COURSE OUTLINE & INTRODUCTION

IEM-221 Title Fundamentals of Economics and

Code Management
Credit Hours 2

Engr. Haroon Akhtar

Instructor Contact
Email: engr.haroonakhtar@gmail.com
Mob: 0300-5761686

Office Hours Thursday 10:30 – 13:30

The objectives of this course are to:

1. To make students understand the basic concepts and importance of economics
Course
in the field of Engineering and IT.
Objective 2. To enable students to apply the knowledge of economics in solving real world
economic problems for better managerial decisions
Course Learning outcomes:
S.No. CLO Domain Taxonomy PLO
Level
1 Discuss the key concepts and principles of Cognitive 2 11
Course economics, and their relevance to management
Outcomes
2 Apply the economics tools and technieques Cognitive 3 11
in solving real world economic problems to
make better managerial decisions

1. What every Engineer should know about accounting and finance, by

Jae k shim, Norman Henteleff Geetika G., GhoshPiyali., &
Choudhray Purba, (2008),
Suggested 2. “Managerial Economics”, TMH. Dwivedi D, N. (2005),
Textbook(s) 3. “Managerial Economics”, New Delhi, Vikas Publishing House. (Latest
Edition) by Peterson Craig, Lewis H., Cris W. & Jain Sudhir K., (2008)
4. “Managerial Economics” New Delhi, Pearson Education. (Latest
Edition)
1. A student must reach the class-rooms in time. Late comers may join
the class but are not entitled to be marked “Present”.
2. Attendance shall be marked at the start of the class and students
Class Policy failing to secure 75% attendance will not be allowed to sit in the
Final Exam.
3. Mobile phones must be switched-off in the class-rooms.
4. Zero Tolerance on cheating and copying in any form

Mid -Term Exam /=50 Marks Final – Term Exam / = 50 Marks

Internal Evaluation
Grading Mid-Term : 25 Marks
Policy
Quiz: 15Marks
Assignments: 10 Marks
Weeks Course Outlines Quizzes/
Assignments
Basic Economic Concept: Meaning, Nature and Scope
of Economics, Methodology of Economics: Deductive
vs Inductive Economics, Static and Dynamics, Basic Assignment – 1
Week 1,2
Economic Problems: Scarcity and Choice, Relation Quiz -1
between Science, Engineering, Technology and
Economics.

The Economic Environment:

Week 2 Consumer and Producer Goods, Measure of Economic
Worth, Price, Supply, and Demand Relationship

The Economic Environment:

Week 3 Production, Factors of Production, Laws of Return
in Economics
Cost Concepts Analysis: Sunk and Opportunity Cost,
Fixed, Variable, and Incremental Costs, Recurring and
Week 4 Non-Recurring Costs, Direct, Indirect, and Overhead
Costs
Cost Concepts Analysis: Standard Costs, Breakeven
Week 5 Analysis, Unit Cost of Production, Cost Benefit Analysis, Assignment – 2
Feasibility Studies
Cost Concepts Analysis: Value Analysis in Designing and
Week 6 Purchasing, Taxation Details

Inflation and Deflation, Causes of inflation and

Week 7 deflation, Why deflation is worse than inflation?

Depreciation and Depletion: Purpose of Depreciation,

Week 8 Types of Depreciation, Economic Life, What can be
depreciated? Depreciation problems.

Week 9 MID TERM EXAM

Depreciation and Depletion: Depreciation

Week 10 problems, Difference between depreciation and
obsolescence.

Comparing Alternatives:
Present Economy; Selection among machines,
Week 11
materials, processes, and designs, Payback Period
Method, Present Worth Method
 Comparing Alternatives:
Week 12 Uniform Annual Cost Method, Rate of Return Quiz-2
Method

Comparing Alternatives:
Alternatives having identical lives, Alternatives
Week 13
having different lives.

Introduction to Management, History,

Assignment – 3
Week 14 Characteristics, Levels and Functions of
Management

Introduction to Management, Project

Management, Difference between Management
Week 15
and Project Management, Functional Manager
and Project Manager, characteristics, role.
Leadership and Management:
Characteristics of Leadership & Qualities of a Good
Leader, Leadership Styles, Leadership Continuum
Week 16 Contingency Approach to Leadership, Leadership Quiz -3
Effectiveness, Measures for Developing Leadership
Ability of Managers, Importance of Motivation

Organizational Conflicts:

Meaning and Causes of Conflicts, Ways of

Week 17
Managing Conflict, Conflict Control and
Organizational Strategy, Strategies to Manage
Workplace Conflict

Week 18 FINAL TERM EXAM