Project Paper

The objectives of the group project are to give you practice applying engineering economic decision-making p
realistic problems and to improve your communication skills. Those skills include both writing and oral present
proficiency.
Once you are assigned to a team, the first step is to work with your team and identify a project relevant to one
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 a
clearly and explicitly.
Once you have collected what you believe to be enough information, identify a set of feasible decision alterna
this process you may discover you need additional information; if so, collect the information before you go any
clearly state any assumptions you make.
Once you have a list of decision alternatives select the decision criterion you will use. Apply your decision crite
the best alternative.
Write a report about your project, including the problem statement, your analysis, and the results. Once the re
use it as the basis for a presentation to the class.