An engineering economy concept inventory

There has been considerable recent emphasis on valid assessment of learning in engineering education. When new teaching pedagogies are introduced, it can be very challenging to demonstrate increases in learning of course concepts. While there are a number of accepted concept inventories available for some engineering topics (statics and dynamics, heat and energy, signals and systems, and statistics), reliable and valid tools for assessing learning are not readily available for many curriculum areas, including engineering economy. This paper discusses the reliability and validity of the Engineering Economy Concept Inventory (EECI) that can be used to assess learning in any introductory engineering economy course. Development of the EECI began in 2009 for use in assessing the effectiveness of model-eliciting activities in the classroom and has since been revised and reformulated a number of times. In the fall of 2018, the EECI was administered at multiple institutions for further evaluation of its validity and results from these groups of students are presented. The paper concludes with remarks regarding the reliability and validity of the instrument and recommendations for its use as a tool to assess knowledge in engineering economy.