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 Jin

For 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 second-year Best Engineering Economy Teaching Award. In addition, we are planning 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

Division leadership 2014-2015

Mingzhou Jin, University of Tennessee

Immediate Past President
Gillian Nicholls, University of Alabama in Huntsville

Program Chair
MAJ Isaac Faber, United States Military Academy

Communications Director
Guiping Hu, Iowa State University

Board Members
M. Affan Badar, Indiana State University
Gene Dixon, East Carolina University
Steve Hsueh Ming Wang, University of Alaska Anchorage

Wellington Award Committee
Leland Blank, 2014-2017, 2011-2014, Chair
Joseph Hartman 2013-2016
Richard Bernhard 2012-2015
Gillian Nicholls 2015 (as Past-President)
Natalie Scala 2014 (as Past-President)

Best Engineering Economy Teacher Award 2014 Winner - Dr. Kailash Bafna

The Engineering Economy Division of IIE is pleased to announce that the inaugural winner of its annual award recognizing excellence in teaching Engineering Economy is Dr. Kailash Bafna, professor in the Department of Industrial and Manufacturing Engineering at Western Michigan University. Dr. Bafna has taught engineering economy for more than three decades. For the past ten years, he has experimented with new instructional methods to meet the learning needs of our evolving student population. Through his continually evolving methodology of integrating media, technology, and peer mentoring techniques into his courses, Dr. Bafna is helping to define a new approach to effectively teach this subject area to today’s computer-driven generation. This work has resulted in a significantly lower failure rate in his courses and an increase in his overall course grade-point average. He has enthusiastically helped to train his colleagues by sharing his adapted techniques through publications and presentations.


Best Teaching Award 2014 
(l to r) Mingzhou Jin, Division President; Dr. Kailash Bafna, 
Award Winner; and Gillian Nicholls, Division Past-President 


Dr. Bafna presented his paper of "Using Elearning for On-line and Hybrid Delivery of Engineering Economy" and took part in the discussion at the session of "Round Table Discussion: Engineering Economy Education in the 21st Century" in the Engineering Economy Track at the IIE Annual Conference & Expo 2014 in Montreal, Canada. 

 Best Paper Award

"Is the MIRR a Suitable Indicator for Projects with Multiple Outflows?"
• Nikolay Yu. Kulakov (The Moscow Institute of Physics and Technology, Moscow, Russia)
• Anastasia N. Kulakova (The Higher School of Economics, Moscow, Russia) 

Wellington Award

Dr. John A. White Jr., Industrial Engineering, University of Arkansas
Dr. White was recognized at the Honors & Awards Banquet at the IIE Annual Conference & Expo in Montreal, Canada, May 31 - June 3.


August 2014 

Call for Webinars

Fall 2013 – Spring 2014
Do you have a paper, topic, or idea that you want to socialize? Do you want to showcase techniques in the classroom or novel approaches to research? If so then a webinar on behalf of the EE division might be for you. This is a great opportunity to reach out to the entire IIE membership with important topics and interesting presentations.

This past year the division held three webinars on risk in economic choices and had an average signup of 100 participants. Volunteers are welcome for various division activities. Please contact Gillian Nicholls to express your interest.

Call for Student Volunteers

Fall 2013 – Spring 2014
We are looking for one or more undergraduate or graduate students to get involved with the division. We have a very large student population and want to be able to connect with them better. In particular we could use some help with social networking! If you are a LinkedIn or Facebook pro then let us know. This is a great opportunity to expand your own network and build your CV.

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.