Management Advising Guide

The program of courses is designed not only to provide a strong foundation for graduate study, but also the basic economic and business fundamentals needed for direct employment in business upon graduation.

The department encourages its majors to study or work abroad to gain international awareness and experience. The Center for International and Cultural Education maintains a list of College-approved international programs. The Department
allows appropriate coursework from these programs to apply toward majors in the Economics and Management Department. Students should talk to their advisors early in their studies about international programs and internships. Normally, students may transfer one Economics and Management elective for each semester in a Gustavus-approved study abroad program, but they must complete at least six Level II or III Economics and Management courses on campus.

E/M-101 (Principles of Macroeconomics) is a prerequisite for further work in the department unless the student receives approval of an alternate from the department chairperson.

Management Majors

This section lists the requirements of the Management majors. A grade of C- or higher is required for each course counted toward the major and a departmental GPA of 2.33 or higher is required for all departmental courses counted toward the majors. January Interim courses are not counted toward any major in the department. The specific requirements are as follows:

  1. Departmental Mathematics Requirement (required of all majors). A grade of C- or better is required in each of these courses. Additional courses in Mathematics and Computer Science are strongly recommended for students anticipating graduate study.
    1. MCS-121 Calculus I or MCS-118 & MCS-119 Calculus with Pre-calculus Review 1a & b
    2. Complete one of the following listed below.
      1. E/M-125 Statistics for Economics and Management
      2. MCS-142 Introduction to Statistical Methods
      3. MCS-341 Probability Theory and Mathematical Statistics I
  2. Departmental Core (required of all majors):
    1. E/M-101 Principles of Macroeconomics
    2. E/M-102 Principles of Microeconomics
    3. E/M-110 Financial Accounting
      1. In order to receive credit toward a major in the department, a grade point average of 2.33 is required for the three core courses, with a grade of C– being the minimum acceptable grade in any of the core courses.It is strongly recommended that the core courses as well as the mathematics requirement be completed by the end of the sophomore year.

        Students must complete the Departmental Core before enrolling in Level II 
or Level III courses in the Economics and Management Department. Students must complete the Departmental Mathematics requirement before enrolling
in Level III courses. Non-majors who wish to take Level II or III courses without having completed the above prerequisites may enroll with the permission of the instructor.

  3. Additional Course Requirements for Each Major as Follows: 
    1. General Management Major
      1. All six of the following are required.
        1. E/M-230 Managerial Accounting
        2. E/M-260 Marketing
        3. E/M-261 Organizational Behavior and Management
        4. E/M-265 Business Law
        5. E/M-270 Business Finance
        6. E/M-365 Strategic Management
      2. Three Management Electives, including at least one course from each group.
        1. Group 1
          1. E/M-251 Ethics in Business and Economics
          2. E/M-350 Human Resource Management
          3. E/M-355 Marketing Research
          4. E/M-367 Seminar in Entrepreneurship
          5. Approved E/M-244/344 Special Topics
        2. Group 2
          1. E/M-353 Operations Management
          2. E/M-360 Managerial Economics
          3. E/M-366 Economics of Strategy
          4. E/M-388 Econometrics
          5. Approved E/M-244/344 Special Topics
    2. International Management Major
      1. All seven of the following are required.
        1. E/M-230 Managerial Accounting
        2. E/M-260 Marketing
        3. E/M-261 Organizational Behavior and Management
        4. E/M-265 Business Law
        5. E/M-270 Business Finance
        6. E/M-351 Globalization and International Organizations
        7. E/M-384 International Trade and Finance
      2. At least one course from each group.
        1. Group 1
          1. E/M-251 Ethics in Business and Economics
          2. E/M-350 Human Resource Management
          3. E/M-355 Marketing Research
          4. E/M-367 Seminar in Entrepreneurship
          5. Approved E/M-244/344 Special Topics
        2. Group 2
          1. E/M-353 Operations Management
          2. E/M-360 Managerial Economics
          3. E/M-366 Economics of Strategy
          4. E/M-388 Econometrics
          5. Approved E/M-244/344 Special Topics

Management Minor

The Management minor is available with prior approval by the student’s departmental advisor and the department chair to students not majoring in the department. A grade of C– or higher is required in each of the courses in the minor, along with an overall GPA of 2.333 for the minor. All Management courses must be taken at Gustavus to apply toward this minor. The requirements are:

  1. All four of the following are required.
    1. E/M-125 Statistics for Economics and Management and/or MCS-121 Calculus I
    2. E/M-101 Principles of Macroeconomics
    3. E/M-102 Principles of Microeconomics
    4. E/M-110 Financial Accounting
    5. Two additional Management courses approved by the department chair

Mathematics Courses

118 Calculus with Pre-calculus Review 1a (1 course) This is a beginning calculus course that has an extensive review of pre-calculus. Calculus topics covered include limits, derivatives, and applications of the derivative. This course is continued in MCS-119; this two-course sequence provides the same coverage of calculus as MCS-121. Pre-calculus topics are taught in the context of solving calculus problems. These topics include polynomials and rational, exponential, logarithmic, and trigonometric functions. Fall semester.

119 Calculus with Pre-calculus Review 1b (1 course) This is the second course of the beginning calculus with pre-calculus review. Calculus topics covered include differential calculus (calculating derivatives, applications of the derivative, implicit differentiation, etc.) as well as the integral as an area, indefinite integrals, the fundamental theorem of calculus, and integration by substitution. As in MCS-118, pre-calculus topics are covered on an as-needed, just-in-time fashion. The combination of MCS-118 and MCS-119 covers the same calculus topics as MCS-121. Prerequisite: MCS-118. MATHL, Spring semester.

121 Calculus I (1 course) Introduction to the basic ideas of differential and integral calculus and formal development of differentiation and integration. Prerequisite: Two years of high school mathematics beyond plane geometry, including trigonometry. MATHL, Fall and Spring semesters.

142 Introduction to Statistical Methods (1 course) Gathering, organizing and describing data, probability, random variables, sampling distributions, estimation, hypothesis Students who have already taken a statistics course may not earn credit for MCS-142testing, linear regression, and analysis of variance. Treatment is more mathematical than MCS-140, but the emphasis is still on applications. Introduction to the use of computerized statistical packages. Students who have already taken a statistics course may not earn credit for MCS-142. Prerequisite: MCS-119 or MCS-121. MATHL, Fall and Spring semesters.

341 Probability Theory and Mathematical Statistics I (1 course) The probability model, random variables, conditional probability and independence, probability functions, density functions, expectation, some important discrete and continuous distributions, the central limit theorem. Prerequisite: MCS-222; a previous or concurrent course in statistics is recommended. Fall semester, even years.

Relevant E/M Courses

101 Principles of Macroeconomics (1 course) A study of the performance of the American economy including an understanding of basic economic theories, economic institutions, and the history of the discipline of economics. Topics include introductory supply and demand analysis, national income determination, the money and banking system, monetary and fiscal policy, and the application of economic principles to the problems of achieving full employment, price stability, economic growth, and a favorable balance of payments. Some study of economic development and the impacts of globalization. SOSCI, Fall and Spring semesters.

102 Principles of Microeconomics (1 course) A continuation of E/M-101. Whereas macroeconomics looked at the economy as a whole, microeconomics examines the actions of the smaller components that make up the macro economy: individuals, households, businesses, unions, and governmental units. Most attention is given to the decisions facing a typical firm, and how those decisions will impact variables like price, output, and profit. Specific topics include demand theory, elasticity, production and cost, market structure, factor markets, international trade, and the role of government. SOSCI, Fall and Spring semesters.

110 Financial Accounting (1 course) This course introduces the measurement system used by entities to inform interested parties about their economic activity. The course provides a general overview of the quantitative and qualitative components of accounting information and also focuses on developing the basic reasoning skills needed to interpret an entity’s financial reports. This course, which is part of the departmental core, emphasizes a user perspective. Fall and Spring semesters.

125 Statistics for Economics and Management (1 course) The course emphasizes the application of statistical methods to economic, management, and accounting problems. In the course, students will develop their skills using current computer software and internet applications. The topics include presentation of data, measures of central tendency and dispersion, probability and probability distributions, sampling methods and distributions, confidence intervals, hypothesis testing, correlation analysis, simple linear regression, time series analysis, and decision making under conditions of uncertainty. Credit cannot be earned for this course if another course in statistics has been completed. Prerequisite: higher algebra. Fall and Spring semesters.

230 Managerial Accounting (1 course) This course provides a basic foundation for those individuals who use accounting information to perform the management functions of planning, decision-making, and controlling. Students learn to use qualitative information, budgeting, and forecasting techniques for planning to meet short-term and long-term objectives. Decision-making tools emphasize the choice, interpretation, and use of relevant data for pricing, product mix, and process decisions. A third component is an understanding of the internal control system used by an entity. Prerequisites: E/M-101, E/M-102, and E/M-110. Fall and Spring semesters.

244, 344 Special Topics (1 course, 1 course) Special topics in Economics/Management studies. Content will vary from semester to semester. Courses will explore a topic or problem in depth and students will read, discuss and write. More than one special topic may be taken. Offered occasionally.

251 Ethics in Business and Economics (1 course) This course explores ethical issues and moral dilemmas in the conduct of organizations and larger economic systems. Areas covered include personal values clarification, ethical decision-making processes, corporate social responsibility, employee rights and responsibilities, and ethical issues within globalized work environments. Contemporary moral philosophy models inform current organizational issues that managers will face and provide a compass by which to evaluate ethical decisions. Students will gain an appreciation for individual morals as they interact with organizational contexts, and will learn processes by which they may resolve ethical dilemmas in organizational settings with integrity. Prerequisites: E/M-101 E/M-102 and E/M-110. WRITD, Fall semester.

260 Marketing (1 course) This course focuses on the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services thereby creating an exchange that satisfy individual and organizational goals. Moving from a firm understanding of marketing basis—product, price, promotion, and place—this course then explores the changing dynamics surrounding exchanges. These changes are reflected in such issues as: “bricks and mortar versus online retail,” the changing role of market intermediaries, and evolving globalization of trade and exchanges. Prerequisites: E/M-101, E/M-102, and E/M-110. Fall and Spring semesters.

261 Organizational Behavior and Management (1 course) A study of organizational and management methodologies, practices, principles, and theory. An examination of organizational and management functions and structure in terms of the traditional, situational, and behavioral approaches. Prerequisites: E/M-101, E/M-102, and E/M-110. Fall and Spring semesters.

265 Business Law (1 course) A study of the principles of business law with particular emphasis on legal reasoning. Topics covered in the course include contracts, commercial law, business organization, and agency. Prerequisites: E/M-101, E/M-102, and E/M-110. Fall and Spring semesters.

270 Business Finance (1 course) This course introduces student to the fundamentals of finance. The course provides an overview of financial ratio analysis, time value of money, cash flow and financial planning, risk and return, interest rate and bond valuation, and stock features and valuation. The student is then introduced to the management of corporate working capital, including current assets and current liabilities management. Pre-requisites: E/M-101, E/M-102, E/M-110, and either E/M-125 or MCS-142. Fall and spring semesters.

350 Human Resource Management (1 course) This course reflects the growing recognition that employees are an organization’s most important resource and, as a consequence, management of those resources is an increasingly critical function. Specific responsibilities in that regard include: recruitment and selection, testing and assessment, training and development, affirmative action, compensation and benefits, discipline and discharge. In addition, the course explores the ever-changing legal and regulatory elements that influence human resource activities and decisions. Prerequisites: E/M-101, E/M-102, E/M-110, E/M-125 or MCS-142, MCS-121 or MCS-119, and E/M-261. WRITD, Fall and Spring semesters.

351 Globalization and International Organizations (1 course) This seminar examines cultural, economic, political, legal and social concepts, institutions, and events that affect the conduct of business in a global operating environment. Specifically, the course will explore cultural impact on decision-making and perceptions of ethics. Further, students will analyze multiple dimensions of globalization, emphasizing changing notions of state sovereignty, the emergence of non-state actors, the expansion of world organizations, capital market integration and its effects on economic development and labor markets. Prerequisite: E/M-101, E/M-102, E/M-110, E/M-125 or MCS-142, MCS-121 or MCS-119,and E/M-261 or permission of instructor. WRITD, Fall semester.

353 Operations Management (1 course) This course explores the planning and control activities used by a firm to create goods or provide services to the customer. It begins with a description of the management process. The student is then introduced to some operational planning tools to include forecasting, production scheduling, and materials procurement planning. We conclude with a discussion of inventory management and production control systems. Additional topics include Total Quality Control, Just in Time manufacturing, and operations research. Prerequisites: E/M-101, E/M-102, E/M-110, E/M-125 or MCS-142, MCS-121 or MCS-119. Spring semester.

355 Marketing Research (1 course) This course explores the planning, collection, and analysis of data relevant to marketing decision making. The course centers around student teams working with a local or regional organization, assisting that organization explore a pressing marketing issues or concern. Via secondary or primary data sources students are exposed to all elements of the marketing research process, ending with a report, with recommendations, to their client organization. Prerequisites: E/M-101, E/M-102, E/M-110, E/M-125 or MC-142, MCS-121 or MCS-119 and E/M-260. Spring semester.

360 Managerial Economics (1 course) Managerial economics offers an intermediate-level microeconomic analysis of the decisions facing managers in both traditional businesses and not-for-profit organizations. Topics include basic optimization, demand analysis, production and cost, linear programming, pricing and output decisions, factor markets, risk analysis, and strategic behavior. Prerequisites: E/M-101, E/M-102, E/M-110, E/M-125 or MCS-142, MCS-121 or MCS-119. Fall semester.

365 Strategic Management (1 course) An examination of current business problems for development of policy decisions utilizing case methodology. Students prepare oral and written analyses and solutions for cases drawing on previous courses, current literature, and field
trip experiences with business leaders. Prerequisites: E/M-101, E/M-102, E/M-110, E/M-125 or MCS-142, MCS-121 or MCS-119; open to seniors in the E/M department. WRITD, Fall and Spring semesters.

367 Seminar in Entrepreneurship (1 course) It is likely that entrepreneurs are born, not made. For those who believe they have an entrepreneurial spirit, this course will examine
the complex problems they will face in starting their own venture and enhance their skills
at addressing problems such as: recognizing opportunity, organizational structure, staffing, finance, marketing, and operations. Each student will develop his/her own business plan for the launching and operation of a business, incorporating the principles from a text, a study of the literature, and consultations with experts. Prerequisites: E/M-101, E/M-102, E/M-110, E/M-125 or MCS-142, MCS-121 or MCS-119, and junior or senior standing. Spring semester, even years.

268, 368 Career Exploration, Internship (Course value to be determined) Off-campus employment experience related to the student’s major. See description of the Internship Program. Fall and Spring semesters and Summer.

384 International Trade and Finance (1 course) A study of the fundamentals of international trade and finance. Topics include theory of international trade; trade policy and protectionism; regional trade agreements; international factory movements and multinational enterprises; foreign exchange markets; balance of payment; the international monetary system; international finance; banking, risk, and the world debt; the World Trade Organization; and macroeconomic policy in an open economy. Emphasis will be on understanding the impacts of globalization and policies in a global community. Prerequisites: E/M-101, E/M-102, and E/M-110. Spring semester.

388 Econometrics (1 course) This course studies the theory of economic model building. Special emphasis is given to problems of time series and cross sectional data, qualitative variables, and estimation of cost function and of simultaneous equation macro econometric models. Prerequisites: E/M-101, E/M-102, E/M-110, E/M-125 or MCS-142, MCS-121 or MCS-119. Fall semester.

291, 391 Independent Study (Course value to be determined) This permits wide latitude for well-qualified students to do supervised, individual study and/or research in a field of special interest. Open only to students majoring in the department and with permission of the department. Fall and Spring semesters and Summer.