Teaching engineering economics using a web-based, interactive simulation

Kevin Dahm, Ravi Ramachandran, Sean Broderick, Chris Panchesine

Research output: Contribution to journalConference article

6 Scopus citations

Abstract

A game simulating practical economic decision-making has been devised and integrated into a Rowan University course on engineering economics. This paper describes the game itself, as well as a software package currently under development that will manage the game. The game challenges students to not only learn engineering economic principles such as present worth, but also to use them to make realistic economic decisions in a competitive setting. Each student starts with $10,000, and is presented with a list of investment opportunities. Students apply the principles learned in class to the possible investments and make decisions, such as how much to bid on a particular item in an auction. Additional investment opportunities are introduced weekly throughout the semester. The required analysis grows in complexity as the students' knowledge base increases. The game is interactive; for example the owner of a factory must negotiate the price of raw materials he/she needs with the owner of a mine. The actual software is currently being developed through an NSF-CCLI sponsored project. The software will be web based, and will be a combination of standard HTML and Active Server Pages with a Microsoft Access Database. The program is designed to include an easily navigable interface for the student, and web based methods for the instructor to make changes to the overall game as necessary.

Original languageEnglish (US)
Pages (from-to)3851-3858
Number of pages8
JournalASEE Annual Conference Proceedings
StatePublished - Dec 1 2003
Event2003 ASEE Annual Conference and Exposition: Staying in Tune with Engineering Education - Nashville, TN, United States
Duration: Jun 22 2003Jun 25 2003

All Science Journal Classification (ASJC) codes

  • Engineering(all)

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