intensive macroceconomic evaluations

intensive macroceconomic evaluations

Analysis of the Business Environment end of unit coursework (2014-15)

This assignment is worth 70% of the overall module mark

Q1: The eurozone is currently concerned that it’s below target inflation may become deflation. Why are they concerned? What macro-economic tools are available to avoid deflation but what are the possible side effects of these?
The attached article “Desperate times, desperate measures” from the Economist in January 2014 may be a useful starting point.

(60%)

Q2: Describe the four key macroeconomic variables. How is the UK government trying to influence these currently and what are the government’s objectives?

(40%)

Total = 100%

Word count limit Q1: 2000 make this 1900
Word count limit Q2: 1500 make this 1400

The answers should be in the form of a short report, therefore they should include an introduction and conclusion but an executive summary is not required. Any charts or graphs should be in the body of the report and not in appendices.

The answers should be fully referenced (referencing may be either Harvard or “footnotes” in Word). You may include a Bibliography.

Both questions 1&2 require you to do your own research.

The assignment must be submitted electronically on Turnitin (same instructions as assignment 1).

This module uses economic and quantitative analysis to understand the external influences on business at both a micro and macro-economic level. The module explores the working of markets at various levels and demonstrates how this affects business operations.

Module Aims

• to examine the main features of the economic environment of the firm, includinggovernment policies, and the impact of these on the firm’s economic decisions
• to familiarise students with some common economic terminology
• to develop awareness of the importance of statistical information to a business
• to develop analytical skills and quantitative tools relevant to managerial decision processes and encourage students to apply these in so far as possible
• to develop the ability to use software relevant to economic and business analysis business decision making.

Learning Outcomes

On successfully completing this module, students will be able to critically assess:

1. Recognise and explain commonly used economic terms.
2. Interpret and evaluate key economic and financial information given in the financial press.
3. Recognise current problems in the economic environment.
4. Engage in informed discussion of such problems from the perspective of a manager, employee, entrepreneur and/or investor.
5. Acknowledge, from a management perspective, the general principles behind using quantitative techniques and relevant software.

Indicative Syllabus Content

• Use of index numbers and time series techniques, probability laws and simple probability distributions, expected values and decision trees.
• The competitive environment: The market mechanism, market structures in theory and practice, market structure and competitive consequences
• Market failure and government policy towards competition
• Analysis of corporate objectives: The profit maximising firm and other business objectives, principal-agent analysis.
• Measures of economic performance: economic growth, the trade cycle
• The international context of business
• Common economic problems and management: inflation, unemployment

Teaching and Learning Methods

These will include a combination of lectures, seminars, workshops and group work. The emphasis will be on analysing and evaluating current and emerging issues in the economic environment and their impact on the management of contemporary organisations. To this end, learners will be expected to identify key developments from their own research and collaborate with fellow students in developing a ‘map’ of the current business context.

(*)Please note that the overall study hours will need to be adjusted, depending on the credit rating of the module in the ration of 1 credit: 10 hours study time, so a 15 credit module = 150 study time etc).

Assessment Rationale

The module coursework will require the students to apply economic analysis to a case study of a real world business situation. Students will be required to use relevant economic concepts and models where appropriate and to apply them correctly to the case.

Assessment Criteria

The learner will need to demonstrate, in the coursework assignments, knowledge and understanding of the module content and an ability to relate this learning to the practical management issues facing modern organisations. To assist in this process they will be expected to use relevant literature drawn from the various disciplines which inform the module.

In assessing learning in the assignments, students will also be expected to:

• demonstrate accurate analysis and evaluation of the complex issues facing their chosen organisations especially in relation to the organisations’ economic environments and
• provide evidence that they have undertaken extensive research into economic environmental factors impacting on organisations.
• Ability to conceptualise, reducing complex problems to manageable dimensions
• Demonstration of learner autonomy capacity for self reliance
• Analytical as well as synthetic ability in producing practical solutions to problems
• Effective communication of findings in a written presentation

Assessment Methods and Weightings
Individual assignment 2 (70% weighting)

To pass this module, students must achieve a mark of at least 40% in each element and 50% on average.

Essential Reading

Curwen J and Slater R (2002) Quantitative Methods for Business Decisions,5thed, Thompson

(Referred to as C&S in the teaching plan)

Begg D, Fischer S, Dornbusch R (2010) Economics9th ed. McGraw-Hill

Library reference: 330BEG/ 2103185961

(Referred to as B in the teaching plan)

Sloman J, Hinde K and Garrett D (2010) Economics for Business, 5th ed, FT/Prentice Hall

An Online version is available in the University

Library reference: 330.024658

(Referred to as S in the teaching plan)

Key journals
The Economist www.economist.co.uk

Web references
Office of National Statistics (UK) www.statistics.gov.uk
Bank of England: www.bankofengland.co.uk
European Central Bank www.ecb.int
The Financial Times www.ft.com
International Monetary Fund www.imf.org

TEACHING PLAN

The following table is the teaching plan including the topics and references from the recommended texts.

Learning Week Topic Chapters
1 The market; demand, supply and price B 3&4, S 4&5
2 Market structures and their measurement B 8&9, S 11&12
3 Making sense of Data —
4 Index numbers, correlation and regression C&S 7&8
5 Probability, expected values and decision trees C&S 8
6 Assignment preparation
7 Business objectives/ principal agent theory S 3&14
8 The macro-economy and GDP B19&20, S26,
9 The circular flow of money B19,20&21, S26, 30
10 Inflation and Unemployment B26&27, S 29
11 Supply side policies B16&17, S18,20, 21&31
12 Assignment preparation and feedback

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