Industrial Engineer Engineering and Management Solutions at Work

January 2018    |    Volume: 50    |    Number: 1

The member magazine of the Institute of Industrial and Engineers

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Engineering Economy Division

Message from the President

Welcome to the Engineering Economy Division.  We are glad you are here.  We offer a number of programs in the division: including support for The Engineering Economist, activities and awards at the Annual Conference, and outreach opportunities throughout the year.  We are grateful for our members and volunteers.  We would welcome any involvement from new and experienced members alike.  Please contact me if we can be of service to you.

Thank you.

Sincerely, Joe Wilck
President, Engineering Economy Division of IISE, 2017-2018

Joseph Wilck, Ph.D., P.E.
joe.wilck@gmail.com
https://sites.google.com/site/joewilck/

2017 Town-hall Meeting at-a-Glance  

The Division had its town-hall meeting as part of the IISE Annual Conference and Exposition on May 21, 2017 in Pittsburgh, Pennsylvania. The minutes of the meeting can be found here.

The division membership as of March 2017) was 3,317 total members; the sixth largest division within IISE (of 13 divisions).  The membership includes 2,163 students, 717 industry professionals, and 436 academic professionals. Membership in the division has decreased from 3,575 in March 2016. 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 2016 – 2017, the Division did publish two newsletters, shared documents via Dropbox, and the Division leadership held quarterly teleconference meetings. The division also can get points for Engineering Economy Division members winning IISE level awards and financial sponsorships. In the operations categories, more activities (e.g., social media, webinars, and award nominations) can increase the division score. In the leadership categories, having more industry officers/leaders and student leaders would increase the score. Some ideas to improve the Division’s health are:

  • Joint webinars with other divisions
  • Students members (non-voting)
  • Student paper award (may be separate for undergraduate versus graduate depending on the number of submissions, and could further distinguish between MS and PhD students)
  • Newsletter tailored to students
  • Students can be part of delivering and managing social media venues
  • Student case competition
  • Industry Award

The 2017 program included 4 paper sessions with eight full papers and twelve presentations. The number of submissions were down from the last year, which may be due to having new divisions resulting in some authors migrating to these new divisions.  It was suggested that the number of submission may improve if joint and special session are organized.

Three Awards were announced in the meeting:  

  • The 2017 Wellington Award was awarded to Dr. James Luxhøj, Rutgers University.
  • The 2017 Best Teaching Award was awarded to Dr. Mehmet Bayram Yildirim, Wichita State University.
  • The 2017 Best Paper Award was awarded to Anastasia Blaset Kastro and Nikolay Kulakov for their paper entitled “New Applications of the IRR Method in the Evaluation of Investment Projects,” Moscow Institute of Physics and Technology.

The 2016 – 2017 leadership and volunteers were thanked for their service and presented with certificates.

2018 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 for EED Newsletter

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 Bayram Yildirim, 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.

Division Leadership 2017-2018:

 NAMEROLE AFFILIATION 
 Joe Wilck  President  College of William and Mary 
 Guiping Hu Immediate Past President  Iowa State University
 Omar Ashour Program Chair  Penn State Behrend  
 Mehmet Bayram Yildirim Communication Director  Wichita State University 
 Karen  Bursic Board Director  University of Pittsburgh
 Gene Dixon Board Director East Carolina University 
 John Jackman IISE Technical VP  Iowa State University 


The Wellington Award Committee:

  • Leland Blank (Chair) (2017 - 2019)
  • Ted Eschenbach (2016 - 2018)
  • James Luxhøj (2018 - 2020)
  • Guiping Hu (2018, as past president)

The Engineering Economist Editorial Board:

Three members of The Engineering Economist Editorial Board are appointed by IISE and three members are appointed by ASEE. Sarah Ryan (Iowa State University) is the editor of TEE. 

IISE’s Appointments:

  • Cameron Mackenzie (2016 – 2018)
  • Mingzhou Jin (2017 – 2019)
  • Joe Wilck (2018 – 2020)

ASEE’s Appointments:

  • Gene Dixon (2016 - 2018)
  • Jerome Lavelle (2017 - 2019)
  • Billy Gray (2018 - 2020)

Join us!

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 Joe Wilck 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.