APSC221 Advanced Syllabus Conglomerate PDF

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Summary

An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. ... Economic activity is spurred by production which uses natural resources, labor and capital....

Description

Faculty of Engineering and Applied Science

APSC 221 Economics and Business Practices in Engineering Course Outline: Summer 2021 Instructor: Jan Sneep Office E-mail Office Telephone #

McLaughlin Hall – 323A [email protected] Queen’s 613-533-6000 Extension 79575

General Course Philosophy This is an introductory course into the concepts around Engineering Economics and as such, it is more important to demonstrate your understanding of the concepts than obtaining the “correct” numerical answer. This will guide the approach to assessing all assignments, tests, and the final examination. We cannot stress enough how important it is to show us your work and the model or approach you are using with all work in this course. Showing us the model you are using by showing us all the equations you use and all the steps in detail is very important. This is where the majority of the part marks are awarded. Correctly using your calculator, or Excel, to compute the answers is not worth significant marks. Marks will not be awarded for implied work. Taking shortcuts to save on writing things out is not a good strategy for success both in this course and in your professional career. Things get missed, mistakes get made, and it becomes much more difficult to spot where the problem is. Microsoft Excel is a great way to back check that you have correctly calculated the solutions, however, with the exception of Assignment 3 – Part A, spreadsheets, whether stand alone or embedded in a document, are not acceptable as solutions and will not be marked. We DO NOT post full solutions for the chapter quizzes, the Midterm tests or examples, nor for the past Final exams posted in the Exam Bank. Over the years we have found that posting full solutions to the arithmetic questions has always been counter productive. It is far too easy to just look at the solutions and not actually attempt to work through the problem. This approach never helps when one is faced with actual questions on a test. For most questions, you should be able to get the correct answer to within a dollar or two of the posted answer. If you are having difficulty, re-read the chapter material, see how the examples in the text were solved, look at the chapter notes and videos provided in OnQ, ask your friends to see how they solved the problem, and then if you are still stuck, send your course instructor an email asking for help (attach a copy of your rough work showing how you have attempted to solve the problem). Don't give up, perseverance usually pays off in the end.

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THIS IS ENGINEERING – Attention to detail is important! In the same way that a building will fall down if the foundation isn’t designed and constructed correctly, economic solutions and analyses require correct setup and assumptions. For example, using an incorrect interest rate, while only a small portion of the work, will invalidate the entire solution and any conclusions that are drawn from the analysis. The graders WILL NOT be recalculating subsequent answers that rely on previous parts of a question in order to award part marks. DOUBLE CHECK your work.

Scope of Material to be covered Engineering Economics and Business Practices are closely related, but vast subjects. The scope of this course will be limited to the topics covered in the text book "Economic and Business Practices in Engineering, Fifth Custom Edition for Queen's University'', along with supplemental material posted on the course OnQ web site. See the posted schedule of topics to be covered this term. This schedule is meant as a guide and may be adjusted by the instructor throughout the term as appropriate. All material found in the text book and provided on the course webpage is examinable.

Submissions In general you must submit a single electronic file for each question into the Assignment submission folder designated for that question in OnQ. For example, if the assignment has five questions, you would be required to submit six files; the first file being a signed Cover Page and then one file for each of the five questions. There will be six separate submission folders. You MUST first submit the Cover Page file BEFORE the other five submission folders will become visible in OnQ. Each submission folder will ONLY accept a single file, so if your solution extends beyond a single page you will need to use an app to combine the multiple pages into a single electronic file. Acceptable file formats for submissions are MS Word or PDF files, plus for single pages you can take a picture with your phone and upload the image file. Acceptable image file types are jpg, and png. While spreadsheets are a great way for you to check your work, they are NOT acceptable for submissions, with only one exception, that being the First Screen analysis in the last assignment, which must be in the form of the supplied MS Excel spreadsheet.

Re-evaluation Requests We will fit these in when time permits. If after you have compared your submission to a posted solution you feel that the grader failed to add up the part marks correctly, or that you used a valid equivalent approach that you did not receive credit for, etc. then email your instructor and your request will be added to the list for review. Again, we will fit these in when time permits. For example if you submit a request for us to have another look at an Assignment 1 question, it will not be a high priority while Midterm 1 is being marked - it might get addressed during the gap between marking Midterm 1 and Assignment 2, however there is no guarantee. The same will apply for the second Midterm and Assignment 3. We will fit re-evaluation requests in when time permits and will do our very best to have all these requests addressed before the Final examination.

Time Zones ALL times used in the course are Eastern Time, i.e. the time in Kingston Ontario, Canada. You are responsible for making your submissions on time and you must adjust for the time in your local time zone.

APSC221 – Course Outline – Summer 2021

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Course Web Page OnQ -->APSC 221 Economic And Business Practices S21 (OL) We will use the course web page for all communications pertaining to the course. Dates and other details mentioned in this course outline may change. Please check the web page weekly at a minimum. And DO NOT ignore emails from the OnQ system … they are sent out for a reason.

After you have logged in to the course web page for the first time you ABSOLUTELY need to verify your “Notifications” settings. Click on your name (upper right-hand corner of the page) and then click on “Notifications” in the dropdown box and make sure that the "Announcements - announcement updated", "Announcements - new announcement available", "Assignments - assignment due date or end date is 2 days away", and "Quizzes - quiz due date or end date is 2 days away" item checkboxes are active. If not, click on them to activate and then SAVE your choices. This is really important, because all subsequent course notifications to you will come through the OnQ Announcements system, but you will ONLY receive them in your Queen’s email account if you have properly set up your notifications.

Instructional Team Your instructor is your only point of contact. If you have questions during the semester, contact your instructor. Please use email as the primary means of contact. Check OnQ for instructor availability in the “header” section of the weekly Content folders and be sure to allow 48 hours for a response. The role of Teaching Assistants (TAs) in the course is to mark assignments, tests and examinations.

Calendar description This course will provide the student in the Engineering program with the ability to appropriately incorporate selected economic and business practices into the practice of engineering. The practices covered include: business planning for the enterprise, enterprise economic analysis, project management process, project economic analysis, risk analysis and management, quality management and change management. Assignments and examples are based on situations from engineering based industries.

Course length and pace This course represents a study period of one 12-week long semester. Learners can expect to invest on average 7-9 hours per week in this course. At the end of this document is a Timetable and more details can be found on the class website. Learners who adhere to a pre-determined study schedule are more likely to be successful in the course.

Diversity and Accommodation Queen’s University is committed to achieving full accessibility for persons with disabilities. Part of this commitment includes arranging academic accommodations for students to ensure they have all equitable opportunity to participate in all of their academic activities. If you are in need of academic accommodations, you are strongly encouraged to contact Student Wellness Services and register as early as possible. For more information, including important deadlines, please visit the Student Wellness Services website at: www.queensu.ca/studentwellness/home/ To request an accommodation for the entire term (in-class, or with assignments, or for both midterm tests, or the Final examination) you must register with Accessibility Services www.queensu.ca/studentwellness/accessibility-services/ and once approved you must send a copy of your QSAS form to the Engineering Academic Accommodations Coordinator at email: [email protected] an absolute minimum of two weeks prior to midterm tests and two weeks before the final examination. The coordinator will let your instructor and course admin team know about your request APSC221 – Course Outline – Summer 2021

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Students who would like to make a one-time accommodation request for either midterm test, for something like being away from campus on the day of the test, must email their request to both the Engineering Academic Accommodations Coordinator at email: [email protected] and your instructor an absolute minimum of one week prior to the test.

Prerequisite knowledge This course is designed for learners with no economics background; however, they will need to be comfortable with the foundations of algebra and with Microsoft Excel.

Academic integrity Your attention is drawn to the policy posted on the Faculty of Engineering and Applied Science web page engineering.queensu.ca/policy/Honesty

Required Readings The textbook "Economic and Business Practices in Engineering, Fifth Custom Edition for Queen's University'' is required. Week 1 1 1 2 2 3 3 4 5 5 6 6 6 7 7 7 8 9 9 9 10 10 10 11 12 12

Chapter 1 2 3 4 5 6 1 to 6 7 8 9 9A 10 11 7 to CM 12 13 14 15 16 1 to 16

Title Cost Concepts and Design Economics Cost-Estimation Techniques Time Value of Money Cash Flow Analysis (Omit section 4.7 – Geometric Gradients) Present Worth, Annual Worth and Payback Methods Assignment #1 due on Monday (May 24) by 10 p.m. ET Internal and External Rates of Return Methods Mid-Term Test #1 on Tuesday (June 1) evening starting at 7 p.m. ET. Taxes Replacement Decisions Inflation Computing a Price Index Dealing with Uncertainty and Risk Assignment # 2 due on Monday (June 21) by 10 p.m. ET Risk Management Change Management Mid-Term Test #2 on Tuesday (June 29) evening starting at 7 p.m. ET. Recognizing Opportunities and Generating Ideas Feasibility Analysis Assignment #3 Part A due on Friday (July 9) by 10 p.m. ET Assessing a New Venture's Financial Strength and Viability Writing a Business Plan Assignment #3 Part B due on Sunday (July 18) by 10 p.m. ET Managing the Business Enterprise Course Overview, and Final Examination Review Assignment #3 Part C due on Sunday (August 1) by 10 p.m. ET

APSC221 – Course Outline – Summer 2021

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Key Dates – May to August 2021         

Monday May 10 – the term begins Monday May 24 at 1:00 p.m. ET – Individual Assignment #1 due (Chapters 1 – 5) Tuesday June 1 at 7:00 p.m. ET – Midterm test #1 (Chapters 1 – 6) o 1 hour in length, plus 15 minutes for uploading copies of work Monday June 21 at 1:00 p.m. ET – Individual Assignment #2 due (Chapters 7 – 10) Tuesday June 29 at 7:00 p.m. ET – Midterm test # 2 (Chapters 7 – 11, plus Change Management) o 1 hour in length, plus 15 minutes for uploading copies of work Friday July 9 at 10:00 p.m. ET – Individual Assignment #3 Part A due (Chapters 12 – 13) Sunday July 18 at 10:00 p.m. ET – Individual Assignment #3 Part B due (Chapter 14) Sunday August 1 at 10:00 p.m. ET – Individual Assignment #3 Part C due (Chapter 15 – 16) Final examination –Closed Book - Will be held during the official exam period in August (3 rd through 7 th) using Proctortrack (Chapters 1 – 16, plus Change Management)

Midterm Tests and Final Examination Requirements You will be tested on what you know and can apply immediately, NOT on how well you think on your feet or can look up material in the textbook. Know more than one method/approach to solving the problems, as some are seriously more time consuming than others. For tests and examinations that are being written online (as opposed to being written at an examination center) students are responsible for having access to a good quality Internet connection during the test and either a scanner or camera immediately after the test so their rough work can be uploaded into OnQ. You will also require a good quality webcam if the test is being proctored by an online proctoring service.

Remote Proctoring - Proctortrack The final exam in this course will use remote proctoring provided by a third-party, cloud-based service that enables the completion of a proctored exam or test from an off-campus location, through OnQ. This online proctoring solution was chosen as part of the approach to maintaining academic integrity in online assessment. Details about how remote proctoring will be used in this course can be found in the “Using Proctortrack for the Final Examination” content module in OnQ and/or additional information will be provided by the instructor. When writing examinations using remote proctoring, you are connecting to the third-party service. Queen’s has conducted a privacy and security review of the service in accordance with Ontario’s privacy legislation. You should also take measures yourself to protect your information by keeping your NetID password and challenge questions private, closing all applications prior to starting an exam/test, and ensuring your device is updated and safeguarded against malware. For more information about remote proctoring, see the Student FAQs on the OUR Exams resource page for remote proctoring.

APSC221 – Course Outline – Summer 2021

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Evaluation •

Individual Assignments – Assignments (#1 & #2 & 5 % each with #3 being 10%) – All are online electronic submissions – Include a signed course cover sheet with ALL assignments – Late penalty of 10% per day – Not accepted after solutions posted and/or marks and feedback posted to the class

20%

•

Quizzes – Throughout the term there will be a series of online quizzes for each chapter of the text book – 1% per quiz – Online quizzes will only be open for a limited time period specified on the course web page, typically from Monday through Sunday – It should take you about 20 minutes to complete each quiz once you start it, however we have setup OnQ to give you 45 minutes for each quiz – Typically Quizzes have around four True & False or Multiple Choice questions and one or two Arithmetic type questions – You do not have to attempt each quiz twice, however you will have up to two attempts at each quiz and your score will be the average of both attempts

17%

•

Mid-Term Test #1 and #2 – Online - 1 Hour long – Watch the course web page for details on how and when to write your Mid-term – Open book; OnQ quiz questions and uploading detailed solutions.

20%

•

Final Exam – Proctored Online – 3 hours – The final exam will cover all material from the course text book and materials posted on the course web page. – Closed book, proctored using a third-party online proctoring service. Details will be provided around the middle of July.

43%

APSC221 – Course Outline – Summer 2021

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Indicators and Outcomes Graduate Attribute Indicators APSC 221 develops the Canadian Engineering Accreditation Board (CEAB) Graduate Attributes through two indicators: CEAB Attribute

Code

Indicator

11. Economics and project management: An ability to appropriately incorporate economics and business practices including project, risk, and change management into the practice of engineering and to understand their limitations.

EC-Economics

Apply economic considerations, such as capital, operating, societal and life cycle costs, to design processes.

EC-Management

Effectively plan project, including mitigating risk and managing change, to complete project on-time and on-budget.

Course Learning Outcomes (CLO) By the end of this course, learners should understand and be able to solve economic analysis problems: CLO 1: CLO 2: CLO 3: CLO 4: CLO 5: CLO 6: CLO 7: CLO 8: CLO 9: CLO 10: CLO 11: CLO 12: CLO 13: CLO 14:

Cost concepts and use a variety of cost estimation techniques [EC-Economics] Time value of money and solve cash flow analysis problems [EC-Economics] Compare a variety of projects using multiple economic approaches [EC-Economics] The effect of taxes on project viability and apply to appropriate cash flow analysis [EC-Economics] Replacement analysis concepts and apply appropriate cash flow analysis to correctly determine minimum equivalent annual costs [EC-Economics] The effect of inflation on project viability and apply to appropriate cash flow analysis [EC-Economics] Apply a variety of approaches for dealing with uncertainty and risk associated with projects [ECEconomics] Risk management approaches associated with project management [EC-Management] Change management from an organizational behaviour perspective [EC-Management] Recognizing new business opportunities and techniques for generate ideas [EC-Management] Feasibility Analysis [EC-Management] Assessing a new venture’s financial strength and viability [EC-Management] Writing a business plan [EC-Management] Basic management processes and concepts [EC-Management]

APSC221 – Course Outline – Summer 2021

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Timetable Week

1

2

Learning Outcomes (with alignment to CLOs shown in square brackets)

Deliverable (with alignment to CLOs shown in square brackets)

  

Cost Concepts and Design Economics [CLO1] Cost-Estimation Techniques [CLO1] Time Value of Money [CLO2]

 

Cash Flow Analysis [CLO2] Present Worth, Annual Worth and Payback Methods [CLO3]

Quizzes 4-5 [CLO 2-3]



Internal and External Rates of Return Methods [CLO3]

Quiz 6 [CLO 3]

Quizzes 1-3 [CLO 1-2]

3 Assignment 1 [CLO 1-3] 4

Mid-Term 1 [CLO 1-3]

5

 

Taxes [CLO4] Replacement Decisions [CLO5]

Quizzes 7-8 [CLO 4-5]

6

 

Inflation and Price Indices [CLO6] Dealing with Uncertainty and Risk [CLO7]

Quizzes 9-10 [CLO 6-7]

 

Risk Management [CLO8] Change Management [CLO9]

Quizzes 11-12 [CLO 8-9]

7

Assignment 2 [CLO 4-7] 8

9

Mid-Term 2 [CLO 4-9]  

Recognizing Opportunities and Generating Ideas [CLO10] Feasibility Analysis [CLO11]

Quizzes 13-14 [CLO 1011] Assignment 3 Part A [CLO 10-11]

 

Assessing a New Venture's Financial Strength and Viability [CLO12] Writing a B...