Overview of the main lecture topics:
1. Introduction to Modelling
2. Basics of Excel
3. Data analysis
4. Optimization – introduction (Excel solver)
5. Optimization – linear programming
6. Optimization – network models
7. Optimization – integer programming
8. Optimization – nonlinear programming
9. Decision tree
10. Simulations
11. Linear regression
Excel has become an essential tool in making business decisions. The goal of this course is to give students an understanding of how to use Excel for modeling, structuring, analysis and decision-making in business practice.
The main goal of the course is to analyze and to describe basic concepts in mathematical analysis, that is, calculus and integration in one-dimensional case with appropriate applications.
The main goal of the course is to analyze and to describe basic concepts in linear algebra with appropriate applications.
The course familiarizes students with basic concepts from the field of microeconomics, which studies the behavior of economic agents such as producers, industries, individual consumers and their respective relations. The goal of this course is to study how and if an economy uses its scarce resources to maximize goals (profits, utility) of society. The course starts off with an introduction to markets, the concept of supply and demand and continues with an analysis of the economic behavior of consumers and producers – how firms decided how much to produce, how producers maximize profits, and how perfect competition and other market structures such as monopolies and oligopolies function. This course provides students with an introduction to the most important concepts in economics, providing them with a foundation for more advanced courses.
The course introduces students to the main principles of philosophy, especially practical philosophy and applied philosophy in economics and mathematics. There is an emphasis on those dimensions of philosophy that are important for understanding the formal and social sciences that the student will encounter during the studies. The focus lies on economics, mathematics, law, sociology, social psychology, rhetoric, and other similar fields.
The course introduces students to basic elements of critical thinking and helps them to attain skills of argumentation and communication necessary for better argumentation, inference and decision making in the globalized business world.
The content of the course consists of 6 units that focus on terminology and skills acquisition: Organization – expressions for describing company structures, different positions in a company; presentation skills and establishing contacts; Cultures – business culture and awareness of cultural diversity; terms for describing business relationships and expressing obligations, needs and giving advice; Human resources – job interviews, terminology related to employment; writing a resume and a motivational letter; Business ethics, terms that describe unlawful or unethical behavior; Competition – market terminology; negotiation; Change – Changes in a company due to mergers and acquisitions; conducting and participating in meetings; International markets – the terminology of international and free trade; presentation skills and public speaking.
The main objectives of the course is to make students familiar with English terminology and concepts they will encounter in books, newspapers, journals, and on-line pages, and are closely related to areas of law and economics; to enable students to use English terminology in the field of business law and economics in written and spoken form; to strengthen students’ confidence in the use of English in the business environment.
This course continues building on the theoretical foundation of Principles of Economics 1, as in this course students will be introduces to the Macroeconomics, and the terms and foundations of this area of economics. Therefore, this course covers topics such as distribution of income and poverty, basic macroeconomic aggregates and system of national accounts, aggregate supply and demand, multiplier in open and closed economy, the banking system and its significance for economic development, central banks, inflation and price stabilization, indebtedness, open economy – trade, exchange rate policy, comparative advantages and protectionism, and much more. Students will learn how to use basic analytical tools and models in order to critically analyze and interpret aggregate macroeconomic variables, and engage in cross-country comparisons.
The aim is to introduce students to the concept of an infinite series of numbers and functions, convergence and display functions by power series, to study the basic properties of functions of two and more variables, introduce the concept of partial derivatives, multiple integrals, curve and planar integrals and point out the most important examples.
This course aims to introduce the basic concept of probability and statistics especially the concept of discrete and continuous distribution functions. Further, it gives a foundation of probability theory and consequently it is vital for solving and modeling economic problems.
The goal of this course is to make the students familiar with existing mathematical software, especially Mathematicom and Matlab. They will develop the ability to choose the right software depending on the type of problem and will learn the right work methodology. We will comparatively present the basic skills for working with open-source packages. The acquired knowledge will be applied to the course content from mathematical lectures. Prior to finishing this course, students will finish a project assignment and will be able to use various software packages in different fields of mathematics.
The goal of this course is to make the students familiar with advanced terms and the results of linear algebra: finally dimensional vector space (with the notion of scalar product, norm and metric), linear operator, matrix representation, characteristic polynomial, rank, trace operator and application in solving linear systems of equations and inequalities.
In order to conduct any quantitative analysis or primary research, working knowledge of statistics is vital. This course will introduce students to basic statistical concepts such as random variables, frequency distribution, mode, median, arithmetic means, dispersion measures, probability, and basic distributions of discrete and continued random variables. All topics will be illustrated with examples of their practical use in the areas of economics and business. This course will also help students develop a statistical mindset and to use precise statistical terms in order to communicate their findings. The coursework in Statistics 1 will be further built upon in Statistics 2, which students take in the following semester.
The content of this course covers the following topics: Assumptions of linear programming. Modeling linear problems of production. Problems with transport, choice of assortment, investments and others. Model analysis. Simplex method. Duality in linear programming. An economic interpretation of duality. Sensitivity analysis. Problems with large dimensions. Problems with the sequence of production in equipment. Solving problems with the help of computer programs.
The goal of this course is to make the students familiar with optimization problems in the economy – how to model them mathematically, how to solve them with existing mathematical methods, how to interpret the results – all with the purpose of making optimal decisions. We will use models of linear programming which include the variable of decision making, the linear function of targets, and linear limitations.
Microeconomics focuses on the behavior of economic agents, such as producers and consumers, their respective (inter)relations, and different market structures. The course starts with an introduction to markets and the role of prices and continues with the following topics: detailed analysis of supply and demand and their respective determinants, the behavior of consumers and the way they maximize their utility, theory of production and costs, how firms maximize their profitability, perfectly competitive and imperfectly competitive (monopoly, oligopoly, monopolistic competition) market structures, strategic interaction of firms on imperfectly competitive markets, and more. This course will enable students to successfully analyze microeconomic problems and to follow the most up-to-date literature on the subject.
The goal of this course is to introduce students to the principles of accounting through which they will be able to analyze basic financial reports, similar to those they will encounter upon entering the business world. Course participants will be introduced to the most important accounting principles of bookkeeping. A special emphasis will be placed on accounting techniques for recording assets, liabilities, capital, revenue, and expenditures, as well as creating final financial reports. At the conclusion of the course, students will be introduced to the principles of managerial accounting and cost accounting, which will be studied in each of their respective courses. By actively participating in classes and exercises and by contributing to individual and team assignments, students will develop the capability to make independent business decisions based on external financial reports.
Many entrepreneurs and business people can testify to the fact that it’s not enough to have an interesting business idea, one must also know how to communicate that idea to others. For this reason, the Zagreb School of Economics and Management offers an obligatory Rhetorics course in order to teach students how to effectively and convincingly present their ideas to others. By preparing a speech or a debate, students will learn how to collect, organize, articulate, remember, and say everything they want to transmit to their audience, all within set rhetorical frameworks. By analyzing video and audio examples of speeches, students will learn to critically analyze the quality of certain rhetoric and learn which kind of verbal communication style they must use in different business situations.
The Social Psychology course aims to provide a theoretical foundation for understanding organizational psychology, human resource management, and consumer behavior, all of which will be covered in courses during the senior years of this undergraduate program. Topics covered in this course include social opinion, social behavior and influence, social perception, cognition, non-verbal communication, social attitudes, leadership styles, and characteristics and forms of social influence. The course is organized as a combination of lectures and exercises, and topics that are taught in class will be demonstrated through simulation exercises in the form of well-known experiments, workshops, quizzes, and videos.
The goal of this course is to make the students familiar with applying regression methods when analyzing economic data. This course contains theoretical and practical aspects of statistical analysis and focuses on the assessment of various econometric models and their interpretations.
The goal of this course is to introduce the students to basic numerical methods and to acquire knowledge in the approximation of real economic problems to simpler and mathematically solvable problems.
The aim of this course is to introduce students to the methods of applying mathematical knowledge in explaining the economic theory. Each topic that is covered is illustrated and applied to an economic problem. This gives a new perspective on the observed economic problem, which allows for a better understanding of it. The economic models that are observed are from microeconomic and macroeconomic theory.
This course gives participants an insight into basic terms of financial mathematic and their most important applications in practice. The topics introduce them to the various ways in which the system of financial intermediation works, its elements, and mathematical techniques which are used to assess the market value of debt instruments.
This course covers basic macroeconomic theory and covers the following key concepts: Macroeconomic variables and relations between them, Goods and services market, the financial market, and the labor market, Aggregate supply and demand, the open economy – international trade, exchange rates, balance of payments, interest rate parity, and the influence of expectations on macroeconomic aggregates. These theoretical concepts will be applied through case studies pertaining to everyday economic life in Croatia and abroad, and students will engage in discussions on recent local and global macroeconomic developments. This course completes the series of four basic economic courses which students must take in their first two years in the undergraduate program.
The goal of this course is to introduce participants to the importance of law for economists and particular legal institutes that operate in different branches of law. This course represents a rounded whole, as students are first introduced to public law through an analysis of the most important determinants of constitutional and administrative law, and then are introduced to the basics of property and obligations law, as well as fundamental institutions in the area of labor law, along with methods of solving conflicts between different business entities. As having a healthy understanding of the basic characteristics of the legal environment is a prerequisite for doing business successfully, learning about the law is imperative for every modern manager.
The connection between law and economics is so emphasized today that there are entire study programs dedicated to it. The aim of the course is to introduce students to the importance of rights for economists and with legal institutes in various branches of law. The course is a rounded entity as it introduces students first to the public legal part of the law through an analysis of the most important provisions of constitutional and administrative law and then introduces them to the basics of property and compulsory law, the basic labor law institutes, as well as to the methods of resolving disputes between companies. This course will enable students to successfully link economic knowledge with relevant knowledge gained from various legal areas and to become acquainted with legal practice in business operations.
The goal of this course is to make the students familiar with applying regression methods when analyzing economic data. This course contains theoretical and practical aspects of statistical analysis and focuses on the assessment of various econometric models and their interpretations.
Optimization is an area of mathematics that studies conditions and methods for identifying the best choice from a set of available options, according to a certain optimality criterion. Analyzing and solving optimization problems is an important decision support tool in modern business management, as well as in many other generally economizing activities.
Optimization is a broad area, which includes various methods and develops in numerous directions, depending on the observed class of problems. This course covers the central, classical part of optimization (i.e., optimization problems that are continuous, static, single-criterion, single-agent and deterministic), as a basis for more advanced future considerations.
The course consists of the following interrelated topics:
The course assumes prior knowledge of mathematical analysis and linear algebra. The emphasis of the course is on the application of the presented theory, through intensive training in solving practical assignments.
The aim is to familiarize students with the basic results of the theory of ordinary differential equations and their applications in economics and related disciplines.
Students will have an opportunity to build a system of values in which ethics and social responsibility in business will play a big role. Students will acquire basic knowledge in the field of business communications. Students will become effective communicators and gain presentation and communication (written and spoken) skills. Students will have the ability to adapt which is essential in doing business in a global environment.
This course is the first course that will help students to perceive a manager’s role and teach them a manager’s most fundamental tasks, problems, and functions. The goal of this course is to develop a deeper understanding of basic managerial functions (planning, organizing, influencing, and control) through lectures, case studies, video clips, discussion, and problem-solving activities. However, students will also learn to identify ethical problems and questions of social responsibility, as well as the implications of organizational values on long-term business outcomes. At the conclusion of this course, students will have had acquired basic knowledge in the area of management and will have developed a basic understanding of the needed skills to become a successful manager.
This course provides students with an introduction to the area of marketing, as part of which they will learn how to utilize their business model to make an optimal profit, while achieving customer satisfaction. Students will learn what role marketing plays in a company’s strategy, which external variables a company can influence, and which variables it must adapt to. Topics covered in this course include: the marketing mix, choosing a target market, market research, promotion, propaganda and publicity, distribution, determining prices, sales and sales promotion, and others. A special section of the course is focused on ethics in marketing and social responsibility. Students will also write a marketing journal, in which they will demonstrate their level of theoretical knowledge and how to apply them on real-life marketing examples.
This course aims to make the students familiar with the basic characteristics of stochastic processes. In this course, they will learn that linear algebra and analysis are very practical mathematical courses. Students will learn the most well-known stochastic processes which are used in the field of finance.
Game theory is important for understanding various economics situations through mathematical modeling. What we intuitively feel or assume in economics is mathematically modeled in game theory. Given that game theory deals with situations of conflict, the goal is to make students recognize such situations and show them solution suggestions. The main goal of this course is for students to use their knowledge of economic theory and apply it in mathematics. Further, their analytical thinking will be developed through working on different problems.
This course aims to make students familiar with the principles of quantitative modeling in the finance field and stochastic calculus as a basic research tool in financial mathematics. The students acquire basic theoretical knowledge which is crucial for assessing the market value of financial debt instruments and selected types of derivatives.
The course develops the ability to think logically and deepens knowledge of basic computer concepts related to programming, such as tasking, task analysis, assembly algorithm, translating softwares, testing, documenting, and maintaining programs. The aim of the course is to introduce the participants with basic functions such as functions for printing, recursive functions, different types of data, program loops and branching in the program as well as mastering the techniques of solving problems and adopting concepts from the areas mentioned above.
This course comprises: optimization techniques, demand theory, demand estimation, production theory and estimation, cost theory and estimation, linear programming, risk analysis, long-run investment decisions: capital budgeting, market structures and pricing practices. A special goal of the last aforementioned topic (market structures and pricing practices) is the upgrading of microeconomic theory of supply and demand, which is developed with very restrictive assumptions – without any internal structure, real theory of specific buyers and specific companies with clearly defined structures for machinery and equipment.
The goal of the subject is to offer to managers, practical economists, a synthesis of basic theoretical economic knowledge from different areas of economic theory, decision making sciences as well as from fields such as: accounting, corporate finance, marketing, human resources and production management etc. The subject is of wholly eclectic nature because in it students do not obtain any new knowledge which they have not yet obtain in subjects like: microeconomics, macroeconomics, mathematical economics, econometrics, functional domains, logistics. In this subject, through case studies and discussions, students learn how to integrate and coordinate different economic fields for the sake of making the best possible decisions in business environments. Namely, business decisions cannot be made without combining knowledge from all above mentioned subjects, experience and business intuition.
Outcomes – an individual is to:
• select a company /institution/organization whose business activity is compatible with the study program
• research relevant data for a selected business entity (company)
• describe job and work tasks that have been performed
• apply previously acquired theoretical and professional knowledge in solving specific work tasks with an emphasis on the application of analytical tools in business practice
• synchronize knowledge and skills with the types and ways of doing work tasks
• develop a positive attitude towards the rules of conduct of the employer, the employees (team work), the rules of safety and safety at work, instructions and recommendations of mentors and other authorized persons.
• demonstrate, through the conduct of professional practice, a high level of personal and professional accountability
This course aims to introduce the students to economic variables, their changes, relations and interdependencies through differential and difference equations, as well as systems of differential and difference equations. The students are already familiar with economic theory – now they will explore different topics through the above mentioned mathematical elements.
The goal of this course is to introduce students to concepts that are connected to graphs, structures, as well as possibilities of presenting an optimization problem with graphs. Students will learn computation methods, and well-known algorithms. At the end of the course, they will be familiar with heuristics that are used for problem-solving on graphs.
The course “Corporate Finance” consists of a combination of lectures and seminars. The topics covered during the lectures are parallelly tackled during seminars through business cases, problem-solving, seminar papers, etc.
The course content includes topics from three areas. (1) theoretical principles of corporate finance (time value of money, value of long-term securities, risk, and repayment) (2) methods of analysis and calculation which are used in business practice in corporate finance (analysis of financial reports, managing short-term assets and short-term bonds, investment analysis, determination of capital costs and operating and financial leverage) (3) integrative topics which give an overview of the ways in which financial markets and financial instruments work (capital structure and dividend policy, capital markets, long-term bonds, ordinary and preferred shares, long-term loans, leases, and convertible securities, international corporate finance).
The purpose of this course is to familiarize students with basic concepts of corporate finance in a simple and interesting way. The final goal of this course is to prepare students for the application of financial knowledge in practice, and to be able to successfully perform financial analysis, financial planning, and valuing projects in the field of corporate financing, either in public or private institutions.
This course provides an insight into the functioning of modern financial markets through presentation of the main participants and their roles in the markets as well as the organizational structure of domestic and international financial markets. Furthermore, we will discuss issues related to creating and maintaining financial stability and the possibility of early warning in case of crisis.
Topics covered in the course range from the most common types of financial instruments like stocks and bonds, to sophisticated financial derivatives. Also, the course provides an overview of all types of financial institutions – bank and non-bank financial intermediaries. Regarding the financial markets, we will discuss the money market, foreign exchange and capital markets. Special attention is given to risk management in financial institutions, particularly credit and market risks.
The aim is to familiarize students with different types of financial institutions, instruments and markets and give them an understanding of the functioning of international financial markets and institutions, the interaction between major market participants, as well as the institutional and regulatory environment in which they operate.
Students are prepared for future work in financial institutions and in all areas regarding financial market access and financing issues in the corporate and public sector.
During undergraduate study, the student is required to choose three elective courses depending on personal preferences.
The goal of this course is to link and apply all knowledge that was acquired in previous courses to solve real economic problems. The emphasis is set on optimization, econometrics, data gathering and solving problems with the help of computer programs. The main purpose is to prepare the students for writing their final dissertation.
The goal of this course is to introduce students to concepts that will help them understand how the state influences business and the overall economy. Topics covered in this course include: public goods, economic function of the government, economic reasons which justify and explain state intervention in the economic sector, and the main effects of fiscal policy.Students will also become familiar with the process of state budget creation, the distinction between government revenues and expenditures, and they will gain understanding in procedures for financing of government budget and public debt. After taking this course, students will understand the principles of public finance, and will be able to analyze the interaction of fiscal policies with the private sector.
During undergraduate study, the student is required to choose three elective courses depending on personal preferences.
During undergraduate study, the student is required to choose three elective courses depending on personal preferences.
Undergraduate Thesis