DOCSLIB.ORG

Managerial Economics and Strategy EC: 15 30 July 2017 the Effect Of

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Managerial Economics and Strategy EC: 15 30 July 2017 the Effect Of Managerial Economics and Strategy EC: 15 30 July 2017 The Effect of Leadership Style on Team Performance Wen Gai 11085711 University of Amsterdam 1 ABSTRACT This study aspires to extend the systematic research on the effect of leadership style on team performance through unconventional source – reality TV show. The candidates, before putting into diversified challenges, have been strictly screened to make sure they have an above-average level of business knowledge. Interested in how leadership style, as a key branch of leadership, acts on the probability of winning the task, this research investigates the connection between authoritarian, democratic and laissez-faire leadership and winning, by controlling for other factors such as leadership experience, individual capability, and sex difference. The results from the statistical analysis provided no solid evidence for a direct linkage between leadership style and team performance, but showed significant correlation between task success and experience and ability of project managers, and proved certain leadership style more effective under specific type of task. I. INTRODUCTION As failure of efficiency maximization of resources has been a primary potential cause of sales decline or even bankruptcy of companies, increasing attention has been given to managerial supervision that takes either responsibility of bad judgments or credit for uniting the monetary and human resources through coherent strategies. Even fairly equal economy entities vary in the rate of economic growth under different presidency. Similarly, a team may get varying results for homogeneous tasks with different project managers, as there are many ways to approach the art of leadership. What brings different outcomes, given all project managers in the observation group reach an average level of business knowledge, is the style of leadership he/she follows in the interaction with people, planning and decision-making process. However, one’s style of leadership can either form naturally as personality, or developed through years of experience. Hence, understanding of the linkage between leadership styles and team performance can be intriguing to both businesses and scholars for bringing a potential enhancement of efficiency and employee morale by hiring a suitable person to a company, and generating fresh thoughts on academic subjects such as managerial economics, behavioral science and even gender equality. The aim of 2 Figure 1 Managerial Grid, by Blake and Mouton, 1964, retrieved from http://psycnet.apa.org. Copyright 2016 by APA. this study is to test previous findings about the effectiveness of different leadership styles on team performance using media resources under the assistance of statistical modeling approach. Before thinking of how different styles work, what is the leadership style to look at? Over the past 40 years, there has been considerable concern in identifying leadership style. There is a wide variety of emphasis for frameworks. In terms of morality and motivation, for example, the Managerial Grid (Blake et al. 1964) in Figure 1 gives a graphic explanation of the distinction between task-oriented leadership and people-oriented leadership by expressing concern for production on the horizontal axis, and concern for people on the vertical axis on a scale ranging from 1to 9. The former leadership, appears as a 1,1 style on the axis, pay no extra effort on a relationship as long as minimum effort is enough to get the task done, while the latter leadership, appears as a 9,9 style on the axis, think highly of people’s commitment and see trust and respect within the team a crucial part of task accomplishment. On the other hand, as leadership is always 3 being judged under circumstances with more than a person, the chemistry between individuals may to some extent influence their performance and even afterwards if there are future cooperation opportunities for the same group of people. Taking into account the interdependency between relationship, efficiency and satisfaction, Burns (1978) introduced the concept of “transforming leadership” and “transactional leadership”. According to Burns, transforming leadership is a mutual process where leaders manage to “transform” something and leaders and followers “raise each other to advance to a higher level of morale and motivation”. Transactional leaders, on the contrary, are more interested in maintaining the status quo - the accomplishment of the current task. And instead of stimulating intrinsic motivation of people as transformational leaders do, they secure followers’ compliance using rewards or punishments. Psychologist Kurt Lewin and his colleagues made the first systematic study of leadership styles and mentioned three styles of leadership - authoritarian, democratic, and laissez-faire - in their experiments regarding patterns of aggressive behavior. While there is no firmly established way to identify leadership styles, the extraordinary aspects of the distinctions between leadership styles in this paper lie in its helping us to understand the approaches and consequences of different leadership by simply focusing on the level of delegation reflected in leaders’ verbal expressions and strategic decision-making process as well as its building a foundation for future studies following the interest of aggression and artificial "social climate" (Lewin et al, 1939). Convinced by the arguments in this study and interested in their applicability on other population, this paper is going to adopt its framework of the three leadership styles, and extend the previous study in the effect of leadership styles upon performance by investigating the consequences of three leadership styles on team performance in a public setting – a reality TV show. Contestants face a weekly challenge regarding business issues and they will be assigned to one of the two teams/leaders either predetermined by the boss or elected democratically by contestants within a team. At the end of each task, teams report back at the boardroom and the winning team will be decided by the boss, according to the amount of net profit (cash/credit) they bring back, or feedback from professionals involved in the task arrangements. Every week at least one candidate including the project manager from the losing team will get “fired”, till the final two fight it out in week twelve. The setting enables researchers to observe how, conditional on the average level of business skills/knowledge, leadership styles affect team performance and push forward to win the task over the other team. 4 Rather than analyzing delicate emotional change in some frameworks, the simplicity of looking at the delegation level makes investigation through TV screen much more feasible and easier, and hopefully provides more precise data for later breakdown. However, on the other hand, other studies using game show as a tunnel found that individual behavior is sometimes inconsistent with expected-utility theory and this unique setting somehow encourages risky behavior of the contestants and overestimation of their own abilities (Gertner, R., 1993; Metrick, A., 1995). The setting also adds uncertainty to the application of the framework in terms of valuable details neglected in the clip due to length limitation of the show and “leader-follower” role play comes along with a competition nature which incentivizes every member to seek for an opportunity for individualistic heroism while at the same time being a team-player. While such strategy sounds contradictory, it makes sense as candidates are generally asked for leadership and teamwork skills as what usually put under a job qualification column, but outstanding individual ability also plays an important part as it makes the one shines distinguishingly. After all, only one candidate will take the first place and get the job offer or the investment fund from the boss. Hence, in addition to the correlation between leadership style and team performance, we are going to test how individual ability influence team performance and the distribution of leadership style adopted by project manager of high individual performance. Classification criteria of leadership styles in this study will, basically, adopt the idea in the paper of Lewin and his colleague, but will be adjusted to fit the public setting more appropriately, and will be discussed in details in later sections. This study finds that democratic leaders are likely to have 15% higher possibility than authoritarian leaders, and 13% higher chance than laissez-faire leaders in leading the team to win the task, regardless of type of task. Unfortunately, this finding lacks solid support as the correlation coefficient was found insignificant under 90% confidence level. However, this study does find significant results after taking task type into consideration. Authoritarian leadership reduces the winning probability by 63% in a creative task, and laissez-faire leadership can completely write off any advantage and turn an entrepreneurial task into, as described by the boss, a “total shambles”. The role of project manager is demonstrated as his/her individual capability and experience is clearly relevant to task performance, while other factors such as gender and team size are proved to be irrelevant. 5 The rest of this paper is organized as follows. Section II shows the predictions based on theoretical analysis. Section III elaborates data characteristic and the measurement of leadership styles. Section IV introduces the regression model
Load more

Recommended publications
  • Management Managerial Economics Demand Estimation and Forecasting
    Paper: 11, Managerial Economics Module: 10, Demand Estimation and Forecasting Prof. S P Bansal Principal Investigator Vice Chancellor Maharaja Agrasen University, Baddi Prof. Yoginder Verma Co-Principal Investigator Pro–Vice Chancellor Central University of Himachal Pradesh. Kangra. H.P. Prof. S K Garg Paper Coordinator Former Dean & Director, H.P. University, Shimla (H.P.) Mohinder Singh Content Writer Assistant Professor, Dept. of Accounting and Finance, SBMS Central University of Himachal Pradesh. Kangra. H.P. 1 Managerial Economics Management Demand Estimation and Forecasting Items Description of Module Subject Name Management Paper Name Managerial Economics Module Title Demand Estimation and Forecasting Module Id Module No.-10 Pre- Requisites Basic understanding of Demands, Demand Function, Business Statistics Objectives To enable learners to understand concept of meaning, significance, level and process of Demand Estimation and Forecasting. Various methods that can be adopted in forecasting the most likely future demand of a product or service. Keywords Demand Estimation, Demand Forecasting, Trend Projection, Sample Survey, Collective Opinion and Delphi Method 2 Managerial Economics Management Demand Estimation and Forecasting QUADRANT-I Module 10: Demand Estimation and Demand Forecasting 1. Learning Outcome 2. Demand Estimation and Demand Forecasting 3. Features of Demand Forecasting 4. Why Demand Forecasting 5. Demand Forecasting Process 6. Determinants of Demand Forecasting 7. Methods of Demand Forecasting 8. Summary 1. Learning Outcome: After completing this module the learner will be able to: Understand the various concepts of Demand Estimation and Demand Forecasting. Various methods that can be used for Estimation and Forecasting of Demand of a product. 3 Managerial Economics Management Demand Estimation and Forecasting 1.0 Introduction Estimating the future demand for products, either existing or new is a significant aspect of demand analysis.
    [Show full text]
  • Masters of Business Admin (MBA) 1
    Masters Of Business Admin (MBA) 1 MASTERS OF BUSINESS ADMIN (MBA) MBA 603 Business in the Global Environment (3 credits) Discusses the interrelationships of the various functions of the business enterprise in different environmental settings. Contextual analysis focuses on: global economic institutions, systems and mechanisms, business government relations and cultural diversity. The course also addresses such issues as ethics, social responsibility and the physical environment from a regulatory, as well as a corporate governance perspective. MBA 614 Business and Its Environment (3 credits) MBA 616 International Business Operations (3 credits) MBA 617 Quantitive Analysis for Business Decisions (3 credits) MBA 618 Operations and Quality Management (3 credits) Provides an understanding of the management and planning of service and manufacturing operations and their roles in organizations. The operations function comprises all of the diverse activities involved in the delivery of services and the production of goods. The major theme of the course is the vital role that process quality and product quality play in determining a company's global competitiveness. Total Quality Management (TQM) is a major factor in determining the competitiveness and survivability of an organization. Other topics essential to the effective management of operations are: forecasting, technology management, capacity planning and materials management. The computer will be used throughout the course to facilitate analysis. MBA 626 Business Economics (4 credits) Introduces the principles of microeconomics and macroeconomics. Provides the tools and quantitative techniques to understand and analyze the pricing and production decisions by managers of individual firms as well as current economic policy issues on the national and international level.
    [Show full text]
  • Managerial Economics and the Effectiveness of Quantitative Analysis for Profit Maximizing Companies in Africa
    PROCEEDINGS OF THE 10th INTERNATIONAL MANAGEMENT CONFERENCE "Challenges of Modern Management", November 3rd-4th, 2016, BUCHAREST, ROMANIA MANAGERIAL ECONOMICS AND THE EFFECTIVENESS OF QUANTITATIVE ANALYSIS FOR PROFIT MAXIMIZING COMPANIES IN AFRICA Emmanuel Innocents EDOUN1 Charles MBOHWA2 ABSTRACT Quantitative analysis uses mathematical and statistical tools to quantify information for effective managerial decision-making. Past experiences have shown that, lack of planning and appropriate managerial skills are some of the reasons why companies struggle to remain competitive in the market. This study is based on the premise that, quantitative analysis strongly assists senior- managers in making decisions that contribute to the growth of the company. Numerous studies have used quantitative analysis to predict productivity, maximize profit culminating to managerial decision-making. Profit maximizing companies have relied on the effectiveness of quantitative analysis methods to plan for future activities. These companies are able to collect monthly data on their production costs. They are also in a position of keeping track of their production and make comparative analysis that will guide them in making the necessary changes depending on the problems identified. Using the Cobb Douglas production function, this study was able to review this theory and analyze data from various plants generated by the regression equation. Which is why, this paper has strongly argued that, the implication of quantitative approach is useful in managerial decision-making. KEYWORDS: Decision-making, growth, quantitative analysis, profit-maximizing, Cobb Douglas production function JEL CLASSIFICATION: C69, M21 1. INTRODUCTION Managerial economics is an areas of economic that deals with managerial decision-making process which forms part of the broader strategy used by top management in planning for future activities.
    [Show full text]
  • The Correspondence Between Baumol and Galbraith (1957–1958) an Unsuspected Source of Managerial Theories of the Firm
    The correspondence between Baumol and Galbraith (1957–1958) An unsuspected source of managerial theories of the firm. Alexandre Chirat To cite this version: Alexandre Chirat. The correspondence between Baumol and Galbraith (1957–1958) An unsuspected source of managerial theories of the firm.. 2020. halshs-02981270 HAL Id: halshs-02981270 https://halshs.archives-ouvertes.fr/halshs-02981270 Preprint submitted on 27 Oct 2020 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. T he correspondence between Baumol and Galbraith (1957-1958) An unsuspected source of managerial theories of the firm Alexandre Chirat October 2020 Working paper No. 2020 – 07 30, avenue de l’Observatoire 25009 Besançon France http://crese.univ-fcomte.fr/ CRESE The views expressed are those of the authors and do not necessarily reflect those of CRESE. Alexandre Chirat First Draft (do not quote) 20 Octobre 2020 The correspondence between Baumol and Galbraith (1957–1958) An unsuspected source of managerial theories of the firm. Abstract: Baumol’s impact on the development of managerial theories of the firm is investigated here through material found in Galbraith’s archives. In 1957 Galbraith published a paper claiming that the impact of macroeconomic policies varies with market structures (competitive versus oligopolistic).
    [Show full text]
  • MANAGERIAL ECONOMICS UNIT-2 DEMAND ANALYSIS Meaning Of
    MANAGERIAL ECONOMICS UNIT-2 DEMAND ANALYSIS Meaning of Demand Analysis: Ordinarily, by demand is meant the desire or want for something. In economics, however demand means much more than that, it is effective demand i.e. the amount buyers are willing to purchase at a given price and over a given period of time. From managerial economics point of view, thus, the demand may be looked upon as follows: - Demand is the desire or want backed up by money. Demand means effective desire or want for a commodity, which is backed up by the ability (i.e. money or purchasing power) and willingness to pay for it. The demand does not mean simply the desire or even need for a commodity obviously, a buyer’s wish for the product without possessing money to buy it or unwillingness to pay a given price for it will not constitute a demand for it for example a beggar’s wish for a Bike will not constitute its potential demand, as he has no ability to pay for it. In short Demand = Desire + Ability to pay + Willingness to spend Demand Estimation and Demand Forecasting In Demand estimating manager attempts to quantify the links or relationship between the level of demand and the variables which are determinants to it and is generally used in designing pricing strategy of the firm. In demand estimation manager analyse the impact of future change in price on the quantity demanded. Firm can charge a price that the market will ready to wear to sell its product. Over estimation of demand may lead to an excessive price and lost sales whereas under estimates may lead to setting of low price resulting in reduced profits.
    [Show full text]
  • Economics Concepts for Managers COURSE SYLLABUS
    Economics Concepts for Managers COURSE SYLLABUS UNIVERSITY OF MASSACHUSETTS DARTMOUTH Charlton College of Business Department of Accounting and Finance Summer 2017 Instructor: Gopala Vasudevan Office: Email:[email protected] 317 Charlton Building (508) 999-8426 (office) Course: FIN 500, Economic Concepts for Office Hours: Online and Email. Managers Section 7101 COURSE DESCRIPTION This is taught as an online course. All lecture materials, syllabi will be posted on MYCOURSES which is the website of the University. All assignments and exams will be posted on CONNECT which is a subscription based website hosted by McGrawHill. Please make sure that you set up your account with CONNECT as soon as possible. The first two weeks is generally complimentary and you should not wait to start the assignments posted on CONNECT. Assignments and Exams will not be reopened past the due date. Regular Assignments are due on Sunday. Practice Assignments are due on Friday. Practice Assignments will also be graded and receive 25% of the grade for that Assignment. Regular Assignments will receive 100% of the points for the assignment. Economics concepts for managers focuses on microeconomic analysis and its application to business decision making. We study how to direct scarce resources in the way that most efficiently achieves managerial goals. The course develops the tools of intermediate microeconomics, business, and policy analysis. Specific topics includes demand and supply, basic econometrics, individual behavior, production, costs, theory of the firm, the nature of an industry, market models, value of information, and public policy toward business. The basic analytical techniques of managerial economics are identifying problems and opportunities, analyzing alternatives, and making optimal choices.
    [Show full text]
  • Managerial Economics
    12e Managerial Economics Mark Hirschey University of Kansas Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States This page intentionally left blank Managerial Economics, 12th Edition © 2009, 2006 South-Western, a part of Cengage Learning Mark Hirschey ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form VP/Editorial Director: Jack W. Calhoun or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web Acquisitions Editor: Mike Roche distribution, information networks, or information storage and retrieval Developmental Editor: Amy Ray systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of Editorial Assistant: Laura Cothran the publisher. Marketing Manager: Brian Joyner Content Project Manager: Lysa Oeters For product information and technology assistance, contact us at Sr. Manufacturing Coordinator: Sandee Cengage Learning Academic Resource Center, 1-800-423-0563 Milewski For permission to use material from this text or product, Production Service: Integra submit all requests online at www.cengage.com/permissions Sr. Art Director: Michelle Kunkler Further permissions questions can be emailed to Cover and Internal Designer: Diane Gliebe/ [email protected] Design Matters Cover Image: © iStockphoto.com © 2009 Cengage Learning. All Rights Reserved. Library of Congress Control Number: 2007941977 Student Edition ISBN 13: 978-0-324-58886-6 ISBN 10: 0-324-58886-0 Student Edition with PAC ISBN 13: 978-0-324-58484-4 ISBN 10: 0-324-58484-9 South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd.
    [Show full text]
  • Managerial Economics and Strategy 1
    Managerial Economics and Strategy 1 MECS 540-2 Political Economy II: Conflict and Cooperation (1 Unit) MANAGERIAL ECONOMICS This course offers a theoretical treatment of conflict. Conflict often arises even though there is some cooperative solution that would have satisfied AND STRATEGY all the relevant actors. The course studies the fundamental causes of conflict (positive analysis) and possible solutions that create cooperation Degree Types: PhD (normative analysis). This course might be of interest to students in applied theory, political economy or development. The PhD program in Managerial Economics & Strategy (MECS), a program offered jointly by the Departments of Managerial Economics & MECS 540-3 Political Economy III: Social Choice and Voting Models (1 Decision Sciences (MEDS) and Strategy, emphasizes the use of rigorous Unit) theoretical and empirical models to solve problems in both theoretical This course is about aspects of collective decision-making, both on the and applied economics. A distinctive feature of the program is its micro level and macro level. We briefly review some classic results from particular focus on methods and insights drawn from microeconomics. social choice, then strategic behavior in collective decision-making. The The program should appeal to students who wish to investigate next topic is a discussion of all aspects of elections, ending with analysis economic questions in scenarios where the actions of individual decision of institutions. We study models of forward-looking behavior in collective makers (such as individual people, firms, or countries) play a key role in decision-making and dynamics of institutions. determining outcomes. The program is appropriate for students with MECS 540-4 Political Economy IV: Topics in Development Economics (1 an aptitude for analytical thinking, mathematical modeling, and formal Unit) analysis.
    [Show full text]
  • Managerial Economics of Non-Profit Organizations
    Managerial Economics of Non-Profit Organizations This is the first book of its kind to bring together the microeconomic insights on the functioning of non-profit organizations, complementing the wide range of books on the management of non-profit organizations by focusing instead on both theoretical and empirical work. Jegers begins by considering definitions of non-profit organizations before examining the economic rationale behind their existence, the demand for them and its implications for their functioning. The final chapters look at the economic idiosyncrasies of the non-profit organizations, focusing on the fields of strategic management, marketing, accounting and finance. This book will be perfect for advanced undergraduates and postgraduates engaged in the study of non-profit organizations and managerial economics. Marc Jegers is Professor of Managerial Economics at the Vrije Universiteit Brussel and the Universiteit Antwerpen in Belgium. Routledge studies in the management of voluntary and non-profit organizations Series Editor: Stephen P. Osborne 1 Voluntary Organizations and 7 Social Enterprise Innovation in Public Services At the crossroads of market, Stephen P. Osborne public policies and civil society 2 Accountability and Edited by Marthe Nyssens Effectiveness Evaluation in Non-Profit Organizations 8 The Third Sector in Europe Problems and prospects Prospects and challenges James Cutt and Vic Murray Edited by Stephen P. Osborne 3 Third Sector Policy at the 9 Managerial Economics of Crossroads Non-Profit Organizations An
    [Show full text]
  • Supply Chain Management
    EXECUTIVE EDUCATION OPERATIONS & TECHNOLOGY Supply Chain Management LIVE VIRTUAL Sept. 13–17, 2021 Strategy and Planning for Effective Operations Revolutionize your operations. In this dynamic and Key Benefits collaborative learning environment, you’ll learn the latest tools, techniques and models for efficient — and effective — • Design supply chains that improve profitability supply chain management. • Use product design, strategic sourcing and contracts to efficiently Taught by leading authorities on management, strategy, marketing and match supply and demand decision sciences, this program offers an interdisciplinary approach to • Build and maximize supply chain managing supply chains and leading effective operations. Faculty present coordination and collaboration state-of-the-art models and real-world case studies on managing facilities, • Identify supply chain risks and inventories, transportation, information, outsourcing, strategic partnering design risk-mitigation strategies and more. • Explore purchasing, production You will learn effective strategies for managing logistics and operating and distribution strategies for a complex networks. You’ll develop new skills for integrating your supply global environment chain into a coordinated system and learn how to identify supply chain risks and design mitigation strategies. You’ll gain practical tools for increasing service levels and reducing costs. And you’ll be inspired Who Should Attend to redesign your operations for peak performance. • Senior and mid-level managers and consultants responsible for domestic and international supply “ There are many moments throughout the course in chain and logistics systems which you are really forced to think about how your • Operations, purchasing, inventory supply chain is designed versus how it should be.” control and transportation managers who want to ensure high customer DIRECTOR OF MANUFACTURING & ENGINEERING, EXACTECH INC.
    [Show full text]
  • Managerial Economics (R20MBA02) Academic Year 2020-22
    Digital Notes Managerial Economics (R20MBA02) Academic Year 2020-22 Compiled By: A.LAKSHMI, MBA, Assistant Professor Dr.G.ARCHANA,Associate Professor G.VENKATA REDDY,MBA(PhD),Assistant Professor MALLA REDDY COLLEGE OF ENGINEERING & TECHNOLOGY (Autonomous Institution-UGC, Govt. of India) Maisammaguda, Dhulapally, Kompally, Medchal, Hyderabad - 500100 MALLA REDDY COLLEGE OF ENGINEERING & TECHNOLOGY (Autonomous Institution-UGC, Govt. of India) Course Code : R20MBA02 Course Title : MANAGERIAL ECONOMICS Course (Year/Semester) : MBA I Year I Semester Course Type : Core Course Credits 3 Course Aim: . To enable students acquire knowledge to understand the economic environment of an organization. Learning Outcome: . Students should be able to understand the basic economic principles, forecast demand and supply and should be able to estimate cost and understand market structure and pricing practices. Unit-I: Introduction to Managerial Economics Introduction: Definition - Nature and Scope - ME as an Inter-disciplinary - Basic Economic Principles - The Concept of Opportunity Cost - Incremental Concept - Scarcity - Marginalism - Equi-marginalism - Time perspective - Discounting Principle. Unit-II: Theory of Demand Demand Analysis: Law of Demand - Movement in Demand Curve - Shift in the Demand Curve Elasticity of Demand: Types & Significance of Elasticity of Demand - Measurement Techniques of Price Elasticity Forecasting: Demand Forecasting and its Techniques - Consumers Equilibrium - Cardinal Utility Approach - Indifference Curve Approach - Consumer Surplus. Unit-III: Production and Cost Analysis Production Analysis: Production Function - Production Functions with One/Two Variables - Cobb-Douglas Production Function - Marginal Rate of Technical Substitution - Isoquants and Isocosts - Returns to Scale and Returns to Factors - Economies of Scale. Cost Analysis: Cost concepts - Determinants of Cost - Cost-Output Relationship in the Short Run and Long Run - Short Run vs.
    [Show full text]
  • Supply Chain Management and Logistics (SCL)
    MAKE YOUR MARK 2021– 2022 UNDERGRADUATE CATALOG | COURSES OF STUDY Supply Chain Management and Logistics (SCL) n Major: 61 credit hours Preparation: The supply chain management and n Minor: 25 credit hours logistics major is designed to prepare students n Major/Minor: GPA required for for a professional career in the most dynamic graduation: 2.25 and comprehensive field in industry, supply chain management and logistics. Students will possess PROGRAM REQUIREMENTS: the knowledge, skills, and abilities for career opportunities in the supply chain management n CAPSTONE: Business Strategy and logistics field in positions such as operations and Policy (BUS 450) manager, logistics analyst, supply chain manager, purchasing manager, logistics manager, and storage Description of Major: Supply chain management and distribution manager. and logistics consists of a set of methodologies used to integrate and manage efficiently systems SUPPLY CHAIN MANAGEMENT of people, resources, and information. Supply chain AND LOGISTICS MAJOR 61 crs. management and logistics enables the effective and efficient flow of materials, finances, and information BUSINESS CORE REQUIREMENTS 40 crs. from suppliers, manufacturers, wholesalers, ACC 205 PRINCIPLES OF distributors, and retailers to the end-user and FINANCIAL ACCOUNTING 3 back again. The purpose is to optimize the supply ACC 230 PRINCIPLES OF chain and logistics resources in the most cost- MANAGERIAL ACCOUNTING 3 effective approach, enabling organizations to create ECO 211 PRINCIPLES OF MICROECONOMICS 3 a sustainable competitive edge. ECO 212 PRINCIPLES OF MACROECONOMICS 3 BUS 303 BUSINESS LAW I 3 Student Learning Outcomes or Students will: BUS 304 BUSINESS LAW II 3 • Apply critical thought regarding the environment BUS 324 BUSINESS ETHICS AND of business.
    [Show full text]