Introducing Risk Analysis and Calculation of Profitability Under Uncertainty in Engineering Design

作者

  • Georgia Kosmopoulou The University of Oklahoma
  • Margaret Freeman The University of Oklahoma
  • Dimitrios V. Papavassiliou The University of Oklahoma

摘要

A major challenge that chemical engineering graduates face at the modern workplace is the management and operation of plants under conditions of uncertainty. Developments in the fields of industrial organization and microeconomics offer tools to address this challenge with rather well developed concepts, such as decision theory and financial risk analysis. In this work we discuss the development and implementation of assignments that utilize the concepts of risk and uncertainty and the use of software to incorporate financial risk in engineering economics.

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Georgia Kosmopoulou is the Edith Kinney Gaylord Presidential Professor at the Department of Economics at the University of Oklahoma. She has received a B.S. from the University of Piraeus and her M.S. and Ph.D. from the University of Illinois at Urbana- Champaign. Her research interests are in industrial organization, auction theory,and mechanism design.

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Margaret Freeman is a senior student in the accelerated M.S./B.S. program in chemical engineering at the University of Oklahoma. She is also pursuing a minor in entrepreneurship for engineering majors and is the recipient of an NSF-REU fellowship.

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Dimitrios Papavassiliou is a Presidential Professor at the School of Chemical, Biological, and Materials Engineering at the University of Oklahoma. He has received a Diploma from the Aristotle University of Thessaloniki, and M.S. and Ph.D. degrees from the University of Illinois at Urbana-Champaign. His research interests are in turbulent transport, transport in porous media, microfluidics, and computational transport. He has been teaching Design I for more than 10 years.

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已出版

2011-07-01

期

卷 45 编号 3 (2011): Summer 2011

栏目

Manuscripts