Group project

The objectives of the group project are to give you practice applying engineering economic decision-making prince
realistic problems and to improve your communication skills. Those skills include both writing and oral presentation
Once you are assigned to a team, the first step is to work with your team and identify a project relevant to one of t
following areas:
Service Improvement
Equipment and Process Selection
Equipment Replacement
New Product and Product Expansion
Cost Reduction
You can find examples of these projects by looking at the case studies in the text.
Each project team should follow this decision-making process:
Recognize a decision problem involving financial analysis.
Define the objectives of your project.
Begin to collect relevant information. When information is unavailable or sketchy, state any assumptions you are m
clearly and explicitly.
Once you have collected what you believe to be enough information, identify a set of feasible decision alternative
this process you may discover you need additional information; if so, collect the information before you go any fur
clearly state any assumptions you make.
Once you have a list of decision alternatives select the decision criterion you will use. Apply your decision criterio
the best alternative.
Write a report about your project, including the problem statement, your analysis, and the results. Once the report
use it as the basis for a presentation to the class

Sample Solution