1 1 st Semester MBA (March -July) ZAGREB SCHOOL OF ECONOMICS AND MANAGEMENT GRADUATE MBA PROGRAM MBA Tracks General MBA FLEX MBA MBA in Management MBA in Marketing MBA in Marketing MBA in Marketing MBA in MIS MBA in Finance and Accounting MBA in Finance and Banking MBA in Accounting, Auditing and Taxes MBA in Quantitative Finance MBA in Human Resource Management MBA in Supply Chain Management
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1
1st Semester MBA (March -July)
ZAGREB SCHOOL OF ECONOMICS AND MANAGEMENT
GRADUATE MBA PROGRAM
MBA Tracks
General MBA
FLEX MBA
MBA in Management
MBA in Marketing
MBA in Marketing
MBA in Marketing
MBA in MIS
MBA in Finance and Accounting
MBA in Finance and Banking
MBA in Accounting, Auditing and Taxes
MBA in Quantitative Finance
MBA in Human Resource Management
MBA in Supply Chain Management
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1st Semester MBA (March -July)
1st Semester MBA (March- July)
Course ECTS Page
Business Ethics and Corporate Social Responsibility 3 ECTS 3
Business Intelligence Application 5 ECTS 5
Consumer Behavior 5 ECTS 9
Direct taxes in Croatia 5 ECTS 11
Electronic Business Management 5 ECTS 13
Financial Management 9 ECTS 15
Financial Mathematics 2 2 ECTS 18
Financial Reporting 6 ECTS 20
Financial Statement Analysis 5 ECTS 22
Financial Statement Audit 6 ECTS 24
Information Security 5 ECTS 26
International and EU Tax Law 5 ECTS 29
Introduction into Financial Econometrics 2 ECTS 33
Leadership 4 ECTS 35
Management of Change and Human Resource Management 5 ECTS 38
Managerial Techniques 3 ECTS 41
Marketing Research 5 ECTS 44
Operations Management 6 ECTS 47
Price Management 5 ECTS 50
Product Management and Design 5 ECTS 52
Random Process of Financial Markets 3 ECTS 55
SAP/ MS Dynamics NAV 6 ECTS 58
Selected Chapters of Financial Mathematics 3 ECTS 61
Services Marketing 5 ECTS 63
Random (Stochastic) Processes of Financial Markets 3 ECTS 65
Strategy 5 ECTS 68
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1st Semester MBA (March -July)
1st SEMESTER (MARCH-JULY)
(SC600) BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY
(ECTS 3)
In the Business Ethics and Corporate Social Responsibility Course, students will learn how
to recognize moral dilemmas in business, fast formulation of solutions to these dilemmas,
all in a transparent manner. Students will also engage in critical analysis of business cases
and will learn to make transparent, ethical business decisions. The following concepts are
covered in his course: ethical systems, ethical systems, ethical decision making in doing
business- all in relation to customers, market, environment, procurement and international
business. Furthermore, the place and role of a corporation will be analyzed in terms of its
position with respect to culture, religion, tradition, government policy and legislation, etc.
COURSE OBJECTIVES
Although CSR is a relatively new term, its roots go back a long time and can be traced to a
variety of philosophical, ethical, and environmental discourses. Thus there are a number of
different approaches to CSR as well as a number of different definitions of what exactly CSR
comprises. Furthermore the concept has been extended to apply not just to corporations
but to many other (not necessarily profit seeking) forms of organisation. The concept of
CSR is therefore complex. It is the purpose of this course to introduce students to this
complexity and to the various components which might comprise socially responsible
behaviour. In doing so it is intended to provide a framework both for further study and for
planning and evaluating the actions and performance of an organisation in the context of
sustainable and socially responsible activity. Particularlly: (1) Developing sensitivity to
immoral and irresponsible acts in business world. (2) Encouraging proactive behavior in
favor of ethical standards. (3) Developing know-how of incorporating ethical standards in
business procedures and detecting irresponsible acts in companies.
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1st Semester MBA (March -July)
CLASS HOURS
Lectures 3 hours per day (5 days) Total 15 hours
TOPICS
Introduction to ethics, BE and CSR.
General introduction to BE and CSR and corruption.
Best practices + management and leadership + written exam.
Application to field of study.
Student cases (presentations).
ELEMENTS OF GRADE
*Additional elements:
1. written response to the case of other groups (1 page text) (5%)
2. active participation in discussions (5%)
3. preparing a short power point presentation (10 min) on free subjects (5%)
4. preparing a small case study according to daily business newspapers or TV/Internet
reports (5%)
LITERATURE
1. Marcoux A. 2008 Business Ethics, Stanford Encyclopedia of Philosophy
(plato.stanford.edu) (15 pp.).
2. Jeurissen R. 2007 (ed.) Ethics & Business, Van Gorcum, Aasen (276 pp.).
3. Bowie N. E. 2001 (ed.) „The Blackwell Guide to Business Ethics“, Blackwell, Oxford.
4. Carroll A. B. Buchholtz A. K. 2003 Business & Society, Ethics and Stakeholder
Management, Thomson, South-Western, Manson, Ohio.
Final Grade Components: Percentage: Written case 25% Case presentation 25% Written or oral exam 50% Total 100%
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1st Semester MBA (March -July)
5. Frederick R. E. 2002 (ed.) „A Companion to Business Ethics“, Blackwell, Oxford.
6. Fritzsche D. J. 2005 Business Ethics, Irwin McGraw-Hill, Boston.
7. Hoffman W. M., Frederick R. E., Schwartz M. S. (eds.) 2001 „Business Ethics:
Readings and Cases in Corporate Morality“, Irwin McGraw-Hill, Boston.
8. Jeurissen R. 2007 (ed.) „Ethics & Business“, Van Gorcum, Assen.
9. LaRue Tone H. 2003 The Ethics of Management, Irwin McGraw-Hill, Boston.
10. Velasquez M. G. 1992 „Business Ethics: Concepts and Cases“, Englewood Cliffs, NJ:
Prentice Hall.
11. Verhane P. H., Freeman R. E. (eds.) 1997 „The Blackwell Encyclopaedic Dictionary of
Business Ethics“, Blackwell, Oxford.
12. Focus on the specialization .
Focus on management and HRM
1. Allinson R. E. 2005 Saving Human Lives, Springer Verlag, Berlin, Heidelberg.
2. Zimmerli W. Ch., Richter K., Holzinger M. (eds.) Corporate Ethics and Corporate
Governance, Springer Verlag, Berlin, Heidelberg.
3. Muhr, S. L., Sørensen B. M. Vallentin S. (eds.) 2010 Ethics and Organizational
Practice, Questioning the Moral Foundations of Management, Edward Elgar
Publishing, Cheltenham, UK.
Focus on marketing
1. Brenkert, George G. (2008) Marketing Ethics, John Wiley and Sons.
2. Davidson, D. Kirk (2002) The Moral Dimension of Marketing: Essays on Business
Ethics South-Western Educational Murphy, Patrick E.; Gene R. Laczniak, Norman E.
Bowie (2004) Ethical Marketing Prentice Hall.
Focus on finance, banking, accounting and auditing
1. Armstrong M. B. (2001) Ethical issues in accounting, in: N. E. Bowie (ed.) The
Blackwell Guide to Business Ethics, eISBN: 9780631221234, 2001.
2. Boatright J. R. (2002) Finance ethics, in: R. E. Frederick (ed.), A Companion to
Business Ethics, eISBN: 9780631201304, 2002.
3. McPhail K. and Walters D. (2009) Accounting & Business Ethics, Routledge, London.
6
1st Semester MBA (March -July)
(IT627) Business Intelligence Application (ECTS 5)
During the recent years, fast changes in the economic environment and massive
technological developments in the field of information technology have introduced
challenges for many business organizations. The growing capabilities to collect and store
large amounts of internal and external data make it increasingly difficult for management
to make better decisions consistent with the data. To address information overload,
companies are utilizing a variety of analytic concepts and tools that over the years have
assumed the label "Business Intelligence." Business Intelligence (BI) refers to technologies,
applications and practices for the collection, integration, analysis, and presentation of
business information. Business intelligence is used to improve decision making, enhance
strategic position, and sustain competitive advantage.
COURSE OBJECTIVES
The objective of this course is to enhance the student's understanding of how data
warehousing/business intelligence (DW/BI) systems are modeled, designed, developed
and implemented in companies. This objective will be achieved through the introduction of
new concepts and practices that are critically important to world class business
intelligence professionals. The concepts will be practiced by using real world software
solutions. The core technical knowledge explored in this course is the multidimensional
online analytical processing (OLAP) technology, with its multidimensional cube
(EC533) INTRODUCTION TO FINANCIAL ECONOMETRICS (ECTS 2)
Financial econometrics is the econometrics applied to time sequence series of variables in financial
markets: in particular, value of securities and their return. Most of the available financial data
represents a time sequence, and accordingly, financial econometrics is mainly econometrics of time
sequences. This subject will provide an overview of the financial data features, in an attempt to
introduce a framework model for this process.
COURSE OBJECTIVES
The main goal of this course is developing students' analytical thinking about financial variables by
teaching them how to identify and model special features of financial time series, and forecast their
future behavior using econometric methods and computer technologies.
CLASS HOURS
Lectures 10 hours Exercises 20 hours Total 30 hours
TOPICS
Introduction to financial econometrics – Classical linear regression.
Properties of CLR estimators, hypothesis testing.
Introduction to financial data and their analysis.
CAPM (Capital Asset Pricing Model).
CAPM and CLR – extensions and forecasting.
CAPM and CLR – relaxing the initial model assumptions.
Modeling and forecasting return volatility.
Value-at-Risk (VaR) analysis.
ELEMENTS OF GRADE
Final Grade Components: Percentage: Written presentation of knowledge 40% Critical and analytical thinking 40% Presentation of advanced use of IT 20% Total 100%
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1st Semester MBA (March -July)
LITERATURE
1. C. Brooks (2002.), Introductory Econometrics for Finance, Cambridge University Press.
2. J. Kmenta (1997.) Poc ela ekonometrije, second edition, Mate, Zagreb.
3. W. Greene (2003.), Econometric Analysis, Prentice Hall, 5th Edition.
4. J.H. Cochrane (2001.), Asset pricing, Princeton University Press, NJ.
5. BlackBoard.
6. J.Y. Campbell, A.W. Lo and A.C. MacKinlay (1997.) The Econometrics of Financial Markets,
Princeton University Press, NJ.
7. J.D. Hamilton (1994.), Time series analysis, Princeton University Press, NJ.
35
1st Semester MBA (March -July)
(MN610) LEADERSHIP (ECTS 4)
Various types of leadership are crucial for the survival of any given organization. With
practical examples and role playing, this course places an emphasis on motivation,
understanding, interpersonal relationships, and models of communication, change
management, listening skills, team work, conflict solution, negotiating, time management,
goal setting and organizational values.
COURSE OBJECTIVES
The students will study different literature from the general filed of leadership and
management. They will link theoretical knowledge with real business cases. They will apply
leadership theories to address and solve real-life business problems, drawing from various
aspects of leadership and management. And they will make classroom presentations about
the strengths and weaknesses of various leadership approaches. The students will study
leadership and management literature and thus acquire necessary knowledge that will help
them complete their homework, pass their exams, make classroom presentations, exercise
in role plays.
CLASS HOURS
Lectures 12 hours Classroom exercises 20 hours Total 32 hours
TOPICS
Introduction.
Trait approach to leadership.
Skills approach to leadership.
Style approach to leadership.
Situational approach to leadership.
Contingency theory.
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1st Semester MBA (March -July)
Path-goal theory.
Leader-member exchange theory.
Transformational leadership.
Conversation probes.
Deep interviews.
Servant leadership.
Exercises in leadership.
ELEMENTS OF GRADE
OR
LITERATURE
1. Northouse, P.G. (2010) Leadership Theory and Practice Sixth Edition. Sage.
2. Barbuto, J. E. (1997). Taking the charisma out of transformational leadership,
Journal of Social Behavior and Personality 12 (3), 689-697.
3. Bass, B. M. (1990). From Transactional to Transformational Leadership: Learning to
Share the Vision. Organizational Dynamics, 18(3), 19-31.
4. Blake, R. R. & Mouton, J. S. (1982). How to choose a leadership style. Training and
Development Journal, February 1982.
5. French, R.P. Jr. & Raven, B. (1959). The bases of social power. In D. Cartwright
(Ed.),Studies in Social Power , 150-167. Ann Arbor: University of Michigan Press.
Final Grade Components: Percentage: Attendance 40% Leadership Exercises 20% Final Exam 40% Total 100%
Final Grade Components: Percentage: Final Exam 40% Critical Essay 60% Total 100%
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1st Semester MBA (March -July)
6. Greenleaf, R. K. (1970). Servant as leader. From The servant leader within: The
transformational path. Mahwah, NJ: Paulist Press.
7. Heifitz, R.A & Laurie, D. L. (1997). The work of leadership. Harvard Business
Review. 75(1), 124-34.
8. Kotter, J.P. (1995). What leaders really do. In J. Wren, (Ed.), The leaders companion:
Insights on leadership through the ages (p. 114). New York, NY: The Free Press.
9. Rost, J. C. (1991). Leadership and management. From Leadership for the twenty-
first century. New York: Praeger.
38
1st Semester MBA (March -July)
(MN564) MANAGEMENT OF CHANGE AND HUMAN RESOURCES (ECTS 5)
The first course, Management of Change and Human Resources, focuses on the micro
aspect of change, as well as psychological resistance to change. In this course, you will
cover the basic functions of human resource management by studying your own
organization, by working with other, and by completing a project. You will also engage in
an analysis of work places and job descriptions. The functions covered in this course
include: recruiting, selection and introduction to the workplace, employee training, etc.
COURSE OBJECTIVES
In their workplace, students will encounter and deal with ethical issues related to their
course projects. Peer groups will have the possibility to discuss specific real ethical issues
and help their peers find the most ethical solutions. After being presented with HRM
overview, students will deepen their HRM knowledge by examining more specialized topics
related to strategically critical HRM issues – employee selection, intrinsic motivation,
employee engagement, world-class best practices and HRM specific ethical issues.
CLASS HOURS
Contact hours 40 hours Total 40 hours
TOPICS
Syllabus.
HRM functions, preparation for project proposal.
HRM as a strategic approach, employee talent and drive as organizational
advantage.
World-class best practices on what makes a company a great place to work.
Intrinsic motivation as a driver for superior organizational performance.
Employee engagement and involvement as a strategic advantage.
Specific HRM ethical issues, research methods and topics for class paper.
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1st Semester MBA (March -July)
Student presentations, discussions.
ELEMENTS OF GRADE
OR
LITERATURE
1. Noe, R.A., Hollenbeck, J.R., Gerhart, J.R. i Wright, P.M. (2006). Menadžment ljudskih
The students study and develop mathematical and statistical models applied in decision making in production, services, marketing, finance and general business processes. The course emphasizes the creation, development and application of deterministic and stochastic systems in forecasting, production planning, inventory management, maintenance, facility location, assembly line development, critical path method and simulations. COURSE OBJECTIVES Operations management is defined as the design, operation, and improvement of the productive system that creates the firm’s products and services. This course considers and introduces the students to the following issues: 1. process analysis and capacity management 2. optimization 3. demand management and forecasting 4. revenue management 5. inventory control 6. material management 7. material requirements planning 8. project scheduling and control Students attending the module will learn how to apply theoretical concepts and develop competencies essential for active involvement in discussions relating to operations management. They will accumulate needed knowledge to solve homework, exercises, preliminary and final exams, but also knowledge needed to enhance firm’s competitiveness and to improve employees individual abilities to act in an efficient manner and in accordance with the business strategy of their company. Students will use mathematical and statistical tools for solving problems from the field of operations management which will develop their analytical skills. Also, they will be able to balance the needs for satisfying customer demand and on-time delivery with minimum cost and high quality. Students will use appropriate software to simulate real problems and solve them. In this way they will advance the usage of new technologies and will be ready for their implementation when employed. Also, this skill will make them more competitive at the labour market.
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1st Semester MBA (March -July)
CLASS HOURS
TOPICS Introduction to Operations Management Operations Strategy Innovation Strategy Process Analysis and Capacity Management Sales and Operations Planning Inventory Control Material Requirements Planning Scheduling Project Management
ELEMENTS OF GRADE The course grade is based on the following:
1. First midterm exam: 0 - 40 points 2. Second midterm exam: 0 - 40 points 3. Exercises in class: 0 - 10 points 4. Home works: 0 - 5 points 5. Class Participation: 0 - 5 points
Midterm exams: students are considered to have successfully completed preliminary exam if they accumulate at least 16 points. The maximum number of points is 40. Midterm exams consist of theoretical and computational exercises and are open books. Exercises in class: the number of exercises in class is arbitrary. There is no lower limit on number of points for successful completion. The maximum number of points is 10. At the end of the semester the average will be calculated. Students have to submit at least 25% of exercises. Exercises are open book. Home works: the number of home works is arbitrary. The scope of some home works will be just to repeat the issues we passed in class. Other home works will contribute to the grading and are taking form 0 to 5 points. At the end of the semester the average will be calculated. Students have to submit at least 25% of home works. Participation: the percentage of attendance will be calculated and transferred to the scale from 0 to 5 points.
Lectures 20 hours
Exercises 20 hours
Total 40 hours
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1st Semester MBA (March -July)
Final course grade: after summing all the achieved points, the final grade is determined in accordance with the following table:
Achieved points Final grade 90 - 100 Excellent (5)
80 - 89 Very good (4) 65 - 79 Good (3) 50 - 69 Pass (2)
Students that haven't passed the exam trough midterm exams have to take regular exam. Final grade elements are the same except the midterm exams points. They are substituted by the points achieved at final exam. LITERATURE Main literature: F. Robert Jacobs, Richard B. Chase, “Operations and Supply Chain Management”, McGraw-Hill/Irwin, New York (2011) Additional literature: G. Cachon, C. Terwiesch, “Matching Supply with Demand: An Introduction to Operations Management”, 3rd edition, McGraw Hill (2011) L. J. Krajewski, L. P. Ritzman, M. K. Malhotra, “Operations Management”, 9th edition, Addison – Wesley, (2010) Blackboard: lectures handouts, course reader, questions for discussion
50
1st Semester MBA (March -July)
(MK595) PRICE MANAGEMENT (ECTS 5)
The main objective of this course is to understand complex issues surrounding the shaping
of optimal long-term prices for products and services, resulting in a satisfying outcome.
After having completed this course, students will be able to understand current framework
for analyzing questions regarding prices and to get familiar with main techniques leading
to decisions on profitable prices.
COURSE OBJECTIVES
Students will, perusing literature connected with Price management, become familiar with
main concepts and economic interactions that pertain to following areas: conventional
versus strategic pricing, main building elements of strategic pricing, value creation as main
source of comparative advantage, price structure and market segmentation, etc. Students
attending the module will be able to identify key characteristics of corporate, national and
international macroeconomic environment, give insight how and to what extent features
relating to specific environments differ and propose solutions to adapt and react in
globalized world exposed to constant changes.
CLASS HOURS
Lectures 40 hours Total 40 hours
ELEMENTS OF GRADE
Final Grade Components: Percentage: Preliminary exam 1 30%
Final Grade Components: Percentage: Participation in sessions and attendance 20% Case discussions and class exercises 30% Final product management: Design and strategy group project 50% Total 100%
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1st Semester MBA (March -July)
9. Akao, Yoji. An Introduction to Quality Function Deployment, Chapter 1, Management
Engineering, Tamagawa University.
10. Tabrizi, Behnam& Rick Walleigh, “Defining Next-Generation Products: An Inside
Look,” Harvard Business Review, Nov-Dec, 1997, pp 116-124.
11. Anschuetz, Ned F. Evaluating Ideas and Concepts for New Consumer Products,
Chapter 14, The PMDA Handbook of New Product Development, pp. 195-206. John
Wiley&Sons.
12. Cutherell, David, Product Architecture, Chapter 16, The PMDA Handbook of New
Product Development, pp. 217-235. John Wiley & Sons.
13. MacMilland& McGrath, Rita Gunther, “Discovering New Points of Differentiation,”
Harvard Business Review, July-August, 1977, pp; 133-145.
14. Newman, Richard G. & John M. McKeller, “Target Pricing – A Challenge for
Purchasing,” Journal of Purchasing and Materials Management, Summer 1995,
pp.13-20.
15. Keller, Kevin Lane, “The Brand Report Card,” Harvard Business Review, January-
February, 2000, pp. 147-157.
16. Keller, Kevin Lane, “Managing Brands for the Long Run: Brand Reinforcement and
Revitalization Strategies,” California Management Review, Vol. 41, No. 3, Spring
1999, pp: 102-124.
17. Robertson, Thomas S. “How to Reduce Market Penetration Cycle Times,” Sloan
Management Review, Fall 1993, pp. 87-96.
55
1st Semester MBA (March -July)
(FN551) RANDOM PROCESS OF FINANCIAL MARKETS (ECTS 3)
Markov processes and reconstruction processes. Simple Markov processes. Homogeneous
Markov chains. Stationary conditions. Spectral decomposition. Application on stock price
fluctuation. Classification of conditions. Preparation for assessment of students`
knowledge. Brownian motion. Stochastic integrals and stochastic differential equations.
model. Euler discretization. Binomial tree. Path simulations in a diffused process.
Application of maximum likelihood method. Method of moments. Monte Carlo simulations.
Monofactorial models. Rendeleman-Bartter model. Vasicek model. Hull White
model.Application of trees on interest rates. Merton model. Cox Ross model. Models with
stochastic volatility.
COURSE OBJECTIVES
The course Stochastic processes in the financial markets provides a basis and a framework
for quantitative understanding and description of stochastic processes that daily take place
in the financial markets. During the course (a) an insight into the mechanisms leading to
stochastic processes is given and quantities (such as stock prices or interest rates),
variation of which is described by the stochastic processes, are identified; (b) a
mathematical framework for the description, characterization and classification of the
stochastic processes is defined; (c) mathematical tools for analytical and numerical
description and/or simulation of stochastic processes are developed; (d) the most
important models suitable for the description of the stochastic processes in the financial
markets such as the variation of stock prices, the valuation of derivatives, dynamics of
interest rates and exchange rates, etc. are elaborated; (e) a practical connection with
empirical data for quantities in the financial markets that follow stochastic processes is
demonstrated. Within the course, the theoretical concepts are illustrated by the analyses of
several practical problems: the description of the variation of stock prices using the model
56
1st Semester MBA (March -July)
of simple random walk; the valuation of the European option using the binomial tree; and
the simulation of the stochastic process using the Euler discretization scheme.
CLASS HOURS
Lectures 24 hours Exercises 6 hours Total 30 hours TOPICS
The causes of stochastic processes in the financial markets.
Definition of stochastic processes.
Processes of Markov and renewal processes, Wiener processes and Brownian
motion.
Markov chains.
Simple random walk as a model of variation of stock price.
Stochastic calculus.
The most important types of stochastic differential equations.
Numerical approximations of stochastic processes.
Merton model and Black-Scholes equation for the valuation of options.
One-factor models.
ELEMENTS OF GRADE
LITERATURE
1. Hwei P. Hsu, Schaum's outline of theory and problems of probability, random
variables, and random processes, McGraw-Hill, 1996.
2. Presentations and working materials used for lectures and other supplementary
materials at Blackboard pages of the course.
3. S.I. Resnick, Adventures in Stochastic Processes, Birkhäuser Boston, 2002.
Final Grade Components: Percentage: Exam (written and oral part) 50% Practical problem (data processing on a computer) 20% Participation in classes and homework problems 30%
Total 100%
57
1st Semester MBA (March -July)
4. D. Brigo, F. Mercurio, Interest Rate Models - Theory and Practice, Springer Finance,
2001.
5. P. Wilmott, Derivatives, Wiley, 1998.
58
1st Semester MBA (March -July)
(IT639) SAP/MS DYNAMICS NAV (ECTS 6)
This course is designed to develop the student's ability of introducing planning and
management of ERP systems to become competitive, productive and flexible in time of
global economy. When selecting the ERP system to offer students the opportunity to
introduce more detailed, ZSEM selected the SAP as one of the currently the largest software
company in Europe and fourth largest in the world, and also the world's largest producer of
ERP systems, and MS Dynamics NAV as the first and so far the only ERP (Enterprise
Resource Planning) system for small and medium enterprises that have over one million
user licenses in the world. Since SAP and MS NAV are used from more than one hundred
thousand companies, it is very likely that the students use it during their professional
careers. SAP and NAV are certainly good examples where the students can learn basic
functionality of the systems and try them.
COURSE OBJECTIVES
Students will among business cases and exam issues be able to identify the problems of
ethics and social responsibility in business as well as the implications of value system to
the use of new technologies in business. Students will learn to implement ERP system in a
small, middle and large company and learn to manage the ERP system. Described events in
an imaginary environment, students independently monitored using SAP/ Microsoft
Dynamics NAV system with an explanation of the vertical and horizontal integration.
During preparation of the amounts of each exercise, students learned or acquired their own
knowledge and experiences that are included in the content of the exercise. Finally, through
a joint general comment detect parts of the ERP data model used during the exercise.
CLASS HOURS
Lectures 22,5 hours (7,5 weeks*3 hours) Exercises, case study work, project 22,5 hours (7,5 weeks*3 hours) Online 15 hours Total 60 hours
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1st Semester MBA (March -July)
TOPICS
Review the organization of the course, defining terminology ERP market
segmentation and a brief overview of historical development.
Navigation and graphical user interface, views master and transactional data, login
to the system, explaining the menu system.
Overview of financial management modules.
Review accounting of the cost and profit centers, definition and use of ERP
dimensions.
Display of documents of sale, procedures for entering the document, recurring
entries, cancellations.
Description of the procurement process and monitoring.
Description and tracking the sales process.
Overview of modules to manage money and banking operations.
CRM and receivables management.
The definition and description of the SCM.
Managing debt and payment process.
View customization of business processes and analytical reporting.
Example of monitoring operations.
Example of analysis of business results.
ELEMENTS OF GRADE
*Additional points:
Final Grade Components: Percentage: Exercises 60% Project 10% Essay (ethics and corporate social responsibility) 5%
Sap.com/Microsoft portal-usage 5% Final exam 20% Total 100%
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1st Semester MBA (March -July)
Case study 10%
LITERATURE
1. Blackboard - Lecture handouts, presentations, case studies, questions for discussion.
2. SAP online help portal http://help.sap.com
3. MS Dynamics portal: http://www.microsoft.com or http://dynamicsuser.net/
model. Euler discretization. Binomial tree. Path simulations in a diffused process.
Application of maximum likelihood method. Method of moments. Monte Carlo simulations.
Monofactorial models. Rendeleman-Bartter model. Vasicek model. Hull White model.
Application of trees on interest rates. Merton model. Cox Ross model. Models with
stochastic volatility.
COURSE OBJECTIVES
The course Stochastic processes in the financial markets provides a basis and a framework
for quantitative understanding and description of stochastic processes that daily take place
in the financial markets. During the course (a) an insight into the mechanisms leading to
stochastic processes is given and quantities (such as stock prices or interest rates),
variation of which is described by the stochastic processes, are identified; (b) a
mathematical framework for the description, characterization and classification of the
stochastic processes is defined; (c) mathematical tools for analytical and numerical
description and/or simulation of stochastic processes are developed; (d) the most
important models suitable for the description of the stochastic processes in the financial
markets such as the variation of stock prices, the valuation of derivatives, dynamics of
interest rates and exchange rates, etc. are elaborated; (e) a practical connection with
empirical data for quantities in the financial markets that follow stochastic processes is
demonstrated. Within the course, the theoretical concepts are illustrated by the analyses of
several practical problems: the description of the variation of stock prices using the model
of simple random walk; the valuation of the European option using the binomial tree; and
the simulation of the stochastic process using the Euler discretization scheme.
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1st Semester MBA (March -July)
CLASS HOURS
Lectures 24 hours Exercises 6 hours Total 30 hours
TOPICS
The causes of stochastic processes in the financial markets.
Definition of stochastic processes.
Processes of Markov and renewal processes, Wiener processes and Brownian
motion.
Markov chains.
Simple random walk as a model of variation of stock price.
Stochastic calculus.
The most important types of stochastic differential equations.
Numerical approximations of stochastic processes.
Merton model and Black-Scholes equation for the valuation of options.
One-factor models.
ELEMENTS OF GRADE
LITERATURE
6. Hwei P. Hsu, Schaum's outline of theory and problems of probability, random
variables, and random processes, McGraw-Hill, 1996.
7. Presentations and working materials used for lectures and other supplementary
materials at Blackboard pages of the course.
8. S.I. Resnick, Adventures in Stochastic Processes, Birkhäuser Boston, 2002.
Final Grade Components: Percentage: Exam (written and oral part) 50% Practical problem (data processing on a computer) 20% Participation in classes and homework problems 30%
Total 100%
67
1st Semester MBA (March -July)
9. D. Brigo, F. Mercurio, Interest Rate Models - Theory and Practice, Springer Finance,
2001.
10. P. Wilmott, Derivatives, Wiley, 1998.
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1st Semester MBA (March -July)
(MN710) STRATEGY (ECTS 5)
The course is based on the following concepts and management strategies: developing a
capacity for strategic thinking, estimating alternatives, forecasts and management of
strategic change; connecting different managerial disciplines; reactions to acquisitions,
outsourcing, decreasing the number of employees, joint ventures, strategic mergers;
development, coordination and managing financial, physical and human resources;