Course: Principal Areas of Business 1 credits: 3

For a service, manufacturing or trading company, in a domestic or international context, the student has the basic knowledge and skills to:

• use the accounting equation to analyse transactions;
• record transactions and adjustments in journals and t-accounts;
• construct financial statements (income statement, statement of retained earnings and balance sheet);
• to analyse the company’s performance using the current ratio and the gross profit margin;
• describe and explain HRM strategies;
• define human resource management and describe modern trends in the field in relation to HR policies and practices;
• describe, explain and distinguish HRM practices, tools and instruments used in planning, recruiting and selection;
• define marketing and the marketing process;
• recall theories about marketing principles with regard to the marketing environment, consumer markets and buying behaviour and the marketing mix;
• define and explain Logistics and Supply Chain Management including the strategic role of logistics and supply chain management;
• describe the Logistics Pipeline concept and how the deficiencies of this concept have been overcome by the introduction of the Supply Chain Concept;
• explain the Key Logistics Activities of Inventory Management, Transportation Management, Order Processing & Purchasing;
• explain the role that Logistics Customer Service plays in logistics goal setting, decision making and performance measurement;
• describe the Order Cycle and the influences of the Order Cycle Time on Logistics and Supply Chain Management Performance.

Competencies from the Framework Competencies IBMS:
TWM15-1, TWM20-1, TWM18-1, TWM23-1