After completion of this course each student would be able to:
The Industrial Economics and Management is a compulsory course and has been offered by the Department of Industrial Engineering and Management.
|
CLO |
Description |
Taxonomy Level |
PLO |
|
1 |
DEFINE fundamental concepts of Industrial Engineering and Management. |
C1 |
1 |
|
2 |
EXPLAIN the fundamentals of Engineering economics, economic system, demand and supply. |
C2 |
1 |
|
3 |
USE appropriate tools for economic analysis of engineering projects. |
C3 |
2 |
Course Contents:
Concept of Industrial Engineering, Techniques of Industrial Engineering, Functions of Industrial Engineering, Historical Development of Industrial Engineering (F.W Taylor, Henry Fayol, Gilbrith, etc), Concept of Management, Approaches to Management, Functions of Management, Levels of Management, Principles of Management, Organizational Structure, Planning and its Types, Communication and Management.
Definition of Economics, Nature of Economic Problems, Relation between Science, Engineering, Technology and Economics, Concepts and Measurement of Utility, Law of Diminishing Marginal Utility, Law of Equi-marginal utility – its practical application and importance.
Meaning of demand, Individual and market demand schedule, law of demand, shape of demand curve, Elasticity of demand, measurement of elasticity of demand, factors effecting elasticity of demand, practical importance and application of concept of elasticity of demand. Supply and Law of supply, role of demand and supply in price determination and effect of changes in demand and supply on price.
Short-run price competition, the Bertrand model, Bertrand competition with capacity constraints, the Cournot model, Dynamic price competition, repeated interaction, collusion and cartel stability, theories of price wars, empirical analysis of market power and collusive behaviour.
Industrial growth in Pakistan: Trends and prospects – Public enterprises; efficiency, productivity and performance constrains – Small scale industries : definition, role, policy issues and performance – Capacity utilization – Industrial sickness and Exit policy – Concept of competitiveness – Nominal protection coefficients (NPC) and effective rate of protection (ERP) – Total factor productivity – Technology transfer – Industrial location policy in Pakistan; regional imbalance – Globalization and competition – Privatization.
