2022/23 Undergraduate Module Catalogue
MECH2640 Economics and Management
20 creditsClass Size: 340
Module manager: Dr Rajinder Bhandal
Taught: Semesters 1 & 2 (Sep to Jun) View Timetable
Year running 2022/23
This module is mutually exclusive with
|LUBS1170||Introduction to Management|
|LUBS1940||Economics for Management|
Module replacesLUBS 1220 Economics of IndustryLUBS 2190 Company Organisation
This module is not approved as a discovery module
- to understand the economics of the engineering business enterprise.
On completion students will:
- be familiar with economic concepts relevant to manufacturing enterprise;
- be able to apply these to business problems and compare basic theory with business practice;
- be able to identify the structure of an industrial market and analyse the effects of that structure on the performance of firms and the actions of firms in response to competition in the industry;
- understand principles of finance for manufacturing investment.
- to identify the major internal and external influences in managing a business;
- to outline the basic structures involved in a business organisation;
- to understand theories and models that describe/prescribe the process of management;
- to make, justify and evaluate decisions about business situations;
- to understand the interrelationship between functional management and general management processes.
On completion of this module students will be able to:
1. Apply economic and management theories, concepts and tools to business problems
2. Apply economic principles for financing investment decisions
3. Analyse the structure and market environment of business
4. Assess the role of managers within organisations and reflect on this in relation to their own professional development
5. Demonstrate team working skills
Upon successful completion of this module the following UK-SPEC learning outcome descriptors are satisfied:
Understanding of concepts from a range of areas, including some outside engineering, and the ability to evaluate them critically and to apply them effectively in engineering projects (SM6m)
Knowledge and understanding of the commercial, economic and social context of engineering processes (EL2)
Knowledge and understanding of management techniques, including project and change management, that may be used to achieve engineering objectives, their limitations, and how they may be applied appropriately (EL3m)
Understanding of the requirement for engineering activities to promote sustainable development and ability to apply quantitative techniques where appropriate (EL4)
Understanding of the key drivers for business success, including innovation, calculated commercial risks and customer satisfaction (EL7m)
Understanding of contexts in which engineering knowledge can be applied (eg operations and management, application and development of technology, etc) (P1)
Apply their skills in problem solving, communication, information retrieval, working with others and the effective use of general IT facilities (G1).
- economics of production processes and costs;
- product demand and the theory and practice of pricing;
- the firm in different market structures;
- strategic interaction of firms;
- investment decisions.
- Introduction: developing a whole systems perspective to the nature of management, foundations of management understanding, managing in a global environment and the environment and corporate culture.
- Planning: organisational goal setting; strategy formulation and implementation and managerial decision making.
- Organising: fundamentals, structural design, innovation and change, human resource management.
The lectures will be supported by seminars and self managed study focusing on applying module concepts to two case studies.
|Delivery type||Number||Length hours||Student hours|
|Private study hours||169.00|
|Total Contact hours||31.00|
|Total hours (100hr per 10 credits)||200.00|
Private studyReading, preparation for seminars, assignments: 169 hours.
Opportunities for Formative FeedbackStudents will be provided with formative feedback via seminars through exercises and case studies used and by provisional marks on the written assignments.
Methods of assessment
|Exam type||Exam duration||% of formal assessment|
|Unseen exam||2 hr||50.00|
|Unseen exam||2 hr||50.00|
|Total percentage (Assessment Exams)||100.00|
Exam paper provided for Economics & Management for whichever component failed.
Reading listThe reading list is available from the Library website
Last updated: 21/04/2023
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