MECH 511 - Engineering Decision Making Under Uncertainty

  • 3 credits
  • Online

You will learn to apply advanced systems engineering and engineering economic methodologies and advanced financial analysis concepts to real world capital allocation decision making in government, the military, and the service and manufacturing industries.

Topics include continuous compounding, capital budgeting models, capital rationing, lending and borrowing, business and engineering measures of worth, costs of delay, multi-criteria optimization, utility theory, risk assessment, risk attitudes, catastrophic business risk (risk of ruin), preference and ordering rules, advanced financial and engineering concepts, certainty equivalence, value determination, value of information, business and Engineering measures of worth, stochastic dominance, portfolio theory, simulation, decision tree analysis, sensitivity analysis, certainty equivalents, and replacement analysis.

The course will conclude with a realistic project using these concepts.

This class is offered online in a webinar-style format and can be accessed synchronously or asynchronously. Synchronous means you can log on live and participate in the class as it is occurring on campus, but participation in this format is not required. Asynchronous means you can access the video recording of the class sessions whenever it is convenient for you.

Prerequisite

MECH 410 (Engineering Economy Principles/Calcualtions); STAT 315 (Statistics for Engineers and Scientists) or the equivalents.

Important Information

Military personnel admitted to a College of Engineering online degree program may be eligible for a 15% tuition discount. Tuition discounts can only be given if you provide the appropriate discount code at the time of registration. Call (877) 491-4336 or email onlineplus_registration@colostate.edu to learn more.

This class is available live via the Internet on Thursday from 5:15 - 8:05 p.m. Mountain Time. If you are registered in the online section, log into your RamCT account to access the course; directions will be posted. You can also attend the class on campus in ENGRG B4.

Textbook and Materials

Required text is to be determined.

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