ERIC Number: EJ935049
Record Type: Journal
Publication Date: 2010
Abstractor: As Provided
Reference Count: 0
Introducing Decision Making under Uncertainty and Strategic Considerations in Engineering Design
Kosmopoulou, Georgia; Jog, Chintamani; Freeman, Margaret; Papavassiliou, Dimitrios V.
Chemical Engineering Education, v44 n4 p267-273 Fall 2010
Chemical Engineering graduates will face challenges at the workplace that even their peers who graduated a few years ago were not expected to face. One such major challenge is the management and operation of companies and plants under conditions of uncertainty and the need to make decisions in competitive situations. Modern developments in economics offer the tools to address this challenge with well-developed concepts, such as decision theory and financial risk analysis. In this work we describe our efforts to integrate modern economics concepts and techniques in the teaching of Engineering Design. In addition, we discuss the development of illustrative classroom experiments and case studies that can showcase such concepts.
Descriptors: Chemical Engineering, Decision Making, College Graduates, Economics, Risk, Futures (of Society), Labor Economics, Case Studies, Experiments
Chemical Engineering Education, Chemical Engineering Division of ASEE. P.O. Box 142097, Gainesville, FL 32614. Tel: 352-392-0861; Fax: 352-392-0861; e-mail: firstname.lastname@example.org; Web site: http://cee.che.ufl.edu/index.html
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Authoring Institution: N/A