Engineering Economy Essays

Engineering Economy Essays Engineering Economy Essay Engineering Economy Essay Engineering economy * Engineering economy is a subset of economics for application to engineering projects. * It is an economic approach in solving problems in engineering projects particularly for the assessment of projects investment. Importance of Study Engineer must take into account the monetary value in their invention as they have to position a firm to be the most profitable one * The aim is to balance the trade off between cost and performance in the most economical manner * Engineers play a major role in capital investment decisions based on their technical knowledge * To prevent a conflict between engineers and financial department Demand * An economic principle that describes a consumer’s desire and willingness to pay a price for a specific good or service. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa. Law of Demand The lower the price of the product, the greater will be the quantity demanded by all buyers, all other things being equal (Ceteris Paribus). Businesses often spend a considerable amount of money in order to determine the amount of demand that the public has for its products and services. Incorrect estimations will either result in money left on the table if it’s underestimated or losses if it’s overestimated. Supply The different quantities of a good that producers are willing and able to supply at various prices. Equilibrium When supply and demand are equal the economy is said to be  at  equilibrium. At this point, the allocation of goods is at its most efficient because the amount of goods being supplied is exactly the same as the amount of goods being demanded. INTEREST RATE If a given amount of money is borrowed for a specified period of time (typically, one year), a certain percentage of the money is charged as interest. This percentage is called the interest rate. SIMPLE INTEREST Simple interest is defined as a fixed percentage of the principal (the amount of money borrowed), multiplied by the life of the loan. Thus, I =total amount of simple interest n =life of the loan I = interest rate P = principal EX A student deposits $1000 in a savings account that pays interest at the rate of 6% per year. How much money will the student have after one year? (b) An investor makes a loan of $5000, to be repaid in one lump sum at the end of one year. What annual interest rate corresponds to a lump-sum payment of $5425? The student will have his original $1000, plus an interest payment of 0. 06 x $1000 = $60. Thus, the student will have accumulated a total of $1060 after one year (b) The total amount of interest paid is $5425 $5000 = $425. Hence the annual interest rate is TO FIND FUTURE VALUE F = P + I = P (l + n i) EX A student borrows $3000 from his uncle in order to finish school. His uncle agrees to charge him simple interest at the rate of 5% per year. Suppose the student waits two years and then repays the entire loan. How much will he have to repay? F = $3000[1+ (2)(0. 05)] = $3330. COMPOUND INTEREST During a given interest period, the current interest is determined as a percentage of the total amount owed If there are n interest periods, we have EX A student deposits $1000 in a savings account that pays interest at the rate of 6% per year, compounded annually. If all of the money is allowed to accumulate, how much will the student have after 12 years? Compare this with the amount that would have accumulated if simple interest had been paid. INFLATION National economies frequently experience inflation, in which the cost of goods and services increases from one year to the next A = annual inflation rate (expressed as a decimal) n = number of years Ex An economy is experiencing inflation at the rate of 6% per year. An item presently costs $100. If the 6% inflation rate continues, what will be the price of this item in five years? An economy is experiencing inflation at an annual rate of 6%. If this continues, what will $100 be worth five years from now, in terms of todays dollars? INFLATION + INTEREST TAXES In most situations, the interest that is received from an investment will be subject to taxation. TAXES + INTERSET + INFLATION F = P (1 + )n EX Suppose the engineer is in the 32% tax bracket, and is likely to remain there throughout the lifetime of the certificate. If inflation continues at the rate of 6% per year, what will be the value of his investment, in terms of todays dollars, when the certificate matures? Let us assume that the engineer is able to invest the entire $10 000 in a savings certificate and that the 32% tax bracket includes all federal, state, and local taxes. Interest rate = 8 % GOOD LUCK

How to Communicate With Special Education Parents

How to Communicate With Special Education Parents The best way to avoid crises with parents or even, heaven forbid, due process, it’s good to have regular communication methods in place. If parents know you are open to hearing their concerns, you can nip any potential misunderstandings that lead to a crisis in the bud. Also, if you communicate regularly when you do have concerns about problem behaviors or a child in crisis, parents won’t feel blindsided. Find Out How a Parent Prefers to Communicate If a parent doesn’t have email, that won’t work. Some parents only have email at work, and may not want to receive messages by email. Some parents may prefer phone calls. Find out what are good times for a phone message. A traveling folder (see below) is a great means of communications, and parents may just prefer to respond to your messages in a notebook in one pocket. Parents Are Stressed Some parents may be embarrassed about having children who need services- for some parents parenting is a competitive sport. Some special education children are poorly organized, extraordinarily active, and do poorly at keeping their rooms clean. These children can stress parents out. Another issue for parents of special education children is that they often feel that no one sees the value of their child because of their challenges. These parents may feel the need to defend their child when you really just want to share a concern or work out a mutually agreeable solution. Don’t Play the Blame Game If these children weren’t challenging, they probably wouldn’t need special education services. Your job is to help them succeed, and you need their parents’ help to do it. Make Your First Email or Phone Call a Positive One Call with something positive you want to tell the parent about their child, even if it’s â€Å"Robert has the greatest smile.† After that, they won’t always pick up your emails or phone calls with dread.  Keep records.  A communication form in a notebook or file would be helpful. Handle your parents with TLC (tender loving care) and you will usually find allies, not enemies. You will have difficult parents, but I will discuss them elsewhere. Email Email can be a good thing or an opportunity for trouble. It is easy for email messages to be misunderstood since they lack the tone of voice and body language, two things that could assure parents that there is not some hidden message. It is good to copy your building administrator, your special education supervisor or a partner teacher all of your emails. Check with your special education supervisor to find out who he or she would like to see receive the copies. Even if they never open them, if they store them, you have a backup in case of a misunderstanding. It is especially important to email your supervisor or building principal a heads up if you see trouble with a parent brewing. Phone Some parents may prefer a phone. They may like the immediacy and the sense of intimacy created by a telephone call. Still, there is potential for misunderstanding, and you never know exactly what frame of mind they are in when you call. You can set up a regular phone date, or just call on special occasions. You might save this for just good news, since other kinds of calls, especially calls involving aggression, may put parents on the defensive since they haven’t’ had a chance to prepare for it. If you leave a message, be sure you say Bob ( or whoever) is fine. I just need to talk (ask a question, get some information, share something that happened today.) Please call me at . . . Be sure to follow up a phone call with an email or a note. Restate briefly what you talked about. Keep a copy. Traveling Folders Traveling Folders are invaluable for communication, especially on completed projects, papers or tests. Usually, a teacher will designate one side for homework and the other for completed assignments and the communication folder.  Often a daily Home Note can be included.  It can be part of your behavior management plan as well a means to communicate. It is still good to save copies of parent’s notes, or even both sides of the conversation, so you can share them with an administrator should you see trouble coming down the pike. You might want to either put a plastic insert with a list of what should come home each night and directions for how to complete the folder or staple the same to the front cover of the folder. You will find parents will be pretty good at packing this folder in the child’s backpack. Stay In TouchRegularly However you decide to communicate, do it on a regular basis, not just when a crisis arrives. It might be nightly, for a communication folder, or perhaps weekly for a phone call. By keeping in touch, you not only can share concerns, but you will be eliciting the support of parents in reinforcing the good things you want to see happen for their child.