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This course provides an introduction to the analysis of macroeconomic activity and the business cycle by focussing on macroeconomic variables such as economic growth, inflation, unemployment and the balance of payments. Based on an understanding of macroeconomic dynamics students learn when and why governments may want to intervene in the economy with the help of fiscal and monetary policies and what these government interventions mean for various markets and economic actors. Students moreover learn how economic growth can be stimulated in the long run through supply-side policies in areas such as education, infrastructure as well as research and development. Additionally, students are acquainted with the role of money, banks and financial market regulation.


The study of economics is concerned with the allocation of scarce resources and the associated implications for efficiency, equity, and human welfare. This course introduces the field of microeconomics, focusing specifically on the role of markets in facilitating exchange between different groups of the economy such as workers, consumers, firms, and government institutions. Topics addressed include consumer theory, the cost structures and behavior of firms in various industries, competition, monopoly, and government regulation. The course applies theoretical concepts to contemporary policy questions, such as when government intervention is justified to correct market imperfections.


Physical movements of goods leave a financial trail. Accounting is the art of capturing this trail and transforming it into meaningful information for management and other stakeholders. This course provides an introduction to accounting principles. It focuses on measuring the financial position and performance of a firm, on reporting cash flows and on analyzing financial statements.
Students learn about the purpose of accounting, principle accounting procedures, sources and recording of data, the verification of accounting records, principles of financial statements, preparation, analysis and interpretation of financial statements, international accounting standards (e.g. IFRS, US GAAP), principles and policies and their differences.

and Innovation I

Innovation is THE source of sustainable competitive advantage for firms around the world. However, building an organization to successfully and repeatedly bring innovations to market is a daunting managerial challenge.

This course will focus on the practices and processes that managers use to manage innovation effectively. Over two semesters several aspects will be examined of innovation: e.g. exploring, executing, leveraging and renewing innovation.

The focus will be on entrepreneurial firms. The course is designed to provide a deep grounding in the field of innovation for managers and entrepreneurs whose goal is to play a leading role in innovation-driven firms. The material moves between strategic issues (what should you do?) and organizational and managerial issues (how should you get it done?).

The focus of the course is on exemplifying and experiencing the innovation process and implementation. Students have to develop business ideas and business plans. They will also be trained to present their business ideas in a pitch.

Introduction to International Business

This course provides the basics to make informed and effective business decisions in today’s global economy. It focuses on the domains of business such as international strategy and organizational structure, selecting and managing entry modes, developing and marketing products internationally as well as managing international operations. Aspects on globalization, cross-cultural businesses, politics and law in business, economic systems and development, international trade, and international financial markets will also be covered. Upon completing the course, students will know how to use a number of international business analytical tools, are experienced with case study analysis: including, PEST, CAGE, Global Footprint, International Market Selection and Modes of Entry to mention a few key ones. Global corporate social responsibility and sustainability issues will also be discussed.

General Economics

This module introduces to the functioning of economies, progressing from national to international markets. The decisions that firms, workers and consumers are making is examined in Microeconomics. Macroeconomics addresses the whole economy of a country with a view to delivering stable and sustainable economic growth. The nature of economic globalization and its many effects on firms, governments and individuals is analyzed in International Economics. A key question in all three courses of this module is when, how and why governments may want to intervene in markets in order to deliver satisfactory outcomes for society as a whole, while balancing the contradicting interests of various societal stakeholders.

General Management

The module “General Management” provides the foundation for the basic domains of business practices and management tools in the international context in which modern businesses increasingly interact with their various stakeholders.

Supply Chain Management

This course will particularly bundle theoretical methods for solving logistics problems in networks with practical examples from industry. The tasks and goals of supply chain design, together with methods and instruments for the design of logistics networks will be presented. Students work intensively in groups on several case studies; thus they are able to apply the knowledge, which they acquired in their courses and internships, on real cases. At the end of the course students write an essay in groups, investigating a specific supply chain related problem that companies are facing nowadays. They also present the findings in group presentations.

Risk and Business Continuity Management

Natural disasters, terrorist attacks or the loss of important suppliers and service providers are events that occur somewhere in the world each and every day. Each of these threats can disable an organisation for days, weeks or months, or even lead to having to cease operating. Effective Risk and Business Continuity Management can make the difference between survival and collapse of an organisation. Business Continuity Management is an all-encompassing methodology that helps to protect an organisation from risks and to ensure that time-critical business processes will continue to function even during outages or emergencies. BCM includes a whole range of tools that students will get to learn during the course, in theory and in practice.

Process Modelling & Simulation

Process understanding is highly important in the field of industrial engineering and management. Without knowing processes, there is no opportunity to improve them. In the course Process Modelling and Simulation, various concepts of process modelling will be introduced as well as modelling methods and modelling languages. One method of process modelling will be treated in details to demonstrate how process modelling can support industrial engineers to implement optimization initiatives. Various exercises and simulation examples will be practiced both in class and as homework with real process modelling and simulation tools (e.g., Vensim, PlantDesign, ARIS Express, Plant Simulation).