Show me the MonIE

Industrial Engineering is the only engineering major that "shows you the money", AND what to do with it.

More than just a degree

Two degrees for the price of one!
An Industrial Engineering degree not only provides you with a quality engineering background, but also teaches you many of the same skills learned by those with Business degrees.

A new frame of mind
An Industrial Engineering education lead you to always search for the most efficient, quickest, and cheapest method to accomplish any and every task.

Job security
An engineer who knows how to save the company money will always be favored over the one who doesn't.

The key to many domains
An IE degree will allow you to enter various Business related fields, such as: sales, project management, and financial forecasting.

Real life solutions for real life problems

An Industrial Engineering degree will not only help you prosper in the workforce, but it will also help you succeed in handling some of life's issues.

Retirement, anybody?
Using skills learned as an IE, you will be able to determine how much money you need to invest now, and at what interest rate, in order to comfortably retire when you desire.

So much to do, so little time!
As an Industrial Engineer you will learn the skills needed to successfully manage projects, many of which can be very useful in efficiently managing your everyday activities.

Be financially secure!
The financial skills you can acquire as an Industrial Engineer will prepare you to make informed investment decisions.

Project Management

What is a Project?

A project is a temporary endeavor undertaken to achieve a particular aim. Every project has a definite beginning and a definite end. Projects are planned, executed and controlled by people, and they are generally constrained by limited resources. Projects can be created at all levels of an organization. They may involve a single person or thousands. Their time spans vary greatly and may involve a single department or whole organization.

What is Project Management?

Project management is the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of the particular project. It is also an approach used to manage work with the constraints of time, cost, and performance targets.

The project manager interact actively with different project participants to manage the work of the project, and the work typically involves:

• Balancing competing demands for project scope, time, cost, risk and quality
• Satisfying stakeholders with differing needs and expectations
• Meeting identified requirements

To know more about being a Project Manager, click here.

Because of growth in industrial technology and increased management and production complexities, the demand for project management skills have risen. Improvements in industrial environments by Industrial and Manufacturing Engineers are crucial to company success of project management in today's highly competitive marketplace.

Engineering Economics

The field of engineering economics uses mathematical and economic techniques to systematically analyze situations that pose alternative courses of action. It is the discipline concerned with the economic aspects of engineering, and involves the systematic evaluation of the costs and benefits of proposed technical and business projects and ventures. The principles and methodology of engineering economics are crucial to the daily management of companies and organizations. They are used to assist with decision making in situations such as selecting among alternative engineering designs, project works, replacement of assets, and in assessing the economic merits of alternative uses of your personal funds.

Applications of Engineering Economics

The initial step in engineering economics problems is to resolve a situation or each alternative course in a given situation, into its favorable or unfavorable consequences factors. It requires the organization of problems through such methods as:

• Cost Analysis Chart
• Cash Flow Analysis
• Forecasting Techniques
• Benefit-Cost Ratio Analysis
• Interest Rates

The following is an example of Engineering Economics in the Street Luge™ production:

Engineering Economics of Luge Production

“Making a Decision”:

What should the base price of the luge be, in order to make a $100 profit per luge?

“Requires Organization”:

Cost Analysis Chart

Since the luge costs $214.89 to us (the manufacturers), the base price of the luge for customers must be $314.89 to make $100 profit per luge.