from my understanding its the senior year project all cadets have to complete before they graduate. but thats just my understanding, im sure someone else will come and explain it better.
From watching from the OUTside, it's a senior exit project where you work in a peer-team environment to examine some 'real-world'(-ish?) options that you are given... and work up the technical feasibility for making major systems modifications to repurpose ships, create business estimates (including materials and labor projections), create economic forecasts to examine the viability of such changes... etc.
And then , you write up your findings (with supporting documentation), and do a presentation (where you also field questions).
From what I hear from the INside...
"Wow. This is a HUGE amount of work for 1 credit hour"