Statistics Applied to Economy

General Introduction

Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Since organizations can be viewed as systems, management can also be defined as human action (including design) to facilitate the production of useful outcomes from a system. Therefore, management is needed in order to facilitate a coordinated effort toward the accomplishment of the organization’s goals..

Aim

Management can give exposure to management concepts and some simulated experiences of management scenarios.

Course (module) objectives (outcomes):

At the end of this Course a student will be able to:

·      To understand who is manager and what is management.

·      To understand the functions and roles of manager

·      To understand the levels of management and skills required by managers.

·      To the know the contributions of different thinkers in evolution of management

·      To understand the leadership, organization structure, and design of organization

·      To know financial management and tools used for decision making to invest in a given project.

·      Basics of financial mathematics.

Course overview

In today’s volatile economies, every organization needs strong managers to lead its people towards achieving the business objectives. A manager’s primary challenge is to solve problems creatively and plan effectively. Managers thus fulfill many roles and have different responsibilities within the various levels of an organization. Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. 

 Course contents

Chapter I: General Introduction

•      Definition of management

•      Functions of management

•      Levels of management

•      Roles of managers

•      Skills needed by managers

•      Evolution of management (Contributions of Peter Drucker, F.W Taylor, Elton Mayo, Henri Fayol, Max Weber, Henry Gantt, Frank&Lilian Gilbreth)

•      Managerial functions

•      Application of motivation theories and values

•      Leadership in organisation

•      Structure and design of organisation

•      Management of decision making

—  The cycle of life of a project and an enterprise

—  The challenge of the modern management

Chapter II: Financial management

•      Nature and the scope of financial management

•      Core element of financial management

•      Finance manager functions

•      Source of finance of business

Chapter III: Financial mathematics

—  Time value of money

—  Simple Interests

—  Compound Interests

—  Discounts

—  Annuities

—  Amortization of loans and sinking funds

Chapter IV: Project management

—  Investment decisions/capital budgeting

—  Types of investments

—  Qualities of sound investment

—  Techniques of investment decisions

§  Pay back period (PBP)

§  Net Present Value (NPV)

§  Internal rate of return (IRR)

§  Profitability index (PI)

—  Business Revaluation

—  BEP (Break-Even Point)

—  Productivity Measurement

Teaching strategies and methodology 

Examples, exercises and problems allow student to appreciate their progress and staff to monitor progress throughout the duration of the module. 

The course include discussion, examples, exercises, both group and individual based allow student to appreciate their progress and staff to monitor progress throughout the duration of the module. Meetings will be held every day from Monday to Friday. Teaching activities will be conducted using zoom meetings, Google meets, Course materials like PPT, Podcast, the textbooks will uploaded for further readings, financial tables and videos will be uploaded on the moodle to facilitates revisions. For the practical with the help of Zoom Excel sheet will be used while solving some problems in financial mathematics and project management tools of project.

The communication throughout the module will be done using charts and forum.

Relevant information will be on moodle on time to facilitate the time management

Timetable will be uploaded weekly.

The attendance will be carried out daily for better management of the class. 

Assessment strategy

Assessment will be also part of this online teaching and learning process. Some evaluations will be done online like quiz and individual assignment while 1 invigilated CAT, and final exam at Campus. This may be compiled as follows:

The module investigates concepts of mathematical functions. It aims at equip students with knowledge on functions of several variables, functions of complex variables; ordinary differential equations (ODE) and their applications. The model includes limit, continuity and differentiability; partial derivative; Taylor’s formula; directional derivative and gradient; multiple integrals (double, triple, line integrals)) for function of several variables, complex function, Ordinary differentials equations of first and second order and their applications.

This module intends to familiarize students with the ideas and methodologies of some multivariate methods together with their applications in data analysis using the SPSS or other computing software like R, Matlab or Excel, and to explore some of the real-life situations occurring in the fields of agriculture, biology, environment, engineering, industrial experimentation, medicine, social sciences, etc, that can be investigated using multivariate techniques.