CBM345 Economics and Management for Engineers Syllabus:
CBM345 Economics and Management for Engineers Syllabus – Anna University Regulation 2021
COURSE OBJECTIVE:
To understand the concepts of Economics with respect to the demand and supply analysis.
To analyze the theory of production and the analysis of the cost parameter by using the Elasticity.
To manage and plan the situation with the help of the available strategies to support the decision making process.
UNIT I INTRODUCTION TO ECONOMICS
Introduction to Economics – Scope of Economics – Positive and Normative Science – Methodology of Economics – Economic Laws – Economy and its basic problems: Economy and its working – Kinds of economy systems – Basic problems of economy.
UNIT II DEMAND AND SUPPLY ANALYSIS
The Law of Demand – The Law of Supply – Elasticities of Demand and Supply: Price Elasticity of Demand – Price Elasticity and Consumption Expenditure- Cross Elasticity of Demand – Income Elasticity of Demand – The Elasticity of Price Expectations – The uses of Elasticity– Price Elasticity of Supply.
UNIT III THEORY OF PRODUCTION AND ANALYSIS OF COST
Meaning of Production – Production concepts – Production Function – Laws of Production – Cost Concepts – Short-Run Cost Output Relations – Long Run Cost output relations – Economics of Scale.
UNIT IV INTRODUCTION TO MANAGEMENT
Management: Overview – Management Defined – Managerial skills – Managerial roles – Management responsibilities – Management functions. Evolution of Management: Classical approaches to Management – Contemporary Management Perspectives.
UNIT V PLANNING
Planning and Forecasting: Importance of Planning – Principles of effective Planning – Planning process – Types of Plans. Strategic Planning: Strategic Planning process – Rational decision making.
TOTAL : 45 PERIODS
COURSE OUTCOMES:
Upon completion of the course, students will be able to:
CO1:Summarize how to solve economics principles to solve economic problems in engineering discipline by satisfying the economic laws.
CO2:Discuss the demand and supply process for a market analysis using Price elasticity, Cross elasticity and Income elasticity.
CO3:Interpret short run and long run costs in the process of production for carrying out a business.
CO4:Apply managerial skills to make decisions and solve problems for achieving organizational objectives.
CO5:Express the principles of effective planning for survival and success of all organizations using standing and single use planning methods.
TEXT BOOKS:
1. D.N.Dwivedi, “Principles of Economics”, Second Edition, Vikas Publishing House (P) Limited, New Delhi, 2012.
2. J.S.Chandan, “Management Concepts and Strategies”, Vikas Publishing House (P) Limited, New Delhi, 2003.
REFERENCES:
1. RanbirSingh,“Principles of Engineering Economics and Management”, S.K.Kataria& Sons, New Delhi, 2013.
2. Manish Varshney and VidhanBanerjee,“Engineering and Managerial Economics”,First Edition, CBS Publishers and Distributors Pvt. Ltd., 2015.