Introduction programme-specific learning outcomes and key objectives

Transcription

1 1 LEARNING OUTCOMES AND KEY OBJECTIVES MIBEB/M Introduction programme-specific learning outcomes and key objectives This document gives an overview of the programme-specific learning outcomes and key objectives envisaged by the MIBEB/M degree programme, for the preparatory and Master programmes consecutively. The programme-specific learning outcomes (numbered) describe in general which competences (knowledge, skills, attitudes) the student should have gained at the end of his study route. The key objectives (designated by a letter) contain the substantive realisation of the intended competences. Each key objective describes the student's behaviour in a way that is specific, observable and measurable (i.e. assessable) and refers to the intended mastery level by using the verb correctly. The same key objective can be realised by different courses. The programme-specific learning outcomes and key objectives have been determined after an extensive consultation of different stakeholders (lecturers and students, internal and external domain experts and educationists). The lecturer of the individual course can, if desired, specify the key objectives even further in the specific course objectives. Preparatory program 1) Masters the economic principles that underlie consumer and producer behavior and the functioning of markets. a) Is able to describe and apply an economic science perspective to complex economic problems. b) Is able to analyse price setting behaviour in different market structures and to assess the impact of different types of government intervention in these markets. c) Is able to analyse and substantiate, both graphically and verbally, producer behaviour in different market structures. d) Is able to perform a reasoned welfare economic analysis of the strengths (benefits) and limitations (costs) of different market structures. Can assess the impact of external effects and is able to determine the desirability of government intervention under these market structures or conditions. e) Can synthesize and situate micro-economic reporting in a theoretical framework with sufficient maturity and critical understanding. 2) Is able to interpret the macroeconomic context in which firms operate. a) Is able to explain macroeconomic concepts such as GDP, national income, growth, inflation or unemployment in his own words.

2 2 b) Is able to describe and analyse the behaviour of different economic agents (households, firms, government) on markets (real sector, money market, financial market, labour market). c) Is able to analyse the simultaneous equilibrium model in these markets and to clarify, both graphically and verbally, the restoration of equilibrium. d) Is able to evaluate the effectiveness of the Government s fiscal and monetary policies as well as of its employment policies. e) Can synthesize and situate macro-economic reporting in a theoretical framework with sufficient maturity and critical understanding. 3) Understands the structure and operation of businesses and their diverse managerial aspects. a) Is able to analyse the environment in which a company operates at micro (e.g. human capital, value creation), meso (e.g. competitive position within a sector, supply chain) and macro (e.g. demography, sociology, technology, ecology, politics) levels. b) Is able to analyse and then develop a strategic plan in order to realize a company s policy objectives. c) Is able to formulate suggestions to implement and control an organization s strategy where different management domains should be harmoniously integrated. d) Is able to design and adjust effective organizational structures. e) Is able to critically analyse the impact of the implementation of a particular business strategy on the different management domains and can make adjustments on the basis of this analysis. f) Reflects upon own and other s functioning in an organization, in an international context. 4) Knows how accounting and financial data are constructed, and is able to interpret such data appropriately. a) Is able, from different stakeholder perspectives, to comment upon the importance and the limitations of financial reporting and the institutional framework in which external financial reporting takes place from a national and international perspective. b) Is able to correctly process basic transactions in the financial statements of a company, appoint and define the components of the financial statements, and clarify interrelationships and differences. c) Is able to assess the financial situation and organizational performance through a critical use of various techniques of financial analysis and to formulate suggestions with regard to the financial policy. d) Is able to select, for a given production framework and production method, a relevant cost method, to calculate and process the cost of a cost object in an analytical income statement and in the balance sheet. e) Is able to calculate the net present value of a simple investment project, based on a cash flow analysis and the cost of capital of a company.

3 3 5) Is able to autonomously make a state-of-the art overview of the knowledge base for topics with international business management relevance, and is able to assess research outcomes, using relevant methods and draw sound conclusions. a) Is able to translate insights into problems of policy making into concrete research questions, with explicit attention for its international relevance. b) Is able to search, collect, assess and process data and information in a critical manner. c) Is able to critically judge the suitability of a chosen research method to solve a research problem. d) Is able to apply essential techniques and methods for the acquisition, analysis and interpretation of qualitative and quantitative information. e) Is able to develop and motivate independently an appropriate research design and to assess its consequences for the reliability and validity of the results. f) Is able to draw conclusions in a scientific manner from qualitative and quantitative research results.

4 4 Master program 1) Is able to apply microeconomic and macroeconomic insights when analyzing the international business context. a) Is able to analyse and substantiate, graphically and verbally, the main models of international trade and to explain and compare the main instruments for trade policy and its welfare implications for consumers, businesses and the government. b) Is able to analyse and relate the main features and principles of international capital movements. c) Can balance the concepts of structural market characteristics, the conduct of economic agents and the performance of markets, and relate these concepts to the main strategies that a company undertakes to create and retain market power. d) Is able to develop a clear and substantiated vision on the economic importance of innovation. e) Is able to apply micro- and macroeconomic concepts to the economic positioning of companies in international markets. f) Is able to assess the potential of international markets using the appropriate tools and methodology. g) Is able to apply the efficiency and fairness concept and its policy implications to economic problems. h) Is able to analyse and substantiate from a government perspective, both graphically and verbally, a sound welfare economic analysis of the functioning of markets and the desirability of government intervention. 2) Can analyze, interpret, plan, and evaluate business processes, based on scientific knowledge, and when relevant- with an explicitly international perspective. a) Understands and is able to explain why multinational companies establish subsidiaries abroad (why act), to identify location-specific advantages that attract FDI (where to act), to compare first-and late-mover advantages (when to act) and to contrast alternative modes (how to act). b) Understands and is able to demonstrate the difference between domestic and international models for corporate finance and understands the necessity of the application of a valuation methodology that is conform the international setting in which the company operates. c) Is able to define and evaluate various forms of foreign direct investment. d) Is able to calculate the value of international investment projects by applying a discounted cash flow approach or a real option analysis. e) Is able to select, calculate and interpret relevant costs and revenues and critically asses them in order to support operational, tactic and strategic decision making (regarding production, purchasing, sales, quality control, activity management and performance measurement). f) Is able to explain key concepts of management control theories as well as the functioning of a management control system.

5 5 g) Is able to use, after critical assessment, instruments used by management to evaluate the financial performance of a company and can use these instruments in a well thought-out manner (comparative analysis, Economic Value Added). h) Is able to create, taking the mission and strategy of the company into account, a coherent set of performance indicators that enables management to evaluate the implementation of the corporate strategy. i) Is able to develop and implement an international marketing mix. j) Is able to develop an international marketing plan. k) Is able to identify the strategic, organisational and industry characteristics that influence the value-creating effects of HRM (at domestic as well as global level) in order to develop an internally consistent HR system, within the strategic framework of an international company. 3) Understands and can critically assess how societal and international evolutions affect the business world. a) Is able to identify economic, social and ecological aspects in concrete business cases, recognize their importance in a sustainable society, and critically balance these aspects in function of corporate social responsibility. b) Is able to critically evaluate the institutional and policy aspects of multilateral and bilateral trade liberalization, and explain the impact of liberalization on domestic and foreign companies. c) Is able to locate, analyse and evaluate the main competences of the EU on international trade and investment. d) Is able to critically assess the key elements of EU policy and evaluate its impact on the export performance of companies. e) Shows an understanding of the entire innovation process and in the interaction with stakeholders and institutions. f) Is able to assess, on the basis of a thorough understanding of the advantages and disadvantages of different environmental policy instruments, how companies best respond to a specific instrument, in accordance with their long-term objectives. g) Is able to critically analyse the strategic opportunities and challenges for enterprises on the basis of scientific studies, case studies and (International) company visits. h) Shows an understanding of the way in which an organization, through its HRM, can establish a sustainable and reliable relation with internal as well as external stakeholders, by responding to the cultural and institutional setting in which the company operates, in order to develop a sustained competitive advantage. i) Fully understands the functioning, structure and performance of social insurance schemes in OECD countries as well as the challenges they currently face, and is able to critically assess the effectiveness of reforms. j) Is able to analyse and substantiate, both graphically and verbally, the main policy instruments that a government has at its disposal to achieve its objectives of economic efficiency and redistribution, and the choices made by the government itself. 4) Can identify the risks and challenges of doing business in an international environment, and can provide solutions for dealing with them.

6 6 a) Is able to identify and quantify the exchange rate risk in different aspects of business operations (import/export transactions, foreign loans and investment,...) and is able to suggest efficient solutions to manage these risks. b) Is able to calculate the cash flows of financial derivatives (e.g. currency options and forwards) and to use these derivatives to manage exchange rate risks in an international company. c) Is able to design a management control system for an organization in function of its characteristics and business context (strategy, uncertainty, dimension, multinational corporations, cultural differences). d) Is able to suggest HR practices that can leverage the need for local responsiveness and the need for global integration, arising from the strategic challenges inherent to doing business in a global environment and from the cultural and institutional differences among home and host countries. e) Is able to motivate and explain the decision to join new markets, arising from the competitive dynamics of the sector, the strength of the company itself, the market potential, the political and economic context and socio-cultural differences between countries. f) Is able to make recommendations for multinational companies that want increased performance by applying the four-threat framework of value creation and conservation. g) Is able to anticipate the risks of unilaterally shaped strategic HRM and can indicate how these risks can be circumvented by the harmonious integration of concern for the firm's business goals with concern for all stakeholders interests, such that HR, both in the short and long term, contributes to the viability of the organization, in terms of global and local organizational flexibility and competitiveness. 5) Possesses managerial and entrepreneurial skills, applied within an international business context, with attention to social and ethical aspects. a) Is able to effectively and persuasively, orally and in writing communicate with and report to various stakeholders (International, intercultural). b) Acts respectfully and with appropriate care for diversity. c) Knows the main management and reporting instruments in relation to corporate social responsibility and can apply them to concrete examples from business practice. d) Is aware of the complex interweaving of interests and perspectives of internal and external stakeholders of a company, and of the necessary basic skills to take this into account in function of corporate social responsibility. e) Is able critically assess the arguments and information on the multi dimensionality of cultural phenomena (world view, values, social norms, ethical beliefs) and their relevance to the economy, business and management models. f) Is willing and able to take worthwhile risks. 6) Is able to work on a project basis in a multidisciplinary team, whether or not internationally established. a) Is able to discuss interdisciplinary business problems in an (internationally composed) team.

7 7 b) Has insight into the relations between various disciplines such as to come up with scientifically founded creative solutions. c) Is able to function effectively and efficiently in various roles in a multidisciplinary and/or international team and shows skills such as negotiation, leadership and conflict management. d) Is able to develop a business model that generates/stimulates projects with added value. e) Knows techniques for project evaluation and is able to apply them in a business context. f) Is able to manage a portfolio starting from the business strategy. g) Knows the tools for planning, monitoring and adjusting projects and can apply them in a business context. h) Is able to apply the principles of project management (timing, risk, quality, change,...). 7) Can autonomously conceive, plan, execute and communicate a scientifically grounded research project as a beginning practitioner and with an international mindset. a) Is able to formulate a clear problem statement, derive a research question and define which information is needed to answer the research question. b) Is able through various channels to consult different resources, and to collect and analyze relevant information in function of the formulated research question. In case of an interdisciplinary topic, the student is able to clearly identify the added value this approach has. c) Follows a methodologically sound approach, explicitly recognizes the international relevance, and makes a personal and critical synthesis of the most relevant information, based on scientifically sound argumentation. d) Is able to correctly interpret and use the results of qualitative and quantitative research in the context of (business) decisions. e) Is able to write a scientifically sound document in which the problem statement/research question, the analysis and the conclusions of the research are clarified, as well as the way in which the conclusions were derived. f) Takes responsibility for the realization of the research report, in a constructive dialogue with the supervisor(s). 8) Recognizes the importance of lifelong learning and the need for continuing education. a) Shows social involvement by following the topicality and critical reflection on social issues. b) Is able to detect, follow and evaluate important developments and innovations within the domain of international business administration. c) Is able to provide an original contribution in order to continuously expand knowledge and understanding, and herby testifies to creativity. d) Adjusts her/his working method based on critical self-reflection and feedback. e) Acts pursuant to a professional code of ethics.