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Explore all PDH CEU CPC CPD and Webinars for Engineers

 

This course accepted in:

 

• Alabama (P.E.)

• Alaska (P.E.)

• Arkansas (P.E.)

• Florida (P.E.) (AOP)

• Georgia (P.E.)

• Idaho (P.E.)

• Illinois (P.E.)

• Iowa (P.E.)

• Kansas (P.E.)

• Kentucky (P.E.)

• Louisiana (P.E.)

• Maine (P.E.)

• Maryland (P.E. Category B)

• Minnesota (P.E.)

• Mississippi (P.E.)

• Missouri (P.E.)

• Montana (P.E.)

• Nebraska (P.E.)

• Nevada (P.E.)

• New Hampshire (P.E.)

• New Mexico (P.E.)

• North Carolina (P.E.)

• North Dakota (P.E.)

• Oklahoma (P.E.)

• Oregon (P.E.)

• South Carolina (P.E.)

• South Dakota (P.E.)

• Tennessee (P.E.)

• Texas (P.E.)

• Utah (P.E.)

• Virginia (P.E.)

• West Virginia (P.E.)

• Wyoming (P.E.)

 

 

 

Abbreviations:

AOP-Areas of Practice

LAR-Laws & Rules

P.E.-Professional Engineers

 

Explore all PDH CEU CPC CPD and Webinars for Engineers

Principal - Agency Issues and the Engineer-Manager

Course No. BS-2010

Credit: 2 PDH

Course Fee: $57.90 Purchase course

Subject Matter Expert: David J. Nowacki

Attention Engineers Licensed in the States of: Indiana, New Jersey, New York, Ohio, Pennsylvania

This course cannot be taken to fulfill the continuing education requirements of the states shown above since the subject matter does not fall within the state guidelines. For more information, check your State Board Requirements.

Indiana | New Jersey | New York | Ohio | Pennsylvania

Overview

Agency theory applies to all aspects of the licensed professional engineer in describing that person’s motivation, their interaction with other engineers and other disciplines, and in dealing with external non-engineer decision makers such as political office-holders. The course applies centuries-old theories developed in economics and finance and behavioral sciences, which are still relevant today.

Applications of Agency Theory cover individual, managerial and employee work performances, partnering issues, and contract negotiations. Economic topics such as Moral Hazard, Utility Theory, Game Theory and Agency Theory will be described independently then interwoven into how professional behavior and management techniques utilize contracts to achieve mutually beneficial goals. Rarely does an engineering education include these topics yet Agency Theory is considered one of the most critical concepts in both personal and professional lives.

To receive PDH credit, the student must take a multiple choice quiz of twenty-five (25) questions.

Specific Knowledge or Skill Obtained

This course teaches the following specific knowledge and skills:

  • Identify where the Principal-Agent problem exists
  • Identify where and when moral hazards exist
  • Define Utility Theory and marginal utility of individuals, corporations and governmental bodies
  • Using marginal utilities as it applies to decision-making
  • Learn to develop First and Second Best Solutions
  • Identify the differences between price and value
  • Define asymmetric information and how to address contracts when asymmetric information is apparent
  • Define survival bias and why some industries don’t act in the best interest of their customers
  • How monitoring costs affect contract structure including contract enforcement
  • Realize the total costs of the Principal-Agent problem for individuals, corporations and society at large

Course

Click on the following link to the PDF document to review the course material before taking the quiz for credit.

Principal - Agency Issues and the Engineer-Manager

 

Having trouble downloading the PDF file?

If clicking the link does not bring you to the PDF file, then right-click the link. Click "Save Target As" and save on your desktop. To view the file, double-click the icon on your desktop and return to this page to take the quiz. You may want to bookmark this page for your convenience. If you have questions, Live Support Chat can help.

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To receive PDH credit for this course, you must pass a multiple-choice quiz. Click the button below to Purchase Course and Take Quiz. To take the quiz, your computer must be set to accept cookies. See how to check your cookie settings.

 

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