RUFUS GIWA POLYTHECNIC OWO,

DEPARTMENT OF ELECTRICAL AND ELECRONICS

ASSIGNMENT

ON VARIOUS TOPICS

BY

ADEBAMBO TEMILADE MICHEAL

MATRIC NO: SO2/EEE/2020/ 4061

COURSE TITLE: ENGINEERING IN SOCIETY (MEC 311)

LECTURER IN CHARGE: ENGNR. AKINRINMADE

1
WHAT IS ENTERPRENEURSHIP

Everyone nowadays is deeply concerned about the lack of work and the three layers of
government's incapacity to provide enough jobs to support the population's continued growth.
Without exception, all of Nigeria's major parties have pledged to generate enough employment
by the conclusion of their terms in office, yet the situation has only gotten worse. Our school
system is too formal to provide graduates of today the skills they need to succeed in the private
sector. This supports the claims made by Towobola and Raimi (2011) and Simkovic (2012) that
the lengthy

formal education passed down from the imperialists produced graduates with a focus on seeking
employment rather than creating jobs. Entrepreneurship has a definitional problem especially in
Nigeria where being self ngaged irrespective of the type and level of engagement is termed
entrepreneurship. Consequently, hair dressers, taxi cabdrivers, tailor, mechanics, traders, school
proprietors, contractors and the like are misconstrued as entrepreneurs entrepreneurship is more
than that. To Kao (1993) entrepreneurship is the process of doing something new and/ or
something different for the process of creating wealth for the individual and adding value to
society. It is a process that leads to the creation of new products and/ or services, new market
(customers), new technology (best) method of doing things, and new organizations it abhors
doing things in the same way always for it is a fool that is doing the same things and is expecting
different result.

The need to survive the economic upheaval is what drove Kogi State residents to

participate in [Link] (2020) emphasizes two factors for being intereste in

entrepreneurship in the context of emerging economies in relation to the aforementioned:
Because there are less entry barriers and a greater desire to do so due to the high unemployment
rate, they (A) exhibit an important market orientation towards which entrepreneurship is very
relevant, and (B) have a far higher level of entrepreneurship than industrialized nations. Internal
markets maypresent business prospects (Hearn & Filatotchev, 2019)

2
WHAT IS TECHNOPRENUERSHIP

Technopreneurship is the trendsetter of innovation and economic development, leading to

reconfiguration of the industry and hitherto unforeseen prospects. They are doing this by a
combination of technology and entrepreneurship to the development of innovative and modern
products and services, nothing less, Technopreneurs are revolutionizing their lives, work, and
even relationships with the world. These leaders are visionaries who use modern technologies for
problems solving complex problems, break traditional markets, and bring sustainable
development. In the face of this amazing speed of technological advancement, technopreneurship
is one of the driving forces that will impact positively and define the future that will be more
connected, efficient, and renowned.

WHY TECHNO ENTERPRENUERSHIP IS IMPORTANT TO ECONOMY

 Innovation: Techno entrepreneurship drives innovation, leading to new products,

services, and technologies that can transform industries.
 job Creation: New businesses create new job opportunities, reducing unemployment and
improving living standards
 Economy Growth: Techno entrepreneurs contribute to economic growth through
increased production, sales, and exports
 Competitiveness: They increase a country's global competitiveness by developing
advanced technologies and solutions
 Investment Attraction: Successful techno entrepreneurs attract both local and
international investors, bringing in capital
 Improved Services: They improve services in various sectors, such as healthcare,
education, and transportation, enhancing the quality of life

REQUIREMENT FOR AN ENGINEER TO BECOME A SUCCESSFUL TECHNO-

ENTERPRENUER

 Technical Expertise: Strong foundation in engineering principles and technology

Innovative Mindset: ability to think creatively and develop novel solution,

3
  Business Acumen: Understanding of business principles, including finance, marketing,
and management
 Networking Skills: Building and maintaining professional relationships for support
and collaboration.
 Risk Management: Ability to identify, assess, and mitigate risks.
 Adaptability: Flexibility to adapt to changing market conditions and technological
advancements.

WHAT IS ENGINEERING CONTRACT

Engineering contract is the formal agreements that assign the specific terms and conditions
governing the relationship between clients and engineer firms. In each of these contracts they
should clearly state the scope of work, deliverables, timeline, and payment terms, serving as a
legally binding document that safeguards the interests of all parties involved.

EXAMPLES OF ENGINEERING CONTRACT

Fixed price contracts

Time and material contract

Unit price contracts

Lump sum contract

ELEMENTS OF A VALID CONTRACT.

 Offer: One party proposes terms to another.

 Acceptance: The other party agrees to the proposed terms.
 Consideration: Something of value is exchanged between the parties.
 Mutual Consent: Both parties agree to the terms willingly.
 Capacity: Both parties have the legal ability to enter into a contract.

Legality: The contract’s terms must comply with the law

FUNCTIONS OF ENGINEERING CONTRACTS

4
  Defining Scope of Work: Specifies what work will be done and the responsibilities of
each party.
 Setting Timelines: Establishes deadlines and milestones for project completion
 Budget Management: Details the financial aspects, including payment schedules and
cost management
 Risk Allocation: Assigns risks and responsibilities to the respective parties.
 Quality Assurance: Ensures that the work meets the required standards
and specifications.
 Dispute Resolution: Provides mechanisms for resolving conflicts and disputes

ADVANTAGES AND DISADVANTAGES OF A LUMP

SUM [Link]:

o Cost Certainty: fixed total cost provides budget predictability.

o Simplicity: Easier to manage with clear scope and payment terms.
o Risk Transfer: Contractor bears the risk of cost overruns.

DISADVANTAGES:

o Rigidity: Less flexibility for changes or modifications.

o Higher Initial Cost: Contractors may include a risk premium in the price.
o Scope Disputes: Potential for disagreements over what is included in the lump sum.

WHAT IS TECHONOLOGY TRANSFER

Technology transfer is the movement of data, designs, inventions, materials, software, technical
knowledge or trade secrets from one organization to another or from one purpose to another. The
technology transfer process is guided by the policies, procedures and values of each organization
involved in the process. Licensing agreements

2. Joint ventures and collaborations

3. Technology spin-offs

4. Research and development partnerships

5. Technology transfer offices

5
THE GOAL OF TECHNOLOGY TRANSFER IS TO:

1. Promote innovation and entrepreneurship

2. Improve productivity and efficiency

3. Enhance economic growth and development

4. Solve global challenges like climate change and sustainable energy

EFFECTIVE TECHNOLOGY TRANSFER REQUIRES:

1. Clear intelligent property civil liberties

2. Resilient partnerships and collaboration

3. Satisfactory funding and resources

4. Skilled personnel and training

5. Operational communication and knowledge sharing

Technology transfer can benefit both the transferring and receiving parties, leading to mutual
growth and progress.

WHAT IS ENGINEERING

Engineering is the application of scientific, mathematical, and empirical knowledge to design,

build, and maintain structures, machines, devices, systems, and processes that solve problems
and improve quality of life.

The role of an engineer to their client includes:

1. Understanding the client's needs and requirements

2. Providing expert advice and guidance

3. Designing and developing solutions that meet the client's needs

4. Ensuring safety, quality, and reliability of the solutions

5. Communicating complex technical information in a clear and concise manner

6
6. Managing projects and meeting deadlines

7. Collaborating with other professionals (e.g., architects, contractors) to deliver a

comprehensive solution

8. Conducting site visits and inspections as necessary

9. Providing ongoing support and maintenance

10. Continuously improving and innovating solutions to meet evolving client needs
Engineers act as trusted advisors, problem-solvers, and partners, helping clients achieve their
goals and objectives through innovative and practical solutions.

ENGINEERING ENTERPRENUERSHIP

Engineering entrepreneurship involves creating and managing businesses that provide innovative
engineering solutions and service.

WHAT IS ENTERPRENUERIAL LIFE CYCLE

The entrepreneurial life cycle is the process of creating and growing business from one stage to
another.

1. Idea generation: This is the initial stage of the entrepreneurial life cycle, where

entrepreneurs come up with business ideas.

2. Opportunity recognition: Entrepreneurs evaluate their ideas and determine

whether they are feasible.

3. Opportunity focusing: This stage involves refining the idea and creating a business plan.

4. Commitment of resources: At this stage, entrepreneurs commit to their business

Ideas and start implementing their plans.5. Market entry: This stage involves launching the
business and entering the market.

6. Full launch and growth: At this stage, the business is fully operational, and

Entrepreneurs focus on growth and expansion.

7
7. Maturity and expansion: The business is established, and entrepreneurs focus on

Maintaining its success and expanding its operations.

8. Liquidity event: This is the final stage of the entrepreneurial life cycle, where

Entrepreneurs exit the business, either by selling it or going public.

WHAT IS TECHNOLOGY

Technology is the application of conceptual knowledge to ahieve practical goals especially in a

reproducible way. Technology is the collection of tools, including machinery, modifications,
arrangements and procedures used by humans. Engineering is the discipline that seeks to study
and design new technologies.

WHAT IS PROJECT

8
A project is a type of assignment, typically involving research or design, that is carefully planned
or achieve a specific objective. An alternative view sees a project managerially as a sequence of
event.

WHAT IS PROJECT MANAGEMENT

Project management is the process of planning, organizing and controlling resources to achieve
specific goals and objectives. It involves coordinating and managing a team of individuals with
different skills and expertise to deliver a specific project on time within a budget, and to the
required quality standards.

WHAT IS A PROJECT?

A project is a temporary endeavor undertaken to create a unique product, service, or result with a
defined beginning and end, specific objectives, and resources.

DIFFERENCES BETWEEN PROJECT AND PROJECT MANAGEMENT.

 Nature: A project is an endeavor; project management is the discipline of planning and

controlling the project
 Focus: A project focuses on deliverables; project management focuses on achieving
project goals efficiently.
9
  Duration: A project has a finite timeline; project management is ongoing throughout the
project's life cycle.
 Objective: A project aims to produce a specific output; project management aims to
optimize the process to achieve that output.
 Resources: A project uses resources to achieve its goals; project management allocates
and manages these resources effectively.

BENEFITS OF A PROJECT LIFE CYCLE.

 Clear Structure: Provides a clear framework for managing projects

 Improved Planning: Enhances planning and resource allocation.
 Risk Management: Identifies and mitigates risks early.
 Control: Facilitates monitoring and control of project progress. Increased Success
 Rate: Increases the likelihood of project success by following a structured approach.

WHAT IS PROJECT PURPOSE

The project purpose is a statement that defines the reason why a project is being undertaken. It
provides a clear and concise overview of the project's objectives, goals, and deliverables. The
project purpose statement should answer the following questions:

1. What is the problem or opportunity that the project aims to address?

2. What are the key objectives and goals of the project?

3. What benefits will the project deliver to stakeholders and the organization?4. What are

the key deliverables and outcomes of the project?

A well-defined project purpose statement helps to:

1. Focus the project team on what needs to be achieved

2. Guide decision-making and prioritization throughout the project

3. Communicate the project's value and objectives to stakeholders

4. Ensure that the project delivers the intended benefits and outcomes

10
Example of a project purpose statement:

The purpose of this project is to design and implement a new customer relationship
management system to improve sales efficiency, enhance customer engagement, and increase
revenue by 15% within the next 12 months."

WHAT IS PROJECT BENEFITS

Project benefits refer to the positive outcomes or results that a project is expected to deliver to
the organization, stakeholders, and customers. These benefits can be tangible or intangible,
financial or non-financial, and short-term or long-term.

Examples of project benefits include:

1. Increased revenue or sales

2. Improved efficiency or productivity

3. Enhanced customer satisfaction or loyalty

4. Reduced costs or expenses

5. Improved quality or accuracy

6. Increased market share or competitiveness

7. New or improved products or services

8. Improved employee morale or engagement

9. Compliance with regulations or standards

10. Environmental or social benefits

11. Improved data management or analytics

12. Enhanced collaboration or communication

13. Increased innovation or creativity

14. Better decision-making or risk management

11
15. Improved reputation or brand image

Project benefits are important because they:

1. Justify the investment in the project

2. Guide project scope and prioritization

3. Measure project success and performance

4. Communicate value to stakeholders

5. Align with organizational strategy and goals

By defining and tracking project benefits, organizations can ensure that their projects deliver
meaningful value and drive business success.

WHAT IS ENGINEERING TECHNOLOGY?

Engineering technology is the practical application of engineering and scientific principles to

solve real-world problems through the development, implementation, and maintenance of
technological solutions.

WHAT IS TIME VALUE OF MONEY

Time value of money is a financial concept that holds that the value of a dollar today is worth
more than the value of a dollar in the future. This is true because money you have now can be
invested for a financial return, also the impact of inflation will reduce the reduce the future value
of the same amount of money.

THE POSITIVE AND NEGATIVE EFFECTS OF TECHNOLOGY ON SOCIETY.

Positive Effects Negative Effects

 Improved Quality of Life  Job Displacement
 Increased Efficiency  Privacy Concerns
 Better Communication  Environmental Impact

HOW TECHNOLOGY CAN BE ACQUIRED SPECIFICALLY.

12
  Research and Development (R&D): Investing in creating new technologies.
 Technology Transfer: Acquiring technology from other organizations or countries.
 Licensing: Obtaining the right to use existing technology through licensing agreements.
 Partnerships and Collaborations: Collaborating with other entities to develop or
access technology.
 Purchasing: Buying technology products or services from vendors.

WHAT IS FIT AND FITTINGS IN ENGINEERING?

FIT:

Refers to the meticulousness and exactitude with which parts come together in a system. fit is a
common engineering practices to set data in order to determine some parameters in a
mathematical model.

Fitting is the process of assembling parts to get the necessary fit, some operations do not require
the use of machines.

FITTINGS:

Are the components used to connect or bring together parts within a system, ensuring they fit
correctly and function as intended.

o Design Engineer: Developing and designing new products or systems.

o Project Engineer: Managing engineering projects from conception to completion.
Research Engineer: Conducting research to develop new technologies or improve
existing ones.
o Sales Engineer: Combining technical knowledge with sales skills to sell
engineering products.
o Consulting Engineer: Providing expert advice and solutions to clients on
engineering projects.

THE SCOPE OF CONSULTING ENGINEERING PRACTICE

13
Consulting engineering involves providing specialized engineering expertise and services to
clients on a project-by-project basis. This includes feasibility studies, design, project
management, and troubleshooting, ensuring projects meet regulatory standards and
client requirements

STATE THE OBLIGATIONS OF ENGINEERING TO THE PUBLIC

o Safety: Ensuring the safety and well-being of the public through engineering practices.
o Sustainability: Promoting sustainable and environmentally friendly solutions.
o Transparency: Maintaining honesty and openness in professional activities.
o Accountability: Taking responsibility for engineering decisions and their impacts

II. THE PROFESSION

Engineering is a profession that applies scientific and mathematical principles to develop

solutions to technical problems, aiming to improve the quality of life.

III. THE PROFESSIONAL COLLEAGUES

Professional colleagues in engineering are peers and collaborators who work together to achieve
common goals, share knowledge, and uphold the standards of the profession.

WHAT IS FOR SOUND JUDGMENT

Sound judgment can be define as one’s ability to objectively assess situations or circumstances
using all the relevant information and apply past experience in order to come to a conclusion or
make a decision.

WHY NEED FOR SOUND JUDGMENT FOR ENGINEERS SOUND

Judgment is essential for engineers to make informed decisions, solve problems effectively,
ensure safety, and maintain integrity and credibility of the profession.

WHAT IS ENGINEERING ECONOMICS

Engineering economics, previously known as engineering economy, is a subset of economics

concerned with the use and application of economic principles in the analysis of engineering
decisions. As a discipline, it is focused on the branch of economics known as microeconomics in

14
that it studies the behavior of individuals and firms in making decisions regarding the allocation
of limited resources. Thus, it focuses on the decision making process, its context and
environment. It is pragmatic by nature, integrating economic theory with engineering practice.

But, it is also a simplified application of microeconomic theory in that it assumes

elements such as price determination, competition and demand/supply to be fixed inputs from
other sources. As a discipline though, it is closely related to others such as statistics, mathematics
and cost accounting. It draws upon the logical framework of economics but adds to that the
analytical power of mathematics and statistics.

15