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- Title
INTRODUCING DECISION MAKING UNDER UNCERTAINTY AND STRATEGIC CONSIDERATIONS IN ENGINEERING DESIGN.
- Authors
KOSMOPOULOU, GEORGIA; JOG, CHINTAMANI; FREEMAN, MARGARET; PAPAVASSILIOU, DIMITRIOS V.
- Abstract
The article presents classroom games developed to demonstrate concepts such as strategic decision making and introduce engineering economics to chemical engineers who lack an extensive economic background. The basic components of the games or class experiments as well as the mechanics are discussed. The concepts that the games highlight can be used to quantify risk and facilitate decision under uncertainty. The article concludes that financial uncertainty must be incorporated in deterministic models for calculation of net present worth (NPW).
- Subjects
DECISION making; CHEMICAL engineering education; ENGINEERING economy; CLASSROOM activities; TEACHING methods
- Publication
CEE: Chemical Engineering Education, 2010, Vol 44, Issue 4, p267
- ISSN
0009-2479
- Publication type
Article