ELE 3744 Business Dynamics - RE-SIT EXAMINATION
The course was last completed in the autumn of 2021. A last re-sit examination will be offered in the autumn of 2022.
Many of the problems organizations face arise as unanticipated side effects of their own past actions. All too often the solutions they implement to solve important problems fail, make the problem worse, or create new problems. Effective decision making and learning in a world of growing complexity requires us to think differently. We need to think outside the box and develop tools to understand this growing complexity and learn how solutions sometimes create problems instead of solving them.
This course introduces students to business dynamics as a method for analyzing and modelling business problems and strategies. This method enables us to increase our understanding of business behavior. The method also enables us to simulate organizational behavior (or the behavior of parts of an organization, like a team). These simulations allow us to create management flight simulators that can be used to understand the past and predict the future. As pilots learn how to fly in a flight simulator, managers learn how to make better decisions by testing out different scenarios in their management flight simulator. When we understand the past and can predict the future, we can improve business performance.
This course is especially applicable for students that want to learn a new way of thinking about business processes. Furthermore, the course gives students, interested in a future career as consultant or business analyst, a competitive edge in the job market. This new way of thinking applies to all kinds of businesses and problems; therefore, the course is suitable for students from all bachelor programmes.
After completing the course, students will be able to explain what the underlying causes are of typical business behavior and performance. Furthermore students will be able to understand how well-meant decisions or rules often (unintended) create business performance issues, rather than solve them.
After completing the course, students will be able to develop simulation models of businesses, and perform what-if scenarios with these models. Based on the outcomes of the what-if scenarios, students will be able to develop better decisions leading to higher business performance.
After completing the course, students will be able to reflect on their old way of thinking and how it differs from the new way of thinking. Students will be able to recognize when a problem is dynamic, and when they should apply the new way of thinking. Students will learn to look at business or social problems from a broader perspective.
- Introduction, course overview, objectives, rules of the game
- Overview of business dynamics and interrelations of business structure and behavior, causal loop diagramming
- Stocks and flows diagramming
- Typical business behavior: S-shaped growth, delays & oscillations
- Decision-making & modelling human behavior
- Supply chains
- Term paper introduction
There will be different means of learning in this course, for instance lectures, individual exercises, group work, and presentation about real-life examples of applications of business dynamics. Firstly, studying the course material (lecture slides and compulsory literature) is required to get a grasp of basic concepts. Secondly, different kinds of exercises will be given to practice the new way of thinking. These exercises must be completed in order for the student to be well prepared for the examination. Finally students have to deliver a group assignment based on a case study in a given topic. The assignment can be executed in groups of up to 4 persons.
Vensim PLE (software, free download available at www.vensim.com)
For electives re-sit is normally offered at the next scheduled course. If an elective is discontinued or is not initiated in the semester it is offered, re-sit will be offered in the electives ordinary semester.
Even though all parts must be passed to obtain final grade, re-sit is possible to do separately.
No specific prerequisites required.
|Exam category||Weight||Invigilation||Duration||Support materials||Grouping||Comment exam|
Form of assessment:
|40||Yes||3 Hour(s)||Individual||All exams must be passed to obtain a final grade in the course.|
Form of assessment:
Internal and external examiner
|60||No||1 Semester(s)||Group/Individual ( 1 - 4)||Case study, max 4 students per group. All exams must be passed to obtain a final grade in the course.|
|Form of assessment:||Structured test|
|Support materials:|| |
|Comment:||All exams must be passed to obtain a final grade in the course.|
|Form of assessment:||Written submission|
|Grouping (size):||Group/Individual (1-4)|
|Comment:||Case study, max 4 students per group. All exams must be passed to obtain a final grade in the course.|
All exams must be passed to get a grade in this course.
Prepare for teaching
Group work / Assignments
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.