Laboratory projects are required. This course introduces the concept of time value of money, cash flows, and the methods of evaluating alternatives based on present worth, annual worth, rate of return, payback period and cost benefit analysis. The course also introduces breakeven analysis, replacement analysis, depreciation methods and the effect of income taxes and inflation on economy studies. This course introduces data presentation and analysis, frequency distributions, probability concepts and axioms of probability. Random variables, discrete and continuous probability distributions, calculus based probability calculations, joint distributions, conditional probability and independence are covered.
Independence of events is applied to engineering system reliability.
Students are introduced to concepts of sampling, sampling distributions, estimation, confidence intervals, hypothesis testing, and regression analysis. This course extends computer language skills to industrial and systems engineering applications. The course introduces the basic concepts of database systems, network systems, automatic identification systems, and human-computer systems. Computer skills developed include application information interchange and numerical methods. This course covers industrial relations and organizational structures, project management, team work, inter-personal skills, and leadership in an engineering organization.