Principles of Cost and Finance for Engineers New!
Duration: 3 Days
| December 9-11, 2009 (8:30 a.m. - 4:30 a.m. ) - Troy, Michigan |
|
 |
| April 12-14, 2010 (8:30 a.m. - 4:30 a.m. ) - Detroit, Michigan |
|
|
| November 17-19, 2010 (8:30 a.m. - 4:30 a.m. ) - Troy, Michigan |
|
|
Hotel & Travel Information
In today's corporate environment of shrinking budgets, required structural cost reductions, sharing of global designs/services, and pricing pressures, it is critical that engineers possess a working knowledge of engineering economics principles. To fully understand the economic viability of engineering decisions, engineers need to find the appropriate balance between design alternatives, resulting costs, and impact on their enterprise. This seminar introduces participants to the cost, finance and economic concepts and their applications to products and services. This three-day course provides you with practical information normally obtained through university level economics and business management courses and will help you to maximize efficiencies from both an engineering and economics perspective.
Note: Attendees are requested to bring with them a business or scientific calculator capable of doing exponential calculations.
Learning Objectives
By attending this seminar, you will be able to:
- Make and justify financial decisions using sound economic principles
- Use current economic strategies to reduce costs and improve productivity
- Estimate capital and manufacturing or services costs
- Identify the relationship between direct and marginal costs in the decision-making process
- Execute strategies for resource allocation and cost-control measures
- Identify viable project alternatives with respect to materials, processes, and tooling
- Analyze make-buy and buy-lease options and make decisions based on the best financial strategies
Who Should Attend
This seminar will benefit engineers having responsibilities in manufacturing, maintenance, research, design, product and process development, program and project management, troubleshooting, and materials management. Additionally, individuals in non-engineering disciplines, including marketing and general management, will benefit from an introduction to the engineering perspective.
Prerequisites
Individuals holding an engineering degree in any discipline, combined with experience in the transportation or similar industry will benefit the most from this course.
Topical Outline
DAY ONE
- Process & Responsibility for Determining Cost
- Understanding Finance and Accounting Basics
- Finance and accounting terminology
- Financial statements
- Balance sheets
- Income statements
- Cash flow statements
- Ratios: finance and performance
- Sources of capital
- Allocation of capital
- Time Value of Money and Decision Making
- Interest: simple and compounded
- Inflation
- Worth: present and future values
- Return On Investment
- Minimum acceptable rate of return
- Internal rate of return
- Discounted payback period
- Contribution Margin & Net Income
- Benchmarking
- Case Study
DAY TWO
- Cost Impact on the Enterprise
- Cost of capital
- Dividing financial resources
- The costs of financing
- Cost of Ownership
- Depreciation
- Accelerated cost recovery
- Depletion
- The influence on tax obligations
- Make-Buy and Buy-Lease Decisions
- Cost
- Capital
- Manufacturing
- Productivity
- Responsibilities for capital
- Replacement or repair
- Case Study
DAY THREE
- Elements of the Production Process
- Costing Strategies
- Activity Based
- Throughput
- Absorption
- Direct
- Determining costs
- Direct/variable
- Indirect/fixed
- The Breakeven Relationship
- Cost Control Alternatives
- Materials
- Processes
- Location
- Purchasing
- Case Study
Instructor(s): James Masiak
James Masiak has more than 25 years of experience in the implementation of business processes for General Motors. Mr. Masiak's most recent activities include the implementation of an enhanced engineering product cost management process within GM North America, the alignment of cross functional organizational initiatives, and development of an engineering resource allocation plan for GM Regions. Mr. Masiak was also responsible for the development and implementation of Global Engineering and Business Strategies across all of General Motors International Operations. Mr. Masiak received his B.S. in Mechanical Engineering from Wayne State University, his M.S. in Mechanical Engineering from Massachusetts Institute of Technology, and his M.B.A. from Michigan State University Executive Management Program.
Fees: $1,495
; SAE Members: $1,375
2.0 CEUs
To register, click Register button at the top of this page and submit the online form, or contact SAE Customer Service at 1-877-606-7323 (724/776-4970 outside the U.S. and Canada) or at CustomerService@sae.org.
For a quote on bringing this course to your company site, fill out a Corporate Learning Solutions Request Form
