Overview

This module focuses on the use of scarce resources to guide decision making in uncertain environments. Firms that better manage their scarce resources (inlcuding capital, people, and data) will be better positioned to thrive in an increasingly competitive - and global - marketplace. To be successful firms need to leverage every advantage they can and be guided by evidence.

The broad aim is to give students a set of practical skills and an understanding of the concepts that underpin good managerial practice.

The first part of the module focuses on economics of ‘managing operations’. This includes aspects related to: the economics of the consumer; the economics of the firm (including economies of scale and scope); the economics of competition; and transaction cost economics. Attention is then turned to economics of ‘managing people’, with relevant topics covered including incentives and Nudge Economics; information asymmetry, moral hazard and adverse selection; the principal-agent problem (agency problems); human capital and signalling and Tournament Theory.

The third and fourth units go on to explore topics relating to ‘managing data’ and ‘managing knowledge’, respectively. Managing data involves a framework of related concepts – e.g., what is meant by data, and how firms use data to better manage operations and people – and analytical tools relevant to applied research, including study design and sampling. Managing knowledge expands to consider themes including: what is knowledge?; thinking in bets – using probability to guide decision making; validity, reliability and generalisability; and thinking fast and slow – cognitive (and other forms) of bias.

Assessment Strategy

Threshold C- to C+ (50-59%): Satisfactory performance. No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives. Knowledge of key areas/principles only. Weaknesses in understanding of some areas. Limited evidence of background study. Answer inadequately focused on task and with some irrelevant material and poor structure. Arguments presented but lack coherence. Minor factual/computational errors. Lacking original interpretation.

Good B- to B+ (60-69%): Good performance. Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills. Understands most but not all concepts/issues. Evidence of background study. Focused answer with good structure. Arguments presented coherently. Mostly free of factual errors. Some limited original interpretation. Well known links between topics are described. Problems addressed by existing methods/approaches. Good presentation with accurate communication

Excellent standard: 70+ An outstanding performance, exceptionally able. The relevant information is accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

Learning Outcomes

• Comprehend, evaluate, appreciate and assimilate the scope and constraints imposed by law and regulation.

• Critically analyse data from primary and secondary sources and understand their use in guiding decision making.

• Critically analyse the importance of managerial economics in a contemporary organisation.

• Critically comprehend the implications of different strategic decisions for the organisation and the evidence used to guide them.

• Critically evaluate the subject specific roles, features and relationships within and between firms.

• Demonstrate the ability to make informed management and leadership judgements and decisions based on theoretical and empirical evidence.

• Understand, identify and judge the efficacy of different managerial policies and theories