European Master and Certification Program
in Risk Engineering and Management

Managerial Economics

Course code: 181775
Language of instruction: English
Lecturers: Prof. Dr. Dr. h.c. Dirk Linowski (Steinbeis University Berlin), Constantin Schubart
Assessment: Defined in the module

Short description

This course on managerial economics focuses on the practical implentation of economic principles and theories and shows how to apply them in decision making situations within organizations. Those decisions are always to be made under conditions of risk and uncertainty but can be improved through a sound understanding of the external environment and the use of appropriate tools and techniques.


The participants:


Will be introduced to main concepts and to the scientific methodology of business administration

Will acquire knowledge needed for differentiating possible social, legal and political frameworks of companies

Will understand the key corporate functions in their basic features.

Will understand the organization principles of an economic activity

Will be capable of understanding basic corporate decisions and strategies

Will be able to understand the relationship between decision making process and financial results

Target Attendees / Participants

This module is targeted to current master of engineering students who will be involved in commercial, financial, planning, legal and other professionals aiming to increase their knowledge of international business development.

Course Content by Units

Subject and methods of business administration

- Tasks and models of business administration

- Fundamentals of economics in companies


Introduction to the fundamentals and frameworks of entrepreneurial activities

- The economic order of the social market economy

- Fundamentals of the tax system

- Fundamentals of Corporate Rules


Business accounting

- Overview

- Financial Accounting vs. cost accounting

- System of Financial Accounting

- The annual financial statements: balance sheet and income statement

- Objectives and elements of Controlling

- Basic concepts of cost accounting


Corporate structure and processes (organization)

- Overview

- Forms of corporate structures

- Working in Projects

Teaching Methods

This course includes:

-          Introductory note explaining aim and structure of the course

-          Ex cathedra lecturing illustrated by number of examples

-          Brainstorming sessions and practical work

-          Repetition of all course units and main issues


Bea, F. X. / Dichtl, E. / Schweizer, M. (2006): Allgemeine Betriebswirtschaftslehre, Band 3: Leistungsprozess, 9. neu bearbeitete und erweiterte Auflage, Lucius&Lucius


Bitz, M. (2005): Vahlens Kompendium der Betriebswirtschaftslehre, Band 1, 5. vollständig überarbeitete Auflage, Vahlen


Farnham,P. (2014) Economics for managers, 3rd edition, Pearsons

For more information about the European Master and Certification Program in Risk Engineering and Management in general, go the Homepage.
For more information about the European Master Program in Risk Engineering and Management in general, go the Master Study page.
To see more courses in the curriculum, go to The curriculum page, or by date and topic go to the Calendar of Courses page.
Contact: via email or phone +49 711 1839 781 or +49 711 1839 647
(Course profile ID: B3-2:, generated on September 24, 2021)