Find 2 problems that you solved in previous engineering courses. For each soluti

Question

Find 2 problems that you solved in previous engineering courses. For each solution: Identify the 3 major steps in problem solving (see Lecture 1 for an example): Physicist Mathematician Engineer Classify the Governing Equation (the last step before you switch from "Physicist" to "Mathematician", see the front page of the handout from Lecture 2 for examples): Algebraic or Differential Linear or Nonlinear Ordinary or Partial Order (highest order derivative) N (number of dependent variables) Identify the major components of the Solution (see the back page of the handout from Lecture 2 for examples): Dependent Variables Independent Variables Functionality System Parameters Forcing Function

Explanation / Answer

Calculating the payback period of a machine that requried 10 lakhs of initial investment and gave returns of 4 lakhse ech for the next 5 years of its life time and a salvage value of 2 lakhs after 5 years of full usage; (ignore discount rate)

1) Since payback period involves simple discounting of cashflows to arrive at a time period 't' ; it is a simple mathemtical problem without any engineering involved; Thus, first answer is Mathematician;
Physicst portion is when you understand the life time of the machine and how it takes cash in for purcahse and gives out profits throughout its lifetime;
Engineering part is understanding the nature of cashflows and equating them to make business financial sense.
Mathematician part is solving it; -10000 + 4000 + 4000 +4000/2 = 0 so the pay back period is = 2.5 years

2) The governing equation is a purely algebraic one with a single variable 't'

3) The major components of the solution are: Independent variables " CF0" or intiail cash outflow and CF1,CF2 and ...CFn
and the dependent variable 't' (that calcualtes its payback period)

Thus, dependent variables and independent varaibles are major components of the solution  
  

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