Managerial Economics

Code

BUSI4433

School

Business

Level

4

Credits

20

Semesters

Autumn UK

Summary

The module is concerned to use economic reasoning to consider how individuals are motivated and activities and individuals are co-ordinated with organisations. It contrasts markets and firms as alternative forms of managing resource flows. It shows how incomplete and imperfectly distributed information causes difficulties for each form. There is an emphasis on the application of economic reasoning to real organisations including financial institutions, manufacturing firms, franchised businesses, on-line retailers etc and to contemporary business issues such as executive compensation, promotion tournaments etc.

Target Students

Only available for MSc Business and Management students and MSc Exchange students.

Classes

• One 4-hour seminar
• Two 1-hour-30-minute lectures each week for 11 weeks

This module is taught through a combination of lectures and seminars.

Assessment

• 100% Exam (2-hour): In person exam.

Assessed by end of autumn semester

Educational Aims

Learning Outcomes

Knowledge and understanding: 
This module develops a knowledge and understanding of:
•    The dynamics of the global economy and international business &/or an awareness of cultural, legal/regulatory, political, and economic differences across countries &/or an appreciation of management issues from a global perspective.
•    Markets - the development and operation of markets for resources, goods and services
•    Finance - the sources, uses and management of finance
•    People and strategic and operational HRM, meeting future organisational requirements, people development, HR systems
•    The management of resources
•    Leadership and management of people within organisations & leadership, organisational behaviour and motivation
•    Strategic management - the development and implementation of appropriate strategies within a changing environment

Intellectual Skills: 
This module develops:
•    Being able to think critically and be creative: manage the creative processes in self and others; organise thoughts, analyse, synthesise and critically appraise. This includes the capability to identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately
•    Using information and knowledge effectively in order to abstract meaning from information and to share knowledge, including the use of quantitative skills

Professional Practical Skills: 
This module develops:
•    The ability to conduct research and enquiry into business and management issues either individually or as part of a team through research design, the collection and analysis of qualitative data, synthesis and reporting
•    Effective performance within team environments and the ability to recognise and utilise individuals' contributions in group processes and to negotiate and persuade or influence others; team selection, delegation, development and management.  Leadership and performance management: selecting appropriate leadership style for different situations; setting objectives, motivating, monitoring performance, coaching and mentoring
•    The ability to recognise the need for and initiate change and to be able to manage change

Transferable (key) Skills: 

This module develops:

● Effective communication: networking, listening, oral and written communication of complex ideas and arguments, using a range of media, including the preparation of business reports

● High personal effectiveness: critical self-awareness, self-reflection and self-management time management conflict resolution, displaying commercial acumen, the ability to continue to learn through reflection on practice and experience

Conveners

• Professor David Kelsey