Engineering Economy Division
Members are involved in economic and investment analysis. The key concern of these industrial engineers is to improve productivity and quality through public and private sector decision making about the economic feasibility and justification of investments in technological innovations. Members receive Engineering Economy Solutions, a periodic electronic newsletter containing information on important new cost reduction techniques.
Global engineering economic analysis
Dr. Mingzhou Jin developed and led an innovative study abroad program in China during summer 2014. The University of Tennessee (UT) students from Industrial Engineering, Nuclear Engineering, Chemical Engineering and Material Engineering took IE 405 Engineering Economic Analysis together with 23 students from Zhejiang University in China. Students visited major manufacturing plants and logistic facilities to learn about how the global economy works. Direct interaction with Chinese students in and out of class provided UT students an exceptional international experience and allowed them to understand differences in engineering practice between the United States and China.
The 2015 Wellington Award has been bestowed upon Dr. Kenneth E. Case, Emeritus Regents Professor of Industrial Engineering at Oklahoma State University. Ken has a long standing record of contributions to the field of engineering economy and it incorporation into statistical quality control. He is the co-author of three well-known textbooks, including the multi-edition Principles of Engineering Economic Analysis, published by Wiley Global Education. To disseminate his many accomplishments in teaching and researching the engineering dimensions of economics and quality, he has published more than 100 technical articles in these fields. Dr. Case is a member of both the prestigious National Academy of Engineering and the International Academy of Quality, as well as a past president of IISE.
Best Engineering Economy Teacher Award
Dr. Karen Bursic from the University of Pittsburgh won the 2015 Best Engineering Economy Teacher Award. She has implemented various innovations in her engineering economy course such as adding an international component, introducing model eliciting activities and using clickers to elicit dynamic student feedback during lectures. Each year, she touches the minds of more than 80 IE students and about twice as many non-IEs. Despite the large class sizes she handles, her teaching evaluations are about 20 percent to 25 percent higher than the faculty average. Dr. Bursic is also an active researcher in engineering education and published about twenty journal and conference papers regarding engineering education.
Best Paper Award
The Engineering Economy Division is proud to announce the best paper awardees for the 2015 Industrial and Systems Engineering Research Conference. The best paper, "Predicting Cost Growth for Military and Civil Space Systems" by Christina F. Rusnock and Edward D. White III of the Air Force Institute of Technology has been selected by a small board. The board consisted of the track chair, president and the editor of The Engineering Economist. The following excerpt from the paper shows the highlight focus of the research:
"This research seeks to provide space systems cost estimators with a forecasting tool for space system cost growth by identifying factors contributing to growth, quantifying the relative impact of these factors, and establishing a set of models for predicting space system cost growth."
The awardees will be invited to submit a revised and expanded version to the Engineering Economist later this fall. It is an encouraging sign to see such quality work being published at ISERC.
About the Division
If you are not a current member of the division, please join us! We are an active group with a dedicated leadership board and welcome your input. For more information, visit our website or log in here to join the division.
Volunteers are welcome for various division activities. Please contact Natalie Scala to express your interest.
Division Bylaws updated
The updated division bylaws were approved by the Engineering Economy Professional members on April 26, 2011. To view the division bylaws, click here.