Introducing Decision Making Under Uncertainty and Strategic Considerations in Engineering Design
Chemical Engineering graduates will face challenges at the workplace that even their peers who graduated a few years ago were not expected to face. One such major challenge is the management and operation of companies and plants under conditions of uncertainty and the need to make decisions in competitive situations. Modern developments in economics offer the tools to address this challenge with well-developed concepts, such as decision theory and financial risk analysis. In this work we describe our efforts to integrate modern economics concepts and techniques in the teaching of Engineering Design. In addition, we discuss the development of illustrative classroom experiments and case studies that can showcase such concepts.