INM101

Industrial Economics and Management

Course ID
INM101
Department
Industrial Engineering & Management
Level
Undergraduate
Instructor
Engr. Ali Arsalan Siddiqui, Engr. Hafiz Karim Bux Indhar
Semester
1st Semester
Credit
3.0

After completion of this course each student would be able to:

  • DEFINE fundamental concepts of Industrial Engineering and Management.
  • EXPLAIN the fundamentals of Engineering economics, economic system, demand and supply.
  • USE appropriate tools for economic analysis of engineering projects.

The Industrial Economics and Management is a compulsory course and has been offered by the Department of Industrial Engineering and Management.

Course Learning Outcomes

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 structure and modules

Course Contents:

  • Introduction to Industrial Engineering & Management:

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.

  • Introduction to Industrial Economics:

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.

  • Law of Demand and supply

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.

  • Firm conduct and market structure:

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.

  • Pakistan Industry

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.

  • Principles of Economics: P.N Chopra Kalyani, Latest edition.
  • Modern Economic Theory – K.K Dewett , S.Chand , Latest edition.
  • Essentials of Management – Koontz Harold and Weihrich Heinz ( McGraw Hill), Latest edition.
  • Industrial Engineering and Management – O.P Khana, Latest edition.
  • A Text Book of Economic theory Stonier and Hague (Longman’s Landon), Latest edition.
  • A Text Book of Industrial Engineering and Management – O.P Khana, Latest edition.

Recommended Books

  • Principles of Economics: P.N Chopra Kalyani, Latest edition.
  • Modern Economic Theory – K.K Dewett , S.Chand , Latest edition.
  • Essentials of Management – Koontz Harold and Weihrich Heinz ( McGraw Hill), Latest edition.
  • Industrial Engineering and Management – O.P Khana, Latest edition.
  • A Text Book of Economic theory Stonier and Hague (Longman’s Landon), Latest edition.
  • A Text Book of Industrial Engineering and Management – O.P Khana, Latest edition.