Basic Economics, Accounting and Management
 
 
Subject Code: BHM2046
Aim of Subject: This is a servicing subject to non-management students so that they can have basic knowledge of accounting, economics and management.
Learning Outcome subject: At the completion of the subject, students should be able to :
  • understand the principals of economics pertaining to their job.
  • understand how economics impacts planning and decision-making at the workplace.
  • understand the principals of finance, costing and management accounting.
  • understand the basic dimensions of management, with specific emphasis on leadership, motivation and communication.
  • understand the basics of project management.
Programme Outcomes:
  • Capability to communicate effectively(10%)
  • Understanding and commitment to professional and ethical responsibilities(10%)
  • Ability to work independently as well as with others in a team(10%)
  • Ability to be a multi-skilled engineer with good technical knowledge, management, leadership and entrepreneurship skills(60%)
  • Capability and enthusiasm for self-improvement through continuous professional development and life-long learning(10%)
Assessment Scheme:
  • Test / Quiz - written exam(50%)
  • Final Exam - written exam(50%)
Teaching and Learning Activities: 42 hours (lectures and tutorials)
Credit Hours: 3
Pre-Requisite: None
References:
  • Kreitner (2004) Management, 9th ed. South Western. Parkin (1999) Economics. 7th ed. Addison Wesley Lane and Sollenberger (2001) Managerial Accounting, South Western (Textbook)

Subject Contents

  • An introduction to economics theory

  • Introduction of basic economic concepts, the principals of economic valuation and national government policies.
     
  • Economics Planning and Control

  • Resource allocation, budgeting, estimation of expenditure, capital investment, control of costs and finance.
     
  • Costing and Finance

  • Marginal or direct costing, policy basis, depreciation and overheads, stock evaluation, cost of making a product. Costing for labour and other costing decisions.
     
  • Management Accounting

  • Basic accounting concepts and practices, reporting results, difference between budget and forecasts, profit and loss, sales, capital and cash-flow.
     
  • General Management

  • Overview of the key management principals, namely planning, organizing, leading and controlling. Specific emphasis will be placed on leadership, motivation and communication.
     
  • Project Management

  • Defining the project, project life cycle and project managerís role. Managing the project: planning {scope, work breakdown structure, network analysis, budgeting and scheduling ( using tools such as Gantt charts and critical path method )}, organizing ( organization work breakdown structure, responsibility assignment matrix, team building), leading ( shared vision, managing reward, motivating , managing conflict), controlling (project control system, monitoring and evaluating project and reporting progress) Practical examples will be used to reflect application in naturalistic setting.