An integrated approach to developing business expertise in industrial engineering students

Abstract

Now more than ever companies are expecting students graduating from baccalaureate engineering degree programs to have both strong technical problem solving skills and a level of business expertise. With corporate investment and engineering project funding decisions becoming increasingly reliant upon company financial statement and stock price impact, it is crucial for engineers to have a working knowledge of financial accounting and finance. This paper discusses an integrated approach being taken in an industrial engineering program to increase student interest in engineering and business while teaching the important business concepts outlined above in a required engineering economy course for industrial engineering students. This paper discusses the evolution of a student group deemed the "Business and Engineering" group in industrial engineering at The Pennsylvania State University, University Park campus. The paper discusses the curriculum changes in the engineering economics course to incorporate important financial accounting and finance topics. The paper will discuss in detail a large U.S. retail company sponsored case study competition implemented into the course to complement the financial statement analysis curriculum added to the course. Student feedback regarding the updated curriculum, course delivery, and the company sponsored case study competition is also discussed.