Program Review Business Administration Dr. Richard Harvey, Dean Dr. Jack Kirby, Associate Dean May 2009

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  know and understand factual knowledge (legal terminology, classifications) related to business;
  
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  know and understand sources of law affecting business;
  
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  know and understand constitutional authority;
  
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  know and understand how to apply legal concepts to personal and business affairs;
  
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  know and understand individual rights;
  
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  know and understand elements and terms of contracts;
  
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  know and understand relationship of buyer/seller; and
  
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  know and understand ethics and social responsibility.
  

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  understand the meaning of “statistics”;
  
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  understand the distinction between the population and the sample;
  
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  understand the types of statistic data;
  
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  understand how statistical data are organized in terms of frequency of occurrence;
  
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  understand what kinds of numerical and graphical displays are used for data;
  
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  understand how to measure central tendency and dispersion;
  
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  understand the basic concepts of probability and how they relate to relative frequency;
  
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  understand how to obtain expected value and variance of the discrete data;
  
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  understand the properties of the normal distribution and why it is so important;
  
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  understand how the central limit theorem enables us to use the normal curve to find probabilities for future levels of the sample mean;
  
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  understand confidence intervals for the mean and proportion and how they are used and constructed;
  
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  understand hypothesis testing and how it may be used in decision making; and
  
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  understand how statistics measures and expresses association between variables.
  

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  express an understanding of international business, including foreign competitors and markets;
  
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  understand how cultural, political, economic, environmental, sociological, and legal differences among nations affect the process of doing business abroad;
  
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  understand how functional areas of international business such as marketing, management, financing, and accounting are applicable in business operating outside the United States;
  
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  understand the changing international environment and its affect on businesses; and
  
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  understand and develop decision-making skills in the management of international business.
  

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  identify frameworks for analyzing an industry and competitors in a variety of settings;
  
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  analyze and evaluate a firm’s performance based on an industry’s structure;
  
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  identify and collect data relevant to analysis from a variety of publicly available and primary sources;
  
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  analyze data and report to top management in order to facilitate strategic decisions;
  
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  get hands-on experience on applying theories and frameworks to a real firm along the lines of a professional consulting assignment; and
  
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  utilize strategic tools and theories such as a SWOT analysis, environmental scanning, etc.
  

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  define economics and explain the kinds of questions that economists try to answer;
  
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  explain and illustrate the concepts of scarcity, opportunity cost, production efficiency, and tradeoff using the production possibility frontier;
  
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  explain how demand and supply determine price and quantity in a market and explain the effects of changes in demand and supply;
  
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  define Gross National Product (GDP), describe how it is measured, and distinguish between nominal GDP and real GDP;
  
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  describe the sources and types of unemployment and their economic consequences;
  
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  define money, describe its functions, and explain how banks create money and how Fed controls the quantity of money;
  
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  describe the sources of inflation and how it is measured;
  
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  describe the expansionary and contractionary fiscal policy; and
  
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  explain and compare alternative monetary policy strategies.
  

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  explain how demand and supply determine price and quantity in a market and explain the effects of changes in demand and supply;
  
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  define, explain the factors that influence, and calculate the price elasticity of demand, price elasticity of supply, cross elasticity of demand, and the income elasticity of demand;
  
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  explain marginal utility theory and use it to derive a consumer’s demand curve;
  
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  explain how economists measure a firm’s cost of production and productivity in the short run and in the long run;
  
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  describe the characteristics of the four primary market structures: perfect competition, monopolistic competition, oligopoly, and pure monopoly;
  
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  explain how the firm determines its level of output and its profit/loss under the four primary market structures; and
  
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  describe how labor wages are determined in the case of competition, Monopoly, and labor union.
  

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  describe and analyze financial statements;
  
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  explain financial markets, comprehend the time value of money, perform security valuation, and describe the relationship between risk and return;
  
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  properly develop working capital policy; and
  
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  prepare a capital budget by utilizing various capital budgeting techniques.
  

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  identify the components of an information system;
  
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  differentiate data from information and any other management decision-making terminology in the business environment;
  
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  apply ethical information technology management concepts to gain a competitive advantage in business;
  
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  apply strategic information systems and reorganization principles to achieve the goals of the organization;
  
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  demonstrate written communications skills by writing a Major Proj Outline, dev a PPT, and writing an Exec Summary of their presentation.
  
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  demonstrate oral communications skills in class participation, interacting within a team environment, and presenting a team Major Project Pres.; and
  
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  demonstrate teamwork skills by developing and presenting a team major project presentation.
  

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  understand the fundamental principles of Information Systems and recognize the effective use of information systems in a business environment;
  
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  analyze a business problem or situation and determine if and/or how computer applications could be used to enhance the decision-making process; and
  
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  construct professional-quality, computer-generated documents to support a given business scenario. The application of the computer process should provide an effective and beneficial aid to the particular circumstances.
  

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  successfully demonstrate to the instructor understanding of the evolution of management thought, management concepts and analytical techniques;
  
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  successfully demonstrate to the instructor an understanding of the four basic management processes (planning, organizing, leading, and controlling);
  
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  successfully demonstrate to the instructor an understanding of the impact of environmental factors, and organizational culture on organization and managerial successes; and
  
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  successfully demonstrate to the instructor his/her ability to utilize problem solving, critical thinking skills, and sound ethical management practices to articulate basic management issues.
  

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  successfully demonstrate to the instructor an understanding marketing activities and theories as they relate to creating good customer relations and satisfaction;
  
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  successfully demonstrate to the instructor an understanding of the marketing mix (product, price, distribution, and communication);
  
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  successfully demonstrate to the instructor an understanding of basic marketing research activity to further understand consumer and business buying behavior; and
  
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  successfully demonstrate to the instructor his/her ability to utilize problem solving, critical thinking skills, and sound ethical marketing practices to articulate basic marketing issues.
  

Upon successful completion of this course, students will be able to:

The students should be able to prepare a multiple-step income statement, owner’s equity statement, and classified balance sheet and demonstrate and understanding of the underlying concepts of the statement of cash flows.

The students should be able to demonstrate the steps in the accounting cycle for both a service enterprise and a merchandising company.