IE 2308 Tarrant County College District Economics Worksheet

Description

please follow the instruction to work on the project, I upload for you the project overview and project assignment. Part A : for the excel sheet, You will need cash flow estimates for individual events. Please go online and search relevant data, e.g., job salary, house/car price, living expenses, etc.For Part A, you should consider two options for the following 10 years after your graduation (note these should be your future plans not something you have done in the past). For each option, you are asked to record events year by year, and the data for the cash flow of each event. For Part B, based on cash inflow and outflows, calculate the net cash flow year by year (inflows – outflows), and then calculate equivalent Present Worth for each option and compare them to derive the better option. Does it help?Also, in part A for the two option for life path you can make up it from you own mind.

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Project Overview
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Key assignment:
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Grading
?
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You must successfully complete it in order to avoid an
incomplete (X) in the class
100 points (25%)
Deliverables
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?
Final report and final MS Excel Worksheet due on Dec. 7th,
11:59PM
Submit electrically to Canvas
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Project Overview
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This project will help
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illustrate the principle that “you learn by doing”
link Engineering Economics knowledge to real life
planning for your life following graduation
This should be a fun project that
helps your grade and allows you
to use your knowledge from class
for practical application!
1-2
Project Overview
B—C-C—C—D
1-3
Project Overview
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Document year-by-year events that you think have a
high probability of occurrence in your life for the first
10 years following your graduation
?
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Must consider at least two paths of events
Conduct appropriate economic analysis to evaluate
your potential paths and select the “best” path
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Example
Year 1
Year 0 (time now)
Upon graduation
(+)
Part-time
hourly pay
(+)
Full-time
salary
(-)
Tuition
Expenses
(-)
Living
Expenses
(-)
Down payment
Monthly payment (int. rate)
(-)
Down payment
Monthly payment (int. rate)
1-5
Example
Year 2
(+)
Part-time
hourly pay
(+)
Full-time
salary
(-)
Tuition
Expenses
(-)
Living
Expenses
Year 3
(+)
Full-time
salary
(-)
Living
Expenses
(+)
Part-time
hourly pay
(-)
Tuition
Expenses
1-6
Example
Year 4
(+)
Full-time
salary
(-)
Living
Expenses
(+)
Part-time
hourly pay
(-)
Tuition
Expenses
(-)
Down payment
Monthly payment (int. rate)
1-7
Excel Worksheet Template
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Excel Worksheet
Sample
Only focus on
Column A-D
COLUMN
A
YEAR
0
1
2
COLUMN
B
Event
st
1 year of work
as civil engineer
COLUMN
C
Cash Inflow
COLUMN
D
Cash Outflow
Salary
($X/month)
Buy a new car
Down payment: $X (onetime)
Monthly payment: $X/month
Living (in Los
Angeles, CA)
Rental: $X/month
st
1 year of work
as civil engineer
Living (in Los
Angeles, CA)
COLUMN
E
Net Cash Flow
(NCF)
Food: $X/month
Entertainment: $X/month
…
Salary ($X
/month)
Rental: $X/month
Food: $X/month
Entertainment: $X/month
Vacation: $X (one-time)
3
Quit job, and start
graduate school
to pursue a
master degree
Living (in
Arlington, TX)
Scholarship
($X/year)
Tuition: $X/year
Part-time
salary
($X/hour)
Rental: $X/month
Food: $X/month
Entertainment: $X/month
4
…
…
20
10
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Method
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Economic decision making process
Copyright Oxford University Press 2017
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IE 2308 Economics for Engineers
Project Assignment (Due: 12/7/2021)
As described in the course syllabus, this is the “key assignment” project involving data collection &
analysis that should be fun and enable you to use your knowledge from class for practical application.
The project should improve your grade since it will count as 25% of the course grade. But as a
reminder, since the project is a key assignment as defined by the College of Engineering, you must
successfully complete it in order to avoid an incomplete (X) in the class.
This should be a fun project that helps your grade and allows you to
use your knowledge from class for practical application!
Project Description
We all know that we cannot plan for every possible event in our future. However, for the purpose of
this project you are going to develop an experimental plan for the first 10 years of your life
following graduation. How things really happen in the future may or may not work out as planned,
but at least you can think about this as an interesting real-world application of Engineering Economy.
There are two major parts, A and B, of this project.
Part A
The first part of the project involves simply documenting year-by-year events that you think have
a high probability of occurrence in your life. Consider at least two potential life paths of the first
10 years following graduation.
o
For example, at year 0 (immediately following graduation), perhaps you will enter the
engineering workforce, or maybe you are planning to attend graduate school immediately
following your graduation, or maybe you are thinking of delaying entry into the engineering
workforce by a few years to join the Peace Corps. Are you thinking of graduate school later
while working? Many engineers decide to obtain additional education in their field or at least
attend short courses in topical areas from time to time to stay current. Do you plan to buy a
house? How often will you buy a car? What about a car for the kids? What about a vacation
home or a boat? Will you apply for your Professional Engineering license? How many children
will you have and when? Do you anticipate caring for an elderly relative?
There are many, many questions to think about over the next 10 years. You can be creative – this is
not meant to be a hard and fast plan.
Part B
The second part of the project involves computing the Present Worth (PW) for your plan and
discussing what conclusion(s) you have reached as a result of the project. For the purpose of financial
calculations, you need to be as realistic as possible. Estimates of salary increases, including big jumps
when completing additional education (like a Master or PhD), can be obtained from the library and
the internet.
Project Deliverables
The ability to communicate professionally is a very important part of this project. Each project
requires a MS Excel worksheet and a Final Report. The report should be ‘standalone’ so that
anyone reading the report will know what it covers from the beginning. Your report must be neatly
typed and include
? A cover sheet that at a minimum contains your name and the project assignment.
? A concise and clear description of all events in your project on a year by year basis over 10
years. One paragraph per year should be sufficient to provide this information.
? You should also list and briefly describe assumptions you have made for interest rates,
regular raises, etc. The money you earn from your planned job(s) or investments will be
treated as your expected gross revenues (GR).
? Describe the challenges when you conduct this project and how you overcome them.
? A short bibliography with references (including the textbook). Websites are OK as
references but identify the information you received from the URL.
? Use MS Excel for financial data organization, year by year and of course, for the
computations. After all the data has been entered, you will need to draw a cash flow diagram,
compute the net present value (NPV) for your plan and discuss your conclusion(s) of the
project.
Submission Requirements
Final report and MS Excel worksheet should be submitted electronically on Canvas. It must pass the
plagiarism check before it can be graded. The final report and the final Excel worksheet due on
12/7/2021, 11:59PM (the last day of classes).

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