Module 2.1: Management Functions / Integral Management
The objective of this course is for students, through interaction with their fellow students, to become aware, what modern management in an international context involves, such as questions of cultural influence on management understanding, the type of responsibility of management and, hence, the values that are important with regard to people in the society and the target markets.
· At the same time they should gain basic knowledge about the management functions.
· They oversee the different forms and types of companies and are able to differentiate and characterise them on the basis of their ownership structure, profit-orientation, sector, and legal and cooperation form.
· Also, the participants know the advantages and disadvantages of the most important legal forms.
· They understand the main goals of a company and are able to review the achievement of goals through selected indicators.
· By means of a corporate planning exercise, they study value creation processes and corresponding cash flows.
The students can conceptualise the structure of the environment of a company, including value creation, stakeholder concept, a thematic approach to the corporate environment and the environmental spheres. Students know as well the creative spheres of a company from an inner perspective and are able to analyse what is happening within a company, accordingly. They are able to discriminate between repetitive and innovative tasks and know the meaning of the task types for management, organisation and management style. As a result of this introduction, students know the structure of an integral management system and the interdependencies between its elements – functional areas and management levels.
· What is management?
· The society we live in: structural and value change
· Development of a company
· Managers as agents of change
· Complexity management: modelling, fundamentals of systems theory and cybernetics, systems engineering, basic model of steering
· Model of the corporate environment, value creation, buying and sales markets, environmental spheres; stakeholders
· Corporation: creative spheres, task types
· Management: functional areas, management levels, management system of the company
2.2: Finance and Accounting
At the end of the course, the participants know and understand:
· The system of double-entry bookkeeping, including annual balance of accounts, chart of accounts (SME) and basic principles of accounting standards (OR, GAAP, FER, IFRS)
· Content, functional principle and evidence of balance sheet, profit and loss account, cash flow statement and annual balance of accounts
· The most important indicators of balance and performance analysis; the participants are able to calculate and analyse them.
· Know and understand the purpose of cost and performance accounting
· Know and understand content and evidence of cost-type accounting, cost centre accounting and cost unit accounting
· Are able to perform calculations for production, trading and service companies
· Understand the difference between full cost accounting and direct costing
· Are able to perform basic break-even analyses and apply tools of cost and performance accounting for decision-making
· Know the most important analysis and planning instruments of budgeting
· Are able to use and interpret indicators accurately
· Know contemporary approaches of cost management such as activity based costing and target costing.
· The different forms of financing and are able to interpret them correctly within the lifecycle of a company
· The forms of internal financing (self-financing, financing with amortizations)
· Equity financing with increase in share capital and short-term and long-term credit financing
· Determination of financial requirements, means to optimise the financial requirements and issue of an intermediate-term budget
· Basic functioning of the stock exchange, several forms of transactions (stocks, bonds, ETFs, funds and derivates) and important indicators
· Forms of financing linked to the terms venture capital and private equity
· Balance sheet, profit and loss account, bookkeeping
· Annual balance of accounts
· Chart of accounts, accounting standards
· Cash flow statement and calculation
· Annual balance of accounts
· Balance and performance analysis
· Introduction into cost and performance accounting
· Budgeting: analysis and planning instruments
· Current approaches of cost management
· Forms of financing
· Financing within the lifecycle of a company
· Internal financing
· Equity financing
· Investment vehicles
· Credit financing
· Financial requirements and financial planning
· Functioning of the stock exchange and securities trading
· Private equity and venture capital
· Credit business and investment banking
· Capital budgeting