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Applied Engineering Economy

COURSE NO: B07-003
PDH CREDIT: 7
Applied Engineering Economy
Note: New JerseyNew York, Ohio and Pennsylvania Professional Engineers: This course does not qualify for PDH credit by your State Licensing Board. For complete information, please visit the websites of the NJNYOH and PA State Licensing Boards.
Course Highlights

This online engineering PDH course addresses the dynamic environment of economic calculations and principles through the prism of engineering to help engineers in evaluating economic worth of projects in order to make strategic decisions that will optimize profits.

 

Engineering economics is the use and application of economic principles in the analysis of engineering decisions. While macroeconomic and financial competencies are key for business operations, engineering economics further provides a mechanism for decision-making by evaluating systems, products and services in relationship to their costs. It involves formulating, estimating, and evaluating the expected economic outcomes of alternatives designed to accomplish a defined purpose. It forces engineers to think twice before making many choices in everyday operations, such as process configurations, materials, production size, and other economic factors. Daily decisions by the engineering firms (based on an economic framework) will decide how successful and profitable that company is. Therefore, it is a fundamental skill that all successful engineering firms employ in order to retain competitive advantage and market share.

 

The intent of this online engineering PDH is to address the importance of integrating economics into the engineering curricula. Due to globalization and economic complexity, engineers are now required to have an in-depth understanding of the markets and how changes in these markets affect their bottom line. These can include a variety of things, such as understanding interest rates required to increase or sustain levels of capital stock, opportunity cost, net present value for calculating the value of investments, basic cost and revenue analysis, and more.

 

This 7 PDH online course is applicable to all engineers interested in learning the fundamental concepts of engineering economy in order to analyze and evaluate various alternative projects, optimize profits and minimize costs.
Learning Objectives

This PE continuing education course is intended to provide you with the following specific knowledge and skills:

  • Familiarizing with the foundations of Engineering Economy including simple and compound interest rate, rate of return, cash flows, economic equivalence, minimum attractive rate of return
  • Learning about comparing alternatives and measuring economic worth of projects
  • Understanding Present Worth Analysis, Future Worth Analysis and Annual Worth Analysis
  • Learning about Rate of Return Analysis and Benefit/Cost Analysis
  • Exploring inflation methods, depreciation methods and Modified Accelerated Cost Recovery System (MACRS)
Course Document
In this professional engineering CEU course, you need to review the course document titled, "Applied Engineering Economy”, which is prepared by Najib Gerges, Ph.D., P.E.
To view, print and study the course document, please click on the following link(s):
APPLIED ENGINEERING ECONOMY (2.8 MB)
Course Quiz
Once you complete your course review, you need to take a multiple-choice quiz consisting of thirty-five (35) questions to earn 7 PDH credits. The quiz will be based on the entire document.
The minimum passing score is 70%. There is no time limit on the quiz, and you can take it multiple times until you pass at no additional cost.
Certificate of Completion

Upon successful completion of the quiz, print your Certificate of Completion instantly. (Note: if you are paying by check or money order, you will be able to print it after we receive your payment.) For your convenience, we will also email it to you. Please note that you can log in to your account at any time to access and print your Certificate of Completion.

To buy the course and take the quiz, please click on: