Internal Code: MAS1698
The main objective of this unit is to provide students with a better understanding of the importance of managers in organisations, management as a role for engineering professionals and extend their knowledge beyond the technical aspects of engineering. As a final year unit, it aims to give students the skills needed for moving into the real world and introduces them to the roles of a manager as distinct from a technical engineer. While the core aspects of management such as time, resource and project management and interpersonal relationships are an integral part of everyday life, this unit attempts to give students the theoretical and practical foundations of management in the context of an engineering/business enterprise.
Starting from the role of managers at various levels, the unit introduces students to the principles of sound management, the importance of planning in an organisation, principles of project management, the function of financial accounting, budgeting and cost control, microeconomics, organisational aspects of management and the process and importance of leadership in an organisation.
With technologies advancing at an ever-increasing pace and the market place becoming dynamic and global, an engineer is required to see beyond the immediate technical environment and place his or her technical decisions in a business or organisational context. With product life cycles becoming shorter, a technical product that does not meet the market needs or adapt to the changing needs is bound to fail. Thus, an engineer should have the skills to understand and appreciate the market needs and translate technical ability into products that are profitable.
This unit is the first step in the preparation of engineers to look at the role of managers and set their technical decisions in a business context. Accountability and ethical behaviour is an integral part of a manager’s or business executive’s role. This unit also briefly examines ethical issues in management.
Question: Individual Report
1. Describe and explain strategic and short-term planning processes and their importance in management.
2. Identify and discuss various types of financial accounting and control methods.
Select two business plans from the following websites, or elsewhere:
Analyse and evaluate them (including comparison/contrast between the two), the report should include:
1. A brief description – maximum 1 page each
2. Identification of the three strongest components of each plan (and why)
3. Identification of the three weakest components of each plan (and why)
4. Suggestions on how the business plans could have been improved
5. List of challenges faced and how you overcame them
6. A statement of five lessons you have learnt about business planning.
7. Indicate the competencies you believe you may have demonstrated and to what extent.
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