IOE201 Syllabus-2019 [2833] PDF

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Winter 2019 Syllabus...

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Seiford IOE201 sylllabus

IOE 201 Economic Decision Making Fall 2019 - Course Syllabus (Last updated September 6, 2019) Professor Lawrence M. Seiford Assistant: Ben Kelman Office: 2731 IOE Email: [email protected] Voice: (734) 764-9422 Office Hours: Mon & Wed 10:30-12:00m Email: [email protected] Location: 2858 IOE Office Hours: Monday 1:00-3:00, and by appointment.

Assistant: Christina Molnar Email: [email protected] Office Hours: Thur 12:00-1:30 & Fri 12:30-2:00 Location: 2858 IOE Assistant: Jessica Zhou Email: [email protected] Office Hours: Tues 3:30-4:30 in 1824 IOE Office Hours: Tues 5:00-6:00 & Fri 10:00-11:00 in 2858 IOE

Course Description: IOE 201 Economic Decision Making: Overview of business operations, valuation and accounting principles. We discuss topics like time value of money, cash flow diagrams and analysis and net present values. Students will complete a Project requiring a detailed cash-flow analysis and application of various other principles demonstrated in the course. Prerequisite: ENGR 100 and ENGR 101 Website: https://umich.instructure.com/ Class Meetings:

Dates: 09/04/2019 to 10/21/2019 (first 7 weeks) Days: Mondays and Wednesdays Time: 8:30am to 10:30am Location: 1610 IOE

Textbook: Fundamentals of Engineering Economics (3rd edition)* Author: Chan S. Park ISBN: 0-13-277542-5 *Any edition (first, second, or third edition) will suffice for this course. (Note: Problems differ between editions and slight rearrangement of chapters.)

Problem Sets There will be 7 problem sets. Only 6 of them will count towards your grade; the lowest grade will be dropped. In return, we will NOT accept late problem sets for any reason. You have one “freebie” for illness and other circumstances that prevent you from completing your work on time. You may type your problem sets (preferred), or you may write it by hand and use a scanner to turn it into a PDF document. Many CAEN labs are equipped with document scanners or you can use a smartphone app to create the pdf file. Problem sets and their solutions will be posted to Canvas. Likewise, your problem set solutions are to be submitted via Canvas by 9:00 pm of the day that they are due. Your assignment solutions should be submitted via Canvas as pdf documents and the filename should be titled as studentname_assign#_etc.pdf. Again, late problem sets will NOT be accepted for any reason. If you believe that there is an error in the grading of your homework, you must submit a written request by the following lecture, explaining why you feel points were unfairly deducted. Note that any problem set submitted for re-grading will be fully re-graded by the instructor, so points may be added or subtracted.

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Seiford IOE201 sylllabus

Exams In this course, we will have two (in-class) exams. Dates for the exams will be as follows: Midterm: Wednesday, September 25, 2019 Final Exam: Monday, October 21, 2019 Both exams will be closed book and closed notes. For the midterm you will be allowed one 8.5” x 11” single-sided sheet of self-written notes. For the final exam you will be allowed to have a double-sided sheet of self-written notes. These must be hand-written, and may not be typed or Xerox copies. Students will not be allowed to make-up a missed exam without prior consent or a doctor’s letter certifying illness at the time of the exam. If you have an unavoidable conflict with an exam, notify us as soon as possible so that we can try to make alternate arrangements for you. If you are ill the morning of an exam, be sure to get documentation from health services. We will get exams back to you as quickly as possible. Solutions will also promptly be posted to the course web page. If you believe that there is an error in the grading of your exam, you must submit a written request within one week of the exams being returned, explaining why you feel points were unfairly deducted. Note that any exam submitted for re-grading will be fully regraded, all questions will be reviewed for accurate grading, and points may be added or subtracted. Any student requiring special accommodations during exam time should contact the instructor within the first two weeks of the semester so that adequate arrangements can be made.

Group Project There will be one group project for this course. Teams are required to submit a single report addressing the project questions. The final report should not exceed 5 pages of 12 point font, double spaced. Tables and graphs should be placed in the appendix. The appendix does not count towards the 5 page limit. The report will be graded on content, but writing quality will affect the final grade. In addition, each team member will be asked to fill out a peer evaluation form. More details about the format will be posted on Canvas. Your project submission should be titled with team member names, e.g., student1_student2_etc.pdf. You can select your own group by e-mailing (Ben Kelman [email protected] ) before Wednesday, September 18, 2019 with a list of the team members. The email should list each team member by their full name, their unique name, and their student ID#. Group size cannot exceed 3 members. If you do not submit a group request, we will consider you to be working as a group of one.

Class Performance Course Grading: Your class performance in the course will be determined by participation (5%), homework (10%), Midterm Exam (30%), Final Exam (40%), Group Project (15%). Participation: Participation points will, in part, be based on attendance. To gain the most out of this course, lecture attendance is vital. In return, the course instructor will work hard to make every lecture worthwhile. Additional Points: Throughout the semester, opportunities for additional (bonus) points may arise. These bonus points do not weigh into the final grade, but may be used by the course staff to bump a student past the borderline of a letter grade.

E-mail and Canvas Policy Please observe the following policies when emailing us and using the Canvas Discussion tool for questions regarding the course or problem sets. • Do not email the instructor or Assistants with questions regarding problem sets and exams. Please use the Canvas Discussion tool for questions regarding problem sets and 2 of 4

Seiford IOE201 sylllabus

• • • • • • •

exams. This will allow all students to see the Q&A and will minimize delays in responding. Please make your questions very specific to help us assist you better. It is almost impossible to answer questions like “How to do question number ...?” without more interaction. We will try to respond to each student’s question within 24 hours. Please do not post questions two hours before the assignment is due and expect an immediate response. If your question is personal or falls outside the established discussion topics please send all emails to the support email address: [email protected] . This way your email will be answered quickly and efficiently. Please start the email subject line with “IOE201” so that we can easily identify your emails in our inboxes. Students’ emails to the instructor and Assistants and posting to the website should be written in a professional manner. Students are strongly encouraged to send emails from their umich.edu accounts as our filters might block any emails coming from other e-mail providers. Your submissions to Canvas should have your unique name as part of the file name, e.g., seiford_HW2.pdf.

Engineering Honor Code Students are allowed, and in fact encouraged, to work in groups on the problem sets. However, each student is expected to write up and turn in their own solutions, and the write-ups should be unique. Identical solutions will be viewed as plagiarism. Any plagiarized work will automatically be submitted as a violation of the Engineering Honor Code. Similarly, students are welcome to examine and review materials from prior semesters of this course. However, students must always write up solutions in their own words. All students in the class are presumed to be decent and honorable, and all students in the class are bound by the College of Engineering Honor Code. You may not seek to gain an unfair advantage over your fellow students; you may not consult, look at, or possess the unpublished work of another without their permission; and you must appropriately acknowledge your use of another’s work. All work (homework, projects, reports, exams, etc.) must represent your own effort. Copying, plagiarism, cheating on exams, tampering with records, etc., are in violation of the Honor Code. Any violation of the honor policies appropriate to each piece of course work will be reported to the Honor Council, and if guilt is established, penalties may be imposed by the Honor Council and Faculty Committee on Discipline. Such penalties can include, but are not limited to, letter grade deductions or expulsion from the University. All students are expected to be familiar with the Engineering Honor Code and are bound by its requirements as stated in Honor Code Pamphlet at http://elc.engin.umich.edu/wpcontent/uploads/sites/19/2019/03/Honor-Code-Pamphlet-2018.pdf

Objective and Outcomes Course Objective: Understand and apply basic principles of engineering economics, in order to make informed economic decisions. ABET Course Outcomes: In this course students will learn to: 1. Gain understanding of time value of money, simple and compound interest, and impact of different compounding frequencies. 2. Represent time value of money using cash flow diagrams. Understand economic equivalence. 3. Apply concepts of present value and future value. Understand and apply interest formulas for uneven payment series, equal payment series, linear and geometric gradient payment series. 4. Become familiar with equivalence calculations under inflation, conversions between actual 3 of 4

Seiford IOE201 sylllabus

and constant dollars. 5. Demonstrate ability to solve interest problems for different types of loans and investments. 6. Show ability to apply present worth analysis and annual equivalent analysis for assessing project proposals. Evaluate internal rate of return for an investment. 7. Demonstrate understanding of economic principles and ability to apply them to assessing engineering proposals, investments, loan payment schedules, and effects of inflation. 8. Appreciate the role of ethics in operational decisions 9. Work effectively in teams 10. Communicate effectively IOE 201 Semester Schedule Class •1 •2 •3 •4 •5 •6 •7 •8 •9 •10 •11 • •12 •13

Lecture

Date

Lecture 1 Lecture 2 Lecture 3 Lecture 4 Lecture 5 Lecture 6 Midt Midterm erm Exam Lecture 7 Lecture 8 Lecture 9 Lecture 10

9/4/19 9/9/19 9/11/19 9/16/19 9/18/19 9/23/19 9/25/19 9/30/19 10/2/19 10/7/19 10/9/19 10/14/19 10/16/19 10/21/19

Fall Study Break (no class) Lecture 11 Final Exa Exam m

The above tentative schedule and procedures in this course are subject to change in the event of extenuating circumstances.

Unsolicited Advice “As you begin your college career, which might eventually involve asking professors to recommend you for graduate programs, jobs, or internships, please be aware that professors are not obligated to write references for any student who asks us. I don’t write a reference for a student unless I can write a very positive and specific one. Therefore, your job as a college student is to become the kind of student that professors can rave about in recommendations — hardworking, collegial, and intellectually inquisitive and honest. Consider maintaining relationships over time with professors, so that they know you well enough to write for you. Many juniors and seniors tell me they wish they had thought about this during their first year.”

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