ERIC Number: EJ945564
Record Type: Journal
Publication Date: 2011
Abstractor: As Provided
Reference Count: 0
Introducing Risk Analysis and Calculation of Profitability under Uncertainty in Engineering Design
Kosmopoulou, Georgia; Freeman, Margaret; Papavassiliou, Dimitrios V.
Chemical Engineering Education, v45 n3 p170-177 Sum 2011
A major challenge that chemical engineering graduates face at the modern workplace is the management and operation of plants under conditions of uncertainty. Developments in the fields of industrial organization and microeconomics offer tools to address this challenge with rather well developed concepts, such as decision theory and financial risk analysis. In this work we discuss the development and implementation of assignments that utilize the concepts of risk and uncertainty and the use of software to incorporate financial risk in engineering economics.
Descriptors: Chemical Engineering, Engineering Education, Risk, Computation, Microeconomics, Assignments
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: email@example.com; Web site: http://cee.che.ufl.edu/index.html
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Authoring Institution: N/A