Industrial Engineer Engineering and Management Solutions at Work

December 2014    |    Volume: 46    |    Number: 12

The member magazine of the Institute of Industrial Engineers

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Engineering Economy Division

Members are involved in economic and investment analysis. The key concern of these industrial engineers is to improve productivity and quality through public and private sector decision making about the economic feasibility and justification of investments in technological innovations. Members receive Engineering Economy Solutions, a periodic electronic newsletter containing information on important new cost reduction techniques. As of October 2013 the division has 3,408 members, including 2,295 students and 1,113 professionals.

Message from the Division President

Mingzhou JinFor the upcoming year, the EED aims to continue to be your world-renowned, preferred knowledge society for engineering economy and transformation for practitioners and academics. We will launch a new award to promote engineering economic analysis in undergraduate senior designs and have our 2nd annual Best Engineering Economy Teaching Award. In addition, we are planning to offer several webinars. To make our division the best, we need volunteers from our members, especially from the industry and students. If you are interested, please contact me at jin@utk.edu.

Division leadership 2014-2015

President
Mingzhou Jin, University of Tennessee

Immediate Past President
Gillian Nicholls, Southeast Missouri State University

Program Chair
MAJ Isaac Faber, United States Military Academy

Communications Director
Guiping Hu, Iowa State University

Board Members
Gene Dixon, East Carolina University
Steve Hsueh Ming Wang, University of Alaska Anchorage

Wellington Award Committee 

Call for Officer Nominations

Communication Director: The division is looking for nominations for individuals looking to become an active member of the division. The position opening is the Communications Director who is responsible for the newsletter, conference announcements, and other communications with Engineering Economy Division members. The Communications Director assumes the duties of the Program Chair the year following his/her election. This is a great opportunity to become involved in the IIE community. If you have a nomination please contact Gillian Nicholls to express your interest.

Call for Board of Directors Nomination

Spring 2015 The division is electing two members to the Board of Directors, who will serve for a two year term. The Board of Directors assists, advises and directs the officers of the division. A specific duty of the board member is to identify and execute strategic initiatives to enhance division effectiveness. The division especially welcomes nominees from the industry. Please express your interest by contacting Gillian Nicholls.

Call for 'Outstanding Teacher' Nominations

Best Engineering Economy Teacher Award
This year will be the second time in which the division offers recognition to an outstanding teacher of engineering economy. Nominations must include the following:

  • Three semesters of experience
  • Course syllabus
  • Letter from a student
  • Letter from nominees chair

This is an excellent opportunity to recognize those who are working tirelessly to ensure the discipline of engineering economy is preserved for future generations. If you have a nomination please contact Mingzhou Jin. This award will be given at the 2015 ISERC.

Call for Submissions!

Inaugural IIE Undergraduate Senior Design Engineering Economy Award
Sponsored by the Engineering Economy Division of IIE

This award recognizes the outstanding application of engineering economy in a senior design project for an undergraduate student or undergraduate student team. Submit reports via email to Joe Wilck.

Submission deadlines: 

  • February 1: Report Submission
  • March 1: Finalists (three to five) will be notified
  • IIE Annual Conference: Final Presentations

Institute of Industrial Engineers - The Wellington Award

Nominations are being accepted
Deadline: Feb. 2

Purpose: The purpose of the award is to recognize outstanding long-term contributions and service in the field of Engineering Economy that enhance the visibility of the Engineering Economy community of IIE.

Click here for eligibility and criteria, how to nominate

It's time to change

By Kailash M. Bafna, Ph.D., P.E. Professor - Western Michigan University
Dr. Bafna was awarded the Engineering Economy Division's inaugural "Best Engineering Economy Teacher Award 2014" in Montreal. There he was also declared a runner-up in the "Innovations in Curriculum Competition." He participated as a panelist in the roundtable session "Engineering Economy Education in the 21st Century" organized by the division.
The Need for Change:
Since the turn of the millennium, the students attending our colleges and universities are very different than those who attended in the 1980s and 1990s. Among several changes in characteristics that each new generation of students bring, the biggest change in the millennial generation is that they were born and brought up in the "computer" age. They enjoy spending time on computers, tablets and smartphones and, in general, are a lot more tech-savvy than their professors and instructors. Full article 

Newsletters

Join us!

If you are not a current member of the division, please join us! We are an active group with a dedicated leadership board and welcome your input. For more information, visit our website or log in here to join the division.

Volunteers are welcome for various division activities. Please contact Natalie Scala to express your interest.

Division Bylaws updated

The updated division bylaws were approved by the Engineering Economy Professional members on April 26, 2011. To view the division bylaws, click here.

Engineering Economy Division Board

Volunteer leadership is the heart of IIE and its technical divisions.