Engineering economy: Bridging the gap between engineering, business, and entrepreneurship

Paul C. Lynch, Joseph H. Wilck, Omar Ashour

Research output: Contribution to conferencePaperpeer-review

Abstract

Within the Industrial Engineering curriculum it is the engineering economy course and the main project/ investment decision tools taught in the course that are at the center of each and every business decision made in today's fast paced business world. Company executives have voiced their concerns with the lack of business expertise among engineering students graduating from baccalaureate degree programs. This paper will discuss a new approach taken at Pennsylvania State University that utilizes the required engineering economy course in the industrial engineering curriculum to bridge the gap between engineering, business, and entrepreneurship. The paper will discuss the curriculum overhaul the required engineering economy course in industrial engineering at Pennsylvania State University. A highly successful business and engineering student group has been created as an extension of the required Engineering Economy course. In addition to multiple sponsored case competitions, this paper will discuss the entrepreneurship and business consulting opportunities created by the student group. The success of the new curriculum implementation and the success of the student group and its business consulting initiatives have been widely recognized by the school's industrial engineering alumni and by the National Organization for Business and Engineering (NOBE). Both qualitative and quantitative results of the revamped industrial engineering curriculum, case competition experiences, and the student consulting group will be presented.

Original languageEnglish (US)
Pages2427-2432
Number of pages6
StatePublished - 2020
Event2016 Industrial and Systems Engineering Research Conference, ISERC 2016 - Anaheim, United States
Duration: May 21 2016May 24 2016

Conference

Conference2016 Industrial and Systems Engineering Research Conference, ISERC 2016
CountryUnited States
CityAnaheim
Period5/21/165/24/16

All Science Journal Classification (ASJC) codes

  • Control and Systems Engineering
  • Industrial and Manufacturing Engineering

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