Engineering Economy Division
Message from the President
The accomplishments of an organization are the results of the collaborative efforts of its members. It is both an honor and a privilege to serve as the President of the construction division for 2016‐2017 term. I was introduced to the construction division during my graduate education and my ties with the division got stronger when I was awarded the first place in the construction division’s annual student paper competition in 2008. I have been part of the division since then as a regular and/or board member.
The association of industrial engineering with the field of construction goes way back in time. Frank Gilbreth, a pioneer of motion study - one of the classical Industrial Engineering concepts -derived his famous “Therbligs” to improve efficacy of bricklaying tasks. The technology and the ways of operation of construction industry has changed tremendously over the years but application of industrial engineering to improve construction competitiveness, safety, and stakeholder satisfaction remained the same, if not increased.
2016 Town-hall Meeting at-a-Glance
The Division had its town-hall meeting as part of the IISE Annual Conference and Exposition on May 22nd, 2016 in Anaheim, California.
The division membership (as of April 2016) was 3,575 total members; the sixth largest division within IISE (of 12 divisions). The membership includes 2,387 students, 752 industry professionals, 435 academic professionals, and 1 administrative member. Membership in the division decreased from 3,706 in April 2015. Division membership is free for all paid members of IISE and is an option for an individual’s membership record, IISE members can join as many divisions as they choose.
The score card for the division was presented and discussed by those in attendance. The score card is an internal IISE mechanism that reflects the Division’s health. It includes points for increasing membership and other activities within the Division. In 2015 – 2016 the Division did publish two newsletters, shared documents via Dropbox, and the Division leadership held quarterly teleconference meetings. As discussed during the Division Vision and Mission portion of the meeting, strategical ideas to increase the health of the division were discussed.
The 2016 program included 7 paper/presentation sessions, 25 presentations, and 13 proceedings papers. The number of abstracts, research sessions, presentations, and submitted papers were up from 2015. The number of published proceedings papers remained the same. Chin Hon Tan (National University of Singapore) managed a special session on Economic Decisions in Future Cities.
Awards were announced in the meeting (see 2016 Engineering Economy Division Awards).
The 2015 – 2016 leadership and volunteers were thanked for their service and presented with certificates.
2016 Awards - Nominate Now!
Engineering Economy Wellington Award
The Wellington Award recognizes outstanding contributions in the field of engineering economy. The award is named after Arthur M. Wellington, author of The Economic Theory of Railroad Location, in 1887.
Engineering Economy Teaching Award
This award is to recognize and promote the outstanding teaching of Engineering Economy.
Undergraduate Senior Engineering Economy Award
This award recognizes the outstanding application of engineering economy in a senior design project for an undergraduate student or undergraduate student team.
Submit an Article
We are continuously looking for new material to provide to our members. If you would like to contribute and want your article to be published in our newsletter, please submit your article to Omar Ashour, communications director of the EED Newsletter.
The article should be 2-3 pages, single-spaced, 12-point and in MS Word format. Images and figures should be sent as a JPEG format. Please include a small biography and contact information.
About the Division
Engineering Economy Division (EED) is part of the IISE. EED supports the mission of the institute, brings together members who are interested in all aspects related to engineering economy, provides member value, and promote the discipline. It also provides means to promote excellence in teaching and research for engineering economy. Focus areas include (but not limited to) asset management, capital investment analysis, financial engineering, cost/benefit analysis, prices and portfolios, real options, life-cycle cost assessment/management, energy and engineering economy, value chain management, technology replacement management, and engineering economy education. Members receive Engineering Economy Solutions, a periodic electronic newsletter containing information on important new cost reduction techniques.
The division hosts three annual awards: Engineering economy Wellington award, teaching award, undergraduate senior award, and best paper award.
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 Guiping Hu 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.