MyLab Engineering with Pearson eText. Engineering Economics: Financial Decision Making for Engineers.

Niall Fraser, Elizabeth Jewkes, Mehrdad Pirnia, Ketra Schmitt

As the world shifts to a greater reliance on digital media, it is appropriate that this text evolves as well. This seventh edition is the first fully digital version of Engineering Economics. Instructors and students will find that, although the medium has changed, the content is fully consistent with prior editions.

Canadian engineers have a unique set of circumstances that warrant a text with a specific Canadian focus. Canadian firms make decisions according to norms and standards that reflect Canadian views on social responsibility, environmental concerns, and cultural diversity. This perspective is reflected in the content and tone of much of the material in this text.

Engineering Economics: Financial Decision Making for Engineers is designed for teaching a course on engineering economics, and intended to match engineering practiced in Canada today. It recognizes the role of the engineer as a decision maker who has to make and defend sensible recommendations. Such choices must not only take into account a correct assessment of costs and benefits, they must also reflect an understanding of the environment in which the decisions are made.

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Pearson eText

Pearson eText. The Pearson eText gives students access to their textbook anytime, anywhere. In addition to note taking, highlighting, and bookmarking, the Pearson eText offers interactive and sharing features. Instructors can share their comments or highlights, and students can add their own, creating a tight community of learners within the class.

Powerful Homework and Test Manager

A powerful homework and test manager lets instructors create, import, and manage online homework assignments, quizzes, and tests that are automatically graded. Instructors can choose from a wide range of assignment options, including time limits, proctoring, and maximum number of attempts allowed. The new MyLab Engineering means less time grading and more time teaching.

Personalized Study Plan

The Study Plan helps students monitor their own progress, letting them see exactly which topics they need to practice, at-a-glance. MyLab Engineering generates a personalized Study Plan for each student based on his or her test results, and the Study Plan links directly to interactive, tutorial exercises for topics the student hasn't yet mastered.

Interactive Figures

Interactive Figures bring concepts to life, helping students see the concepts through directed explorations and purposeful manipulation. These figures are assignable and encourage active learning, critical thinking, and conceptual understanding. (These interactive graphs and figures can be found by learners within the eText, and can be assigned by instructors.

Ametros Learning Simulations

The Engineering Economics simulation series provides students with a risk-free experiential setting to practise and apply theory while developing the skills they need to be successful in the workplace. Students are required to practice their critical thinking, problem-solving and decision-making skills in a series of four AI powered simulations.

New to the edition

We have added learning goals to each chapter. The learning goals are also mapped to the end-of-chapter questions. This helps educators to assess students on specific learning goals of interest.
We have updated several of our Case in Point features. Each Case in Point addresses a circumstance appropriate to the chapter material and raises difficult and sometimes unanswerable questions. They provide an opportunity for the individual student to challenge their own thinking. They also are ideal material for initiating lively class discussions intended to enhance the students’ understanding of the core topics as well as broaden their perspectives generally.
Similarly, we have updated several of our Mini-Case features. These end-of-chapter case studies are similar to the Casein Point features, but are deeper views of significant Canadian issues.
A new section on calculation of levelized cost has been added to Chapter 5. This method has become very popular in recent years, especially in studying the feasibility of energy resource planning projects.
Chapter 13, “Qualitative Considerations and Multiple Criteria,” has been restored to the text. This topic has become more critical as a tool for engineers in recent years as engineers have taken on more responsibility for managing decisions in the public interest.
We have expanded the use of colour to help communicate ideas.
A selection of graphs in the text are now interactive, so that students can explore key relationships more fully by testing out changes in parameters.
Minor changes to all other chapters have been made to update and improve the overall flow and presentation of the material.
Some educators have reported that students have trouble seeing and appreciating the relevance of the content covered in the Engineering Economics course. We have added a completely new set of Ametros Learning Simulations that provide a novel way to integrate material across chapters and to help students engage more deeply with the course content. Each simulation engages the student in an activity that mimics the decision making that the student could undertake as an active engineer. The student interacts with their employer and fellow employees, or external parties, and is guided through a learning process that brings to life the academic material studied.