CHE423 CHEMICAL ENGINEERING ECONOMICS
| Course Code: | 5630423 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 3.5 |
| Department: | Chemical Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Lecturer MEHMET EMİN IŞIKALP |
| Offered Semester: | Fall Semesters. |
Course Objectives
The objectives of this course are to enable the students to understand basic enginnering economic principles used in industry, to broden the students' perspective in economic concerns and to familiarize the students with industrial life and professional responsibilities.
Course Content
Importance of economics in engineering, role of engineers in economics. Market and Process surveys in relation to feasibility analysis. Site selection, capital investment and production cost analysis. Interest, taxes, insurance, depreciation, profitability, alternative investments and replacements in chemical engineering.
Course Learning Outcomes
At the end of this Course, the students should be able to:
• Decide on the actions engineers have to make in industry to design a new plant or a new process,
• Calculate the fix and working capital requirements of an investment,
• Predict and analyze the product cost,
• Analyze the production using economic concepts,
• Define the time value of money and apply this concept in economic evaluations,
• Compute the profitability of industrial projects,
• Analyze, evaluate and conclude alternative investments and replacements,
• Interpret the effect of inflation in industry,
• Identify and apply the basic principles of project management and accounting,
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | An ability to identify, formulate, and solve complex engineering problems by applying principles of engineering, science, and mathematics | ✔ | |||
| 2 | An ability to apply engineering design to produce solutions that meet specified needs with consideration of public health, safety, and welfare, as well as global, cultural, social, environmental, and economic factors | ✔ | |||
| 3 | An ability to communicate effectively with a range of audiences | ✔ | |||
| 4 | An ability to recognize ethical and professional responsibilities in engineering situations and make informed judgments, which must consider the impact of engineering solutions in global, economic, environmental, and societal contexts | ✔ | |||
| 5 | An ability to function effectively on a team whose members together provide leadership, create a collaborative and inclusive environment, establish goals, plan tasks, and meet objectives | ✔ | |||
| 6 | An ability to develop and conduct appropriate experimentation, analyze and interpret data, and use engineering judgment to draw conclusions | ✔ | |||
| 7 | An ability to acquire and apply new knowledge as needed, using appropriate learning strategies | ✔ | |||