ENGR3325 Engineering Economics and Decision Analysis

Project Proposal

Problem Definition

Working in groups of 2 3 students, find a decision problem that you encounter in real life or in current events. The only requirements are that it should involve finding the best decision subject to some set of constraints, and that it should be large enough that you cant get the solution easily without using some of the techniques learned in class. Be creative! We all encounter decision problems every day.

Problem Description

Investigate the problem. Define the decision makers, the stake holder and the criteria for evaluating the alternatives.

Collect the necessary problem data. Some data may need to be estimated. Also, consider which data is certain and which estimates may be uncertain.

Planned Analysis

Identify at least three (3) techniques from engineering economy and/or decision analysis you plan to use to analyze the problem. What do you expect to learn about the problem from your analysis?

Can anyone at least come up with the PROBLEM? I can develop it from there and find a solution.