Master in Business Administration – Modules

ΜΒΑ50: ECONOMICS FOR MANAGERS

Module code: ΜΒΑ50

ECTS Credit Points: 20

Module Type Compulsory

Year: 1st

Language of instruction: English

Module Outline

Module general description: The course (module) is organized under three broad sub modules: a) Markets, Business Strategies, and Competition Policy b) International Trade, Foreign Direct Investment, and Economic Integration and c) Macroeconomics and International Finance.

Markets, Business Strategies, and Competition Policy

The objective of the first part of MBA50 in Markets, Business Strategies, and Competition Policy is to teach and apply the foundation topics in microeconomic theory essential for making both the day-to-day business decisions that maximize profits as well as decisions designed to create and protect profit in the long-run. Students will develop critical thinking skills and a logical way of analyzing the routine decisions of managing modern firms. The basis of the analysis is the model of perfect competition, not as a viable option, but as a basis of comparison with what we actually observe in real life situations. The main topics are:

• Price determination in competitive markets (demand and supply functions, market equilibrium, government intervention)
• Firm’s objectives (market share vs profit maximization)
• Firm technological conditions (explicit and implicit cost items, average and marginal cost functions, economies of scale)
• Managerial decisions in competitive markets (short and long run profit maximization, firm and industry supply, shut down condition)
• Decisions in monopolistic markets (output and price decisions, market power, deadweight loss)
• Pricing strategies (first-, second-, and third-degree price discrimination)
• Multi-product and multi-plant monopolists

The second part of MBA50 in Markets, Business Strategies, and Competition Policy complements the first part where students master how a competitive market operates. As most of the today’s economy markets are imperfectly competitive, students should learn the tools necessary to form their business strategy in markets in which a firm’s profitability and survival depends crucially on the decisions of its rivals.  Moreover, students should become aware of the institutional framework dictating the industry in which their firms operate, and in particular, the risks they may face as managers when their firms violate the competition policy principles. The main topics are:

• The definition and the elements of a static game; types of games
• Solution concepts for static games (Strictly dominant strategies, Nash equilibrium)
• The role of time in games: dynamic games
• Solution concepts for dynamic games (subgame perfect Nash equilibrium, backwards induction)
• Various business applications of static and dynamic games (Cournot, Bertrand and Stackelberg competition, threat of entry)
• Definition and necessity of competition policy: Market power and market inefficiencies
• Situations that come under the auspices of competition policy: Collusion, Mergers, Abuse of dominant position, State Aid
• Cases studies corresponding to each of the above situations

International Trade, Foreign Direct Investment, and Economic Integration

This part introduces students to the international economic environment. Nowadays most countries trade a big share of the goods and services that they produce with the rest of the world. Students, after studying this part of the module, will be able to answer the following questions. Why do countries trade? Who benefits and who loses from it? What determines the pattern of trade? What are the effects of various trade policy instruments? How are different economic groups/sectors/firms affected by them? What are the main forms of economic integration? What are the main economic institutions within the EU? What are the options that an internationally oriented firm faces with respect to investing and selling its products abroad?   These are important questions; which   today’s managers should be able to answer. The main topics are:

• The definition and the role played by absolute and comparative advantage in international trade.
• The economic changes that occur as a country opens its borders to international trade
• Gains from international trade
• Determinants of the pattern of trade
• Effects of various trade policy instruments
• Forms of economic integration
• The main economic institutions of the EU
• Economic analysis of capital movements
• Forms of foreign direct investment and alternatives

Macroeconomics and International Finance

The aims of this part are to provide students with a detailed knowledge of the concepts, theories and methods underpinning international finance analysis and enable them to obtain a good understanding of the national income accounting in an open economy.  Students will develop an interest in the balance of payments, the foreign exchange market and the interaction between price levels and exchange rates both in the short run and long-run. Furthermore, students will also develop an understanding of the relationship between exchange rates, interest rates and inflation rates and a thorough knowledge of the concept of an ‘optimal currency area’ (OCA) and its potential application to the countries which comprise the Eurozone. The main topics are:

• National income accounting in an open economy and in particular the balance of payments
• The foreign exchange market and the interaction between price levels and exchange rates in both the short and the long-run
• Arbitrage and interest rates: Covered Interest Parity (CIP) and Uncovered Interest Parity (UIP)
• Purchasing Power Parity
• The effect of foreign exchange market on money stock and money market liquidity
• Optimum Currency Areas
• The euro and the role of the European Central Bank.

Learning Outcomes: The module material is organised under three broad sub modules:  a) Markets, Business Strategies, and Competition Policy, b) International Trade, Foreign Direct Investment, and Economic Integration and c) Macroeconomics and International Finance

Markets, Business Strategies, and Competition Policy

Upon successful completion of the first part of the Markets, Business Strategies, and Competition Policy submodule, students will be able to:

• Recall and recognize how the business environment (technology, the status of competition, and regulation in input/output markets) affects a firm’s choice of strategy
• Differentiate analytical frameworks and theories to compare different business environments
• Apply analytical frameworks and theories to analyze how a firm’s pricing decisions can be optimally taken, d) evaluate how strategy and the business environment together drive the firm’s choice of organizational design.

Upon successful completion of the second part of the Markets, Business Strategies, and Competition Policy submodule, students will be able to analyze business strategy and competition policy in oligopolistic markets. Especially, they we will be able to analyze and understand:

• Strategic Behavior & Game Theory
• Simultaneous Decision Games
• Sequential Decision Games
• Corporate Strategic Thinking in Practice.
• Business Practices and Competition policy in Greece and European Union (EU)
• The importance of Competition Policy for Consumers based on present EU Competition Policy Areas and Practice.

International Trade, Foreign Direct Investment, and Economic Integration

Upon successful completion of the International Trade, Foreign Direct Investment, and Economic Integration submodule, students will be able to:

• Understand the basic analytical concepts and tools of international economics
• Recognize what determines the pattern of production and international trade
• Apply analytical frameworks and theories to analyze the gains obtained and losses incurred for countries involved in international factor mobility
• Identify the role of the balance of payments and its components
• Differentiate analytical frameworks and theories related to exchange rate determination.

Macroeconomics and International Finance

Upon successful completion of the Macroeconomics and International Finance submodule, students will be able to analyze:

• Foreign Exchange Market, that is, the Definition of the market, Appreciations and Depreciations, Multilateral Exchange Rates, Exchange Rate Regimes, The Market for Foreign Exchange (Forex), Arbitrage and Exchange Rates, Arbitrage and Interest Rates, Exchange Rates and Prices in the Long Run, Exchange Rates, and Interest Rates in the Short Run: UIP and Forex Market Equilibrium
• National and International Accounts, especially Income, Product and Expenditure
• Balance of Payments, that is Balance of Payments Purpose & Accounts, Coping with the Current Account Deficit
• Τhe Euro (Deciding to Join the Eurozone: The Theory of Optimum Currency Area (OCA), The European Central Bank (ECB)).

Subjects covered:

• Markets, Business Strategies, and Competition Policy
• International Trade, Foreign Direct Investment, and Economic Integration
• Macroeconomics and International Finance

Prerequisites: There are no prerequisite courses.

ΜΒΑ60: ADVANCED QUANTITATIVE METHODS FOR MANAGERS

Module code: ΜΒΑ60

ECTS Credit Points: 20

Module Type: Compulsory

Year: 1st

Language of instruction: English

Module Outline

Module general description:

The module is structured on the basis of three sub modules: a) Advanced Quantitative Analysis b) Economic and Business Modelling and c) Decision Making.

Advanced Quantitative Analysis

The purpose of the first sub module is to introduce the basic concepts of data analysis and how they are applied to business problems. It will help students who have limited knowledge in mathematics to understand how statistical techniques are applied. Particular emphasis is placed on descriptive statistics, probability, estimation, hypothesis testing, and regression analysis with real-world business applications.

Economic and Business Modelling

The second sub module presents ways of investigating the relationship between two or more variables involved in a business problem. It helps students to understand how a model can describe the relationship between variables, how it is specified, how it is estimated and finally how it is tested with appropriate diagnostic tools in order to see how it describes the relationship of the variables. These models, also called econometric models, are widely applied in describing the relationships between macro-economic quantities. Many business problems are based on similar models that describe the relationship between business quantities either with linear or non-linear relationships.

Decision Making

The third sub module describes the methods managers use in most decision-making situations. Business decisions are made either under conditions approaching certainty and therefore the outcome is approximately known, or under conditions of uncertainty where the outcome is unknown and only alternative values of the outcome can be estimated. In most cases, uncertainty prevails, resulting in executives having to choose between two or more alternative decisions. This subsection explains how the criteria on which a business decision is based are defined and specified

Learning Outcomes: The module material is organised under three broad sub modules: a) Advanced Quantitative Analysis, b) Economic and Business Modelling and c) Decision Making.

Advanced Quantitative Analysis

Upon successful completion of the Advanced Quantitative Analysis subsection, students will be able to:

• Understand the basic concepts and ways to measure data encountered in business problems at appropriate measurement scale and the methods of managing that numerical (quantitative) information.
• Perform data analysis with the usage of computers and relevant programs (MS Excel or statistical programs).
• Carry out extensive analyzes of numerical data in the context of written assignments and their dissertation thesis.
• Consolidate the basic concepts of analytical methods and be able to understand the advanced methods of the following subsections.

Economic and Business Modelling

Upon successful completion of the Economic and Business Modelling subsection students will be able to:

• Understand how a model is used to describe the relationship between various variables in the context of economic theory, how it is specialized, and how the variables are distinguished into dependent and independent.
• Apply the corresponding statistical methods (either simple or more advanced) in order to estimate the parameters of the model.
• Understand and analyze the printouts of statistical programs and interpret the results.
• Understand that within a model, which describes relationships between quantitative variables, they can also integrate qualitative characteristics with the use of pseudo-variables.
• Understand how a complex model with more than one equation can be specified and estimated.
• Use an estimated model to make predictions.
• Evaluate the predictive ability of a model.

Decision Making

Upon successful completion of the Decision-Making subsection students will be able to:

• Describe the basic principles of decisions in conditions of certainty and uncertainty.
• Explain the differences between utility-based decisions and preference-based decisions.
• Apply the decision-making methods with multiple criteria and understand how the individual criteria are weighted.
• Construct a table of economic (monetary) results and a cost-benefit table.
• Apply the expected value criterion to a business decision problem.
• Calculate the cost of uncertainty and the value of perfect information.
• Construct a decision tree and understand how it can help in a problem of making a business decision under conditions of uncertainty

Subjects covered:

• Advanced quantitative analysis
• Economic and business modelling
• Decision making

Prerequisites: There are no prerequisite courses.

ΜΒΑ51: FINANCIAL MANAGEMENT & ACCOUNTING

Module code: ΜΒΑ51

ECTS Credit Points: 20

Module Type: Compulsory

Year: 1st or 2nd

Language of instruction: English

Module Outline

Module general description:

The course (module) is organized under three sub modules: a) Accounting for Managers, b) Corporate Finance and c) Financial Analysis & Business Valuation.

Accounting for Managers

The objective of the Accounting for Managers sub module is to help students develop an understanding of the theory and techniques of financial accounting. After completing this sub module, students will be expected to be able to: a) understand the framework of financial accounting in the context of the basic tools used (journal, general ledger and trial balances), b) demonstrate an understanding of the basic double-entry accounting by correctly journalizing transactions, making adjusting entries, and making closing entries and c) prepare and present the financial statements of companies (balance sheet and income statement).

Corporate Finance

Following an introduction to financial management the Corporate Finance sub module examines the time value of money concept, capital budgeting and the cost of capital. In introducing financial management, the sub module examines the maximization of shareholders’ wealth as the primary objective of financial management. In turn the functions of financial management, namely the investment decisions and the financing decisions are discussed. Finally, students obtain an idea of (a) some of the forces that affected financial management in the past; (b) the place finance has in a firm’s organization; and (c) the relationships financial managers have with their counterparts in the accounting, marketing, and production departments.

Financial Analysis & Business Valuation

Financial analysis aims to evaluate the present financial position of a firm. In doing so it usually employs two tools: ratios analysis, and sources and uses of funds analysis. The results of the financial analysis should be interpreted in the light of the financial life cycle theory of the firm. Additionally, these results should be related to the economy, and the industry in which the company operates (top-down analysis). After completing this sub module, students will be expected to be able to assess the financial position, performance and cash flow of companies using financial statements and based on the analysis of financial statements recommend alternative appropriate courses of action to remedy operating and financial problems. The objective of the business valuation sub module is to present, with a practical orientation, modern methods of calculating the fundamental value of companies, i.e. the value that remains in the property of the investor for a long period of time, in contrast to the value that can be realized in the short term through speculative trading. The difference between fundamental and speculative value is very important. Although stock markets may occasionally be prone to speculative bubbles, and although some industries move in and out of business, the price investors are willing to pay for investments must ultimately be based on fundamentals.

Learning Outcomes:

On successful completion of the Accounting for Managers sub module, students will be able to:

• Understand the framework of financial accounting.
• Demonstrate understanding of basic double-entry accounting by correctly journalizing transactions, making adjusting entries, and making closing entries.
• Prepare and present the financial statements of companies.

On successful completion of the Corporate Finance sub module, students will be able to:

• Evaluate the role of the Corporate Finance Manager and its main links to business objectives.
• Understand the concept of the time value of money and be able to use basic time value concepts.
• Demonstrate the ability to evaluate investment decisions using a variety of appraisal techniques.
• Analyse the main sources of debt finance.
• Examine the factors that determine a company’s dividend policy.
• Describe and calculate the cost of capital for a business.

On successful completion of the Financial Analysis & Business Valuation sub module, students will be able to:

• Assess the financial position, performance and cash flow of companies using financial statements.
• Recommend alternative appropriate courses of action to remedy operating and financial problems based on the analysis of financial statements.
• Understand the concept of business value.
• Apply the basic theories and techniques of calculating free cash flows.
• Explain and analyze the relationship between risk and value.
• Demonstrate the ability to evaluate decisions between alternative equity placements.
• Describe the main techniques for calculating the value of a business.

Subjects covered:

• Accounting for Managers
• Corporate Finance
• Financial Analysis & Business Valuation

Prerequisites: There are no prerequisite courses.

ΜΒΑ61: MANAGEMENT OF PEOPLE & ORGANISATIONS 

Module code: ΜΒΑ61

ECTS Credit Points: 20

Module Type: Compulsory

Year: 1st or 2nd

Language of instruction: English

Module Outline

Module general description: The course (module) material is organised under three broad sub modules: a) Management and Human Resource Management, b) Marketing Management and c) Strategic Management.

Management and Human Resource Management

The first objective of this sub module is to help students understand the nature of complex organizations and the basic functions of management. It shows the link between management concepts, organizational behavior and business functions and provides students with the concepts and techniques they need to acquire as managers in today’s organizations. The topics covered include an overview of management, the nature and purpose of planning in organizations; organizing human resources; directing, leading and motivating employees; and the role of control in the management process. Moreover, students get the knowledge, insight and skills necessary to manage people effectively within an organizational context and to develop an understanding of organizational effectiveness. They get an understanding of the factors and forces that managers confront both internally and externally in the organization regarding its existing and potential human resources and develop an understanding of the nature of decision-making involved in HRM. The related topics covered include an overview of HRM in organizations; staffing and organizing human resources; performance management; training and career development; the scope and structure of compensation practices; and the role of labor unions and collective bargaining.

Marketing Management

The objective of this sub module is to equip students with the theoretical understanding and practical skills to analyze and manage the organizations’ markets in order to pursue a competitive advantage. It shows how companies create value for their customers and build strong customer relationships in order to capture value from them in return. The topics covered include an overview of marketing in the new economy, the analysis of a company’s macro- and sectoral environment; the development, positioning and management of market offering; the management of marketing channels; pricing strategies; advertising; and the management of sales forces.

Strategic Management

The objective of this sub module is to integrate knowledge from the previous sub modules and to emphasize the strategic and coordinating role of a management executive. Therefore this is an important area since it concerns the manifestation of policies and strategies for the entire organization. Students learn to assess strengths, weaknesses, opportunities and threats, as well as the competitive advantages and disadvantages related to companies and industries. Furthermore, students comprehend an organization’s internal conflicts and external pressures in dynamic organizational settings. Students are taught how to implement analytical and decision-making skills in various organizational structures. Other topics covered also include strategic choices, change, international strategy and systems’ dynamics.

Learning Outcomes:

On successful completion of the Management and Human Resource Management sub module, students will be able to:

• Understand the evolution of management thinking.
• Analyze the global character of the environment of management.
• Recognize the importance of business ethics and social responsibility.
• Understand the functions of management (planning, organizing, staffing, leading, controlling) and apply relevant tools and techniques.
• Analyze the role of quality, value chain and information technology to the performance of organizations.
• Implement techniques and tools in different business settings.
• Analyze and understand the human resource environment.
• Apply techniques and tools for acquisition and preparation of human resources.
• Understand the role of assessment and development of human resources.
• Explain the importance of compensation of human resources and apply the relevant tools and techniques.
• Understand the global dimension of human resource management.
• Recognize the strategic aspect of human resource management.

On successful completion of the Marketing Management sub module, students will be able to:

• Define marketing and the marketing process.
• Understand the marketplace, the customers and their behavior and needs.
• Design a customer-driven marketing strategy and marketing mix.
• Explain the role of marketing to creating competitive advantage.
• Understand the role of ethics and social responsibility in the global marketplace.
• Apply relevant tools and techniques.

On successful completion of the Strategic Management sub module, students will be able to:

• Understand what is strategy and why does it matter.
• Analyze the managerial process of crafting and executing company strategies.
• Apply concepts and analytical tools for evaluating a company’s situation.
• Understand the ethical and socially responsible dimensions of company strategies.
• Apply managerial keys to successfully executing the chosen strategy.

Subjects covered:

• Management and Human Resource Management
• Marketing Management
• Strategic Management

Prerequisites: There are no prerequisite courses.

MBADE Postgraduate Dissertation 

Module code: MBA DISSERTATION

ECTS Credit Points: 40

Module Type: Compulsory

Year: 2^nd

Language: English

Module Outline

Module general description: The Postgraduate Dissertation is based on a proposal submitted by the students which is approved by the Programme Director. The research for the elaboration of the dissertation must have certain basic characteristics and must fulfil a number of prerequisites. A dissertation should have scientific originality and/ or contributing new knowledge to the topic examined. The dissertation content must create the ability to positively affect future research within that particular research area and may enrich the knowledge of the author to enable the attainment of professional goals. A dissertation topic usually combines four interacting factors, namely the research area, the business sector in which the dissertation is positioned, the dissertation classification and the most common methodology/tools employed.

The research area can be: European Business, Business Information Systems, Decision Making, International Economics, Corporate Finance, International Finance, Accounting, Human Resources, Investment Analysis/ Portfolio Management, Management, Strategic Management, Marketing, or Supply Chain.

The dissertation may fall to one of the following classification categories: Algorithm implementation, Business data analysis, Case Study, Comparative study, Literature based survey, Quantitative application/ study, Sectoral study or Theoretical framework development.

The Dissertation may refer to a specific business sector, such as Engineering, Agriculture, ICT, Construction, Logistics, Manufacturing, Utilities, Maritime, Public Sector etc.

The methodology can be: Literature review/ scholarship, Primary research or Secondary Research. The methodological tools that are utilized for the completion of the dissertation are: Comparative analysis, Critical review of the literature, Descriptive statistics, Econometric analysis, Inferential statistics, Operational Research/ Management Science (OR/MS) or Time series analysis.

A typical Dissertation structure includes an introductory chapter, a chapter of literature review and international experience, a methodological part and a conclusive chapter.

Learning Outcomes: The Dissertation is meant to combine and utilize the knowledge students have acquired over the course of their studies.

General Regulation for Preparing Graduate Dissertations in PC with an annual Module Correspondence

For more information regarding the Specifications – Useful Material for writing Master’s Theses and uploading a Thesis at the H.O.U. Repository, you can go to the Digital Training Area http://study.eap.gr and especially to the Program of Studies section.

Prerequisites: The presentation of the Postgraduate Dissertation takes place after the successful completion of the program’s Course Modules.