IE 492
INTRODUCTION TO ENGINEERING MANAGEMENT: ECONOMICS AND PROJECT MANAGEMENT

Course Description

Critical issues in the management of engineering and high-technology projects are discussed. Economic, time, and performance parameters of engineering projects are analyzed from the organizational and resource perspectives. Network optimization and simulation concepts are introduced. Fundamental engineering economics concepts are introduced and applied to planning and managing projects.

Topics

• Time Value of Money: Equivalence, Present Worth, Future Worth, Cash Flows
• Project Selection and Strategic Management
• Compare alternatives: Net Present Worth, Equivalent Annual Worth, Internal Rate of Return and Benefit-cost analysis
• Define the project: Project Scope Checklist, Sponsorship, Priority Matrix, WBS
• Estimate task times, costs and budgets, and resources (Tops-down and Bottoms-up)
• Develop a Project Plan: Project Network, Forward/Backward Pass Analysis, Scheduling, Critical Path analysis, Gantt Charts
• Managing Risk: Risk Assessment (Impact, Likelihood, Detectability), Risk Mitigation, Contingency Plans
• Resource allocation and scheduling
• Project Tracking and Control: Earned Value analysis

Learning Outcomes

The student, upon completion of this course, will be able to:

• Perform economic calculations involving the time value of money using standard formulas and tables.
• Compare alternatives using Net Present Worth, Equivalent Annual Worth, Internal Rate of Return and Benefit-cost analysis.
• Apply project management techniques to create a structured project plan that includes resource and cost analysis.
• Complete a project risk plan that includes risk assessment, mitigation plans and contingency plans.
• Apply project management and spreadsheet software to create project management and financial documents such as work breakdown structures, Gantt charts, network diagrams, schedules, financial reports, and status reports.