Question

As we mentioned in the class material, Collaborative Learning in an online classroom can take the form of discussion among the whole class or within smaller groups. How would you guide a Collaborative Learning group for an Engineering Economics class? • Explain the following concepts as they would apply to the Engineering Economics class: o Development of critical thinking skills, o Co-creation of knowledge and meaning, o Reflection, o Transformative learning

Answer 1

Any economic decision taken for making any economic systems is called engineering economics. Engineers should know economics because they have to manage the money of the projects that they are working.

The different concepts which I will keep for the above course is

A) Interest - Money - Time relationship

B) Rate of return on project

C) Depreciation and valuation

D) Risk analysis

These concepts are very important as an engineer should know the value of money in which they are investing, ROR of a project that will help them to know whether the project is beneficial or not. Depreciation of assets should also be known by them to know the amount to spent on an asset. They should how to analyze the risk involved in a project and how to overcome it.

All these concepts helps the engineers to understand how to invest , take decision in any project with considering the risks involved in it.