Every day globalization makes the world economy an increasingly competitive environment. Thriving firms in today’s markets owe their continued success to their managers’ savvy decision-making, as they attempt to gain and retain a competitive edge over their rivals. Business economics is essential to effective decision-making in this environment, as it provides the necessary tools for managers to thoroughly analyze and predict the dynamics of their product markets. Understanding economics also assists managers in improving the overall efficiency of their firms, through selecting the most cost-efficient production methods or implementing incentive schemes for employees to enhance their motivation and performance. Not surprisingly, 56 percent of firm bankruptcies in Canada in 2010 were attributed to knowledge deficiencies of managers (see this graph for a detailed breakdown of knowledge deficiencies having caused firm bankruptcies).
Everyone with a BCom degree should therefore have a solid knowledge of business economics; it ultimately helps you understand the environment you will be working in, no matter whether you plan on pursuing a career in management consulting, marketing, finance, accounting, or human resources (imagine an accountant who cannot count numbers!). Advanced knowledge of business economics is indispensible for anyone who wishes to succeed in the world of business.
The Future: Forecasting and the Business Environment
Peter Sephton
F
Research
Please refer to the faculty profiles for individual research interests and publications.
COMM-307* Canadian Business-Government Relations
This course is an analysis of public policies as represented by laws and regulatory governmental activities, and their effects on business decision-making, distribution of wealth, and allocative efficiency in the public and private sectors. The course will deal with such topics as: externalities and the assignment of property rights (natural resource conservation, pollution, congestion, issue of corporate social responsibility); theories of the regulatory process and the performance of regulatory agencies in specific markets; legislative process and lobbying strategies; competition policy; marketing boards; government assistance to failing firms; Canadian industrial strategy; public ownership; free trade, etc.
PREREQUISITE This course is restricted to students enrolled in the 3rd or 4th year of the Commerce program.
COMM-308* Canadian Business History
The purpose of this course is to give the student of management the opportunity to study and analyze the history of the evolution of Canadian industries (and some of Canada’s leading corporations) as well as the emergence of the professional manager. The student should gain a deeper understanding of the roots of Canadian business, but more importantly, be able to understand and appreciate the complex internal and external forces which must be considered today when making critical business decisions. The course will be of interest to students who plan to follow a career in management as either a practitioner or a consultant and to those who will need to be able to do a comprehensive analysis and assessment of the financial and managerial performance of the modern firm.
PREREQUISITE This course is restricted to students enrolled in the 3rd or 4th year of the their program.
COMM-350* The Future: Forecasting and the Business Environment
Most organizations make or buy explicit predictions of the environment within which they expect to be operating. They serve as a basis for planning and control. These organizations are trying to identify, understand and influence changes that are occurring in the local, national and international economic, political and social environments, as well as in their own organization. The course examines the theoretical and historical origins of forecasting, and discusses the approaches used to make and assess predictions in the short- to medium-term. The emphasis is on the practical application of forecasting methods.
PREREQUISITE This course is restricted to students in the 3rd or 4th year of the Commerce Program.
