This module provides you with an introduction to microeconomics and behavioural economics and demonstrates their relevance to the management of projects, project teams and supply chains. The knowledge provided will be applied to the systematic management of complex issues and the module will demonstrate the importance of economics in our discussions of projects and supply chains. You will develop an ability to be self-directed, autonomous and imaginative in applying their knowledge in their future work - whether as a professional or in future studies/research.

The aims are to introduce you to: 


	Principles of microeconomics relevant to project and enterprise management.
	

	Behavioural economics and the ways in which insights from psychology and sociology can enhance fundamental insights from standard economic approaches.
	
	
	Ways in which concepts and approaches from microeconomics and behavioural economics can be used in the design and management of projects, project teams and supply chains.
	
	
	Real-world applications of concepts/approaches from microeconomic theory and behavioural economics used in the management of projects and supply chains.
	
Lecture titles may include: 


	Introduction to the nature of economics. This includes economics as an area of study, the nature of the capitalist economy, measuring the aggregate economy, the Aggregate Supply-Aggregate Demand Model and Representation of
	

	New institutional economics applied to projects including asymmetric information, principal-agent problems and transaction cost economics.
	
	
	Economics of project-based enterprise. Cost functions, average and marginal cost concepts are explained as are the ways these affect supply curves. Profit maximization is discussed together with imperfect competition.
	
	
	Understanding risk: impacts of policy risk, standard and behavioural theories of risk applied to the management of projects and supply chains.
	
	
	Real-world decisions and sustainability: analysing insights from behavioural economics about common biases relevant to project management, e.g. optimism bias, familiarity bias etc.