19EHS302: ENGINEERING ECONOMICS AND MANAGEMENT Course objectives Define the basi terms of economics and analyze lw of demand and elasticity of demand + Explain cost concepts and interpret Financial statements + Apply break even analysis concept in business organization + Discuss the advantages of different forms of organization Elaborate the principles of Management u Economics: Utility, value, wealth, consumption, wants necessaries, comforts and luxuries. Demand: Law of demand, elasticity of demand, price elasticity of demand, factors affecting clasticity ofdemand, simple problems. Learning outcomes: Student will be able to Shours © Define utility and value of goods. * Distinguish between necessities, comforts and luxuries. + Classify demand + Analyze the clasiticity of demand for various economic goods. U Shours Costing: Cost concepts, elements of cost, methods of distribution of overhead costs, unit costing, job costing and process costing; Simple problems. Accounts: Preparation of profit and loss account and balance sheet (outlines only), Leaming outcomes: Student will be able to . List types of costs . Apply cost analysis in finding profit . Classify accounts . Compose & Interpret balance sheet for a given enterprise Unit 111 Ghours Break-Even Analysis: Assumptions, break-even charts, simple problems. Depreciation: Depreciation methods - Simple problems. Learning outcomes: Student will be able to ‘+ Apply break even analysis in business organization + Examine the impact of fixed and variable costs on profits * List depreciation methods + Compute the depreciation of assets. it 1V 10 hours Forms of Business Organization: Single trader, partnership and public limited company Principles of Organization: Types of organization; Span of management; Authority, delegation and decentralization, source of formal authority, difference between authority and power, line and staff authority, simple case studies. Learning outcomes: Student will be able to Categorize forms of business organization Distinguish types of organization Ilustrate advantages and disadvantages of each form of organization Evaluate the effect of span of management on decision making 164Unit V 10 hours Principles of Management: Importance of management, definition of management, management process, roles of a manager; Management, a science or art - Management, a profession; Functions of management. Leadership: Difference between a leader and a manager, characteristics of leadership, functions of a leader, simple case studies. Learning outcomes: Student will be able to + Summarize the function of management + Assess the role of manager * Compare and contrast between Leader and Manager * List the characteristics of Leader Course Outcomes + Interpret and summarize the country’s economy and market economies, as an entrepreneur + Develop the background behind making cost implications and related concepts. + Analyze various accounting concepts and financial management techniques for preparingeffective profit and loss statements + Discover the optimal production strategies. + Examine and analyze break even evaluation concepts for identification of minimum productionvolume for survival and to gain profits + Adapt and build good manager skills by employing the concepts of various skills like goodleadership qualities, utilizing motivation capabilities and incorporating communications skills, 165