Course Description |
Credits: 4. Applied economics in chemical engineering design and operations; cash flow analysis; measures of profitability; capital and operating cost estimations; introduction to design and design strategies. Offered: W. |
Designation |
Required. |
Prerequisites |
CHEM E 480 (Process Dynamics and Control) which may be taken concurrently. |
Textbook |
R. Turton, R.C. Bailie, W.B. Whiting, J.A. Shaeiwitz, Analysis, Synthesis, and Design of Chemical Processes, Prentice Hall, 2003. |
Course Objectives |
- Understand and be able to work with the time value of money (including interest rates, inflation, present value, present value, future value, and annuities).
- Understand and perform calculations involving cash flow, depreciations, and taxes.
- Be able to perform a profitability analyses and compare alternatives.
- Be able to estimate both capital and operating costs for projects including effects of time value of money.
- Be familiar with the nature of the design process.
- Be able to synthesize a process (or component) to produce a product at various levels of detail both engineering and economic.
- Be able to apply chemical engineering principles in open-ended process design problems.
- Be cognizant of contemporary issues and how engineering solutions interact with real world issues.
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Topics Covered
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- Introduction to design, nature of design problems, challenges and constraints (1 lecture)
- Economic Terms and Analysis (4 lectures)
- Cash flow, taxes, depreciation (2 lectures)
- Profitability analysis, analysis of alternatives (5 lectures)
- Capital Cost Estimation (3 lectures)
- Operating Cost Estimation (2 Lectures)
- Design example, from idea to flowsheet incorporating economics analysis (2 lectures)
- Design decisions, from basic input – output to flowsheet (6 lectures)
- Note: Contemporary issues and engineering solutions are covered recitation section
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Class schedule: |
Class meets for lecture three times a once a week recitation (class split in two). |
Contributions of Course to meeting the Professional
Component:
Engineering
Design content |
Relationship of Course to Program Outcomes:
(a) An ability to apply knowledge of mathematics, science, and engineering.
(c) The graduate should have an ability to design a system, component, or process to meet desired needs within realistic constraints such as economic, environmental, social, political, ethical, health and safety, manufacturability, and sustainability.
(e) An ability to identify, formulate, and solve engineering problems.
(f) An understanding of professional and ethical responsibility.
(h) The broad education necessary to understand the impact of engineering solutions in a global, economic, environmental, and societal context.
(j) A knowledge of contemporary issues related to safety and the environment.
(k) An ability to use the techniques, skills and modern engineering tools necessary for engineering practice. |
| Prepared by: |
Bradley R. Holt Date: May 17, 2007 |
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