The challenges of engineering economics education

In its early years, engineering education did a good job of transmitting knowledge to engineering students and it facilitated the development of skills and promoted values in ways appropriate for the time. The engineering practice could be classified along disciplinary lines. The circumstances facing engineers today are considerably different from those of the past, and the circumstances of the future will be even more different. The key to better technological development lies in cooperation among the previously separate disciplines to attack problems that have no recognizable disciplinary boundaries. Engineers seek solutions to problems, and the economic viability of each potential solution is normally considered along with the technical aspects. Therefore, engineers must be able to apply basic engineering economics in performing analysis, synthesizing, and coming to a conclusion as they work on projects. However, the present way of teaching engineering economics should be abolished. Significant changes in engineering education will be required if we are to prepare future engineers for new challenges.