Finansai

Annotation

This is an introductory course in finance. Course objective is to provide students with the basic knowledge in finance and to form the background for the further related studies. Course presents students with an overview of financial concepts, terminology, and principles, introduces to the financial management methods applicable to the personal and business practices (including SMEs and companies). Course covers basic financial theories, and their relevance to the financial management and investments. Introduction to finance course combines theory with practical examples, using case discussions and simulations.

Aim of the course

The course objective is to introduce students to the main elements, methods and principles of finance. It will provide basic knowledge and skills applicable to personal and managerial finance. Course starts with the general overview of finance, introduces to financial concepts, instruments, and techniques used in financial decision making. The first part of the course focuses on basic financial data, financial statements, cash flow, also main financial concepts as time value of money, risk and return, interest rates. The second part of the course deals with financial management.

Learning outcomes

• Explain financial system elements and their activities and functions via systemic approach.
• Explain and analyse saving and investing, financial assets, interest rate concepts and their importance in financial market.
• Analyze financial markets and their environment.
• Analyze financial planning process elements in household finance: personal financial life cycle, financial statements and ratios.
• Apply concepts of time value of money to solve various problems.
• Analyze goals of the firm and role of the financial manager in financial decision making.
• Prepare and explain financial statements: Balance sheet, Income statement, Cash flow statement. Evaluate proforma financial statements and budgets.
• Understand and evaluate relationships among financial decisions. Understand difference between short and long financing decisions.
• Work in teams, present work results in writing and oral presentation.

Annotation

Academic works such as paper, term paper, report, thesis and final thesis, annotation, abstract, review as well as their presentation belong to the area of scientific works; therefore they have to meet general requirements of structure and content. Academic works have to be in high quality of scientific style. This course presents the structure of academic works, and analyzes scientific texts (composing sentences, paragraphs, and the whole text, referring and quotation, etc.). First part of this course is about theoretical requirements of academic writing and the second is about practical training in writing. During the lectures, students also learn how to finalize their academic work under the requirements of ISM University of Management and Economics.

Aims and objectives

This is a basics course in academic work writing skills for students in the bachelor’s degree programme of studies in economics, management and business administration. Objectives of the course are:

• communicate effectively in specific writing situations, which may include various academic, professional, or civic situations;
• understand and respond appropriately to the critical elements that shape communication situations, such as audience, purpose, and genre;
• critique their own writing and provide effective and useful feedback to enable other students to improve their writing;
• demonstrate critical and evaluative thinking skills in locating, analyzing, synthesizing, and using information in writing activities.

Learning outcomes

• Knowledge and its application. Students will identify basic principles of rhetoric and develop an understanding of written texts as arguments generated for particular purposes, audiences, and rhetorical contexts.
• Research skills.  Students will be able to employ analytical reading to summarize, paraphrase, draw evidence from, synthesize, and respond to the scholarship of others.
• Special abilities. Students will learn to find and evaluate print and electronic source materials appropriate for academic research projects. Students will be able to develop original arguments for a range of academic purposes and demonstrate critical thinking skills and using information in writing activities.
• Social abilities.  Students will be able to critically evaluate their own and others’ work and collaborate effectively with other writers throughout the writing process.
• Personal abilities.  Students will be able to organise their learning process and work autonomously on writing projects. They should also demonstrate understanding of academic responsibility and integrity.

Dalyko anotacija

Tai praktinis kursas, skirtas pritaikyti žinias ir įgūdžius, įgytus studijų metu praktiniams finansų uždaviniams spręsti. Studentai, atliekantys praktiką verslo įmonėse, įsisavina praktinius organizacijų finansinės analizės aspektus. Studentai, atliekantys praktiką finansinėse institucijose, susipažįsta su jų funkcijomis, vykdoma veikla bei svarba finansų rinkose. Praktikos metu studentai gilinasi į įmonės ar finansų institucijos veiklai darančius įtaką vidinius ir išorinius veiksnius.

Praktikos metu studentai dirba pasirinktoje įmonėje ar institucijoje (organizacijoje). Yra galimi du įmonės pasirinkimo variantai:

1. praktikos vietą susiranda pats studentas
2. praktikos vietą gali padėti surasti ISM karjeros centras.

Bendra praktikos apimtis – 15 ECTS (405 valandos), iš kurių:

1. praktika įmonėje – 360 valandų
2. auditoriniai užsiėmimai – 10 val.:

• paskaitos – 4 val.
• grupinės konsultacijos  – 6 val.

1. savarankiškas studento darbas – ataskaitos rengimas: 35 val.

Dalyko tikslai

Finansų praktika skirta praktiniams organizacijų ekonomikos aspektams įsisavinti.

Praktikos tikslai:

• Patikrinti ir pagilinti studijų metu įgytas specialybės žinias
• Įgauti savarankiškos profesinės veiklos įgūdžių
• Susipažinti su praktikos institucijos struktūra, funkcijomis bei teikiamomis įsidarbinimo galimybėmis
• Atlikti praktikos institucijos vidinių ir išorinių veiksnių ekonominę analizę
• Identifikuoti Bakalauro baigiamajame darbe numatomą analizuoti problemą, surinkti duomenis bakalauro baigiamajam darbui.

Dalyko studijų siekiniai

• Patikrinti ir pagilinti studijų metu įgytas specialybės žinias.
• Susipažinti su praktikos institucijos struktūra, funkcijomis bei teikiamomis įsidarbinimo galimybėmis.
• Identifikuoti Bakalauro baigiamajame darbe numatomą analizuoti problemą, surinkti duomenis bakalauro baigiamajam darbui.
• Suteikti studentams praktinių įgūdžių, reikalingų sprendžiant realias organizacijų ekonomikos ar makroekonomikos problemas.

Course annotation

This course provides an introduction to analysis of economic behavior. The ability to predict market outcomes is indispensable not only for a sound business strategy but also for a meaningful public policy. The main focus of the course is on optimal decision making, understanding determinants of demand and supply, market equilibrium, strategic behavior, and welfare analysis. Introduction to choice under uncertainty and the general equilibrium analysis is also covered.

Aims of the course

The course should teach an analytical approach to the functioning of the market mechanism, economic behavior of market participants, market environment impact on competition, and business strategies. Students should acquire the skills and the ability to apply microeconomic analysis and optimization methods to a large variety of economic problems.

Learning outcomes

• Understand the main theories in microeconomics.
• Analyze and model microeconomic phenomena.
• Evaluate governmental policy as it relates to microeconomics.
• Graphically model microeconomic situations.
• Relate real economic experiences to theory.
• Identify economic situations at the firm and personal level.
• Develop researching skills.

Annotation

The contents of the Macroeconomics course cover the basic objectives of macroeconomics, and an understanding about basic macroeconomic indicators – gross national product, gross domestic product, and national income. Topics under discussion in this course include aggregate demand and supply, Keynesian and classic views on aggregate amounts, monetary and fiscal policies, unemployment and inflation, economic growth, and issues in international trade. The major macroeconomic problems of Lithuania and EU will be discussed for the practical part of the class.

Aim of the course

This is a course in intermediate macroeconomics, designated for students with knowledge in basic economics. Its objective is to present theoretical knowledge and practical skills required for studying the overall economic structure of a country. Students will know how to analyze the most important macroeconomic phenomena, and the impact of governmental macroeconomic policies on participants in the economy. This course trains skills in comprehension and analysis of macroeconomics policies.

Learning outcomes

• Understand the main theories in macroeconomics.
• Analyze and model macroeconomic phenomena.
• Evaluate governmental fiscal and monetary policy.
• Graphically model macroeconomic situations.
• Relate real economic experiences to theory.
• Identify economic situations at the national and global level.
• Develop researching skills.

Annotation

This introductory logic course is focused on the basic issues in logic, such as the distinction between factual and logical truths, the conditions of the formal analysis of thought, elementary logical relations (contradiction and entailment), the issues of validity of inferential knowledge, formal and informal requirements for arguments and proofs, and the most widely used methods of formal proofs. The student will become familiar with the theory of categorical syllogism and propositional calculus. In addition to that classroom exercises are devoted to the practice of formalization – translating the expressions of natural language into the formal language, formal analysis of validity of arguments and consistency of propositions. The main methods applied during the course are as follows: Venn diagramms, truth tables, and natural deduction proof methods (including conditional and indirect proofs).

Aims of the course

This course aims to introduce students to the theoretical basics of logic, main methods of logical analysis and their applications.

Learning outcomes

• To understand theoretical basics of logic and main methods of logical analysis.
• Be able to recognize formal and informal fallacies of reasoning and proofs.
• Be able to determine if the statements (assumptions of an inference and premises of a proof) are consistent.
• Be able to think in a structured and consistent way.
• To perceive importance of the logical inference, be able to correct informal fallacies in argumentation.

Annotation

This is a follow-up financial management course, which covers both theoretical and practical decisions of corporate financing, determination of cost of capital, investment project and corporate valuation. This course examines the main financial decisions related to valuation of securities (stocks, bonds, options) and investment projects with respect to their risk. The course focuses on the impact of financial markets on company‘s value and its financing decisions.

Aims of the course

The main aim of this course is to provide theoretical knowledge about models and methods of corporate financial management and practical skills to apply this knowledge to real situations by analysing and evaluating strategic financial corporate decisions.

Learning outcomes

• Calculate weighted average cost of capital (WACC) of a corporation, to take taxes into account.
• Compare different WACC calculation methods.
• Calculate and interpret cost of debt, cost of equity, beta, cost of capital of an investment project.
• Describe and compare net income payout methods, dividend policy, share repurchases.
• Explain the application of option theory to investment project valuation.
• Overview the process of corporate M&As.
• Apply and compare main corporate valuation methods (discounted cash flows, real options, relative valuation).

Course description

This course presents the underlying framework and concepts of financial accounting in the context of how accounting fits into the overall business environment of contemporary society. Financial accounting is the basic means of recording and reporting financial information in a business. Students will learn how accounting functions as an information development and communication system that supports economic decision making and provides value to entities and society. Students will discover the uses and limitations of financial statements. The course covers accounting principles in accordance with international standards for accounting, standard accounting procedures, and accounting methods that are specific to certain features of business.

Course objectives  

The aim of this course is to provide knowledge and practical skills required to understand and analyze the financial information of a company. The course adopts a decision-maker perspective of accounting by emphasizing the relation between accounting data and the underlying economic events that generated them. The course focuses initially on how to record economic events in the accounting records and how to prepare and interpret the primary financial statements that summarize a firm’s economic transactions.

Learning outcomes

• To identify the essential accounting features, goals and be able to implement them. To be able to read, understand and examine the data in the annual report, to explain the key components in the financial statements.
• To understand accounting process and its organization procedures, to explain the difference between cash-based and accrual accounting.
• To be able to account income, expenses, long-term and short term assets, equity, and liabilities. To apply financial statements correction factors. To be able to distinguish after-balance events and to show them in the financial statements. To record business transactions using financial accounting practices.
• To be able to select accounting policy distinguishing all three aspects: organizational, technical and methodological. To prepare financial statements from the source data based on accounting transactions.
• To prepare financial statements and acquire knowledge and practical skills in keeping accounting in the companies.

Course Description

This is a higher level financial accounting course that includes methodological and practical financial accounting solutions of specific business and organizations. The course provides knowledge and develops ability to make consolidated financial reports both for main and subsidiary firms. It also develops practical skills to manage financial accounting and reporting for non-profit companies.

Aim of the course

The course will help to understand international financial accounting standards (IFRS), to acquire knowledge on accounting of non-profit and governmental organizations, and to apply accounting principles in the case of corporate alliances, reorganization, bankruptcy and inflation.

Learning outcomes

• Apply financial statements consolidation principles and methods;
• Describe and apply international financial reporting standards (IFRS);
• Describe methods for assessing financial reporting quality;
• Apply income tax accounting and evaluate its impact on financial statements;
• Describe the main principles of accounting for off-balance-sheet assets and liabilities;
• Calculate price change effect on financial performance;
• Describe accounting goals and objectives of non-profit organizations;
• Identify, classify, and keep accounting records of various non-profit organization events.

Annotation

Course covers introduction to linear systems, matrix algebra, linear programming, game theory, and applications.

Aims of the course

This course aims to develop skills for mathematical modelling of basic social and economic phenomena.

Learning outcomes

• Ability to operate the main concepts, laws, and techniques of finite mathematics.
• Ability to apply these concepts, laws and techniques in modelling economical social phenomena.

Bakalauro baigiamasis darbas – tai savarankiškas darbas, apibendrinantis bei gilinantis studijų metu įgytas žinias, gebėjimus ir mokėjimus bei pagrindžiantis suteikiamą finansų bakalauro kvalifikaciją. Bakalauro studijų baigiamasis darbas turinio ir analizės metodų požiūriu yra tiesiogiai ir netiesiogiai jungiantis įvairių disciplinų objektą į vieną visumą.

Bakalauro baigiamajame darbe tikslinga nagrinėti aktualias finansų rinkų ir institucijų bei finansines organizacijų problemas. Organizacija, kurios problema nagrinėjama baigiamajame bakalauro darbe, turi sutapti su praktikos vieta. Išimtys gali būti daromos šiais atvejais:

1. studentas atlieka praktiką finansų rinkos institucijoje ar konsultacinėje bendrovėje (audito ar buhalterinės apskaitos bendrovėje, rinkos tyrimų bendrovėje ir pan.) ir analizuoja šios bendrovės klientų veiklą ar sprendžia problemą, aktualią bendrovės klientams. Ši situacija turi būti aiškiai aprašyta bakalauro baigiamajame darbe, paaiškinant praktikos vietos ir organizacijos, kurios problema nagrinėjama, nesutapimo priežastis.
2. studentas atliko praktiką anksčiau (ne tą patį studijų semestrą, kai rengiamas bakalauro baigiamasis darbas) ir nebegali susirinkti duomenų toje pačioje vietoje (įmonė bankrutavo, pakeitė veiklos sritį, nutrūko studento ir įmonės santykiai). Tokiu atveju iš kitos organizacijos, kurios problema sprendžiama bakalauro baigiamajame darbe, pristatoma pažyma, jog pastaroji žino ir sutinka, kad apie ją būtų renkami duomenys ir rašomas bakalauro baigiamasis darbas.

Bakalauro baigiamasis darbas rengiamas septintąjį studijų semestrą, jam skiriama 15 kreditų. Darbas gali būti rašomas lietuvių arba anglų kalba.

Annotation

The course covers topics on limit, differential, and integral calculus as the basis for modelling of various phenomena in economics, management, and engineering.

Aims of the course

This course aims to develop skills for mathematical modeling of basic economical, managerial, and engineering problems.

Learning outcomes

• Ability to operate the main concepts, laws, and techniques of differential and integral calculus.
• Ability to apply these concepts, laws and techniques in economical and managerial analysis and engineering.

Summary

This is a practical course dealing with the mathematical models supporting decision making in various fields of social sciences and practical environment, i.e. management, economics, and politics. In particular, what-if analysis, forecasting, optimization, multi-criteria decision making and data analysis are dealt in the course. Computer spreadsheets are used all over the course.

Objectives

• To develop structural and algorithmic mindset in dealing with operational issues.
• To develop necessary skills for problem formulation, setting goals and parameters of the problem, choosing relevant model, translating it into the spreadsheet, and justifying alternative solutions of the problem.
• To develop skills of data analysis.
• To develop skills of using computer spreadsheets.

Learning outcomes

• To be able to develop a mathematical model for relevant  problems in economics, finance, business and politics.
• To be able to select relevant methods for the analysis of mathematical models, to draw quantitatively justified conclusions and to choose the best alternative.
• To be able to analyze the mathematical model by means of the computer spreadsheet.
• To be able to analyze big arrays of data by means of the computer spreadsheet.

Annotation

This is main course of managerial accounting. During lectures and practices students will learn to understand the importance of accounting information, which is main input for corporate decisions regarding new product development, pricing strategy, performance evaluation, etc. This course covers cost accounting, which provide main data to management accounting, and management accounting, which concerned with the measurement information to managers. Management accounting course combines theory with practical examples, using case discussions and simulations, exercises. Course starts with the general overview of cost and management accounting, introducing basic terms and concepts. The next building block consists of presentation of different costing systems. The last part of the course deals with planning, control and performance measurement issues in the companies.

Aim of the course

The aim of the course is to teach students how to analyze, prepare and provide key data to managers for planning and controlling, as well as make costing for products, services and customers. By focusing on basic concepts, analyses, uses, this course will help to understand, apply managerial tools for business strategy and implementation.

Learning outcomes

• To be able to specify main tasks of management accounting and explain the difference between management and financial accounting.
• To be able to create margin indicators for management accounting decision making.
• To be able to specify the chain of product value creation, estimate the cost of goods using different methods, estimate the influence of service departments on cost of goods, and be able to perform break-even point analysis.
• To be able to specify budget structure and prepare master budget.
• To be able to make variance analysis of operating budgets, identify and explain the meaning of variance analysis importance to control function.
• To be able to make optimal decisions, using the concept of the opportunity costs, actual and relevant information, balanced scorecard techniques.

To be able to work in teams, present work results in written form and oral presentation, justify and base decisions.

Course description

This course is a one-semester introduction to Public finance. Public finance is the branch of economics that focuses on the role of government in the economy. In this course we will study the role and the size of public sector, including the rationale for public sector existence (public goods, market failures) and government interventions (taxation policy, income redistribution).
Students will become acquainted with the theoretical foundations of how the government affects the economy, in addition to being exposed to a variety of empirical research. Students will gain experience in critical thinking and will learn about the theoretic basis of the economic arguments used by politicians.

Aims of the course

This course aims to introduce to students the main concepts of Public finance: the role of the state in the economy, public goods and market failures, policy of taxation and income redistribution. Attention is also given to fiscal policy issues.

Learning outcomes

• Analyze the concepts of public goods and market failures and their cures
• Apply various socio-economic models to the evaluation of the public policy questions
• Discuss the reasons for government intervention in the economy as well as different types of regulation
• Evaluate and compare different policies of taxation and income redistribution
• Analyze the issues in managing the  fiscal policy
• Learn the mechanics of sovereign and municipal bond markets.

Course description

Strategic management course focuses on the concept of strategy development and implementation by exploring the functions and nature of general management. Strategic management concepts and techniques are studied. The course serves as an opportunity to develop skills for strategic thinking and analysis, understanding of the major strategic problems of an organization, formulating business level strategies. The pedagogical approach includes lectures, computer simulation, practices, group and individual work by students. This course integrates all the knowledge acquired from various functional courses, coupled with new strategic management techniques learned, to chart the future direction of different organizations into a coherent view of organisation. As such it requires use of materials and knowledge gained during previous studies various disciplines of management.

Course aims

To provide students the fundamental knowledge of strategic management concepts and techniques; to enable students to identify key problem in complex, comprehensive situation. The major responsibility of students in this course to make objective strategic decisions and present well supported recommendations for future action while justifying them through oral and written communication.

Learning outcomes

• To develop an understanding of the elements of the Strategic Management process, research and theories.
• To be able to analyze micro and macro environments; implement an industry analysis and be able to apply strategic evaluation tools to understand how a business is operating.
• To be able to describe and to analyze the impact of economic, social, political, and cultural variables which affect a business operation.
• To learn how to apply the Strategic Management process to real life business cases and develop recommendations to help firms create and sustain competitive advantage.
• To be able to summarize the options available for the company, to defend the recommendations. Evaluate the strategic rationale for each alternative and assume the risks of an organization.
• To be able to work in a team, to present work results in written or oral form, to be able to argue decisions.

Course description

This is an introductory course of statistical data analysis, designed for the students of the Economics and Politics program. The material covered in the course includes methods of data collection, analysis, presentation of results as well as the use of statistical data analysis software, SPSS®. The course encompasses methods of descriptive statistics, statistical estimates, data comparison hypothesis testing, correlation as well as regression analysis. During the laboratory sessions students will learn to use the statistical data analysis software, SPSS®, types of data, user tools, as well as procedures for data analysis and presentation. Statistical methods and SPSS® software will be applied to the analysis of concrete economic and political data.

Course aim

The goal of the course is to provide students with the theoretical knowledge and practical skills necessary for the analysis of economic and political data.  At the end of the course the students should be able to identify and apply the key methods of data analysis, carry out the analysis using specialized software, and to interpret the results.

Learning outcomes

• To understand the basic terminology used in statistics.
• To understand the basic principles of descriptive statistics.
• To understand the basic concepts of probability.
• To understand the basic principles of inferential statistics.
• To be able to utilize the correct statistical test based on sample, and hypothesis.
• To understand the difference between parametric and nonparametric tests.
• To be able to apply basic descriptive statistics to an available data base.
• To be able to apply the appropriate basic inferential statistics to the decision making process.
• To be able to make generalizations about a population based on a sample from that population.
• To be able to apply statistical techniques to evaluate basic business hypothesis.

Course description

The objective of the course is to provide students with an understanding of financial decision making framework as it relates to personal (household) finance The major topics covered include: prudent debt management, savings and investments, retirement planning, insurance. Students will learn how to evaluate different services provided by financial institutions as well as learn how to effectively use those services to their own benefit and the benefits of their future clients. An emphasis is drawn on the ethical considerations that financial advisers are facing in their work.

Aims of the course

The course is intended to introduce students to the main elements, methods and principles of personal finance. It will provide basic knowledge and skills applicable to this are.

Learning outcomes

• Appreciate the need of financial planning and its impact on wealth of the households.
• Identify and follow wise debt management practices.
• Apply concepts of time value of money to solve various financial planning problems.
• Identify and successfully manage risks that individuals and families face.
• Recognize, describe and evaluate various banking and investment products in the liquidity/risk and return framework.
• Identify and engage in sound investment management practices.
• Acquire and demonstrate awareness of consumer protection/regulation.
• Demonstarte familiarity with ethical responsibilities inherent in the work of financial advisers.
• Work in teams, present work results in writing and oral presentation.

Annotation

The main goal of the course is to provide theoretical and practical knowledge about investments. It is created to help students to acquire knowledge about modern investment theory, and at the same time to develop skills in order to be able to create and implement investment strategy. Course is focused on secondary market, securities and derivatives, portfolio management, analysis and valuation of securities.

Aims of the course

The course is intended to introduce students to the main elements and principles of investments and to provide them knowledge and practical skills of investing in property, commodities and different financial assets.

Learning outcomes

• Explain the concept of risk aversion and its impact on portfolio formation.
• Demonstrate the construction of optimal investment portfolio with respect to risk.
• Describe, compare and apply CAPM, index, and multi-factor models.
• Overview and compare three forms of efficient markets (weak, semi-strong, and strong).
• Explain and apply the main models of stock valuation.
• Calculate bond prices and yields, connect them with yield curves.
• Describe and apply derivatives in investment management (options, futures and forwards, swaps).
• Evaluate the management of investment portfolio.

Course description

This course is designed to provide a unified framework for understanding financial markets, institutions and instruments. It focuses on several topics, including the structure and regulation of various markets in financial instruments, operation of banks and non-bank financial institutions, central bank operations and their effect on financial institutions, risks faced by the managers of financial institutions and the methods, markets and instruments for managing these risks. On completion of the course, the students will be familiar with notions and concepts specific to the markets in financial instruments, both securities and derivatives, and will be able to identify and use the financial instruments specific to various transactions carried out on financial markets.

Course Aim

This course aims to provide an understanding of the fundamentals of financial markets: structure, participants, operations and instruments, and associated theoretical and empirical issues.

Learning outcomes

• Explain the role and the functions of financial markets, institutions and instruments in a market economy.
• Describe the methods of issuing stocks in primary markets and their advantages and disadvantages.
• Describe the process of trading stocks in secondary markets.
• Differentiate among various types of financial assets and financial products, explain the specifics of their markets, and apply basic valuation methods in practice.
• Describe the theoretical determinants of the level and term structure of interest rates
• Analyze the types and roles of monetary and non-bank financial institutions
• Explain the reasons for changing values of financial products, their impact and consequences.
• Work in teams, present work results both in writing and orally, and substantiate decisions taken.
• Critically evaluate the recent financial news articles and relevant research in financial markets.

Course description 

This is an introductory course of basic micro- and macroeconomic concepts, as well as of fundamentals of management theory. Topics include supply and demand theories, market structures/ factors, the determinants of business strategy and various aspects business organization. The course will have a focus on international economics and global business behavior. It will stress on preparing students for a successful career, using economic and business concepts in a market oriented society. It shall also serve as a foundation upon which students can build advanced studies in economics.

Course aim

The objective of Principles of Economics for Business and Management syllabus is to provide students with a basic understanding of how the economy as a whole works. The participants shall be exposed to basic economic concepts, in order to gain a framework for viewing and interpreting the economic and business world around them.

Learning outcomes

• Define and explain how basic concepts of microeconomics (such as elasticity, scarcity or choice) can be used to explain the behaviour of individuals, household or firms.
• Represent supply and demand, in graphical form, including the downward/upward slope of the curves and what shifts/moves along the curves.
• To understand the importance of market structures, on the question of the stability and failure of markets.
• Describe and explain how basic macroeconomic policies (such as fiscal or monetary) can be used to analyse the economy as a whole.
• Explain basic management, business and marketing principles to be able to continue studies on a higher level.
• To understand the role of PESTLE factors on the SWOT of corporations, in the domestic and the international business environment.

Annotation

This is an introductory course to econometrics with emphasis on its applications. During the lectures and practical exercises the main focus will be on helping students to learn modern methods of empirical analysis and their practical application using an appropriate software (mainly GRETL) to the real world data sets. The main topics cover regression analysis including an introduction to panel data regression (fixed effects model), binary response models (linear probability, logit, and probit models), introduction to time series, and simultaneous equations. Students are taught how to build a suitable econometric model, understand the strengths and limitations of empirical methods, correctly interpret results and draw valid conclusions.

Aim of the course

The aim of the course is to introduce main empirical methods of economic data analysis and to provide their theoretical foundations.

Learning outcomes

• Understand and apply fundamental econometric methods, basic concepts of data analysis: descriptive statistics, hypothesis testing, confidence intervals.
• Analyze and evaluate linear regression model: main assumptions, features and applications,  develop abilities to choose suitable analytical tools.
• Understand the concept of non-linear analysis: main assumptions and features and be able to use suitable software, interpret regression results, build econometric models.
• Understand and apply linear probability model, logit model, probit model and its applications, be able to interpret regression results, build econometric models.
• Understand and apply time series regression: main models, basic assumptions of modeling and their violations, be able to interpret regression results, build econometric models.
• Understand the concept of panel data analysis, be able to interpret regression results, build econometric models.
• Understand and apply simultaneous equations: main assumptions, features, use data analysis results to make and to found sound economic or managerial decisions.