Graduate Courses

The Division of Economics and Business has a M.S. and Ph.D. in Mineral and Energy Economics and a M.S. in Engineering and Technology Management. See Academic Programs section for descriptions of the requirements.

Below is the list (including descriptions and syllabi) of the courses that may be offered by the Division at the graduate level. Note: All syllabi subject to change and not all classes offered every semester.

504: Economic Evaluation and Investment Decision Methods
509: Mathematical Economics
510: Natural Resource Economics
521: Micro of Mineral Energy Markets
525: Business Analytics
526: Stochastic Modeling
528: Industrial Systems Simulation
530: Economics of International Energy Markets
535: Economics of Metal Industries and Markets
540: Accounting and Finance
542: Economic Development
546: Investment & Portfolio Management
553: Project Management
555: Linear Programming
559: Supply Chain Management
560: Decision Analysis
563: Management of Technology
566: Technology Entrepreneurship
570: Environmental Economics
571: Marketing Analytics
572: International Business Strategy
575: Advanced Mining and Energy Evaluation
576: Managing and Marketing New Product Development
585: Engineering and Technology Management Capstone
590: Econometrics
594: Time Series Econometrics
598: Special Topics
599: Independent Study-MS
610: Advanced Natural Resource Econ.
611: Advanced Microeconomics
632: Primary Fuels
645: Computational Economics
655: Advanced Linear Programming
657: Advanced Integer Programming
690: Advanced Econometrics
695: Research Methodology
698: Special Topics-Ph.D.
699: Independent Study-Ph.D.
701: Graduate Thesis-MS
703: Graduate Thesis-Ph.D.



Time value of money concepts of present worth, future worth, annual worth, rate of return and break-even analysis are applied to after-tax economic analysis of mineral, petroleum and general investments. Related topics emphasize proper handling of (1) inflation and escalation, (2) leverage (borrowed money), (3) risk adjustment of analyses using expected value concepts, and (4) mutually exclusive alternative analyses and service producing alternatives. Case study analysis of a mineral or petroleum investment situation is required.
Spring 2018 Syllabus


This course reviews and re-enforces the mathematical and computer tools that are necessary to earn a graduate degree in Mineral and Energy Economics. It includes topics from differential and integral calculus; probability and statistics; algebra and matrix algebra; difference equations; and linear, mathematical and dynamic programming. It shows how these tools are applied in an economic and business context with applications taken from the mineral and energy industries. It requires both analytical as well as computer solutions. At the end of the course you will be able to appreciate and apply mathematics for better personal, economic and business decision making.
Prerequisites: MATH111, Principles of Microeconomics, or permission of instructor.
Fall 2018 Syllabus


The threat and theory of resource exhaustion; commodity analysis and the problem of mineral market instability; cartels and nature of mineral pricing; the environment; government involvement; mineral policy issues; and international mineral trade. This course is designed for entering students in mineral and energy economics.
Prerequisites: Principles of Microeconomics or permission of instructor.
Fall 2018 Syllabus


This course will provide an introduction to contemporary macroeconomic concepts and analysis. Macroeconomics is the study of the behavior of the economy as an aggregate. Topics include the equilibrium level of inflation, interest rates, unemployment and the growth in national income. The impact of government fiscal and monetary policy on these variables and the business cycle, with particular attention to the effects on the mineral industry.
Prerequisites: MATH111, Principles of Microeconomics, or permission of instructor.
Fall 2014 Syllabus


The second of two courses dealing with applied microeconomic theory. This part concentrates on the behavior of the minerals and energy segment of the economy, the theory of production and cost, derived demand, price and output level determination by firms, and the competitive structure of product and input markets.Prerequisites: Principles of Microeconomics, MATH111, MATH530, EBGN509, EBGN510 or permission of instructor.
Spring 2019 Syllabus


The core of this course is a scientific approach to planning and decision-making problems that arise in business. The course covers deterministic optimization models (linear programming, integer programming and network modeling) and a brief introduction to stochastic (probabilistic) models with Monte-Carlo simulation. Applications of the models are covered using spreadsheets. The intent of the course is to enhance logical modeling ability and to develop quantitative managerial and spreadsheet skills. The models cover applications in the areas of energy and mining, marketing, finance, production, transportation, logistics and work-force scheduling. Prerequisite: MATH111 or permission of instructor.
Spring 2019 Syllabus


As a survey course in stochastic modeling, this course covers a range of topics including an introduction and review of probability models (eg., sample spaces, events, conditional probabilities, Bayes’ formula), and of random variables; and, some subset of the following topics: (i) Markov chains, (ii) Queuing Theory, (iii) Reliability Theory, (iv) Brownian motion, and (v) Simulation.  Applications from a wide range of fields will be introduced including marketing, finance, production, logistics and distribution, energy and service systems.  In addition to an intuitive understanding of the analytical techniques to model stochastic processes, the course emphasizes how to use related software packages for managerial decision-making.
Spring 2016 Syllabus


The course focuses on creating computerized models of real or proposed complex systems for performance evaluation. Simulation provides a cost effective way of pre-testing proposed systems and answering “what-if” questions before incurring the expense of actual implementations. The course is instructed in the state-of-the-art computer lab ( CTLM), where each student is equipped with a personal computer and interacts with the instructor during the lecture. Professional version of a widely used commercial software package, “Arena”, is used to build models, analyze and interpret the results. Other business analysis and productivity tools that enhance the analysis capabilities of the simulation software are introduced to show how to search for optimal solutions within the simulation models. Both discrete-event and continuous simulation models are covered through extensive use of applications including call centers, various manufacturing operations, production/inventory systems, bulk-material handling and mining, port operations, high-way traffic systems and computer networks.
Prerequisites: MATH111, MATH530 or permission of instructor.
Spring 2015 Syllabus


Application of models to understand markets for oil, gas, coal, electricity, and renewable energy resources. Models, modeling techniques, and issued included are supply and demand, market structure, transportation models, game theory, futures markets, environmental issues, energy policy, energy regulation, input/output models, energy conservation, and dynamic optimization. The emphasis in the course is on the development of appropriate models and their application to current issues in energy markets.
Prerequisites: MATH111, Principles of Microeconomics, EBGN509, EBGN510 or permission of instructor.
Fall 2018 Syllabus


Metal supply from main product, byproduct, and secondary production. Metal demand and intensity of use analysis. Market organization and price formation. Public policy, comparative advantage, and international metal trade. Metals and economic development in the developing countries and former centrally planned economies. Environmental policy and mining and mineral processing. Students prepare and present a major research paper.
Prerequisites: MATH111, Principles of Microeconomics; EBGN509, EBGN510, or permission of instructor.
Spring 2019 Syllabus


Included are the relevant theories associated with capital budgeting, financing decisions, and dividend policy. This course provides an in-depth study of the theory and practice of corporate accounting and financial management including a study of the firm’s objectives, investment decisions, long-term financing decisions, and working capital management. Preparation and interpretation of financial statements and the use of this financial information in evaluation and control of the organization. 3 hours lecture; 3 semester hours.
Fall 2018 Syllabus


Theories and evidence on international trade and development. Determinants of static and dynamic comparative advantage. The arguments for and against free trade. Economic development in non-industrialized countries. Sectoral development policies and industrialization. The special problems and opportunities created by extensive mineral resource endowments. The impact of value-added processing and export diversification on development.
Prerequisites: MATH111 and Principles of Microeconomics; EBGN509, EBGN 510 or permission of instructor.
Spring 2013 Syllabus


Role of energy and minerals in the development process. Sectoral policies and their links with macroeconomic policies. Special attention to issues of revenue stabilization, resource largesse effects, downstream processing, and diversification.
Prerequisites: MACS111, Principles of Microeconomics, EBGN509, EBGN512; or permission of instructor.
Fall 2015 Syllabus


The theory and practice of investment, providing a comprehensive understanding of the dynamics of securities markets, valuation techniques and trading strategies for stocks, bonds, and derivative securities. This includes the mean-variance efficient portfolio theory, the arbitrage pricing theory, bond portfolio management, investment management functions and policies, and portfolio performance evaluation.
Prerequisites: MATH111, MATH530, Principles of Microeconomics, or permission of instructor.
Fall 2014 Syllabus


Analysis of the sources, causes and effects of risks associated with holding, operating and managing assets by individuals and organizations; evaluation of the need and importance of managing these risks; and discussion of the methods employed and the instruments utilized to achieve risk shifting objectives. The course concentrates on the use of derivative assets in the risk management process. These derivatives include futures, options, swaps, swaptions, caps, collars and floors. Exposure to market and credit risks will be explored and ways of handling them will be reviewed and critiqued through analysis of case studies from the mineral and energy industries.
Prerequisites: MATH111, MATH530, Principles of Microeconomics, EBGN505; EBGN545 or EBGN546; or permission of instructor. Recommended: EBGN509.
Spring 2019 Syllabus


As an advanced course in optimization, this course will address both unconstrained and constrained nonlinear model formulation and corresponding algorithms (e.g., Gradient Search and Newton’s method, and Lagrange Multiplier Methods and Reduced Gradient Algorithms, respectively). Applications of state-of-the-art hardware and software will emphasize solving real-world problems in areas such as mining, energy, transportation, and the military.
Prerequisites: MATH111; EBGN525 or EBGN555; or permission of instructor.
Spring 2013 Syllabus


An introductory course focusing on analytical techniques for managing projects and on developing skills for effective project leadership and management through analysis of case studies. Topics include project portfolio management, decomposition of project work, estimating resource requirements, planning and budgeting scheduling, analysis of uncertainty, resource loading and leveling, project monitoring and control, earned value analysis and strategic project leadership. Guest speakers from industry discuss and amplify the relevance of course topics to their specific areas of application (construction, product development, engineering design, R&D, process development, etc.). Students learn Microsoft Project and complete a course project using this software, demonstrating proficiency analyzing project progress and communicating project information to stakeholders.
Fall 2019 Syllabus


This course addresses the formulation of linear programming models, examines linear programs in two dimensions, covers standard form and other basics essential to understanding the Simplex method, the Simplex method itself, duality theory, complementary slackness conditions, and sensitivity analysis. As time permits, multi-objective programming, an introduction to linear integer programming, and the interior point method are introduced. Applications of linear programming models discussed in this course include, but are not limited to, the areas of manufacturing, finance, energy, mining, transportation and logistics, and the military.
Prerequisite: MATH111; MATH332 or EBGN509; or permission of instructor.
Spring 2016 Syllabus


Network models are special cases of linear programming problems that possess special mathematical structures. This course examines a variety of network models, specifically, spanning tree problems, shortest path problems, maximum flow problems, minimum cost flow problems, and transportation and assignment problems. For each class of problems, we present applications in areas such as manufacturing, finance, energy, mining, transportation and logistics, and the military. We also discuss an algorithm or two applicable to each problem class. As time permits, we explore combinatorial problems that can be depicted on graphs, e.g., the traveling salesman problem and the Chinese postman problem, and discuss tractability issues associated with these problems in contrast to “pure” network models.
Prerequisites: MATH111; EBGN555 or EBGN525 or consent of instructor.
Spring 2013 Syllabus


As an advanced course in optimization, this course will address computational performance of linear and linear-integer optimization problems and, using state-of-the-art hardware and software, will introduce solution techniques for “difficult” optimization problems. We will discuss such methodologies applied to the monolith (e.g., branch-and-bound and its variations, cutting planes, strong formulations), as well as decomposition and reformulation techniques (e.g., Lagrangian relaxation, Benders decomposition, column generation). Additional special topics may be introduced, as time permits.Prerequisite: MATH111, EBGN525 or EBGN555 or permission of instructor.
Fall 2014 Syllabus


The focus of the course is to show how a firm can achieve better “supply-demand matching” through the implementation of rigorous mathematical models and various operational/tactical strategies. We look at organizations as entities that must match the supply of what they produce with the demand for their products. A considerable portion of the course is devoted to mathematical models that treat uncertainty in the supply-chain. Topics include managing economies of scale for functional products, managing market-mediation costs for innovative products, make-to order versus make-to-stock systems, quick response strategies, risk pooling strategies, supply-chain contracts and revenue management. Additional “special topics” may be introduced, such as reverse logistics issues in the supply-chain or contemporary operational and financial hedging strategies, as time permits.
Prerequisites: MATH111, MATH530 (a course in probability and statistics) or permission of instructor.
Spring 2018 Syllabus


Introduction to the science of decision making and risk theory. Application of decision analysis and utility theory to the analysis of strategic decision problems. Focuses on the application of quantitative methods to business problems characterized by risk and uncertainty. Choice problems, such as decisions concerning major capital investments, corporate acquisitions, new product introductions, and choices among alternative technologies, are conceptualized and structured using the concepts introduced in this course.
Prerequisites: EBGN504 (see notes) or permission of instructor.
Fall 2018 Syllabus


Case studies and reading assignments explore strategies for profiting from technology assets and technological innovation. The roles of strategy, core competencies, product and process development, manufacturing, R&D, marketing, strategic partnerships, alliances, intellectual property, organizational architectures, leadership and politics are explored in the context of technological innovation. The critical role of organizational knowledge and learning in a firm’s ability to leverage technological innovation to gain competitive advantage is explored. The relationships between an innovation, the competencies of the innovating firm, the ease of duplication of the innovation by outsiders, the nature of complementary assets needed to successfully commercialize an innovation and the appropriate strategy for commercializing the innovation are developed. Students explore the role of network effects in commercialization strategies, particularly with respect to standards wars aimed at establishing new dominant designs.
Prerequisites: EBGN504 recommended.
Fall 2018 Syllabus


Introduces concepts related to starting and expanding a technological-based corporation. Presents ideas such as developing a business and financing plan, role of intellectual property, and the importance of a good R&D program.
Prerequisite: Permission of instructor.
Spring 2019 Syllabus


An advanced course in economic analysis that will look at more complex issues associated with valuing investments and projects. Discussion will focus on development and application of concepts in after-tax environments and look at other criteria and their impact in the decision-making and valuation process. Applications to engineering and technology aspects will be discussed. Effective presentation of results will be an important component of the course. Prerequisite: EBGN504 or permission of instructor.
Fall 2017 Syllabus


The role of markets and other economic considerations in controlling pollution; the effect of environmental policy on resource allocation incentives; the use of benefit/cost analysis in environmental policy decisions and the associated problems with measuring benefits and costs.
Prerequisites: MATH111, Principles of Microeconomics, EBGN509, EBGN510 or permission of instructor.
Spring 2019 Syllabus


The purpose of this course is to gain an understanding of how data about customers and markets can be used to support and improve decision making. Using market data to evaluate alternatives and gain insight from past performance is the essence of marketing analytics. The course is focused on the marketing research decisions facing product managers in technology based companies and will appeal to students who want to gain a deeper understanding of such topics as the problems of target market selection, new product introductions, pricing, and customer retention. While the specifics of market analytics can vary across industries and firms, three main commonalities are: (1) defining the decision problem, (2) collection and analysis of high quality market data, and (3) implementing strategy through marketing mix decisions. In this course students will develop an understanding of available marketing analytic methods and the ability to use marketing research information to make strategic and tactical decisions. 3 hours lecture; 3 semester hours.
Spring 2019 Syllabus


International business has grown rapidly in recent decades due to technological expansion, liberalization of government policies on trade and resource movements. Due to these factors, foreign countries increasingly are a source of both production and sales for domestic companies. This course is designed to improve students’ understanding of the complexities presented by managing businesses in an international environment.
Fall 2018 Syllabus


The use of stochastic and option pricing techniques in mineral and energy asset valuation. The Hotelling Valuation Principle. The measurement of political risk and its impact on project value. Extensive use of real cases.
Prerequisites: MATH111, Principles of Microeconomics, EBGN504(see notes), EBGN509, EBGN510 or permission of instructor.
Spring 2018 Syllabus


Develops interdisciplinary skills required for successful product development in today’s competitive marketplace. Small product development teams step through the new product development process in detail, learning about available tools and techniques to execute each process step along the way. Each student brings his or her individual disciplinary perspective to the team effort, and must learn to synthesize that perspective with those of the other students in the group to develop a sound, marketable product. Prerequisite: EBGN563 recommended.
Spring 2019 Syllabus


Exploration planning and decision making for oil and gas, and metallic minerals. Risk analysis. Historical trends in exploration activity and productivity.
Prerequisites: Principles of Microeconomics, EBGN510; or permission of instructor. Offered when student demand is sufficient.


This course represents the culmination of the ETM Program. This course is about the strategic management process-how strategies are developed and implemented in organizations. It examines senior management’s role in formulating strategy and the role that all an organization’s managers play in implementing a well thought out strategy. Among the topics discussed in this course are (1) how different industry conditions support different types of strategies; (2) how industry conditions change and the implication of those changes for strategic management; and (3) how organizations develop and maintain capabilities that lead to sustained competitive advantage. This course consists of learning fundamental concepts associated with strategic management process and competing in a web-based strategic management simulation to support the knowledge that you have developed. Prerequisite: MATH530, EBGN504, or permission of instructor.
Spring 2019 Syllabus


Using statistical techniques to fit economic models to data. Topics include ordinary least squares and single equation regression models; two-stage least squares and multiple equation econometric models; specification error, serial correlation, heteroskedasticity; distributive lag; applications to mineral commodity markets; hypothesis testing, forecasting with econometric models, time series analysis, and simulation.
Prerequisites: MATH111, MATH530(see notes), EBGN509.
Spring 2019 Syllabus


Fall 2019 Syllabus


Fall 2019 Syllabus


Effective leaders contribute significantly to their organization’s performance. When they take advantage of a technological innovation or respond to a crisis, leaders rely on critical skills to communicate their vision and coordinate tasks performed by others. This course is about developing your unique leadership skills and style whether you lead a small engineering team or, eventually, a large global corporation.
We review key theories of leadership and examine the lessons learned from those who applied them. We
synthesize and translate these lessons into specific behaviors that will improve your ability to lead. We discuss how generational shifts, economic and political factors impact the workplace in ways that call for effective, quality leadership. Ultimately, you have to understand how to lead and motivate individuals who don’t look or think like you. This may involve negotiating with followers and involving them in making decisions. Following a learning-by doing approach, we complement class discussions and case studies with a hands-on simulation of a leadership team facing a series of crises.
Spring 2019 Syllabus


This course covers how to unwind complex situations to gain clarity and enable confident decisions. The
focus is on thinking, as opposed to calculating – framing the problem correctly, ensuring clarity around the
objectives, developing creative alternative strategies, and qualitatively evaluating those alternatives.
Tools for accomplishing these goals will be introduced. Discussion topics will include common
psychological biases and traps, scenario analysis, game theory, cultural influences, and decision making
in complex systems (as opposed to merely complicated). Several fun exercises will be used to drive
home certain points. As with the decision-making process itself, most of the value of this course will from
the discussion generated; therefore, classroom participation will be important.
Spring 2019 Syllabus


This course seeks to develop the underlying economic logic of water use and how policy impacts the allocation of
water in our economy. Water is a critical input for a number of sectors; from our basic sustenance to agriculture
production, from industrial processes to ecological services, and from mineral extraction to energy production.
Meanwhile, the supply of water is highly variable across space and through time while pollutants can further
diminish the useable extent, making the policies to allocate and manage the resource central to understanding how
the resource is utilized. The course will survey topics across sectors and water sources while applying economic
theory and empirical/policy analysis.
Spring 2019 Syllabus


Individual research or special problem projects supervised by a faculty member when a student and instructor agree on a subject matter, content, and credit hours.


Optimal resource use in a dynamic context using mathematical programming, optimal control theory and game theory. Constrained optimization techniquesare used to evaluate the impact of capital constrainsts, exploration activity and environmental regulations. Offered when student demand is sufficient.
Prerequisites: MATH111, MATH530(see notes), Principles of Microeconomics, EBGN509, EBGN510 or permission of instructor.
Spring 2014 Syllabus


A second graduate course in microeconomics, emphasizing state-of-the-art theoretical and mathematical developments. Topics include consumer theory, production theory and the use of game theoretic and dynamic optimization tools.
Prerequisites: MATH111, MATH530(see notes), Principles of Microeconomics, EBGN509 or permission of instructor.
Spring 2019 Syllabus


Topics include issues affecting coal, oil and gas extraction, market structure effects on production, the impact of policies on production and investment, where to find basic data on energy supply and investment, how to organize basic information in a paper/presentation, and how to write/present your thoughts in a clear and concise manner
Fall 2018 Syllabus


This course is about learning the skills required to construct and manipulate numerical models as an instrument of economic research. In the first part of the course, students will learn about basic classes of optimization problems as ways to operationalize models of equilibrium behavior from economics and how to formulate and solve these problems on the computer. In the second part of the course, students will focus on the techniques used specifically in computable general equilibrium (CGE) analysis and developing applications of CGE models to topics in energy, environmental and natural resource economics. Prerequisites: MATH111, MATH530, Principles of Microeconomics, EBGN509. 3 hours lecture; 3 semester hours.
Fall 2018 Syllabus


As an advanced course in optimization, this course will expand upon topics in linear programming. Specifically topics to be covered include advanced formulation, column generation, interior point method, stochastic optimization, and numerical stability in linear programming. Applications of state-of-the-art hardware and software will emphasize solving real-world problems in areas such as mining, energy, transportation and the military.
Prerequisites: EBGN555 or permission of instructor.
Spring 2013 Syllabus


As an advanced course in optimization this course will expand upon topics in integer programming. Specific topics to be covered include advanced formulation, column generation, interior point method, stochastic optimization, and numerical stability in linear programming. Applications of state-of-the-art hardware and software will emphasize solving real-world problems in areas such as mining, energy, transportation and the military.
Prerequisites: EBGN555 or permission of instructor.
Fall 2012 Syllabus


A second course in econometrics. Compared to EBGN590, this course provides a more theoretical and mathematical understand of econometrics. Matrix algebra is used and model construction and hypothesis testing are emphasized rather than forecasting.
Prerequisites: MATH111, MATH530(see notes), Principles of Microeconomics, EBGN509, EBGN590; or permission of instructor.
Fall 2015 Syllabus


Lectures provide an overview of methods used in economic research relating to EPP and QBA/OR dissertations in Mineral and Energy Economics and information on how to carry out research and present research results. Students will be required to write and present a research paper that will be submitted for publication. It is expected that this paper will lead to a Ph.D. dissertation proposal. It is a good idea for students to start thinking about potential dissertation topic areas as they study for their qualifier. Ph.D. students must receive a grade ofan “A” in this course. This course is also recommended for students writing Master’s thesis or who want guidance in doing independent research relating to the economics and business aspects of energy, minerals and related environmental and technological topics.
Prerequisites: MATH530(see notes), EBGN509, EBGN510, EBGN590; or permission of instructor.
Spring 2015 Syllabus


Pilot course or special topics course. Topics chosen from special interests of instructor(s) and student(s). Usually the course is offered only once.


Individual research or special problem projects supervised by a faculty member when a student and instructor agree on a subject matter, content, and credit hours.


Preparation of the Master’s thesis under the supervision of the graduate student’s advisory committee.


Preparation of the doctoral thesis under the supervision of the graduate student’s advisory committee.





1.     MATH323 may be substituted for MATH530.

2.     EBGN305 and EBGN 306 together may be substituted for EBGN 505 with permission.

3.     EBGN321 may be substituted for EBGN504