Syllabus

LEARNING OUTCOMES

Credits: 5

Schedule: 07.09.2020 - 30.11.2020

Teacher in charge (valid 01.08.2020-31.07.2022): Paul Lillrank, Mikael Öhman

Teacher in charge (applies in this implementation): Paul Lillrank, Mikael Öhman

Contact information for the course (valid 26.08.2020-21.12.2112):

Inquiries regarding practical issues and questions should be addressed to tu-a1300@aalto.fi. Inquiries regarding the course exercise can be addressed
to your group assistant. Inquiries regarding course contents and course development can be addressed to: mikael.ohman@aalto.fi

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English

CONTENT, ASSESSMENT AND WORKLOAD

Content

• Valid 01.08.2020-31.07.2022:

  Industrial engineering and management as a science; Value as the foundation of business; Production systems and organizations; The production process and production control; Production as part of the value chain; Projects and investments; Accounting and profitability.

• Applies in this implementation:

  Course introduction and practicalities (video lecture)
  - Lecture topics: Course introduction and information about the course exercise
  

  Industrial engineering and management as a science (week 37)
  - Lecture topics: Industrial engineering and management as a science, The institutional foundations of economic activity, The nature of technology and trends in production
  

  Value as the foundation of business (week 38)
  - Pre-lecture assignments: Where does business begin? How to cope with competition? How does one become a customer?
  - Lecture topics: The nature of value, Market structure and firm boundaries, Competition and the business environment, Business models, The basics of sales and marketing
  - Exercise topics: Sketching the business plan, Analysis of the business environment, Creating a marketing strategy
  

  Production systems and organizations (week 39)
  - Pre-lecture assignments: What makes the productionsystem economic? How does a human become part ofeconomic activity?
  - Lecture topics: The archetypes of production, Capacity and customer interaction, Different production environments, Organizations and their structure, How to coordinate work and leverage knowledge, The impact of leadership
  - Exercise topics: Design of production, Capacity-analysis
  

  The production process and production control (week 40)
  - Pre-lecture assignments: How do you design a production system? How does one control production?
  - Lecture topics: Production process description, production flow and – planning, Inventories and buffers as part of production, Variation and its control, The effect of batch size in production, Production planning and control
  - Exercise topics: Material flows and production layout, The flow of production, Minimizing waste
  

  Production as part of the supply-chain (week 41)
  - Pre-lecture assignments: What should you produce yourself? How do you function as part of a supply chain?
  - Lecture topics: The concept of value chain, and its structure, Procurement as part of economic activity, The concept of supply chain and its structure, Supply chain management ja demand forecasting
  - Exercise topics: Core activities and procurement, Estimating demand
  

  Project business and midterm recap (week 42)
  - Pre-lecture assignments: How do you make sure a project is successful?
  - Lecture topics: Project lifecycle, -objectives and -organization, Project planning and control, Recap and preparation for mid-term exam
  - Exercise topics: The project of founding the business
  

  Accounting and profitability (week 44)
  - Pre-lecture assignments: How to measure actual periodic profitability? How do the key financial statements interconnect?
  - Lecture topics: The financial state of the firm, and the key figures describing it, The difference between result and cash flow, The structure of the firm’s financial statement
  - Exercise topics: Financial statement calculations, Assessment of profitability, liquidity and solvency
  

  Investments (week 45)
  - Pre-lecture assignments: How to you estimate the profitability of an investment project?
  - Lecture topics: Analyzing investment opportunities, opportunity cost, Calculation of net present value
  - Exercise topics: Analysis of investment profitability

Assessment Methods and Criteria

• Valid 01.08.2020-31.07.2022:

  Lectures, lecture pre-assignments, course project, online assignments and exam, of which the three latter are compulsory.

• Applies in this implementation:

  Passing the course requires passing each mandatory course components: calculation assignments, course project and the exam. In addition, you can earn extra points for pre-lectures assignments and for giving feedback on the course.
  The limits forpassing (min), the maximum points (max) and the weighing factors (wf) for each evaluated course component are as follows:

  Course project (H) / min 12,00p / max 26,00p / wf 1,2
  Calculation assignment points (N) / min 40,00p / max 60,00p / wf 0,3
  Mid-term[1] or Course exam points (T) / min 15,00p / max 30,00p / wf 1,7
  Pre-lecture assignment points (L) / min - / max 3,00p / wf 1,0
  Feedback point (P) / min - / max 1,00p / wf 1,0
  

  [1]Note that the limit to pass each mid-term exam is 7,5p, and the maximum points for each is 15,0p. You can retake a mid-term during the course exam.
  

  If the student’s points exceed the limit to pass in all evaluated course components with such a limit, the student receives a grade for the course.
  The grade is determined though multiplying each evaluated course component with its weighing factor (which is based on the workload of respective component), and then adding together the weighted points:

  Course points (with components exceeding limits to pass) = (H * 1,2) + (N * 0,3) + (T * 1,7) + L + P
  

  after which the final grade is determined according to the following limits:

  Course points, no less than
  51,9p -> grade 1
  60,0p -> grade 2
  70,0p -> grade 3
  80,0p -> grade 4
  90,0p -> grade 5

  Students have the opportunity to acquaint themselves with the grading of the exam in a post-exam session, which is announced when the exam results are published. The exercise group assistant evaluates the course project, and verbally motivates his or her evaluation when awarding points for the part assignments. Upon request, the assistant will further motivate his or her evaluation.
  If the student is dissatisfied with how his or her course project or its part assignments have been evaluated, the dispute is in first hand settled with the evaluator (exercise group assistant). If these do not reach consensus, the dispute is resolved with the main course assistant who consults the teacher in charge if necessary.
  If the student is dissatisfied with the evaluation of his or her exam, the dispute is in first hand resolved with the main course assistant. If these do not reach consensus, the dispute is resolved with the teacher in charge.

Workload

• Valid 01.08.2020-31.07.2022:

  Lectures 16 h, tutored teamwork 14 h, non-tutored teamwork 30 h, independent studies 74 h. Lecture and exercise session attendance is recommended, but not mandatory.

• Applies in this implementation:

  Course component, total hours (hours in period 1 / hours in period 2)
  Lectures, 16h (12h/4h)
  Preparation for lectures, 7h (5,5h/1,5h)
  Exercises, 7h (5,5h/1,5h)
  Course project, 30h (20h/10h)
  Calculation assignments, 28h (0h/28h)
  Independent study, 40h (20h/20h)
  Mid-term exams, 6h (3h/3h)
  

DETAILS

Study Material

• Valid 01.08.2020-31.07.2022:

  Lecture materials, pre-lecture materials, exercise materials, compendium, recommended literature.

• Applies in this implementation:

  Beginning in the II period, we will make the TUTAwiki-workspace available, mainly intended to support the calculation assignments: https://wiki.aalto.fi/display/TUTAwiki/TUTAwiki
  

Prerequisites

• Valid 01.08.2020-31.07.2022:

  No prerequisites. A basic proficiency in Word and Excel (or similar applications) is advantageous.

SDG: Sustainable Development Goals

8 Decent Work and Economic Growth

FURTHER INFORMATION