💖 Engineering Economy Fun Zone! 💖

Let's review Ch. 3 & 4!

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Read the scenario and decide: is it a Top-Down or Bottom-Up estimating approach?

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Drag the "jig piece" (the symbol) to fill the blank next to its correct meaning! (Max 5 points)

A present sum of money

A future sum of money

A series of equal payments (Annuity)

The interest rate per period

The number of interest periods

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Answer these quick questions! (1 point each)

1. (Ch 3) In cost estimating, what does WBS stand for?

Work Billing System Work Breakdown Structure Weekly Business Summary

2. (Ch 3) A Cost Index is used to...

Calculate the total profit of a project. Adjust historical costs for changes in price over time. Determine the number of workers needed.

3. (Ch 3) According to the Learning Curve, if the learning rate is 80%, the time to produce the 2nd unit is...

80% of the time of the 1st unit. 20% of the time of the 1st unit. 180% of the time of the 1st unit.

4. (Ch 4) The main idea of "Time Value of Money" is...

Time is more valuable than money. A dollar today is worth more than a dollar tomorrow. All money is the same, no matter when you get it.

5. (Ch 4) You loan a friend $100 at 10% per year simple interest. How much interest will you earn after 2 years?

$20 (Interest = P * i * N) $21 (Compound Interest) $10

6. (Ch 4) You deposit $100 in a bank at 10% per year compound interest. How much will you have in total after 2 years?

$120 (Simple Interest) $21 $121 (F = P(1+i)^N)

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