Course detail

Managerial Economics 1

FP-Kme1PAcad. year: 2021/2022

The course focuses on the interconnection of individual knowledge and skills, acts as an integrating element connecting particular areas of business economics. Students will acquire a methodological approach to the study of business processes. The next part is to clarify the specifics of individual business sciences, emphasizing practical applicability in solving complex numerical managerial problems.

Language of instruction

Czech

Number of ECTS credits

5

Mode of study

Not applicable.

Guarantor

Ing. Jiří Luňáček, Ph.D., MBA

Department

Institute of Economics (ÚE)

Learning outcomes of the course unit

The student will know at an advanced level the formulation of methodological procedures for solving general managerial problems. Based on the input conditions, he will be able to apply a suitable method. He will be able to evaluate and explain the results critically.

Prerequisites

Knowledge of business economics, economics, mathematics is assumed at the bachelor level.

Co-requisites

Not applicable.

Planned learning activities and teaching methods

The course is taught in the form of lectures, which have the character of interpretation of basic principles and theory of given discipline. Exercise is focused on the practical handling of the material discussed at the lectures.

Assesment methods and criteria linked to learning outcomes

Credit conditions:
During the semester, the student must obtain at least 50% of the maximum possible points, ie, 20 points out of 40.
Suppose illegal cooperation in written tests is discovered. In that case, the credit will not be awarded the possibility of considering disciplinary proceedings initiation.
Points can be obtained for two tests, which will occur in the middle and at the end of the semester. The following applies to both tests:
Tests are written answers that can be the choice of one correct of several possible, verbal solutions or combinations thereof and computational examples. The correction period is possible only for severe reasons for non-participation (typically medical reasons - it is necessary to document).
Half semester test - maximum 10 points.
Semester test - maximum 30 points.
In the case of online teaching, the tests will take place through e-learning.

Test conditions:
The final exam is written; it consists of open questions and numerous examples from the discussed issues. The maximum number of points achieved is 60. To successfully pass the exam is necessary to prepare the written part of the exam to evaluate at least 20 points.

The final classification scale is given by the sum of points for credit and points from the exam. The rating is as follows:
A: 90 - 100 b.
B: 80 - 89 b.
C: 70 - 79 b.
D: 60 - 69 b.
E: 50 - 59 b.
F: less than 50 b.
In the case of online teaching, the exam will take place through e-learning.

The conditions are identical to ISP. The date of individual tests and examinations is agreed individually according to the requirements approved by the ISP.

Course curriculum

The course focuses on the connection of individual knowledge and skills, acts as an integrating element connecting unique managerial skills.
1. Introduction to the subject, Managerial economics as theoretical science, scientific methods used in the issue.
2. Creation of business models, barriers to use.
3. Form of business as a decision problem, economic problems, mergers, quantification of model input factors.
4. Objectives and development of the company - (Criteria for setting objectives, Methods for resolving conflicts between goals, methods, and forecasting).
5. Objectives and development of the company - (Life cycle of the company).
6. - 7. Non-standard investment planning and decision-making models - (correction method, sensitivity analysis, Dean's model, simultaneous investment planning, use of decision trees, Monte Carlo method).
8. Risk in decision making, the theoretical model of decision making for risks, elimination of subjectivity, and statistical tools.
9. Management of fixed assets, Models of renewal and exchange, Energy management.
10. Multicriteria evaluation, choice of methods, limitations in use.

Work placements

Not applicable.

Aims

The course aims to provide a comprehensive explanation of business management's general problems, regardless of its affiliation to a particular field or industry.
The global goal is to summarize comprehensive knowledge and skills, emphasizing the context and links in business and management economics. Students will learn a methodological approach to the study of business processes and, at the same time, clarify the specifics of individual business sciences, which are the content of the area.

Specification of controlled education, way of implementation and compensation for absences

Attendance at seminars and lectures is voluntary.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

KOCMANOVÁ, A. Ekonomické řízení podniku. Praha: Linde Praha, 2013. ISBN 978-80-7201-932-8.
SYNEK, M. a kol. Manažerská ekonomika. 5. vyd. Praha: Grada, 2011. 480 s. ISBN 978-80-247-3494-1.
WÖHE, G., KISLINGEROVÁ, E. Úvod do podnikového hospodářství. Praha: C .H. BECK, 2007. 748 s. ISBN 97-8807-179897-2.

Recommended reading

JABLONSKÝ, J. Operační výzkum : kvantitativní modely pro ekonomické rozhodování. 3. vyd. Praha: Professional Publishing, 2007. 323 s. ISBN 978-80-86946-44-3.
LUŇÁČEK, J., MARTINOVIČOVÁ, D. Podniková ekonomika II, 1. vyd. Brno: PEF MENDELU v Brně, 2011. 152 s. ISBN 978-80-7375-489-1
MANSFIELD, E. Managerial economics. 1. vyd. New York: W. W. Norton & Comp., 1990. ISBN 0-393-95728-4.

Classification of course in study plans

  • Programme BAK-EP Bachelor's 3 year of study, summer semester, compulsory

Type of course unit

 

Lecture

20 hod., optionally

Teacher / Lecturer

Ing. Jiří Luňáček, Ph.D., MBA

Syllabus

1. Introduction to the subject, Managerial economics as theoretical science, scientific methods used in the issue.
2. Creation of business models, barriers to use.
3. Form of business as a decision problem, economic problems, mergers, quantification of model input factors.
4. Objectives and development of the company - (Criteria for setting objectives, Methods for resolving conflicts between goals, methods, and forecasting).
5. Objectives and development of the company - (Life cycle of the company).
6. - 7. Non-standard investment planning and decision-making models - (correction method, sensitivity analysis, Dean's model, simultaneous investment planning, use of decision trees, Monte Carlo method).
8. Risk in decision making, the theoretical model of decision making for risks, elimination of subjectivity, and statistical tools.
9. Management of fixed assets, Models of renewal and exchange, Energy management.
10. Multicriteria evaluation, choice of methods, limitations in use.

Exercise

10 hod., optionally

Teacher / Lecturer

Ing. Jiří Luňáček, Ph.D., MBA

Syllabus

Exercise 1 - Organization of teaching. Credit requirements. The entrance test of knowledge from the issue
Exercise 2 - Developmental processes in the company, life cycle forecasts, predictive models.
Exercise 3 - Economic models of the company. Selection of initial models, design of a mathematical model, approaches to solutions, conversion of solutions into economic reality—Half-semester test.
Exercise 4 - Investment projects. Stochastic methods, uncertainty prediction, sensitivity analysis for investment projects.
Exercise 5 - Semester test.