Course Content
Management Foundations
Management: Concept, Process, Theories, and Approaches, Management Roles and Skills
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*A Brief History of Business Management
*Approaches to Management Thinking
Important Figures
Management Theories
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*Case Study: Scientific Management
Time Study : 1880s : F.W. Taylor
Motion Study : 1900s : Frank Gilbreth and Lillian Gilbreth
*Social Systems Approach: 1901 : Vilfredo Pareto
*Scientific Management : 1910s : F.W. Taylor
*General Administrative Management Theory : 1916 : Henri Fayol
*14 Principles of Management : 1916 : Henri Fayol
5 Functions of Management : 1916 : Henri Fayol
*Bureaucracy Management Theory : 1921 : Max Weber
Human Relations Management Theory / Behavioural Approach Theory
*Hawthorne Studies : 1920s : Elton Mayo
*General System Theory : 1968 : Ludwig von Bertalanffy
*Management Jungle Theory : 1961 : Harold Koontz
Management Functions
Functions: Planning, Organizing, Staffing, Coordinating, and Controlling
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Planning
Controlling
The Functions of the Executive : 1938 : Chester Barnard
Communication
Communication: Types, Process, and Barriers
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*Objective of Communication in Business
*Effective Written Communication
*Formal Communication Channel
*Communication Barriers
Decision Making
Decision Making: Concept, Process, Techniques, and Tools
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*Introduction to Decision Making
Summary of Decision Making Approaches
*Rational Decision-Making Model : 1940s : Herbert A. Simon
*Bounded Rationality Approach : 1957 : Herbert A. Simon
*Garbage Can Approach : 1972 : Cohen, March, and Olsen
*Decision Making Styles
*Decision Making Biases
Organisation Structure and Design
Organisation Structure and Design: Types, Authority, Responsibility, Centralisation, Decentralisation, and Span of Control
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*Mintzberg’s organisational type : 1979 : Henry Mintzberg
*Network Theory of Organization : 1980s : Ronald A. Burt
*Progression for developing an Organization Structure
*Modern Organisation Structures
*Types of Organizational Authority : Line, Staff & Functional
*Organization Span of Control
Managerial Economics Foundations
Managerial Economics: Concept and Importance
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Noteworthy Mentions
Implicit Cost & Explicit Cost; Accounting Profit & Economic Profit
Demand analysis
Demand analysis: Utility Analysis, Indifference Curve, Elasticity and Forecasting
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*What is Demand?
*Analysing Consumer Demand
*Indifference Curve
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Demand Curve & Law of Demand
*Understanding Market Dynamics: The Bandwagon, Snob, Income, and Substitution Effects
Supply Curve & Law of Supply
Summary
*Market Equilibrium Point
*Consumer Surplus & Producer Surplus
*Price Floor & Price Ceiling
*Elasticity Vs Inelasticity of Demand
Exceptions to the Law of Demand : Giffen & Vebblen Goods
*Nature of Goods and their Income Elasticities
Strategies for High Income Elastic Product (YED)
*Strategies for Low Income Elastic Products (YED)
*Nature of Goods and their Cross Price Elasticities
*Methods of Demand Forecasting
Planning Premises Vs Forecasts
Market Structures
Market Structures: Market Classification and Price Determination
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*Market Structure in Economics
Collusive Models of Oligopoly
*Non-Collusive Models of Oligopoly
*Sales Maximization Model : 1959 : William J. Baumol
*Price Discrimination
*Full Cost Pricing Theory : 1939 : Hall & Hitch
National Income
National Income: Concept, Types, and Measurement
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*National Income: Concept, Types, and Measurement
Measurement of National Income
Inflation
Inflation: Concept, Types, and Measurement
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*Phillips Curve
*Misery Index
*Sacrifice Ratio
*Okun’s Law
*Consumer Price Index (CPI) & Wholesale Price Index (WHI)
*GNP Deflator and Rate of change of GNP Deflator
*Structuralist Theory of Inflation : 1950s : G. Myrdal and P. Streeten
Business Ethics & CSR: Ethical Issues & Dilemma
Business Ethics CSR: Ethical Issues Dilemma
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*Case Study: Introduction to Business Ethics
*Ethical Behaviour Clusters
*Case Study: Introduction to CSR
*Business Ethics Case Study: Moonlighting
Corporate Governance
Corporate Governance
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*Corporate Governance Introduction
*Case Study: Introduction to Corporate Governance
*Case Study : Kumar Mangalam Birla Committee report
*Anglo-Saxon Model of Corporate Governance
Types of Markets
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Elasticity of Supply (PES)
Time Preferance for Money
Production Cost and Its Types
Unit I : Evaluation
Unit I : Evaluation
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Ultimate Quiz
Unit I: Business Management and Managerial Economics

Adam Smith

Contribution: Classical Economics and Theory of Absolute Advantage

  • Adam Smith is widely regarded as the father of modern economics. He introduced the idea of absolute advantage in his seminal work The Wealth of Nations (1776).

  • Absolute Advantage refers to a country’s ability to produce a good more efficiently than another country, making it beneficial for nations to specialize in the production of goods where they have this advantage and trade with others.

  • His ideas laid the foundation for free trade and the concept of the “invisible hand” guiding markets.

Alfred Marshall

Contribution: Microeconomics, Price Theory, and Elasticity

  • Alfred Marshall is one of the founders of microeconomic theory. His major work, Principles of Economics (1890), introduced key concepts such as price elasticity of demand, consumer surplus, producer surplus, and marginal utility.

  • He emphasized the role of supply and demand in determining prices and also focused on the importance of market equilibrium.

  • Marshall’s ideas formed the basis for much of modern microeconomics and influenced economic policy and welfare economics.

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