Course detail
Air Traffic Economics and Management
FSI-OEM Acad. year: 2023/2024 Winter semester
The subject provides an overview presentation of the given topics and enables an insight view to them, as well as to develop understanding the terminology in the areas of economics, management, marketing and financial management with the specific emphasis on understanding links and to develop specific skills for the use of selected methods in practice.
Language of instruction
Czech
Number of ECTS credits
3
Department
Entry knowledge
There are no special prerequisites. Previous learning focused on economics and management is a welcome advantage.
Rules for evaluation and completion of the course
The subject is completed by submission of the final semestral project focused on some of the areas of subject topics, i.e. strategic management, marketing and/or financial analysis primarily of the aeronautical of air transport company and its presentation. The scope of the project is expected to submit text of at minimum 3.000 words and its final presentation and defence. The subject is completed by awarding the a credit and the exam. The credit is awarded on the basis of the presence in lessons (in minimum 80%) and submission of the final project of required content, scope and format. The exam is designed as an open-book written one based on finding and proposing qualified solutions on given topics and/or of a case study followed by the oral defence of the proposed solutions continued by the defence of the submitted written project.
The attendance at lectures and exercises is compulsory (80% at the minimum), and it is checked and recorded. The absence (in justifiable cases) can be compensated by personal consultation with the lecturer and elaboration of individually assigned topics and exercises. Individual tasks must be finished and handed in within the course-unit credit week at the latest.
Aims
The subject aims to provide an overview introduction to the topics of economics, management, marketing with a more detailed focus on financial management using the aviation industry and aviation transport cases. Subject should enable an insight view to the particular topics and by the use of the case studies from the aviation sector it should demonstrate the application of general methods of managing organisations and their businesses. To develop understanding of the legal context of decision-making in process of managing organisations is another component of the subject.
Students will understand the context of economic and management topics. They develop their overview knowledge in the given areas of expertise. It also develops the basic skills in the use of the analytical methods in decision-making process applied in managing organisations. The subject also develops presentation and arguments giving skills as well as develops abilities of critical thinking and argumentation through the use of selected analytical methods. It motivates to improve presentation and communication skills of students in group exercises, individual presentations at solving the case studies from the aviation sector.
The study programmes with the given course
Programme N-LKT-P: Aerospace Technology , Master's
specialization TLT: Airtransport and Airport Technology, compulsory
Type of course unit
Lecture
26 hours, optionally
Teacher / Lecturer
Syllabus
1. Economics vs. management. Subject and structure of economics and management.
2. Strategic management. Strategy – categories of strategy. Strategic analysis.
3. Commercial vs. non-commercial (public) sector. Customer-Company-Competition.
4. Methods of strategic analysis.
a. Mission, Vision, Values
b. Strategic aims
c. Business Units vs. Functional Units
d. External environment. PEST analysis
e. Sector environment. Competitive forces. Competitive analysis: 5F
f. Internal environment and resources. 7S Analysis
g. SWOT analysis
h. Competitive strategies.
5. Corporate strategies. Financial, Personnel, Operations, information, marketing and sales strategies.
6. Marketing. Subject of marketing. Marketing vs. Sales.
7. Marketing mix
a. Product. Product life-cycle
b. Price. Price policies
c. Place. Distribution and distribution channels
d. Promotion. Advertising, Public Relations, Sales Promotion, Personal Selling.
8. Market segmentation. Customer vs. Consumer. Target groups.
9. Marketing strategies.
10. Economics vs. financial management. Subject of micro and macoeconomics.
11. Sector economics – mezoeconomics: aviation segment – production and transport.
12. Accounting sheets. Statements – Balance St. Profit and Loss St., Cash Flow St.
13. Financial planning. Budgeting vs. costing. Price calculation.
14. Financial analysis. Pyramidal breakdowns. Bonity and bancruptcy models.
15. Investments and their effectiveness.
16. Managing costs. Value Analysis a Controlling.
17. International Sales and Payment methods. Methods. INCOTERMS.
18. Managing Risks.
Exercise
13 hours, compulsory
Teacher / Lecturer
Syllabus
1. Formulating missions, visions and strategic aims.
2. External and internal environment analyses: PEST a 7S.
3. Competitive analysis. 5F Porter.
4. SWOT analysis.
5. Budgeting and cost (prices) calculation.
6. Analysis of financial statements and financial ratios.
7. Analysis of investments effectiveness. Instant, present and future value of money.
8. Calculating and analysing NPV – Net Present Value.
9. Analysing of financial health of a company. Quick-test.
10. Operational Research Methods: CPM. PERT. Net diagrams – creating and solving.
11. Optimisation methods. Linear Programming. Simplex method.
12. Risk-Benefit a Cost-Benefit analyses.