ME 54300 - Advanced Engineering Economics

Prerequisite(s): ME 31100 FOR LEVEL UG WITH MIN. GRADE OF C OR ECE 31200 FOR LEVEL UG WITH MIN. GRADE OF C

Credit Hours: 3.00. Effective project managers have complete command of their project costs and a thorough understanding of the financial aspects of their business. This course reviews the fundamentals of accounting, examines project cost accounting principles, applications, and impact on profitability; examines the principles of project costing; covers the elements involved in cash management; introduces the framework for how projects are financed and the potential impact financing has on the projects; and a framework for using an effective project cost system. This course is aimed primarily to engineering graduate students interested in project management. Typically offered Fall Spring Summer.
Course Learning Outcomes
1. Students will understand how the project cost system works and how it functions in the context of corporate accounting. 2. They will learn how to set fees to make a profit; how to read corporate financial statements and understand what the numbers mean; concepts of budgeting; and does that data tell a story. 3. Students will understand the basics they need to be effective project managers (and to some extent, firm managers) having full command of the project cost accounting system and its role in delivering a project on time and in budget.4. Students will learn to analyze engineering costs and capital investments, and the ability to compare and select individual projects.

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