Background and Philosophy
Applied economics is a social science discipline that combines economic concepts and business practices in order to make the process of decision making more effective.
Management may be defined as a function that coordinates the effects of people to accomplish goals and objectives using available resources effectively and efficiently. Management comprises planning, organizing, staffing, leading or directing, as well as controlling an organization to accomplish an objective, a goal or set of goals.
After World War II, in the 1940’s, economist, Joel Dean, Ph.D. wrote and consulted with organizations by applying microeconomics, specifically the “theory of the firm” to improve the decision making process.
During the 1950’s, world-renowned, Peter Drucker, Ph.D. began to develop management theory and philosophy, for application in organizations. In the 1960’s the social sciences and mathematics were further integrated with finance, marketing and management thus creating additional perspectives in the decision-making process.
IUGS’s Management and Applied Economics Programme has a primary mission to enhance the student’s ability to serve his or her profession through graduate degree studies.
A secondary mission is to increase knowledge for the public and private sectors including, academia through publications and presentations.
II. Outcomes: For all courses, taken under the Dean’s supervision, and those courses accepted for advance standing, students will demonstrate the following: A. Comprehensive knowledge of management and economic theory and practice via literature review, and other sources of secondary and primary information; B. Thorough knowledge of research methodologies and techniques of management and applied economics; C. Well-developed critical thinking skills; D. Graduate level writing skills and oral communication; E. Ease with verbal discourse concerning subject matter as demonstrated at the Dissertation Defence or Oral Examination as well as any round table discussions with peers or faculty;
F. A minimum of 85% mastery of examination materials.
- IUGS offers the following Degrees in Management & Applied Economics:
- <li> Doctor of Philosophy (PhD);</li> <li> Doctor of Business Administration (DBA);</li> <li> Master of Business Administration (MBA);</li> <li> Master of Science (MSc).</li>
The dissertation for the Ph.D. and thesis for the MBA tends to be theoretical and involves more secondary then primary research. The project for the DBA or the MSc tends to seek a practical solution or outcome for a question or need. It involves more primary then secondary research. The student’s portfolio and transcripts are examined by the Dean after discussion with the student to determine his or her goals. Credits for advanced standing will be approved after this process. Only grades of “C” or better will be accepted in transfer for academic standing. In addition the students overall average must be “B” or better. The primary mission is to allow the student to garner those post-baccalaureate courses which serve his or her needs for their professional and academic goals and objectives. This is achieved through the proper selection of courses which are to be approved by the Dean after discussion with the student. All students should show foundation coursework within the 66 advanced standing credits, which include 9 credits of coursework in:<ol> <li> Macroeconomics;</li> <li> Microeconomics ;</li> <li> Economic theory;</li> <li> Management theory and practice.</li>
The MBA in Management & Applied Economics requires 27 credits of advanced standing. A minimum of 15 credits is required in basic foundation courses. These courses include accounting, economics, finance, management, and marketing. The remaining 12 advanced standing credits should be consistent with the goals of the student which will be approved by the Dean.
The MSC requires 27 credits of advanced standing. There should be at least 12 credits of foundation courses. The MSC in Management and Applied Economics is more specialized in a particular area. It may include any of the domains such as accounting, finance, economics, management, and marketing. To illustrate,” It may be in insurance and real estate or it may be in finance, focused on investments and portfolio management or any other designated area. Therefore, the 27 advanced standing credits should match the professional and academic goals of the student. These courses are to be determined by the Dean after conferring with the student. In certain cases, these courses may be required by licensing agencies. Therefore the course selection would be determined by those requirements. The DBA degree is oriented toward practical application in a chosen area of business. The DBA in Management & Applied Economics require 66 credits of advanced standing. A minimum of 15 credits is required in basic foundation courses. These courses include:<ol> <li> Accounting;</li> <li> Economics;</li> <li> Finance;</li> <li> Management;</li> <li> Marketing.</li>
The remaining 51 advanced standing credits may be taken in accounting, economics, finance, management, and marketing and should be consistent with the goals of the student which will be determined and approved by the Dean after conferring with the student. In certain cases, these courses may be required by licensing agencies. Therefore the course selection would be determined by those requirements. The DBA is typically aimed at solving a solution which would lead to an action and involve a substantial amount of primary research. Therefore, the remaining courses would be in keeping with the goals of the Project. To give examples of a Project, for instance, is; the creation of a detailed business plan or to establish a regional business plan for distribution of a specific product.
The PhD in Management and Applied Economics require 66 credits of advanced standing coursework which include a minimum of: <ol> <li> 6 credits in basic economic theory;</li> <li> 6 credits of basic management;</li> <li> 6 credits of the specific domain area to be studied.</li>
The remaining 48 credits of advanced standing should be consistent with the objectives of the Ph.D. undertaking. The Ph.D. usually involves greater secondary research as opposed to primary. The student's Dissertation will typically result in a general increase in knowledge of a specific area of study, such as:” industrial markets in Asia” or “new concepts in human resource management”.
Graduation Requirements include the following courses to be taken in sequence at IUGS:<ol> <li> Management & Applied Economics Research I (3 credits) Doctoral & Master’s students;</li> <li> Management & Applied Economics Research II (3 credits) Doctoral students only;</li> <li> Dissertation or Project (18 credits) Doctoral students, or the Thesis (18 credits) Master’s students;</li> <li> Graduate Seminar (3 credits) Doctoral & Master’s students.</li>
Completion of the Doctor of Philosophy and the Doctor of Business Administration in Management & Applied Economics therefore requires a minimum of 93 post-baccalaureate credits.
Completion of the Master of Business Administration and the Master of Science in Management & Applied Economics requires a minimum of 45 post-baccalaureate credits.