Online |
| Semesters Offered: |
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| Registration Instructions |
Additional Information
Learning Outcomes
- To introduce concepts and practices in value engineering
- To discuss varied approaches to adding and defining value
- To discuss the concepts of 5S and its applications
- To discuss engineering decision making and life cycle considerations
- To consider the impact of lean manufacturing on products and processes
- To provide an overview of life cycle cost considerations in economic decision making
Unit Descriptions
In the first unit, we'll pay a brief visit to economic decision analysis in order to remind ourselves of aspects of costs that we will be considering in all our later discussions. Most of you will have already studied this topic, but as most of us could use a review, we'll spend about one-fourth of our time on this unit. We'll do mostly problems and then end with a short exam.
The second unit contains material you might not have encountered before, although the terms are surely familiar. Value and engineering and even value engineering (VE) are terms tossed about freely these days. VE is, however, a tool of some standing, with seniority over newer, more popular versions of the same thing. VE is applicable to a wide range of situations and requires an emphasis on what is to be accomplished rather than how it is to be accomplished. Too often we rush to solution without fully considering the problem. VE offers us a systematic approach that allows us to define our goals fully before we attempt to reach them.
The last section is, for many, the most “fun”—primarily, I think, because the emphasis is on tools that are widely touted today. Lean manufacturing has certainly been responsible for the generation of many books and papers in the last ten years. Along with lean, both 5S and value stream management (VSM) are essential to understanding the use of this valuable technique for improving operations. Although we are using a text that emphasizes the use of lean tools and techniques in the manufacturing arena, there are also texts on the use of these techniques within an office setting. So, if that's where you are, you might want to hunt up one of those and find a project to fit your area.
Number of Exams
There are 3 exams for this course.
Number of Assignments
There are 13 quizzes, 13 written assignments, 2 discussions, and a project for this course.
Number of Projects
There are no group projects for this course.
Grading Information
Homework exercises: 30%
Discussions: 10%
Quizzes: 10%
Project: 20%
Exams: 30%
Course grades will follow a traditional scale:
A = 90-100%
B = 80-89%
C = 70-79%
D = 60-69%
F = < 59%
I do not anticipate much need for grade categories less than a “B,” but it is not impossible that they will be needed.
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.