Undergraduate Studies in Business Administration -On-campus and distance learning- Curriculum for BS degree programme

Undergraduate Studies in Business Administration -On-campus and distance learning- Curriculum for BS degree programme

Name of curriculum: BS in Business Administration Contact: Head of Department of Business Length of degree programme: Seven semesters Number of credits: 180 ECTS, Cycle 1.2 under Iceland s National Qualification Framework for Higher Education and Degrees from 2011 First edition, March 2014 1

Table of Contents Description of study programme... 4 International studies... 5 Programme structure and teaching methods... 6 Pedagogical approach... 6 Programme structure: BS in Business Administration... 9 Programme structure: BS in Business Administration with emphasis in Marketing Communications... 10 Programme structure: BS in Business Administration with emphasis in Food Business Management... 11 Programme structure: BS in Business Administration with emphasis in Tourism... 12 Information Technology, 6 ECTS... 13 Applied Mathematics, 6 ECTS... 14 Microeconomics, 6 ECTS... 15 Research Methods, 6 ECTS... 16 Introduction to Law, 6 ECTS... 18 Statistics, 6 ECTS... 20 Macroeconomics, 6 ECTS... 22 Accounting I, 6 ECTS... 23 Marketing Management I, 1 ECTS... 24 Human Resource Management and Leadership, 6 ECTS... 25 Term Project, 8 ECTS... 26 Servant Leadership and Management, 6 ECTS... 27 Managerial Accounting, 6 ECTS... 28 Marketing Communications and Media Planning, 6 ECTS... 29 Food Microbiology, 6 ECTS... 30 Finance I, 6 ECTS... 33 Industrial and Organisational Psychology, 6 ECTS... 34 Corporate Governance, 6 ECTS... 35 Food Processing, 6 ECTS... 39 Sustainability and Social Responsibility, 6 ECTS... 41 Finance II, ECTS... 42 Accounting II, 6 ECTS... 44 2

Change Management, 6 ECTS... 45 Service Management, 6 ECTS... 47 Marketing Management II, 6 ECTS... 48 New Trends in Marketing Communications, 6 ECTS... 49 Product Management and Logistics, 6 ECTS... 50 Information Technology in the Food Industry, 6 ECTS... 51 Food Safety, Legislation and Control... 52 Tourism and Leisure Marketing, 6 ECTS... 53 Consumer Behaviour and Market Research... 54 Strategy and Business Plans, 6 ECTS... 55 Tourism and Culture, 6 ECTS... 56 Electives... 57 Operation, Analysis and Planning I, 6 ECTS... 57 Innovation and Entrepreneurship, 6 ECTS... 58 Intercultural Communication... 60 International Business... 61 Negotiation and Sales Management... 62 Corporate Valuation... 64 Tax Law... 65 Operation, Analysis and Planning II... 66 CRM (Customer Relationship Management)... 67 International Marketing... 69 Investments and Financial Markets... 70 Intended learning outcomes for BS in Business Administration... 72 Knowledge:... 72 Skills:... 73 Competences:... 74 3

Description of study programme The undergraduate study programme in Business Administration at Bifröst University is a general business degree programme, designed to prepare students for leadership and management positions within the economy and the community. The study programme consists of core business disciplines, such as finance, accounting, management and marketing. Students may spend one semester on exchange at a partner university abroad. Admission requirements to the study programme are a matriculation examination (stúdentspróf) or equivalent qualifications at Level 3, for example Bifröst University s University Gateway (Háskólagátt). The Academic Council also has the authority to grant an exemption from the above provision if an applicant possesses experience and/or knowledge that can be assessed as equivalent to completion of a matriculation examination. Those who complete the programme are awarded a BS degree in Business Administration, which fulfils the requirements for a Bachelor s degree, Cycle 1.2 under Iceland s National Qualification Framework for Higher Education and Degrees from 2011, issued by the Ministry of Education, Science and Culture. 1 All study programmes at Bifröst University strongly emphasise students ability to work independently in completing demanding tasks and to collaborate with a group of student peers in carrying out research and undertaking larger projects, presenting and submitting them for evaluation by teachers and student peers. Programmes stress critical thinking skills and applied connections to concrete projects that are exacting and large-scale. A defining feature of Bifröst University s teaching methods are term projects, which students complete in groups of 4 to 6. Term projects, which are combined with instruction in project management, are projects worth 8 ECTS, and students complete two such projects over the course of their studies. At the beginning of a semester during which term projects will be completed, students organise themselves into groups, and groups complete a project research plan alongside the courses in which they are enrolled that semester. Term projects span 8 weeks; in the final week, groups submit a report and defend their projects before an evaluation committee of two teachers together with a group of students. It is permissible to complete only one term project in cases where students spend an exchange semester abroad or have a comparable project from a different university assessed as part of their studies. 1 See Auglýsing um útgáfu viðmiða um æðri menntun og prófgráður [Advertisement on the publication of a qualification framework for higher education and degrees] in the Law Gazette (Stjórnartíðindi), 16 May 2011 (http://stjornartidindi.is/advert.aspx?id=7fa0729e-dacc-47e3-b626-96efb036ef68) 4

Undergraduate studies are organised around a session-based instruction model: subjects are taught over a six-week session, with examinations in the seventh week. However, heavier and more demanding subjects will be taught over two sessions. This programme structure makes it easier for students to concentrate on the subjects that they are taking at any given time, and student load is more evenly balanced over the instruction period. Modern teaching methods are used, including flip teaching, which gives instructors and students increased flexibility to linger over complex topics, depending on student needs at any given time. Session-based teaching offers enhanced opportunities to recruit professionals and specialists from far and wide to teach subjects or sections thereof at Bifröst University. Great importance is also assigned to adequate breaks between periods of study, helping students to maintain a clearer distinction between studies and family life. Bifröst University has many years experience of university-level distance learning, at both undergraduate and Master s levels. Lectures and course materials for individual courses are accessible to students on the University s distance-learning web, allowing students to organise their time as suits them best. Students can listen to lectures through the Internet or download and listen to them, for example on computers, tablets, ipods or other MP3 players. For each course, there is a working weekend, where students meet together at Bifröst University, along with their teachers. Working weekends are an important part of distance learning at Bifröst University. They are devoted to lectures, assignment work and training in communication. Considerable emphasis is placed on students organising their time in order to be able to meet on working weekends and participate fully in presentations, critical discussion and other activities. Students stay in on-campus accommodation, and all facilities and housing conditions for students are exemplary. An effort is made to make provision for students abroad with special technological solutions or special projects. Distance-learning students can complete their studies anywhere in the world. Distance-learning examinations are held at numerous locations around the world. In Iceland, these locations include continuous-education centres throughout the country, while options for students writing their examinations outside of Iceland include embassies, consulates or universities. International studies Bifröst University s emphasis on building international relationships is manifested in its extensive collaboration with foreign universities. This is reflected in the professional and academic connections of the University s academic staff with their colleagues abroad and in the University s student exchange agreements with partner universities around the world. Undergraduate students at Bifröst University have the option of spending an exchange semester at one of Bifröst s partner schools, and the study programme is structured so as to allow students to complete the same number of credits at the partner school as they would otherwise have completed at Bifröst over this same period. Bifröst University receives foreign exchange students from its partner universities as well, and collaboration and interaction with exchange 5

students is an important part of the international experience that Bifröst offers its students. The University is a member of the Erasmus programme and likewise has many bilateral agreements with select universities outside Europe. Bifröst participates in the University of the Arctic (UArctic), a consortium of several universities in Canada, the United States, Greenland, Iceland, Sweden, Finland and Russia. Bifröst also takes part in the north2north student exchange programme, organised under the auspices of UArctic. Programme structure and teaching methods The BS study programme in Business Administration is a 180-ECTS study programme that can be completed in two and a half years or over a longer period. On-campus and distance-learning programme structure Four emphasis areas are offered as lines of study in undergraduate on-campus and distance-learning programmes in Business Administration: BS in Business Administration BS in Business Administration with emphasis in Marketing Communications BS in Business Administration with emphasis in Tourism BS in Business Administration with emphasis in Food Business Administration The programme is structured so that, in addition to traditional fall and spring semesters, teaching also takes place over summer semesters, allowing students to complete 80 ECTS over a year rather than 60. Coursework can thus be largely finished in two years; students in their last semester in the third year write a final thesis in addition to completing remaining required credits, with options including internships or electives. The study programme may be completed over a longer period. Pedagogical approach All study programmes at Bifröst University strongly emphasise students ability to work independently in completing demanding tasks and to collaborate with a group of student peers in carrying out research and undertaking larger projects, presenting and submitting them for evaluation by teachers and student peers. Emphasis is placed on critical thinking skills and applied connections to concrete projects that are exacting and large-scale. Bifröst University s pedagogical distinctiveness consists in students term projects, among other things, as has been stated above. These projects are in many instances carried out in collaboration with businesses, municipalities, public institutions and other parties outside the University and are defended before an evaluation committee of two teachers along with a group of students. 6

Continuous assessment in the form of project and assignment work forms a large part of instruction in Business Administration and is characteristic for Bifröst University. Areas of emphasis in defining objectives and developing policy at the University include the following: A distinctive pedagogical position involving active teamwork, requiring students to adopt orderly working methods and communication skills, at the same time as individual student initiative is harnessed and creative and critical thinking are encouraged. Training for students in presenting their work and ideas, communicating their experience and knowledge and engaging in reasoned discussion thereon. Frequent assignment deadlines and close work with teachers and other students, giving programmes applied value, in addition to general knowledge and understanding requirements in the area of study. Links with the working world, whereby students work on concrete projects in collaboration with businesses and institutions, in addition to the possibility of internships, where students receive on-the-job training under the professional guidance of experienced directors and administrators of businesses and institutions. In addition to the undergraduate programme in Business Administration, Bifröst University offers undergraduate studies in Business Law and PPE (Philosophy, Politics and Economics). Together, these three undergraduate degree programmes form a cohesive whole, and undergraduate student collaboration during the study period is thus considerable, regardless of field of study. Thus, for example, courses such as Information Technology and Microeconomics are required courses for all students. Through these courses, Bifröst University s foundational vision of community-based learning is realised, and a basis is provided for developing students ability to work with people coming from different directions, whether in their studies or in their work. In order to strengthen ties with the business world and students intended field of work, Bifröst University has developed an internship programme in collaboration with businesses and institutions. Students who have demonstrated good academic performance, initiative and independent thinking may apply for an internship position during their studies. Undergraduate students must have completed at least 110 credits and achieve a first-class grade to be eligible for such training. An internship generally lasts four weeks and is worth 6 ECTS credits. One ECTS credit is considered to correspond to 25-30 hours of student work. This work includes all reading, assignment work, preparation for final examinations, presentations, working weekends, lectures and project sessions and other work that students complete in connection with a course. 7

Teaching, assessment of studies and organisation of teaching are as per the Rules on Studies and Teaching, found in Bifröst University s Quality Manual (see EF F110). The Quality Manual also contains rules for examinations and various instructions for students. The Quality Manual can be viewed online in Icelandic at http://www.bifrost.is/islenska/um-haskolann/gaedamal/fylgiskjol/ and in English at http://www.bifrost.is/english/about-bifrost/quality/appendices/. The degree programme provides access to further studies at the Master s and Doctoral level, which is, however, contingent on the regulations of individual schools governing minimum credit requirements in each subject, minimum grade requirements and so on. 8

Programme structure: BS in Business Administration Year 1 (80 ECTS credits) Fall 2014 ECTS Spring 2015 ECTS Summer 2015 ECTS Information Technology and Business Communication 6 Statistics 6 Term Project Project Management 8 Applied Mathematics 6 Macroeconomics 6 Servant Leadership and Management 6 Microeconomics 6 Accounting I 6 Managerial Accounting 6 Research Methods 6 Marketing Management I 6 Introduction to Law 6 Human Resource Management and Leadership 6 Total credits 30 Total credits 30 Total credits 20 Year 2 (80 ECTS credits) Fall 2015 ECTS Spring 2016 ECTS Summer 2016 ECTS Finance I 6 Sustainability and Social Responsibility 6 Term Project Project Management 8 Industrial and Organisational Psychology 6 Finance II 6 Consumer Behaviour and Market Research 6 Elective 6 Accounting II 6 Strategy and Business Plans 6 Corporate Governance 6 Change Management 6 Elective 6 Service Management 6 Total credits 30 Total credits 30 Total credits 20 Year 3 (20 ECTS credits) Fall 2016 ECTS Internship or elective 6 BA/BS Thesis 14 Total credits 20 9

Programme structure: BS in Business Administration with emphasis in Marketing Communications Year 1 (80 ECTS credits) Fall 2014 ECTS Spring 2015 ECTS Summer 2015 ECTS Information Technology and Business Communication 6 Statistics 6 Term Project Project Management 8 Applied Mathematics 6 Macroeconomics 6 Servant Leadership and Management 6 Microeconomics 6 Accounting I 6 Marketing Communications and Media Planning 6 Research Methods 6 Marketing Management I 6 Introduction to Law 6 Human Resource Management and Leadership 6 Total credits 30 Total credits 30 Total credits 20 Year 2 (80 ECTS credits) Fall 2015 ECTS Spring 2016 ECTS Summer 2016 ECTS Finance I 6 Sustainability and Social Responsibility 6 Term Project Project Management 8 Industrial and Organisational Psychology 6 Finance II 6 Consumer Behaviour and Market Research 6 Elective 6 Marketing Management II 6 Strategy and Business Plans 6 Digital Marketing 6 Service Management 6 Brand Management 6 New Trends in Marketing Communications 6 Total credits 30 Total credits 30 Total credits 22 Year 3 (20 ECTS credits) Fall 2016 ECTS Internship or elective 6 BA/BS Thesis 14 Total credits 20 10

Programme structure: BS in Business Administration with emphasis in Food Business Management Year 1 (80 ECTS credits) Fall 2014 ECTS Spring 2015 ECTS Summer 2015 ECTS Information Technology and Business Communication 6 Statistics 6 Term Project Project Management 8 Applied Mathematics 6 Macroeconomics 6 Servant Leadership and Management 6 Microeconomics 6 Accounting I 6 Food Microbiology 6 Research Methods 6 Marketing Management I 6 Nutrition 6 Human Resource Management and Leadership 6 Total credits 30 Total credits 30 Total credits 20 Year 2 (80 ECTS credits) Fall 2015 ECTS Spring 2016 ECTS Summer 2016 ECTS Finance I 6 Sustainability and Social Responsibility 6 Term Project Project Management 6 Food Processing 6 Product Management and Logistics 6 Elective 6 Food Processing Technology 6 Food Safety, Legislation and Control 6 Digital Marketing 6 Service Management 6 Consumer Behaviour and Market Research 6 Information Technology in the Food Industry 6 Strategy and Business Plans 6 Total credits 30 Total credits 30 Total credits 20 Year 3 (20 ECTS credits) Fall 2016 ECTS Internship or elective 6 BA/BS Thesis 14 Total credits 20 11

Programme structure: BS in Business Administration with emphasis in Tourism Year 1 (80 ECTS credits) Fall 2014 ECTS Spring 2015 ECTS Summer 2015 ECTS Information Technology and Business Communication 6 Statistics 6 Term Project Project Management* 8 Applied Mathematics 6 Macroeconomics 6 Servant Leadership and Management 6 Microeconomics 6 Accounting I 6 Tourism Innovation and Establishment and Management of Tourism Enterprises 6 Research Methods 6 Marketing Management I 6 Human Resource Management and Introduction to Law 6 Leadership 6 Total credits 30 Total credits 30 Total credits 20 Year 2 (80 ECTS credits) Fall 2015 ECTS Spring 2016 ECTS Summer 2016 ECTS Finance I 6 Sustainability and Social Responsibility 6 Term Project Project Management 8 Elective 6 Finance II 6 Tourism and Culture 6 Elective 6 Change Management 6 Strategy and Business Plans 6 Digital Marketing 6 Service Management 6 Elective 6 Tourism and Leisure Marketing 6 Total credits 30 Total credits 30 Total credits 20 Year 3 (20 ECTS credits) Fall 2016 ECTS Internship or elective 6 *Students work with event management 12

Information Technology, 6 ECTS Instructor: Jón Freyr Jóhannsson Semester and length: Fall semester, 6 weeks Degree programme: BS in Business Administration Content and objectives: The purpose of this course is to increase students proficiency in the use of information technology in their work and studies. The main focus will be on using Microsoft Excel to solve applied problems in the area of mathematics, finances and operations, as well as in general data processing. In addition to material specified in the course plan, various concepts and subjects in the field of information technology will be presented. Learning outcomes After the course, students will: Be familiar with and able to explain some of the main concepts and subjects in the field of information technology Have knowledge of and be able to distinguish between common methods of solving problems involving use of spreadsheets After the course, students will: Be able to make systematic use of spreadsheet tools (Excel) in tackling diverse projects relating to their work and study Be able to create Excel models Be able to use Word systematically in setting up essays and assignments, including preparing a bibliography using the techniques of Word Be able to prepare PowerPoint presentations Have adopted time-saving and practical methods Compulsory subject 13

Applied Mathematics, 6 ECTS Instructor: Guðmundur Ólafsson Semester and length: Fall semester, 6 weeks Degree programme: BS in Business Administration Prerequisites: General mathematics at upper secondary/preparatory level Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: This course is intended to provide a foundation for continuing studies in finance and economics. The basics of linear and nonlinear equations and methods for solving them will be reviewed. Financial mathematics, percentages and compound interest, as well as calculation of future and present value. Differentiation methods for optimisation and minimisation with and without constraints and differentiating functions with multiple variables will be reviewed and the method of Lagrange multipliers introduced. Matrices and core methods of linear algebra introduced. Learning outcomes: On completion of the course, students will: be able to find solutions to linear and nonlinear functions and sets of equations be able to solve finance-related problems concerning percentages and interest calculations be able to solve exercises in optimisation with or without constraints be able to solve exercises in optimisation with one or more variables be able to utilise mathematics in solving problems relating to economics Compulsory subject 14

Microeconomics, 6 ECTS Instructor: Ágúst Einarsson Semester and length: Fall semester, 12 weeks Degree programme: BS in Business Administration Content and objectives: The course introduces the key elements of microeconomics and deals with its position in the sciences, the business setting, supply and demand, elasticity, markets and the effect of government. The course covers the effects of trade on individuals and businesses in taxation and in international trade. Externalities, public goods and common resources are described. Production functions and cost functions are discussed in depth. Consumer behaviour is explained in detail. Various types of market structures are closely scrutinised (i.e., perfect competition, monopoly, oligopoly and monopolistic competition), and their differences and unique features are described. The basics of economic risk and uncertainty are explained. Markets for factors of production are discussed, as are wages, wage gap, income distribution and poverty. Organisation, management, marketing, finance and investments, production management, planning and information retrieval are addressed. Finally, information asymmetry and the economics of politics and behavioural economics are discussed. The object of the course is to offer a comprehensive exploration of the basics of microeconomics. Learning outcomes: After the course, students will: Possess a general understanding of the theories, premises, concepts and methods of microeconomics. Have acquired extensive knowledge and understanding of microeconomics and other elements of corporate and institutional management. Be able to analyse practical, complex subjects in a professional context that relate to fundamental aspects of corporate and institutional management. Be able to work independently and in an organised manner on undertakings in the field of microeconomics and within companies. Have the ability to set forth and describe theoretical subjects in microeconomics orally and in writing in an easily comprehensible way. Be able to apply critical scientific methods in analysing subjects. Compulsory subject 15

Research Methods, 6 ECTS Instructor: Sigrún Lilja Einarsdóttir Semester and length: Fall semester, 6 weeks Degree programme: BS in Business Administration Content and objectives: The course is an introductory methodology course and is intended to present basic methodological concepts, the structure of written work, study skills, organisation and work procedures for carrying out larger projects such as term projects. The main emphasis is on equipping students with the tools that will be of service to them in their work and studies, in assignment and project work and solving applied problems. Emphasis is placed on training students in academic writing and acquainting them with the process of preparing and carrying out projects (particularly term projects), subject choice and definition, presentation of research questions and research objectives and hypothesis formulation. Students are familiarised with different research methods, both quantitative and qualitative, as well as academic project work and analysis of available data. Students receive training in creating questionnaires and preparing interviews and in the basics concerning case studies and the various types of field observations, as well as the completion of academic assignments. The fundamentals of quantitative research will also be reviewed: developing, posing and processing questionnaires. Students will likewise gain training in appropriate working methods and procedures for preparing research plans, collecting data and using Zotero in managing bibliographic references, searching for literature and presenting projects. All these tools will be linked to the preparation of the term project through course assignment work. Particular stress is placed on student awareness concerning ethical issues in research, such as copyright, anonymity, handling and protection of personally identifiable information, limitations of research methods (their nature and when such methods are to be used in collecting data), internal and external validity and research reliability, as well as the activities of the Icelandic Data Protection Authority and the National Bioethics Committee. 16

Learning outcomes: Knowledge and understanding After the course, students will: Understand and be able to articulate the main basic concepts of methodology Be able to explain the difference between quantitative and qualitative research methods and differentiate between different types of research design Understand the nature of disciplines and other scientific matters and recognise the difference between a scientific text and a general text Be conscious of ethical issues in research Capability objectives After the course, students will: Adopt professional working procedures in selecting and evaluating literature and have gained training in doing literature searches and using databases Have received training in academic writing (completing academic assignments) and can make a distinction between a scientific text and a general text Have received training in reading scientific literature and analysing different types of sources Have mastered the use of different research methods Be able to prepare a research plan and provide argumentation for their choice of data collection method Be able to record their sources in conformity with the APA system Be ready to work on larger projects such as the term project Compulsory subject 17

Introduction to Law, 6 ECTS Instructor: Elmar Hallgríms Hallgrímsson Semester and length: Fall semester, 6 weeks Degree programme: BS in Business Administration Content and objectives: The course provides an overview of the essentials of law and the fields of law most important in a business context, namely: Law of Sale The rules governing the sale and purchase of goods and services are examined. Law of Corporations The essentials of corporate law are examined, including the most common types of corporations and what differentiates them. Labour Law Central aspects of labour law are examined, including rights and obligations in the labour market, unions activities, labour disputes and conflict in the labour market, leave and pensions and how to employ persons and terminate employment. Law of Contract The main points of contract law are examined, including how contracts are prepared and the main grounds for invalidation. Negotiation basics are also addressed. Law of Torts The main points of tort law are examined, including basic elements of the culpa rule, strict liability and employers liability. European Law The essentials of the legal system of the European Union are reviewed, along with the connection between European and Icelandic law through the EEA Agreement. Stock-market Law The main rules applying to the stock market and the activities of stock exchanges are examined. Learning outcomes: After the course, students will: Have gained knowledge of the rules and fields of law covered by the course. Have the ability to apply these rules in real-life situations and have an understanding of their nature and purpose. Have gained knowledge of the legal rules governing business and economic activities. Have gained an understanding of their nature and purpose. Possess the capability to apply these laws in real-life situations. Compulsory subject 18

Nutrition, 6 ECTS Instructor: NN Compulsory subject Semester and length: Fall, year 1, 6 weeks Degree programme: BS in Business Administration with emphasis in Food Business Management Content and objectives: Students gain insight into food nutrition and the effects of different macronutrients and other nutrients in the human body. Students expand their knowledge of digestion and absorption of nutrients and the roles of vitamins and minerals. They learn about macronutrients and gain knowledge concerning healthy diet composition. Topics of instruction will include recommended daily intake (RDI) and common nutrition-related problems. Learning outcomes: Compulsory subject in Business Administration with emphasis in Food Business Management 19

Statistics, 6 ECTS Instructor: Kári Joensen Semester and length: Spring, 12 weeks Degree programme: BS in Business Administration Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: The objective of the course is for students to become acquainted with the rudiments of probability theory and statistics and be able to apply statistical methods in evaluating options and interpreting research data. Data collection using different sampling methods will be discussed, and several common sources of statistical error that accompany such surveys will be covered. The course will examine how to perform statistical tests for means and proportions and how to estimate the confidence interval for such proportions. Non-parametric tests for numerical variables, statistical tests for association between categorical variables and the ANOVA method are also discussed. Debate on the limitations of statistical testing and misleading interpretation of data is introduced, with an attempt to connect this discussion as closely as possible to the most recent examples from the media. Finally, the course will investigate the use of linear regression in preparing simple and multivariate forecasts. Learning outcomes: Knowledge objectives: Students recognise the most common types of statistics and understand their different properties Students must be acquainted with the axioms of probability theory Students understand the premises of statistical testing and parameter estimation Students understand the premises of linear regression Capability objectives: Students are able to present information based on survey data in a clear and illustrative manner through the choice of appropriate statistics Students are able to calculate probabilities for normally distributed and t- distributed variables Students are able to assess the reliability of surveys and can identify sources of error that commonly have an effect on traditional survey research 20

Students can identify the confidence interval for means and proportions Students are able to set out and perform statistical testing Students are capable of using statistical methods in evaluating options and making decisions Students can fit simple and multivariate linear regression models to data, can assess the model s quality and calculate its predicted value with error estimation Compulsory subject 21

Macroeconomics, 6 ECTS Instructor: Guðmundur Ólafsson Semester and length: Spring, 6 weeks Degree programme: BS in Business Administration Content and objectives: The course introduces the core theories, methods and topics of macroeconomics. The objective of the course is to give students insight into the main subject matter of macroeconomics and the methods, theories and concepts on which the discipline is based. The course s applied value will also be emphasised by simultaneously interweaving theory with the economic debate here in Iceland and abroad. Topics covered include: Indices and national accounts; the economy over the short term: production and demand, business cycles and the effects of fiscal and monetary policy; the economy over the medium to long term: economic growth and aggregate supply, inflation and expectations; financial and labour markets; economics in open economies: exchange rate issues and current account balance, financial crises and optimum currency areas. Learning outcomes On completion of the course, students will be able to: Recognise the fundamental concepts of macroeconomics. Understand the basic dynamics of economic development. Have a basic grounding in the essentials of economic management. Knowledge objectives: Students understand and are able to explain the core methods and data used in macroeconomics. Students are acquainted with the primary objectives of monetary policy and fiscal policy in open economies. Students understand and can explain the value of the methods of macroeconomics. Capability objectives: Students have received training in applying the methods of macroeconomics. Students are equipped with expertise in selecting macroeconomic methods and can present arguments to support their selection. Students have received training in adopting the language of economics in presenting and representing material. Compulsory subject 22

Accounting I, 6 ECTS Instructor: Einar Sigurjón Valdimarsson Semester and length: Spring, 6 weeks Degree programme: BS in Business Administration /English Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: A course in financial statements and financial accounting, with an emphasis on both theoretical and legal aspects. Students will be familiarised with key points of financial reporting, such as what constitutes income, expenses, assets and liabilities. Emphasis will be placed in the course on the ability to carry out independent assessment of financial statements. The course will not teach book-keeping, stressing instead the ability to read and understand financial statements and the context of financial statements and book-keeping. The structuring of the financial statement is examined and how this structure forms a single whole (i.e., the balance sheet, income statement, cash flow, explanations and report of the board). Learning outcomes: After the course, students will: Understand and be able to explain the importance of financial statements on the stock market for investors and other concerned parties Understand and be able to define key points of accounting theory Understand and be able to explain the role of accounting theory in preparing financial statements Be able to conduct an independent assessment of a financial statement Be familiar with and able to explain the function and purpose of the International Financial Reporting Standards (IFRS) Know how financial statements are structured and be able to set up a simple financial statement Have good accounting literacy On completing the course, students should be able to participate in discussion of the premises, nature and presentation of financial statements and likewise to evaluate the contents of a financial statement with regard to operations and financial position. The insight that students acquire concerning the premises, nature and presentation of financial statements for corporations is intended to enable them to participate in discussion and interpret simple financial statements. Compulsory subject 23

Marketing Management I, 1 ECTS Instructor: Ragnar Már Vilhjálmsson Compulsory subject Degree programme: BS in Business Administration Content and objectives: An overview of marketing management, emphasising both theories of marketing and their use. Students will be introduced to central aspects of marketing management, such as competitor analysis, consumer behaviour, market research, the marketing mix (the 4 P s), market analysis, target group analysis, service management and brand management. The course will also discuss strategic marketing and corporate marketing campaigns and market expansion. Students will also learn about the preparation of marketing plans. Learning outcomes: After the course, students will: Understand the importance of marketing management in business Understand central issues of marketing management Understand the role of market research Be able to carry out target group analysis Be able to identify a business s market position Know how to write a marketing plan Know how to organise and carry out a corporate marketing campaign Compulsory subject 24

Human Resource Management and Leadership, 6 ECTS Instructor: Einar Svansson and Geirlaug Jóhannsdóttir Semester and length: Spring, year 1, 6 weeks Degree programme: BS in Business Administration Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: The course will cover the key central issues of human resource management in public institutions. Topics dealt with include job satisfaction, personnel selection, performance evaluation, employee interviews and personnel training. The psychological contract will be explained, and various problems that can arise in the workplace will be discussed. Personnel policy, employee recruitment, work development and job evaluation, responses to unsatisfactory performance and professional misconduct are addressed. The course places particular emphasis on the connection with leadership studies and the role of the leader in human resource management. Learning outcomes: On completion of the course, students will: Know the difference between a manager and a leader. Be able to define effective leadership. Have knowledge about and be able to discuss the key central issues of human resource management in public institutions. Be able to articulate a personnel policy that takes into account the need for manpower, work development, safety and employee wellbeing. Be capable of presenting an employee policy and explaining how it will continue to be implemented within a given institution or entity. Compulsory subject 25

Term Project, 8 ECTS Instructor: Instructors at Bifröst University Semester and length: Summer semesters of the first and second year, 9 weeks Degree programme: BS in Business Administration Content and objectives: Students work independently in groups on a subject matter of their own choice. Through this project work, they gain training in independence and receive experience in research that deepens and improves their methodological proficiency. Projects are adapted to the group s field of study. Learning outcomes: Students obtain general research training. Develop their abilities to set up and complete projects that address important topics within the field. Cultivate their cooperative and teamwork skills in working on a multifaceted project. Develop independent, critical thinking in relation to topics in the field. Learn to present analysis, criticism and appropriate solutions within a theoretical and applied framework. Compulsory subject 26

Servant Leadership and Management, 6 ECTS Instructors: Course administered by Greenleaf Centre Iceland (Þekkingarsetur um þjónandi forystu) Semester and length: Summer semester, 6 weeks Degree programme: BS in Business Administration Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: In this course, special emphasis is placed on servant leadership, and the main points and relevance of this ideology are discussed. The course will also touch on several other theories of leadership studies, in particular those relating to servant leadership. Students have an opportunity to examine and develop their own knowledge and understanding of leadership roles. Learning outcomes: Knowledge: After the course, students will possess knowledge of servant leadership. This entails that students: Learn about the main key points of servant leadership and related theories. Competences: After the course, students will be able to leverage various methods and aspects that are part of servant leadership. This entails that students: Recognise the importance of servant leadership and how this type of leadership can help leaders and followers to succeed. Skills: After the course, students will have the ability to use their knowledge and competence in a practical setting to ensure professional and effective leadership. This entails that students: Understand team leadership and how it works in praxis. Are capable of interpreting, analysing, evaluating and explaining the main key points covered in the course. Are capable of identifying professional leadership and criticising poor leadership. Are capable of explaining how key aspects of servant leadership may be used. Are capable of assessing and determining appropriate leadership in differing circumstances. Compulsory subject 27

Managerial Accounting, 6 ECTS Instructor: Kjartan Arnfinnsson Semester and length: Summer semester, 6 weeks Degree programme: BS in Business Administration Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: The course gives an overview of the most important elements of accounting and their use as an instrument in decision-making, monitoring and planning. Topics covered include: cost accounting and reporting systems, cost analysis for investments and decision-making, variance analysis, CPV-analysis and consolidated financial statements. The course will also examine the preparation of sales, production, purchases and cash budgets. The course should be regarded as the continuation of Accounting I, which is taught in the fall semester. Learning outcomes: After the course, students will: Recognise the central concepts and methods of managerial accounting Be familiar with the connection between managerial accounting and decision-making See the connection with corporate accounting and internal accounting Be able to lay out and evaluate simple contribution margin options Be able to use the best methods to determine the cost of goods or services Compulsory subject in Business Administration 28

Marketing Communications and Media Planning, 6 ECTS Instructor: Ragnar Már Vilhjálmsson Semester and length: Summer semester, 6 weeks Degree programme: BS in Business Administration with emphasis in Marketing Communications Content and objectives: The purpose of the course is for students to gain an understanding of how the central concepts of marketing studies are used in communications by marketing professionals, i.e., marketing managers, marketing departments and advertising and marketing agencies. The course deals with the basic ideas behind marketing, how company objectives at any given time are defined and necessary research conducted, how messages in marketing material are developed and formalised and how the release of marketing material is determined on the basis of objectives and target markets at any given time. Learning outcomes: The objective is that by the end of the course, students have gained an understanding of what preparations are necessary in order for marketing communications for a target group to achieve set goals at a given time. Students have gained knowledge and understanding of the central concepts and work procedures involved in the preparation of media plans and can make use them in concrete assignments. Compulsory subject in Business Administration with emphasis in Marketing Communications 29

Food Microbiology, 6 ECTS Instructor: NN Semester and length: Summer semester, 6 weeks Degree programme: BS in Business Administration with emphasis in Food Business Management Content and objectives: The course gives an overview of microorganisms, fungi and other pathogens and contaminants that can spoil food and be harmful to consumers. Students gain an understanding of optimal conditions for bacteria growth and the effects of bacteria on food. Students will better understand what toxic substances can form in food if it is improperly preserved, processed and distributed. Learning outcomes: Compulsory subject in Business Administration with emphasis in Food Business Management 30

Tourism Innovation and Establishment and Management of Tourism Enterprises, 6 ECTS Instructor: NN Semester and length: Summer semester, 6 weeks Degree programme: BS in Business Administration with emphasis in Tourism Content and objectives: The objective of this course is to examine the history of tourism on an international level as well as here in Iceland. Emphasis is placed on the latest trends and directions in the development and structuring of tourism in Iceland and abroad. Methods of developing new services and enterprises are taught. A further objective of the course is to equip students in shaping and working on business ideas and formally putting them forward through the preparation of business plans. To start and run an enterprise, one must build on a clear vision of the business idea that the intention is to turn into reality, as well as develop individual components in a thorough manner. With a focus on the establishment and management of tourism enterprises, the course will examine the main aspects relating to organisation and management, marketing and finance, the main ways of assessing purpose, opportunities and threats, marketing concepts and financial criteria. Ways of financing will be mapped out and investor involvement discussed. The objective of the course consists in part in integrating various course components in order to give them applied value for real-life undertakings. Learning outcomes: That students know the history of tourism in Iceland and abroad That students understand the core concepts of product development and innovation That students can analyse product development in tourism enterprises That students understand the main methods of developing new services That students gain proficiency in using the methods of product development and innovation through analysing real examples in the tourist industry and designing and setting out their own ideas for new services That students are familiar with the process from business idea to developed plan for starting and running an enterprise That students understand and can explain the structuring and purpose of business plans 31

That students have knowledge of individual aspects of establishing and managing an enterprise and recognise the main milestones on the route to doing so That students gain proficiency in defining the added value of the product or service being worked with and ways of marketing and setting financial parameters for the idea, using the methods upon which one must base preparation of business plans That students gain proficiency in preparing and submitting well-framed plans and can master the tools that must be used to do so BS in Business Administration with emphasis in Tourism 32

Finance I, 6 ECTS Instructor: Stefán Valgarð Kalmansson Semester and length: Fall, year 2, 6 weeks Degree programme: BS in Business Administration Language: English/Icelandic Content and objectives: Different methods of evaluating projects/investment options will be reviewed, with an eye to determining their profitability. The course will likewise examine how one can prioritise investment options on the basis of risk and return. The effects of inflation and taxation on the return of investment options will be covered. Also discussed are present value computation for investment options, stocks and bonds, along with risk and sensitivity analysis for such options. Assessment of risk and the interplay between risk and adequate rate of return. Efficient capital markets and an introduction to long-term financing. Knowledge objectives: Students are able to explain the core concepts of profitability analysis. Students are able to employ the principal methods used in evaluating investment options and explain the limitations of each method. Students can explain the relationship between risk and return on investment. Capability objectives: Students can calculate future value (FV), present value (PV) and net present value (NPV). Students can lay out cash flows and assess profitability. Students can calculate required rate of return for projects/investment options, considering different risks and financial structures. Learning outcomes: Compulsory subject 33

Industrial and Organisational Psychology, 6 ECTS Instructor: NN Semester and length: Fall, year 2, 6 weeks Degree programme: BS in Business Administration Content and objectives: The course examines the behaviour of individuals in organisations and how organisations have an effect on employees. Among other things, the course deals with psychological theories and methods to work with thoughts, behaviour, wellbeing and attitudes within organisations. Emphasis is also placed on various factors relating to working life and the working environment. Learning outcomes: Possess knowledge of how methods may be developed to enhance employee wellbeing Be able to define how industrial and organisational psychology can help to improve employee performance Learn about how industrial and organisational psychology can help in personnel selection Learn about how industrial and organisational psychology can help individuals to acculturate and fit in well in the employee group Be able to explain how industrial and organisational psychology can help in organising the working environment Compulsory subject 34

Corporate Governance, 6 ECTS Instructor: NN Semester and length: Fall, year 2, 6 weeks Degree programme: BS in Business Administration Content and objectives: Corporate governance is examined from various perspectives, addressing both the current situation and corporate governance before the financial crisis in 2008. The nature of corporations and their position in the community will be discussed. The course will explain the basic legislation and regulations that corporate executives and board members must keep in mind in their activities and deal with their role and responsibility. The requirements that a corporation s board of directors must meet are reviewed, along with how the process of board election takes place. The role and responsibility of shareholders, auditors and regulatory bodies will be discussed. The course will examine corporations duties to shareholders, owners of minority interests and other beneficiaries and the protection given to them by legislation. The characteristics of good corporate governance will be explored. A comparison will be made between corporate governance and the legislation and regulations applying to corporate governance before and after the financial crisis. In particular, the course will single out focuses of corporate governance that have come into prominence after the financial crisis, such as ethics, social responsibility and diversity on corporate boards. An effort will be made to approach the course subject matter from an applied perspective; the course will at the same time examine how corporate governance is enforced outside of Iceland. The subject matter will also be viewed from a legal point of view, taking into account various considerations of business administration. Learning outcomes: After the course, students will: Possess knowledge of the requirements that a corporation s board of directors must meet, know how the board election process takes place and know how to finalise such decisions in cooperation with corporation shareholders. Be able to distinguish between characteristics of good and poor corporate governance and identify what effects corporate governance can have on a corporation. Be able to compare corporate governance in different corporations or at different points in time within the same corporation. 35

Be able to assess board members independence and discern whether legal and regulatory requirements are met, based on official information from corporations. Know and be able to describe the main roles of executives and board members. Know and be able to define the roles of shareholders. Know and be able to describe the legislation and regulations under which board members, shareholders, auditors and regulatory bodies operate. Be able to define corporations duties to all beneficiaries, such as employees, customers, suppliers and society as a whole. Have formulated a reasoned opinion concerning how far legislators should go in binding organisational governance in law. Be able to explain ethical awareness and social responsibility in organisational operations. Be able to set up a corporate governance statement for a corporation. Be able to provide advice on points that could improve corporate governance. Compulsory subject in Business Administration 36

Brand Management, 6 ECTS Instructor: Ásmundur Þórðarson Semester and length: Fall, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Marketing Communications /English Content and objectives: The objective of the course is for students to gain proficiency in managing brands through knowledge and understanding of the basic thinking behind and methods of strategic brand management. The concept of brand is defined and explained, and examples are explored Brands and consumers The purpose and role of brands Methods of valuation and brand performance measurement Plans and brand management Brands and marketing communications Brands, novelty and technology Rebranding and brand extension The position of Icelandic brands examined and evaluated Learning outcomes: Knowledge objectives: On completion of the course, students will: Be able to explain the role of brands. Possess knowledge of the effects of brands on consumers and consumption. Know about and be able to explain various methods and concepts relating to brands and their management. Can name examples of the importance of brands in marketing. Can distinguish between symbolic and functional brands. Know the methods used in brand valuation. Capability objectives: Can use acknowledged methods and participate actively in brand management. Attitudinal objectives: Have internalised and increased their understanding of the importance of strategic brand management. Compulsory subject in Business Administration with emphasis in Marketing Communications 37

Digital Marketing, 6 ECTS Instructor: Gunnar Thorberg Sigurðsson Semester and length: Fall, year 2, 6 weeks Degree programme: BS in Business Administration Content and objectives: The course examines basic concepts relating to marketing on the Internet, such as strategy and effective webpage development and web management (implementation and practice). The course closely explores the main innovations and routes open in this field, such as SEO, banners, e-newsletters, marketing on social media platforms and PPC campaigns on Google and Facebook, as well as methods of evaluating and measuring the success of online marketing. Learning outcomes: On completion of the course, the aim is for students to know and be able to define basic elements of marketing studies with regard to the Internet and recognise the importance of professional marketing on the Internet. Students are capable of formulating policy on e-business and online marketing. Students will be able to carry out analysis of a company s internal and external environment in the context of e-business. Students are able to set up a comprehensive strategic plan for website development and implementation, and they furthermore know the main routes taken in marketing on the Internet and have received training in using and giving advice on use of the Internet in marketing operations. Compulsory subject in Business Administration with emphasis in Marketing Communications and Tourism 38

Food Processing, 6 ECTS Instructor: NN Semester and length: Fall, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Food Business Management Content and objectives: The course provides students with an overview and knowledge of food as a raw material, the diverseness of raw materials and their utilisation for food processing. The course will go through stages of processing and optimisation of production processes to minimise production cost. Students will learn about product flow mapping the flow of raw materials, components and intermediate products through a production process and flowchart design. Students gain knowledge of basic concepts such as lean management, and cost estimations and investment decisions will also be examined. Learning outcomes: Compulsory subject in Business Administration with emphasis in Food Business Management 39

Food Processing Technology, 6 ECTS Instructor: NN Semester and length: Fall, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Food Business Management Content and objectives: Students gain knowledge of the principal equipment and methods used in food processing, such as processing of milk, fish, meat and beverages. The main processing methods are introduced, including canning, drying, fermentation, freezing and other processing methods, along with the processing equipment used. The course will delve into greater depth into the organisation of production processes, and use will be made of food processing equipment and tools. Learning outcomes: Compulsory subject in Business Administration with emphasis in Food Business Management 40

Sustainability and Social Responsibility, 6 ECTS Instructor: Auður Ingólfsdóttir Semester and length: Spring, year 2, 12 weeks Degree programme: BS in Business Administration /English Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: The course deals with corporate social responsibility (CSR). In the first part of the course, key concepts will be introduced and the main challenges and history of CSR will be reviewed. The second part covers the main aspects of CSR and the challenges relating to them, such as environmental issues, globalisation, human rights, corporate governance, anti-corruption actions and community participation. The third deals with various institutions working toward the furtherance of social responsibility and the main tools that companies can utilise in formulating and introducing a social responsibility policy; the topic of social responsibility and innovation will also be addressed. Special emphasis will be placed in the course on training students in applying critical thinking to tackle ethical issues that can come up in connection with the tug-of-war that may arise between the demand for profitability and challenges relating to businesses environmental and social impact. Learning outcomes: Students can explain key concepts relating to corporate social responsibility and have a knowledge of the main scientific theories on which these ideas are based. Students can analyse and discuss company strategy concerning social responsibility and have an understanding of the role of the private sector in sustainable development. Students have the ability to apply critical thinking to address ethical quandaries that may come up in connection with sustainability and social responsibility. Compulsory subject 41

Finance II, ECTS Instructor: Stefán Valgarð Kalmansson Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration /English Content and objectives: The course is the continuation of Finance I; these courses jointly cover what is known as corporate finance. Together, these two courses are designed to provide a comprehensive theoretical overview of corporate finance. Students continue with their textbook and begin by delving into efficient capital markets and then taking a detailed look at theory on corporate financing. Factors such as corporate financial structures, dividend policy, capital markets and registration of securities. The leasing form in investing is addressed and financial products (derivatives) are examined in continuation of this. The effect of decisions on corporate finance and company operations. Management of current assets, cash flow and payment management reviewed. The course ends with a discussion of mergers and takeovers, how to handle financial difficulties and financial management in an international environment. Learning outcomes: Knowledge objectives: Students can explain the role of financial management in companies and its importance. Students have a fundamental knowledge of methods pertaining to corporate financing. Students possess knowledge of the substance of financial products and their use. Students can analyse the costs and benefits of different current asset management approaches. Students have a fundamental knowledge of methods relating to corporate mergers and takeovers and the primary financial factors that matter for companies in an international environment. Capability objectives: Students have an understanding of efficient capital markets and can explain what effect different levels of market efficiency can have on corporate policy and management. 42

Students can interpret the effect of central decisions on company finances and performance and assess financial standing on the basis of analysis. Students possess the ability to evaluate the effect of different capital structures on companies and options for obtaining capital. Students can explain the purpose and nature of different financial products. Students are able to evaluate and explain the chief options for current asset management. Compulsory subject, except in Business Administration with emphasis in Food Business Management 43

Accounting II, 6 ECTS Instructor: Kjartan Arnfinnsson Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration Prerequisites: Basic competence in double-entry accounting Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: Students begin by reinforcing their understanding of double-entry accounting with simple exercises. After discussion on individual components of financial statements, students receive assignments on the components in question, testing their understanding of the rules and their ability to apply them. The basis of the regulatory environment surrounding the preparation of financial statements is to be found in legislation and standards concerning their preparation. Students are trained in footing themselves in this regulatory environment through practical exercises and questions. Financial statement analysis in the form of key figures calls on proficiency in calculating such figures; emphasis is placed on students having gained an understanding of the regulatory environment and thus being able to recognise and explain the benefits and disadvantages inherent in such an analysis. Learning outcomes: Enable students to prepare fairly simple corporate financial statements, presenting the income statement, balance sheet and cash flow. This proficiency calls on a knowledge of the principal rules concerning financial statement preparation and the ability to use them. A further objective is for students to have the ability to analyse financial statements with the assistance of key figures but be the same time aware of the benefits and shortcomings of such measurements. Compulsory subject in Business Administration 44

Change Management, 6 ECTS Instructor: Invar Örn Ingvarsson Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration /English Teaching methods Teaching methods are diverse and build on Bifröst The course is a compulsory subject. Content and objectives: Change management is a term encompassing different methods of managing change within businesses and institutions. Change can involve structural reorganisation, new procedures or development of a new product or service, for example. The course is divided into three sections. In the first section, emphasis is placed on analysing the working environment of businesses and institutions. Businesses are under growing pressure to show consideration for the environment and the community in their day-to-day operation. Such thinking calls for new solutions. Concepts such as corporate social responsibility (CSR), innovation and social entrepreneurs will be reviewed. Links between innovation and change will also be addressed; knowledge of the methodology of change management has an important role in the process of transforming new ideas into products or services. The second part of the course deals with the development of theories on change management and their connection with theories of work organisation, business culture and organisations. Change will also be analysed in terms of the scope, type and nature of change. The third section of the course delves into the principal methods of introducing changes in businesses and institutions. The course examines the connection between theories of leadership and change management, ways of gaining support for change among employees and other interested parties and methods of counteracting the resistance that often accompanies change. Learning outcomes: After the course, students will: Be familiar with the latest trends concerning company involvement in the community and concepts such as CSR, innovation and social entrepreneurs. Understand the interplay between change and innovation 45

Understand and be able to explain core theories on change management and their development. Have knowledge of theories of leadership and their connection with change management. Have knowledge of and be able to utilise useful methods of introducing change. Be able to analyse and address resistance to change. 46

Service Management, 6 ECTS Instructor: Einar Svansson Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration /English Teaching methods Teaching methods are diverse and build on Bifröst Content and objectives: The course is an introductory course in service management and has the objective of presenting the basic concepts and methods that one must know and be able to apply in order to succeed in managing service companies. Learning outcomes: Knowledge objectives: Students understand and can explain core service company models Students have knowledge about major theories on service management Students understand the nature and characteristics of service and its importance in society Students are acquainted with core customer satisfaction concepts Students know about the connections between technology and service Students can analyse quality of service with the help of recognised service models Students are familiar with the main configurations of service company policy and its development Students can develop new services and couple them with company innovation Capability objectives: Can explain the basic idea behind common service models Can explain how core methods of service management are leveraged and implemented by managers in Iceland and in international operations Be able to analyse and articulate a company service policy Have developed skills in data collection and (promotional) presentation of a subject matter through assignments and groupwork Have acquired an ability for constructive criticism grounded in positive thinking and professional analysis of several of the main models (methods) of service studies Can exchange views on some of the main models of service studies Are qualified to hold management positions in service companies Compulsory subject 47

Marketing Management II, 6 ECTS Instructor: Ragnar Már Vilhjálmsson Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Marketing Communications Prerequisites: Marketing Management I Content and objectives: The course deals with elements of marketing that revolve around the four P s of marketing (the marketing mix) and form ancillary functions that marketing executives must know and understand to maximise the success of marketing operations and plans. Topics such as marketing management, research into marketing and competitive environment, competitor analysis, maximisation of customer satisfaction and loyalty and global marketing will be examined. On completing the course, students should have gained a deeper and broader perspective on corporate marketing. Learning outcomes: Knowledge and understanding: After the course, students will: Possess knowledge about the methodology of market analysis. Possess knowledge about all the elements involved in preparation of a comprehensive marketing plan. Have an understanding of performance models and customer satisfaction. Be able to position traditional marketing in an international context. Capability objectives: After the course, students will: Be able to conduct in-depth analysis of market and competitive conditions for businesses. Be able to prepare a comprehensive marketing plan. Be able to carry out impact assessment for marketing campaigns. Compulsory subject in Business Administration with emphasis in Marketing Communications 48

New Trends in Marketing Communications, 6 ECTS Instructors: Kristján Gunnarsson, Ninja Ómarsdóttir and Gunnar Thorberg Sigurðsson Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Marketing Communications Content and objectives: This course covers issues and various challenges that marketing professionals are dealing with in their work today, in an environment where innovation and concepts are undergoing rapid change. An effort is made to provide in-depth discussion of emerging topics still taking shape. Individuals on the leading edge of their field in specific promotional matters will speak with the class, and their perspective will be obtained on how future developments will unfold. The objective is for students to receive a good overview of the state of innovation in marketing communications today, gain proficiency in searching for information and know ways of keeping track of new marketing communications trends. Topics include: Societal marketing Gamification Web design Mobile marketing Digital media marketing Marketing research innovation Experiential marketing Marketing with search engines (Google) Data visualisation Learning outcomes: On completing the course, students are capable of identifying new marketing opportunities and have gained proficiency in searching for information on new marketing communications concepts, whether relating to technological advances or changes in consumer behaviour. Students must be able to describe and demonstrate the use of new methods as an important element in effective marketing communications for brands and companies. Student initiative is sought in carrying out course assignment work. Compulsory subject in Business Administration with emphasis in Marketing Communications 49

Product Management and Logistics, 6 ECTS Instructor: NN Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Food Business Management Prerequisites: General undergraduate-level entrance requirements Content and objectives: The course deals with the core theories, methods and topics of product management and logistics. The objective of the course is for students to gain knowledge of the basic concepts of product management, purchasing, stock, transport and distribution of foodstuffs, taking into consideration shelf life, among other things. Design and management of transportation systems, preparation of efficiency calculations, systematic project prioritisation and use of information technology in improving the efficiency of work methods will also be taught. The concept of value chain will be introduced and how the value chain serves as a method of increasing productivity in the supply chain work processes. Student comprehension of the subject matter will be deepened through lectures, project work and participation in discussions. Learning outcomes: Knowledge objectives: On completing the course, students are familiar with the basic concepts of product management and can leverage them in purchasing, stock control, overall transportation management and distribution of goods. Students understand the effects of product management on company operations and are familiar with the opportunities offered by systematic product management. Capability objectives: On completing the course, students have received training in applying the methods of product management in efficient control of purchasing, stock and transport. Students have the capability to understand the context of product management in company operations and can present arguments to support their choices in prioritisation of product management and transport projects to increase the efficiency of operations. Compulsory subject in Business Administration with emphasis in Food Business Management 50

Information Technology in the Food Industry, 6 ECTS Instructor: Benedikt Hauksson Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Food Business Management Content and objectives: The application of information technology in food safety will be examined in lectures and through project work. The role and importance of standards will be illustrated with examples on meeting international regulations on, among other things, traceability and recalls. International techniques for identifying foodstuffs will be taught, and the course will introduce the latest methods in information technology for ensuring transparency and safety in the food supply chain. Learning outcomes: After the course, students will: Be familiar with the main regulations and requirements concerning food safety and traceability Can employ technical solutions to meet these requirements Have gained proficiency in seeking more in-depth knowledge of a subject Compulsory subject in Business Administration with emphasis in Food Business Management 51

Food Safety, Legislation and Control Instructor: NN Semester and length: Spring, year 2, 6 weeks Degree programme: Business Administration with emphasis in Food Business Management Content and objectives: Students receive instruction concerning legislation on foodstuffs and gain insight into food safety. Students learn about risk management in the food chain and in production of food from harvest/slaughtering/hunting/fishing to consumption. Students gain an understanding of risk in the handling and treatment of raw materials and their processing, as well as the quality of water and other facilities. Learning outcomes: Compulsory subject in Business Administration with emphasis in Food Business Management 52

Tourism and Leisure Marketing, 6 ECTS Instructor: NN Semester and length: Spring, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Tourism Prerequisites: Introductory courses Content and objectives: The objective of this course is to connect the viewpoints and unique positions of tourism and leisure sectors with the latest in marketing science. In its fundamentals, the course is grounded on the science of services marketing, with primary focus on the growing tourism and leisure industries. Emphasis is placed on new enterprises and destinations. Learning outcomes: That students know the basic concepts of the science of tourism marketing That students understand and can explain the core concepts of service management That students can analyse tourism marketing policies That students gain proficiency in forming new ideas and designing new enterprises in the tourism industry That students understand the role and possibilities of the Internet in marketing of tourism and related sectors That students gain proficiency in the use of concepts and models in the science of tourism marketing through analysis of real examples BS in Business Administration with emphasis in Tourism 53

Consumer Behaviour and Market Research Instructor: Ragnar Már Vilhjálmsson Semester and length: Summer, year 2, 6 weeks Degree programme: BS in Business Administration /English Content and objectives: Learning outcomes: Knowledge and understanding After the course, students will: Understand the important of market research within businesses and know how marketing research can improve decision-making among corporate executives Possess knowledge of the market research process and the topics involved in conducting market research Can identify and assess different types of market research methods Have insight into numerous internal and external factors that affect consumer attitudes and behaviour Capability objectives: After the course, students will: Be able to conduct market research involving all the elements in the market research process Be able to use their knowledge of underlying factors that affect consumer behaviour to market products and services BS in Business Administration with emphasis in Tourism 54

Strategy and Business Plans, 6 ECTS Instructor: Compulsory subject Semester and length: Summer, year 2, 6 weeks Degree programme: BS in Business Administration Content and objectives: The course is divided into three main sections. The first part of the course deals with different approaches to strategy, as well as external and internal factors that have a bearing on corporate strategic planning. The second section covers formulation of policy for profit centres and consolidated groups. It also discusses external growth through amalgamation and policy outside the home country. The third section deals with adoption of policy through organisation and management. In addition, the preparation and structure of business plans are reviewed. Learning outcomes: After the course, students will: have gained knowledge of different approaches to strategy and policy formulation at various levels of governance and the factors that must be considered in strategic planning for business entities or consolidated groups. Likewise that students perceive the connection between strategy and corporate management. Be able to explain scientific theories concerning strategy and the management of organisations and sectors, in particular the premises and limitations of theories and methods. Be capable of defining and delimitating the problems raised in the course, discussing current theories and methods in a critical manner, leveraging these methods as appropriate and adapting and developing accepted methods where this proves necessary. Have acquired an open-minded view on the material presented in the course, i.e., an ability to challenge in a critical and creative manner the accepted opinions and norms of organisations, business and society about what constitute correct methods of managing and solving problems relating to strategy. Compulsory subject 55

Tourism and Culture, 6 ECTS Instructor: NN Semester and length: Summer, year 2, 6 weeks Degree programme: BS in Business Administration with emphasis in Tourism Prerequisites: Introductory courses Teaching methods: Lectures and real examples. Emphasis on the role of culture and intercultural relations, comparison and effect of culture at a destination and in tourists country of origin. A more detailed description will come later. Content and objectives: The objective of this course is to examine tourism as a cultural phenomenon, with emphasis on cultural tourism. Iceland s possibilities and opportunities are explored, at the same time as a critical view is taken of the effects of tourism on the culture of the destination country. Among the focal points of the course are museums and exhibitions, music, cinema and literature and culinary culture. Learning outcomes: That students know and understand the core concepts of culture That students can analyse the culture of different countries That students understand the effects of culture on tourism That students gain proficiency in discussing culture and tourism in a critical but constructive manner That students understand the role and possibilities of culture in tourism development That students gain proficiency in the use of concepts and models in the context of culture through analysing real examples in the tourist industry BS in Business Administration with emphasis in Tourism 56

Electives Operation, Analysis and Planning I, 6 ECTS Instructor: Ingólfur Arnarson Semester and length: Fall, year 2, 12 weeks Degree programme: BS in Business Administration and English Content and objectives: Students in the course are divided into interdisciplinary groups that choose or are assigned real businesses for analysis. Businesses differ and are constantly changing over time, and teaching methods take this into account. Guidance and lectures will be provided as needed; in addition to the course instructor, this will involve input from the business in question, teachers in relevant fields and parties from the industries and the community, as well as banking institutions as applicable. Learning outcomes: On completion of the course, to have the ability to: Assess the operations of an actual business Have a knowledge of key operating ratios and their application Have an understanding of the business s legal framework, limitations and possibilities Have the necessary knowledge to prepare a simple operating plan 57

Innovation and Entrepreneurship, 6 ECTS Instructor: NN Semester and length: Fall, year 3, 6 weeks Degree programme: BS in Business Administration Content and objectives: The purpose of this course is to provide students with a thorough perspective on the main concepts and theories on innovation and entrepreneurial activities. The interplay between innovation and macroeconomic factors and regional development, businesses collaborative procedures, globalisation and extension of the field of activity for established companies, clusters (knowledge clusters) and other related topics will be addressed. The course will also touch upon the importance of social factors and the interplay between society, innovation and entrepreneurial work, as company activities are inevitably influenced by the society in which they operate. Research will be cited to explain these points and examples given for elucidation. The course is divided into three main sections: 1. Core concepts and theories of innovation: Theories on the relationship between innovation and macroeconomic progress, such as how innovation and technological advances are linked with various economic aggregates and business cycles. Different perspectives on the concept of innovation are discussed, including incremental innovation, radical innovation, product innovation and process innovation. 2. Innovation systems and regional development: The substance of ideas on innovation rests on the premise that relations between interested parties can affect societies ability to engage in innovation. Implicit in this is the view that the development, progress or success of a society can be explained to some degree in view of these relations. Innovation systems and innovation partnerships are discussed, along with factors affecting the speed and direction of technological advances, such as demand, competition, prices, workforce competitiveness, research, institutional structure and extension of established companies field of activity, globalisation and other topics. Regional development is discussed, including the factors affecting regional development and whether it is possible to have an effect on such development. 58

3. Society and entrepreneurs: Company activities and entrepreneurial work are inevitably influenced by the society in which they operate. Entrepreneurs and the factors affecting their work are discussed, together with the importance of the business plan and what needs to be kept in mind in preparing it. Learning outcomes: Have a thorough knowledge of the main scientific theories concerning innovation and entrepreneurship. Understand the importance of innovation for the national economy as a whole and be aware of the relationship between innovation and economic growth. Gain insight into different innovation systems and at the same time into the environment of innovation and regional development, the speed and direction of technological advances. Gain an understanding of how social factors affect the activities of companies and entrepreneurs. Gain insight into the factors that make for good entrepreneurs and what distinguishes successful entrepreneurs from those who fail. What should be kept in mind in preparing business plans: have a sense of what characterises good business plans and what factors should be properly analysed before a business idea is launched. 59

Intercultural Communication Instructor: NN Length: 6 weeks Degree programme: BS in Business Administration Content and objectives: An introduction to intercultural communication and why it is one of the main criteria for success in international business. The course connects theory with current affairs in international communications. A focus on communication with China. The course examines how others view us and assess our business practices. How we (Icelanders) think and comport ourselves. The practical application of intercultural communication in decision-making, negotiations, presentations, personal relations, and so on. The course involves working with simple but effective tools to analyse cultural difference and let it act to one s benefit rather than being a hindrance. Learning outcomes: On completion of the course, students will have a good understanding of the importance of intercultural communication in international business. They will have a fundamental knowledge of intercultural communication and thereby possess improved skills in communicating with persons from other countries, which is a prerequisite for success in international business. Students will be better qualified to evaluate the communication patterns of foreign trading partners and business associates and have gained knowledge of how they themselves are viewed and what is expected of them by these parties. They will have mastered command of simple and effective analytical tools that enable them to anticipate, analyse and solve problems that arise due to differing manners of communication in international business. 60

International Business Instructor: Ingólfur Arnarson Length: 6 weeks Degree programme: BS in Business Administration Language: English Content and objectives: Developments in the last decades have been such that business must in most cases be examined in an international context. It suffices here to mention Iceland s participation in the European Economic Area and its numerous agreements with international institutions. The course provides a broad-based examination of the main aspects of international business. Learning outcomes: On completion of the course, to have a knowledge of the main aspects of international business and have the skills to: Account for the effects of globalisation on international business Be able to explain how the legal environment shapes international business Be able to explain the effect of cultural factors on international business Discuss and explain the main international agreements Be able to explain product flow in an international context Be able to explain the effect of exchange rates on international business Be able to discuss the different competitive positions of market areas 61

Negotiation and Sales Management Instructors: Auðbjörg Agnes Gunnarsdóttir and Brynjar Þór Þorsteinsson Length: 6 weeks Degree programme: BS in Business Administration Language: English Content and objectives: Acquiring professional negotiation skills is a must in today s world, representing a key element in helping to achieve maximum success both in one s career and in one s personal life. This course covers the keystones of successful negotiation. Through course readings, assignments and exercises, students will gain knowledge and develop their skills in the field of negotiations. The course emphasises both theoretical discussion and practical elements. In this way, students have the opportunity to acquire professional negotiation skills. In addition, the course will cover sales management and connect this with good negotiation practices. Learning outcomes: The main objective of the course is for participants to receive an opportunity to gain knowledge and develop skills and competences in professional negotiation and sales management. Knowledge On completion of the course, students will have gained knowledge of negotiation and sales management. This entails that students: Learn about keystones of negotiation and sales management Learn about the importance of professional negotiation skills in connection with achieving better results in negotiations Learn to recognise different types of behaviour in negotiations Learn how to take advantage of sales management techniques to achieve better results 62

Competences On completion of the course, students will have gained proficiency in professional negotiation and sales management. This entails that students: Can understand and analyse the importance of professional negotiation skills Understand the consequences of different types of behaviour in negotiations Understand the connection between sales management techniques and negotiation skills Be able to notice when negotiations have not been taking place in a professional manner Skills On completion of the course, students will be able to use their knowledge and proficiency in professional negotiation and sales management. This entails that students: Can identify key components of the course, such as interests, negotiation gap, objectives of negotiations, ethics, the win-win approach, professional problem solving and resolution of differences, BATNA and sales techniques. Can explain the negotiation process Can discuss the value of communications in negotiations and sales Can discuss the importance of building up trust in business relations Can explain how negotiation skills can help us in building long-term business relations Can analyse and understand the negotiation process Can evaluate the outcomes and conclusions of exercises and assignments in the course and identify how one may learn from them to develop increased ability Can prepare themselves for negotiations Have received training in negotiating Have received training in how to resolve differences and solve problems in a professional manner 63

Corporate Valuation Instructor: Sigurbjörn Einarsson Length: 6 weeks Degree programme: BS in Business Administration Content and objectives: The course deals with corporate valuation. All assets can be appraised, including businesses. Various methods have been developed over time, and the main methods for doing so will be introduced in the course. Knowledge of valuation models is important, but equally important is that which is put into the model. The course will review how information is taken from financial statements and processed according to various methods of entering data into the models. Learning outcomes: Knowledge objectives: Students have a knowledge of the interaction of interest rates and risk Students have a knowledge of what is relevant concerning corporate valuation Students are able to explain the main valuation methods and models Capability objectives: Students have the ability to assess and criticise valuations prepared by others Students are able to assess the interaction of risk and required rate of return for businesses Students can employ comparative methods in corporate valuation Students can prepare a cash flow valuation of a business 64

Tax Law Instructor: Margrét Ágústa Sigurðardóttir Length: 6 weeks Degree programme: BS in Business Administration Content and objectives: This course will cover the essentials of tax law. The central focus will be on tax returns for companies and operators and the rules specifically applying to them under the Income Tax Act no. 90/2003, but the principles governing taxation of individuals will also be introduced. In particular, the course will examine the concept of business operations, deductibility of operating expenses, capital gains and depreciation, taxation of different types of business entities and taxation rules concerning amalgamation, winding-up and other changes to the legal form of a business entity. Key points concerning the withholding of public levies and capital income tax will also be introduced, as well as the essentials of value added tax (VAT) law, cf. Act no. 50/1988. The course will also touch upon other taxes in business in addition to income tax and VAT. Emphasis is placed on tax-related adjustments in financial accounting and tax-related calculations. Learning outcomes: After the course, students will: Have gained a thorough knowledge of tax returns for companies and operators and the principles governing taxation of individuals and can demonstrate their knowledge in solving concrete examples and assignments. Are familiar with and can demonstrate understanding and knowledge of the concept of business operations, rules on deductibility of operating expenses, taxation rules concerning the handling of capital gains and depreciation, taxation of different types of business entities and taxation rules concerning amalgamation, winding-up and other changes to the legal form of a business entity. Possess knowledge on key points regarding the withholding of public levies and capital income tax, can explain the main principles behind them and solve concrete assignments involving these considerations. Know about and be able to demonstrate knowledge of other taxes and duties in business, such as customs duty and excise duty. 65

Operation, Analysis and Planning II Instructor: Ingólfur Arnarson Length: 6 weeks Degree programme: BS in Business Administration Prerequisites: Operation, Analysis and Planning I Content and objectives: Learning outcomes: 66

CRM (Customer Relationship Management) Instructor: Haraldur Daði Ragnarsson Length: 6 weeks Degree programme: BS in Business Administration Content and objectives: The course deals with strategic business communication management, grounded in the ideology of CRM. It is possible to leverage customer relationship management to achieve great success in managing interactions. Among other things, CRM assists companies in gaining customers, serving customers and retaining customers, and particular emphasis will be placed on these aspects in all discussion. The main points of CRM will be covered, including its adoption, organisation and the use of information technology, and the course will examine how the ideology of CRM and technical factors work together. The course centres on how CRM can be used in marketing and what is required to adopt CRM successfully. Learning outcomes: Knowledge objectives: Students can describe what CRM involves and give a clear-cut explanation of its importance in company policy Students can describe how CRM affects different areas of companies and explain what role CRM plays in their activities Students can explain how data is processed in connection with CRM Students can describe in rough terms how CRM and technology work together Students can explain how CRM can be leveraged in marketing management Capability objectives: Students can explain what challenges need to be addressed in connection with the adoption of CRM Students can explain what kind of data needs to be recorded in a CRM system and how data can be leveraged to build good customer relationships 67

Students can explain the benefits of implementing a CRM system for sales and marketing Students can explain how information from CRM systems can be used in management and company strategy Students can put forward a report on the adoption of CRM in small and medium-sized enterprises 68

International Marketing Instructor: Gunnar Óskarsson Length: 6 weeks Degree programme: BS in Business Administration through the University s learning management system. Content and objectives: The central focus of the course is on providing students an opportunity to come into contact with work on concrete projects for preparing the choice of and entry into a foreign market or markets. The course will examine in detail specific issues that affect performance and sales on foreign markets. Learning outcomes: Knowledge objectives: Students are familiar with the main sources of knowledge and databases Students understand how available research and information can be utilised to forecast performance Students know the main factors affecting performance in marketing abroad Students have a good insight into what factors affect different issues in marketing abroad Capability objectives: Can analyse opportunities on a foreign market Can take advantage of existing knowledge to formulate international marketing policy Can formulate a well-argued report on strategy and introduction of a marketing plan Can exchange views on the central theories of international marketing and place them in the context of different topics 69

Investments and Financial Markets Instructor: Sigurbjörn Einarsson Length: 6 weeks Degree programme: BS in Business Administration Content and objectives: This course delves deeper into elements of finance covered in Finance I and II and introduces new elements. Topics are considered from the perspectives of investors and financial markets. Emphasis is placed on examining the financial market and the submarkets into which it is divided. Students are introduced to modern portfolio theory (MPT), and the course also covers calculations for bonds and interest in depth. Finally, the main types of derivatives and derivative contracts are reviewed. The activity of financial markets is explored and the main submarkets examined. The efficiency of markets in Iceland today is discussed, along with where one can obtain useful information on the market, interest rates, economic statistics and so on. The course will deal with portfolio selection and examine the core theories and definitions. The course will examine how investors are categorised, how investment portfolios are constructed and how their composition is calculated. The course will deal in detail with bond valuation and how investors can evaluate and compare different types of bonds. As well, the course will explore the main bond ratios and how these are used. The course will also deal with how investors can use information from the bond market and how the market works. In connection with this, different representations of interest rates and different day count conventions for interest rate markets are covered. The course wraps up with a review of the main types of derivative contracts and their use. Learning outcomes Students recognise how the stock market is structured, how the main submarkets work and their potential interaction. Students are acquainted with the main types of stocks and how stock transactions take place and on which markets. 70

Students are familiar with the basic principles concerning modern portfolio theory, risk definition and categorisation of investors into different risk groups. Students have a grasp of bond valuation and can lay out the cash flows for different types of bonds and calculate the main bond ratios and their use. Students know where to obtain useful information from the stock market, essential economic statistics, information on interest rates and so on. Students recognise different representations of interest rates and how investors go about making comparisons. Students possess knowledge of the main types of derivative contracts. Students know where to find statistical information on the stock market and the main submarkets. Students are familiar with modern portfolio theory and its main principles. 71

Intended learning outcomes for BS in Business Administration Intended learning outcomes for the study programme are set forth as per Iceland s National Qualification Framework for Higher Education and Degrees, issued in 2011 by the Ministry of Education, Science and Culture, pursuant to Act No. 63/2006. On completing their studies, degree holders should meet the following standards, as per the educational performance attested to in the diploma and diploma supplement. Knowledge: On graduating, degree holders possess knowledge of the field or profession: This entails, as per the Ministry Intended learning outcomes for holders of a BS degree in Business Administration from Bifröst framework, that degree holders: University: have gained general understanding of and insight into the central theories and concepts can distinguish between scientific explanations and other explanations understand and know the state of the field in a wider context Degree holders possess a general understanding of the theories, concepts and methods in the basic divisions of business studies, i.e., strategic planning, finance, accounting, economics, marketing, management, and human resources. Degree holders can apply their knowledge and understanding to professional analysis and solving of assignments and have the ability to justify theoretical or practical solutions to the tasks assigned to them relating to the operation of businesses and institutions. Degree holders have acquired extensive knowledge and understanding of elements of business operations and corporate and institutional management in a constantly changing working environment, which influences and is mutually influenced by social factors. 72

Skills: On graduating, degree holders can apply the methods and procedures of the field or profession: This entails, as per the Ministry Intended learning outcomes for holders of a BS degree in Business Administration from Bifröst framework, that degree holders: University: can use the relevant equipment, technology and software can apply critical methods in analysing subjects can support their decisions with professional arguments can evaluate the methods applied in an independent manner can identify when further information is needed and have the ability to retrieve it, evaluate its reliability and make appropriate use of it can make use of reliable databases and information resources in the relevant field have acquired an open-minded and innovative way of thinking Degree holders have training in and utilise the relevant computer technology and software. Degree holders can analyse complex subjects in a professional context and are able to take and justify decisions on a professional basis relating to fundamental aspects of the management of companies and institutions. Degree holders can work in an autonomous and organised manner on subjects in the areas of strategic planning, management, finance, accounting, marketing, human resources, and general organisation within an organisational unit. Degree holders can set project goals, devise a work schedule and follow it through so that particular stages are completed within set time limits. Degree holders are capable of acquiring further knowledge and have the ability to maintain their knowledge, using recognised methods in the scientific field. Degree holders have the ability to apply critical thinking and analyse opportunities for innovation. 73

Competences: On graduating, degree holders can apply their knowledge and skills in their profession and/or further study: This entails, as per the Ministry Intended learning outcomes for holders of a BS degree in Business Administration from Bifröst framework, that degree holders: University: have developed the competences and independence needed for further studies within the field can work in an independent and organised manner, set objectives for their work, prepare a work schedule and follow it can take active part in collaborate efforts and lead work groups are capable of interpreting and presenting scientific issues and research findings Degree holders have the competences to formulate and describe complex theoretical subjects and research outcomes orally and in writing in an easily comprehensible way. Degree holders can apply critical scientific methods in analysing the subjects assigned to them. Degree holders have acquired understanding of and insight into the main theories and concepts of strategic planning, finance, accounting, marketing, management and human resources. Degree holders have developed a critical way of thinking. Degree holders can actively participate in collaboration within companies and institutions, communicate their skills, ideas and knowledge and lead work groups in carrying out specialised projects and introducing change. Degree holders are capable of interpreting and presenting outcomes relating to the management of companies and institutions in a clear and understandable way. Degree holders can apply the latest technology and software to speed up processing, improve reliability, facilitate clear presentation and communicate information. Degree holders have improved their moral and social competences for active participation in a democratic society. Degree holders can work in harmony with values of sustainability and social responsibility. 74