Engineering Economy (17th Edition)
17th Edition
ISBN: 9780134870069
Author: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher: PEARSON
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Chapter 1, Problem 15P
To determine
The systematic thinking process for the given engineering design.
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Evan knows his GPA would skyrocket if he could break his horrible habit of procrastinating. An example of a commitment device Evan could use would be:
Question 46 options:
a
to allow himself one hour of leisure for every half-hour of studying he does each day.
b
to exercise before studying in order to be refreshed.
c
to pay a student to meet him each afternoon for 2 hours in the library to ensure he studies every day.
d
All of these are commitment devices.
Consider this situation faced by a first-semester senior in civil engineering who is exhausted from extensive job interviewing and penniless from excessive partying. Mary’s impulse is to accept immediately a highly attractive job offer to work in her brother’s successful manufacturing company. She would then be able to relax for a year or two, save some money, and then return to college to complete her senior year and graduate. Mary is cautious about this impulsive desire, because it may lead to no college degree at all!
a. Develop at least two formulations for Mary’s problem.
b. Identify feasible solutions for each problem formulation in Part (a). Be creative!
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