Courses tagged with "Taking derivatives" (61)

Have you ever wondered what qualities billionaire Warren Buffet, visionary Steve Jobs, or upcoming Jeff Bezos of Amazon.com all have in common?  After you finish studying business practices in this course, you may discover that you have some of the same qualities as other successful entrepreneurs. This course is designed as a survey course that will expose you to business terminology, concepts, and current business issues.  The intent is to develop a viable business vocabulary, foster critical and analytical thinking, and refine your business decision-making skills.  These skills will be acquired by the reading materials, exercises, and research assignments in this course that simulate the workplace today.  By delving into the five units of this course, you will be able to fine tune your direction and choice of career in business. A major goal of your education is to help you become a citizen who can contribute and compete in an increasingly global environment.  Elements of this course will focus on…

Accounting can be considered the language of business. If you are learning accounting for the first time, embracing its foundational concepts may be a challenging process. Mastery of accounting primarily rests in your ability to critically think through and synthesize the information as it applies to a given situation. You should approach the learning of accounting the same way you would approach learning a foreign language; It will take time and practice to ensure you remember the concepts. There are a number of sub-disciplines that fall under the umbrella of “accounting,” but in this course, we will be focused on financial accounting. Accounting as a business discipline can be viewed as a system of compiled data. The word data should not be confused with “information.” In terms of accounting, “data” should be viewed as the raw transactions or business activity that happens within any business entity. For example: Someone uses $30,000 of their savings to start a business. The use of these f…

In BUS103 [1] (Financial Accounting), we learned that firms need to track various forms of data in order to report to investors, regulators, and potential business associates such as customers and vendors.  Firm managers, however, often need information that is much more detailed than the data provided in these financial reports.  They use what is known as “managerial accounting” to make various decisions about their businesses.  To avoid information overload, much of their data is tailored to the needs of a particular business unit instead of generally applicable to the firm as a whole. As you might expect, different managers have different needs.  However, almost all management decisions deal with the same key issues: cost, price, and profit.  This course will examine this sort of decision-making, identifying the tools and methods managers use to make the best-informed decisions possible.  We will begin with an introduction to the terms that will be referenced in the later units.  We will then…

The purpose of this course is to provide you with a basic understanding of the principles of microeconomics.  At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e. by individual consumers or individual firms, after evaluating resources, costs, and tradeoffs.  When we talk about “the economy,” then, we are referring to the marketplace or system in which these choices interact with one another.  In this course, we will learn how and why these decisions are made and how they affect one another in the economy. Each of the following units has been designed as a building block, where the concepts you learn in one unit will enable you to understand the material you discover in the next.  By the end of this course, you will have a strong grasp on the major issues that face microeconomists, including consumer and p…

Economics is traditionally divided into two parts: microeconomics and macroeconomics.  The purpose of this course is to provide you with a fundamental understanding of the principles of macroeconomics.  Macroeconomists study how a country’s economy works and try to determine the best choices to improve the overall wellbeing of a nation.  Typical topics include inflation (the overall level of prices), employment, fiscal policy (government taxing and spending), and money and banking (interest rates and lending policies).  Individuals and firms need to consider how macroeconomic events will affect their own prosperity.  To better define macroeconomics, consider its distinction from microeconomics.  Imagine you are attempting to figure out how the price of a certain good (say, bread) has been determined.  Microeconomics would focus on how the supply of and the demand for bread determine its prices.  It would examine factors like the input prices and the consumer's demand in order to determine the curren…

In BUS103: Financial Accounting [1], we learned that firms are required to keep detailed financial records so that organized reports can be distributed to managers, shareholders, and government regulators.  Principles of Finance will focus on what these managers, investors, and government agencies do with this information.  It is an introductory course to various fields of finance and is comparable in content to courses that other institutions label as “corporate finance” or “financial management.” Finance is a broad term; you will find that both managers that compile the financial reports we discussed in financial accounting and stockbrokers working on Wall Street will claim that they work in finance.  So what exactly is finance?  Finance is the science of fund management.  It is distinct from accounting in that, whereas accounting aims at organizing and compiling past information, finance is geared towards deciding what to do with that information. In this course, you will be exposed to a n…

In this course, you will learn about the marketing process and examine the range of marketing decisions that an organization must make in order to sell its products and services. You will also learn how to think like a marketer, discovering that the focus of marketing has always been on the consumer. You will begin to ask, “Who is the consumer of goods and services?” What does the consumer need? What does the consumer want? Marketing is an understanding of how to communicate with the consumer, and is characterized by four activities: Creating products and services that serve consumers Communicating a clear value proposition Delivering products and services in a way that optimizes value Exchanging, or trading, value for those offerings Many people incorrectly believe that marketing and advertising are one in the same. In reality, advertising is just one of many tools used in marketing, which is the process by which firms determine which products to offer, how to price those products, and to whom th…

This course will introduce you to business statistics, or the application of statistics in the workplace. Statistics is a course in the methods for gathering, analyzing, and interpreting data. If you have taken a statistics course in the past, you may find some of the topics in this course familiar. You can apply statistics to any number of fields from anthropology to hedge fund management because many of us best interpret data when it is presented in an organized fashion (as it is with statistics). You can analyze data in any number of forms. Summary statistics, for example, provide an overview of a data set, such as the average score on an exam. However, the average does not always tell the entire story; for example, if the average score is 80, it may be because half of the students received 100s and the other half received 60s. This would present a much different story than if everyone in the class had received an 80, which demonstrates consistency. Statistics provides more than simple averages. In t…

Law, in its simplest form, is used to protect one party from another. For instance, laws protect customers from being exploited by companies. Laws protect companies from other companies.  Laws even protect citizens and corporations from the government. However, law is neither perfect nor all encompassing. Sometimes, societal ethics fill the voids that laws leave behind; other times, usually when societal ethics have been systematically violated by a group of the population, we write laws that are designed to require individuals to live up to certain ethical standards. In the backlash of the Enron scandal (where Enron executives used accounting tricks to hide losses) for example, new accounting laws were passed. Similarly, as a result of the financial crisis of 2008, legislators proposed new regulations designed to enforce a certain standard of ethical behavior within the financial services industry. This course will introduce you to the laws and ethical standards that managers must abide by in the course o…

Today, the management of information systems is mostly associated with databases, the Internet, and server rooms.  However, “information management” has been around since before the invention of these tools.  It is as old as commerce itself, as traders, bankers, and merchants have always had reason to track sales and inventory.  Creditors must be aware of how much capital has been lent to borrowers and how much money has been deposited at banks.  Long before humans harnessed electricity, there was a need for information systems.  But currently almost all management of information systems is done electronically. Management Information Systems (MIS) is a formal discipline within business education that bridges the gap between computer science and the well-known business disciplines of finance, marketing, and management.  However, most students will only take one or two MIS courses in their undergraduate programs. You may not know it, but you use MIS every day.  If you use email, you are using MIS…

Management refers to the organization and coordination of work to produce a desired result. A manager is a person who practices management by working with and through people in order to accomplish his or her organization’s goals. When you think of the term manager, you may be imagining your supervisor as he or she hires and terminates employees and makes major decisions above your authority. However, although you may not view yourself in this way, you yourself may also be a manager. In fact, many of us practice management skills in the workplace every day. You may have a team of employees that you manage, or lead a project that requires management strategy, or demonstrate leadership qualities among your peers. These are all scenarios that require you to apply the principles of management. In this course, you will learn to recognize the characteristics of proper management by identifying what successful managers do and how they do it. Understanding how managers work is just as beneficial for the subordinate…

There is no shortage of quotes in which inspirational business leaders describe the sources of their success. Their reasons are often diverse, but almost everyone comes back to the same thing: people. The people are the company; they create the success. In BUS301: Managing Human Capital, you learned how to find, train, and manage these people. Please keep in mind that there is more to successful business leadership than managing human capital. You must have a suitable structure and culture at your firm in order to achieve success. Imagine the U.S. military; it boasts some of the best-trained soldiers in human history, but that talent would be wasted without a structure designed to appropriately deploy forces. In other words, the military would not be as successful without streamlined organizational behavior. Organizational behavior (OB) is the study of how people interact in organizations. These interactions are governed by a number of factors, including your personal life, the personality of your boss or you…

The introduction of Business Communication for Success, the textbook used throughout this course, notes that “[E]ffective communication takes preparation, practice, and persistence.  There are many ways to learn communication skills; the school of experience, or ‘hard knocks,’ is one of them.  But in the business environment, a ‘knock’ (or lesson learned) may come at the expense of your credibility through a blown presentation to a client.” Effective communication skills are a prerequisite for succeeding in business.  Communication tools and activities connect people within and beyond the organization in order to establish the business’s place in the corporate community and the social community, and as a result, that communication needs to be consistent, effective, and customized for the business to prosper.  Business Communication for Success provides theories and practical information that represent the heart of this course, while additional resources are included to expand or pose altern…

Operations management is a science with which we are all, in some capacity, familiar.  We all have scarce resources and have to allocate those resources properly.  Think about the process of preparing a meal: you have to gather all the proper ingredients and prepare them for cooking.  Certain ingredients go in at certain times.  Occasionally, you fall behind or get too far ahead, jeopardizing the entire meal.  And, of course, if you find that you do not have enough ingredients, even more problems arise.  All of these elements of meal preparation - purchasing ingredients, prepping the ingredients by dicing them up, mixing ingredients together, boiling or baking the dish, serving, and cleaning - can be seen as parts of operations management. In the realm of business, operations management is more complicated than preparing a family meal.  There may be hundreds or thousands of participants rather than just you and your brother or wife or grandfather cooking in the kitchen.  Each participant has a speci…

US firms maintain their competitive advantages by holding on to resources their competitors cannot obtain.  What do we mean by “resources?”  The term “resources” can refer to anything from rights to a certain oil field, the patent on touchscreen technology, or an exclusive contract with the government.  More often than not, however, a company’s most valuable resources are its employees.  Often, having the “right” employees  the individuals capable of developing iPhones or finding new oil fields  separates the highly successful firms from their less successful competitors.  As you begin the journey of this course, you might be saying to yourself, "My company may say I am its most valuable resource, but it really do not treat me like I am valued."  This feeling is one of many elements associated with managing human capital. In the United States, the subfield of Human Resource Management (alternatively known as Human Capital Management) has a history that dates back almost a century, bu…

BUS206 [1] introduced you to the subject of Management Information Systems (MIS). The focus of that initial course was on the nuts and bolts of information systems: how they work, how you create them, how to secure them, and so on. This course is developed to help you understand how information technology can be used as part of an organization’s overall strategy. In this course you will focus on the allocation and use of technology resources across an entire firm as part of the larger organizational strategy. Because firms do not have an unlimited supply of capital, they must decide when and where to deploy new information technology. Firms must not only focus on when to deploy IT, but also if they should deploy IT at all! This brings up the bigger question about technology: Can the use of IT bring a sustainable competitive advantage to an organization? There are those who say, “No”; and others who say, “Of course!”  You will explore the differing opinions out there on this topic in unit 1. In un…

This course will introduce you to entrepreneurship and business planning. By way of introduction, the word entrepreneur originates from the French word entreprendre, meaning to undertake. Today, we define an entrepreneur as an owner or manager of a business enterprise who attempts to make profits by starting and growing his or her business. In earnest, entrepreneurs are a diverse group of risk-takers who share the same goal of cultivating ideas and developing them into viable business opportunities. Take a quick look at the statistics below to get a sense for some of the (potentially surprising) qualities that have been attributed to entrepreneurs. According to a recent report by the US Census, every day approximately 2,356 Americans are becoming entrepreneurs by starting new businesses. According to 2006 report from Northeastern University’s School of Technological Entrepreneurship, 62% of entrepreneurs in the US claim innate drive as the number one motivator in starting their business. According t…

Advertising is an integral part of our modern, media-dominated society. While many of us have a love-hate relationship with the industry, advertising can be wonderfully entertaining. However, is advertising a necessary evil? Does it make meaningful contributions to our society? With the incredible growth of social media, now is a particularly exciting time to explore the fascinating world of advertising. The purpose of this course is to lead students in an exploration of fundamental advertising principles and the role advertising plays in the promotional mix. You will learn where advertising fits in the Marketing Mix, also known as the four Ps: Product, Price, Place, and Promotion. Although some consider all promotion synonymous with advertising, you will learn the unique characteristics that separate advertising from other forms of promotional communication. You will revisit some familiar marketing concepts within a new framework, approaching the subject from the advertiser’s perspective. Our text us…

All managers are leaders.  All leaders are managers.  Which of these statements is true?  Neither.  The words are often confused, even in academic settings, because we think that both leaders and managers are in charge of a specific task or group of people.  However, there are many differences between the two.  One such distinction is that a manager may not be in charge of people at all.  For example, a manager may be in charge of data, including its acquisition, analysis, and dissemination.  Or consider the fact that a leader may have no formal power; many of history’s greatest leaders only had power “earned” from their peers instead of power granted by another individual or group.  Think of our country’s founding fathers, like Thomas Jefferson, who went against the British government to draft the Declaration of Independencethe situation created the “team,” and from that the recognized leaders emerged.  All of these distinctions will be explored in this course. Not only will this cour…

A Guide to the Project Management Body of Knowledge defines project as “a temporary endeavor undertaken to create a unique product, service, or result.  The temporary nature of projects indicates a definite beginning and end.  The end is reached when the project’s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists.” (PMBOK, 2008, p. 5).  The discipline of project management has various definitions.  Some describe it as a systematic method of planning and guiding a project from start to finish, while others have defined project management as a methodical approach of achieving targets and goals while optimizing the use of resources such as people, money, time, and space.  Some have referred to project management as the ability to be open and to elicit commitments through effective communication regarding how team members are willing to participate.  More specifically, the PMBOK (2008) def…