Fundamentals of Economics and Business Management (B.Tech. Electrical Engineering)

Course Overview

• The course is Bachelor of Technology (Electrical Engineering) and the course title is Fundamentals of Economics and Business Management.
• The course is part of the Humanities, Social Science and Management Course group.

Course Objectives

• Understand the fundamental concepts and principles of business management.
• Learn the need for setting objectives, the basic roles, skills, and functions of management.
• Understand the basic concepts of economics with major emphasis on demand and supply.
• Learn about the essential factors of production, various types of costs along with break-even analysis and market structure.

Course Structure

• 3 lecture hours, 0 tutorial hours, and 0 practical hours per week.
• 3 credits for the course.
• Total marks for the course is 100, with 50 marks for internal evaluation and 50 marks for external evaluation.

Detailed Syllabus

• Topic 1: Nature of Organization (2 hours)
  • Aim of organization
  • Need for corporate objectives
  • Types of business organization
• Topic 2: Introduction to Management (7 hours)
  • Definitions of management
  • Management & Administration
  • Levels of management
  • Skills and types of managers
  • Management concepts: Scientific Management Theory, Classical Organization Theory, Management Science Approach, Systems Approach, Contingency Theory, and Management by Objectives (MBO)
  • Functions of Management: Planning, Organizing, Staffing, Directing, Controlling, and Coordinating
• Topic 3: Human Resource Management (3 hours)
  • Recruitment & Selection
  • Appraisal of employees
  • Theories of Motivation: Maslow’s theory of Hierarchy of needs and McGregory’s theory X and Y
  • Introduction to Corporate Social Responsibility; Ethics
• Topic 4: Financial Management (7 hours)
  • Need for monetary control
  • Financial accounting: balance sheet, profit and loss account, ratio analysis
  • Management accounting: costing, marginal costing, depreciation
• Topic 5: Introduction to Marketing management (3 hours)
  • Marketing Mix
  • Concepts of marketing
  • Demand forecasting and its qualitative methods
  • Market segmentation
• Topic 6: Production Management (6 hours)
  • Organization of manufacturing: Job production, batch production, flow production, group technology
  • Production planning & control: Planning, routing, scheduling, dispatching, expediting, inspection
  • Plant location and plant layout
• Topic 7: Introduction to TQM, ISO9000, Six Sigma (4 hours)
  • Basic concept, principle, brief methodology
• Topic 8: Introduction to Economics (6 hours)
  • Definitions
  • Foundation stones of economics
  • Types of goods
  • Difference between Microeconomics & Macroeconomics
  • Theory of Demand & Supply: meaning, determinants, law of demand, law of supply, equilibrium between demand & supply
  • Elasticity: elasticity of demand, price elasticity, income elasticity, cross elasticity
• Topic 9: Theory of Production (5 hours)
  • Meaning
  • Factors of production: meaning & characteristics of land, labour, capital & entrepreneur
  • Cost: meaning, short run & long run cost, fixed cost, variable cost, total cost, average cost, marginal cost, opportunity cost
  • Break even analysis: meaning, explanation, numerical
• Topic 10: Markets (2 hours)
  • Meaning
  • Types of markets & their characteristics: Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly

Reference Books

• List of 7 reference books provided

This quiz assesses the understanding of fundamental concepts and principles of economics and business management, essential for B.Tech. Electrical Engineering students. It covers key concepts and theories in the field of economics and business management.