The emphasis of the bachelor in Financial Engineering degree program is on developing new financial strategies and tools that are used to forecast financial trends, develop financial instruments/models, and establish new techniques that are advantageous to businesses and organizations to make strategic financial decisions.
Ways to Make Financial Benefits in Petroleum Engineering Using Digital Technology
While digital technology in the engineering field specializes in the creation and practical use of digital or computerized devices, methods, and systems, petroleum engineering is concerned with the tasks and assignments related to the production of hydrocarbons, which could include natural gas or crude oil.
Using various digital or computerized methods to produce hydrocarbons is one way that petroleum engineering can generate financial benefits.
These methods include:
The oil and gas sector can benefit from disruptive technologies that have changed other industries. Bringing in a “digital oil and gas” mentality would catalyze the drive for efficiency.
Some broad themes that would find application in the oil and gas industries include advanced analytics, predictive maintenance methods, wearables, 3D printing, and blockchain technology.
Partnerships and interdependence between stakeholders are also essential, as oil trader Mercuria recently discovered when it teamed up with ING bank to implement blockchain protocol pilots within transaction streams.
Ways to Make Financial Benefits in Electrical Engineering Using Digital Technology Challenges and Prospects
Unlike petroleum engineering, there are unique ways in which financial benefits in electrical engineering are made using digital technology challenges and prospects.
LEDs are becoming more affordable to the general public. As constant innovations reduced the cost of lighting, it became the de facto standard.
A Light Emitting Diode bulb saves a significant amount of money for every household due to its energy-saving capabilities, and they pay for themselves in a matter of months.
With more advancements in smart technology, it is expected that these lights will become cheaper, easier to install, and more efficient shortly.
The Internet of Things has an impact on many areas of electrical engineering. IoT is intertwined with many fields of electrical engineering, including smart grids, smart lighting, and visible light communication (VLC), among others; an electrical engineer must be literate in IoT.
Drone applications extend far beyond the entertainment industry. According to a recent study, engineering and construction sites are the most common places where drones are used, and this field of application is rapidly expanding. Leveraging drones might improve security by 55%.
Drones are used by electrical engineers to examine potentially hazardous situations without putting themselves in danger. With its cameras, infrared, and other sensors, it saves the lives of electrical engineers while also providing a clear picture of the hazard. Furthermore, drones aid in the recording, examination, and analysis of job sites, providing accurate information and increasing productivity.
Wireless technology can sense, detect, and alert you to threats, making it the new lifesaver. Customers who wear smartwatches are extremely satisfied with their ability to detect and alert them about their health conditions.
The same scenario holds in electrical engineering and electrical engineers. Proxxi bracelets, which have a vibrating sensor if they come too close to high-voltage electricity, are an excellent example. Another prime example is Sole Power, which creates boots equipped with temperature sensing, lighting, cloud connectivity, and GPS to warn of overheating, danger, and falls.
What is the Difference Between Financial Management and Industrial Engineering Management?
Financial management is an art or practice that focuses on planning, organizing, directing, and controlling a company’s or organization’s financial activities (that is, funds utilization and procurement), whereas industrial engineering management focuses on the design, improvement, and management of integrated human systems.
The main distinction is that financial management equates the application of general management principles to a company’s financial resources, whereas industrial engineering management focuses on installation, material, and equipment.
Can a Person Who Studied Chemical Engineering and Finance and Management work as a Material Engineer?
Yes, someone who studied chemical engineering can work as a material engineer. Not only that, but you can also do a master’s/PhD in material engineering, especially if you majored in plastic/polymer material. As a finance and management student, you can work as a material person. You may need to take some extra courses to augment your course of study.
Where Do Engineering Companies Submit Their Financial Statements To?
Engineering companies are expected to submit their financial statements to their shareholders at every annual general meeting. Copies of various companies’ financial statements can also be found on the internet or on their websites.
The financial statements are prepared by the Generally Accepted Government Audit Standards.
Is Financial Engineering the same as finance?
Financial engineering is the use of mathematical techniques to address financial issues. It is sometimes referred to as computational finance, mathematical finance, and financial mathematics.
The tools of applied mathematics, computer science, statistics, and economic theory are used in financial engineering.