As described in the course syllabus, this is the key assigament" project involving data collection & analysis that should be fun and enable you to use your knowledge from class for practical a improve your grade since it will count as of the course grade. But as a reminder, since the project is a keg course assignment as defined by the College of Enginering, you must successfully complete it in order to avoid an incomplete (X) in the class. Among other things you should have by the time you graduate from an ABET (h) the broad education necessary to understand the impact of engineering solutions in global/societal contezt" and "(i) recognition of the need for, and an ability to engage in life-long learning" This project will help illustrate the principle that you learn by doing and will help you link Engineering Economics knowledge to real life planning for your life following graduation. Project Description: This should be a fun project that helps your grade and allows you to use your knowledge from class for practical application! We all know that we cannot plan for every possible event in our future. However, for the purpose of this project you are going to develop an experimental plan for the first 10 years of your life follosing sraduation. How things really happen in the future may or may not work out as planned, but at least you can think about this as an interesting real-world application of Engineering Economy There are two major parts of this project. The FIRST part of the project involves simply documenting year-by-year events that you think have a high probability of occurrence in your life. Consider at least two potential life paths of the first 10 years following graduation. For example, at year 0 (immediately folloring graduation, perhaps you sill enter the engineering workforce, or maybe you are planning to attend graduate school immediately following your graduation, or maybe you are thinking of delaying entry into the engineering workforce by a few years to join the Peace Corps. Are you thinking of graduate school later while working? Many engineers decide to obtain additional education in their field or at least attend short courses in topical areas from time to time to stay current. Do you plan to buy a house? How often will you buy a car? What about a car for the kids? What about a vacation home or a boat? Will you apply for your Professional Engineering license? How many children will you have and when? Do you anticipate caring for an elderly relative? There are many, many questions to think about over the next 10 years. You can be creative - this is not meant to be a hard and fast plan. The SECOND part of the project involves computing the net present value (NPV) for your plan and discussing what conclusion(s) you have reached as a result of the project. For the purpose of financial calculations, you need to be as realistic as possible. Estimates of salary increases, including big jumps when completing additional education (like a Masters or PhD), can be obtained from the library and the internet. Project Deliverables: The ability to communicate professionally is a very important part of this project. Each project requires a MS Excel worksheet and a Final Report. The report should be 'standalone' so that anyone reading the report will know what it covers from the beginning. Your report must be neatly typed and include . A cover sheet that at a minimum contains your name and the project assignment . A concise and clear definition of all events in your project on a year by year basis over 10 years. One . A short bibliography with references (including the textbook). Websites are OK as references, but identify . You should also list and briefly describe assumptions you have made for interest rates, regular raises, et paragraph per year should be sufficient to provide this information the information you received from the URL The money you earn from your planned job(s) or investments will be treated as your expected gross your NPV revenues (GR). Assume you liquidate all your assets at the end of 10 years for the purposes of calculating Use MS Excel for financial data by year data has been entered, you will need to draw a cash fow diagram, compute the net present value (NPV)for organization, year by year and of course, for the compatations. After all the value (NPV) for your plan and discuss your conclusion(s) of the project. Submission o Final report should be submitted electronically on Blackboard. It must pass the "Safe Assign check before it can be graded. The fnal report and the final Excel worksheet due on May 3rd.11:59PM (the last day of classes). As part of your conclusion, you must specifically address how this project relates to the two ABET criteria discussed in paragraph two above: "(h) the broad education necessary to understand the impact of engineering solutions in global/societal contest" and "(i) recognition of the need for, and an ability to engage in life-long learning" Table 1 Sample of 10-year plan cash flow COLUMN A. YEAR COLUMN COLUMN Event Cash Inflow Cash Outlow Net Cash Flow (NCF) 1 1" year of work as Salary civil engineer Buy a new car Living (in Los (8X/month) Down payment: SX (one-time Monthly payment: SX/moth Rental: SX/month Food: SX/month Entertainment: SX/month Angeles, CA) 2 1 year of work as Salary (SX /month) civil engineer Living (in Los Angeles, CA) Rental: SX/month Food: SX/mouth Entertainment: SX/month Vacation: SX (one-time) Scholarship Quit job, and start graduate school to pursue a master degree (SX/year) Part-time (SX/hour) Tuition: #x/year Living (in Arlington, TX) Rental: SX/month Food: SX,/mouth Eatertainment: SX/mooth 10 As described in the course syllabus, this is the key assigament" project involving data collection & analysis that should be fun and enable you to use your knowledge from class for practical a improve your grade since it will count as of the course grade. But as a reminder, since the project is a keg course assignment as defined by the College of Enginering, you must successfully complete it in order to avoid an incomplete (X) in the class. Among other things you should have by the time you graduate from an ABET (h) the broad education necessary to understand the impact of engineering solutions in global/societal contezt" and "(i) recognition of the need for, and an ability to engage in life-long learning" This project will help illustrate the principle that you learn by doing and will help you link Engineering Economics knowledge to real life planning for your life following graduation. Project Description: This should be a fun project that helps your grade and allows you to use your knowledge from class for practical application! We all know that we cannot plan for every possible event in our future. However, for the purpose of this project you are going to develop an experimental plan for the first 10 years of your life follosing sraduation. How things really happen in the future may or may not work out as planned, but at least you can think about this as an interesting real-world application of Engineering Economy There are two major parts of this project. The FIRST part of the project involves simply documenting year-by-year events that you think have a high probability of occurrence in your life. Consider at least two potential life paths of the first 10 years following graduation. For example, at year 0 (immediately folloring graduation, perhaps you sill enter the engineering workforce, or maybe you are planning to attend graduate school immediately following your graduation, or maybe you are thinking of delaying entry into the engineering workforce by a few years to join the Peace Corps. Are you thinking of graduate school later while working? Many engineers decide to obtain additional education in their field or at least attend short courses in topical areas from time to time to stay current. Do you plan to buy a house? How often will you buy a car? What about a car for the kids? What about a vacation home or a boat? Will you apply for your Professional Engineering license? How many children will you have and when? Do you anticipate caring for an elderly relative? There are many, many questions to think about over the next 10 years. You can be creative - this is not meant to be a hard and fast plan. The SECOND part of the project involves computing the net present value (NPV) for your plan and discussing what conclusion(s) you have reached as a result of the project. For the purpose of financial calculations, you need to be as realistic as possible. Estimates of salary increases, including big jumps when completing additional education (like a Masters or PhD), can be obtained from the library and the internet. Project Deliverables: The ability to communicate professionally is a very important part of this project. Each project requires a MS Excel worksheet and a Final Report. The report should be 'standalone' so that anyone reading the report will know what it covers from the beginning. Your report must be neatly typed and include . A cover sheet that at a minimum contains your name and the project assignment . A concise and clear definition of all events in your project on a year by year basis over 10 years. One . A short bibliography with references (including the textbook). Websites are OK as references, but identify . You should also list and briefly describe assumptions you have made for interest rates, regular raises, et paragraph per year should be sufficient to provide this information the information you received from the URL The money you earn from your planned job(s) or investments will be treated as your expected gross your NPV revenues (GR). Assume you liquidate all your assets at the end of 10 years for the purposes of calculating Use MS Excel for financial data by year data has been entered, you will need to draw a cash fow diagram, compute the net present value (NPV)for organization, year by year and of course, for the compatations. After all the value (NPV) for your plan and discuss your conclusion(s) of the project. Submission o Final report should be submitted electronically on Blackboard. It must pass the "Safe Assign check before it can be graded. The fnal report and the final Excel worksheet due on May 3rd.11:59PM (the last day of classes). As part of your conclusion, you must specifically address how this project relates to the two ABET criteria discussed in paragraph two above: "(h) the broad education necessary to understand the impact of engineering solutions in global/societal contest" and "(i) recognition of the need for, and an ability to engage in life-long learning" Table 1 Sample of 10-year plan cash flow COLUMN A. YEAR COLUMN COLUMN Event Cash Inflow Cash Outlow Net Cash Flow (NCF) 1 1" year of work as Salary civil engineer Buy a new car Living (in Los (8X/month) Down payment: SX (one-time Monthly payment: SX/moth Rental: SX/month Food: SX/month Entertainment: SX/month Angeles, CA) 2 1 year of work as Salary (SX /month) civil engineer Living (in Los Angeles, CA) Rental: SX/month Food: SX/mouth Entertainment: SX/month Vacation: SX (one-time) Scholarship Quit job, and start graduate school to pursue a master degree (SX/year) Part-time (SX/hour) Tuition: #x/year Living (in Arlington, TX) Rental: SX/month Food: SX,/mouth Eatertainment: SX/mooth 10