Using concept inventories to gauge preparedness and assess learning objectives in engineering economy classes

A ten-question, multiple-choice Concept Inventory was developed and administered to students at two universities: (1) students enrolled in a “Cost Analysis” course at an English-language, ABET-accredited Civil Engineering program outside of the United States, and (2) students enrolled in an “Engineering Economy” course utilized by students in civil, mechanical, and electrical engineering, along with computer science and safety technology, at a university in the United States. This paper describes the process that was utilized to identify which problem types and underlying concepts would be included in the inventory, includes an analysis and comparison of student performance on beginning-of-semester administrations of the inventory, and describes how administration of the inventory at the end-of-semester can be utilized for purposes of direct assessment of course objectives. When administered at the beginning of a course, Concept Inventories can be used by instructors to gain insight about which ideas are already understood by how many students. By focusing on foundational concepts, such as compound interest, cash-flow diagrams, the time value of money, breakeven, cost indexing, and others, a Concept Inventory can identify what ideas students bring with them into the course, and which topics may need additional emphasis during the semester. Additionally, Concept Inventories allow for direct assessment of course objectives. When a Concept Inventory is administered at the beginning and then again at the end of a semester, it is possible to measure the improvement over time, and identify which subject areas may need additional emphasis or adjustment in presentation strategy in subsequent semesters.