Faculty: INSTITUTE OF GRADUATE PGROGRAMS This major provides a comprehensive understanding of the principles and practices of production economics, focusing on the efficient allocation of resources in the production process. Students explore key areas such as cost analysis, production planning, supply chain management, and economic optimization. The program emphasizes analytical thinking, strategic planning, and the application of economic tools to enhance productivity and profitability. Graduates are prepared for careers in manufacturing, operations management, supply chain analysis, and economic consulting. **Learning Objectives:** - Understand the fundamentals of production economics and resource allocation. - Develop skills in cost analysis and production planning. - Learn techniques for optimizing production processes and supply chains. - Explore the role of technology and innovation in production economics. - Understand the principles of economic efficiency and productivity. - Analyze challenges and opportunities in production and operations management. - Develop critical thinking and problem-solving skills for optimizing production systems. **Major Outline:** 1. **Introduction to Production Economics** - Overview of the field, its history, and its applications in manufacturing and operations. 2. **Cost Analysis and Production Functions** - Study of cost behavior, production functions, and economies of scale. - Techniques for analyzing and minimizing production costs. 3. **Production Planning and Control** - Principles of production scheduling, inventory management, and quality control. - Techniques for optimizing production planning and resource allocation. 4. **Supply Chain Management** - Fundamentals of supply chain design, logistics, and coordination. - Techniques for improving supply chain efficiency and responsiveness. 5. **Economic Optimization in Production** - Study of linear programming, decision analysis, and optimization models. - Techniques for maximizing productivity and profitability. 6. **Technology and Innovation in Production** - Exploration of automation, robotics, and digital technologies in production. - Techniques for integrating technology into production processes. 7. **Economic Efficiency and Productivity Analysis** - Principles of measuring and improving economic efficiency and productivity. - Techniques for benchmarking and performance evaluation. 8. **Emerging Trends in Production Economics** - Analysis of innovations such as Industry 4.0, sustainable production, and circular economy. - Techniques for adapting to new trends and technologies in the field. 9. **Capstone Project in Production Economics** - Real-world project to apply learned skills in production planning, optimization, or supply chain management. - Techniques for delivering a comprehensive production economics solution. **Assessment Methods:** - Case studies and simulations of production and supply chain scenarios. - Written assignments on cost analysis, production planning, and economic optimization. - Group projects in production system design and optimization. - Participation in internships or fieldwork with manufacturing or operations firms. **Recommended Textbooks:** - "Production Economics: The Basic Theory of Production Optimisation" by Svend Rasmussen. - "Managerial Economics: Applications, Strategies, and Tactics" by James R. McGuigan, R. Charles Moyer, and Frederick H. deB. Harris. - "Operations Management: Sustainability and Supply Chain Management" by Jay Heizer, Barry Render, and Chuck Munson. - "Supply Chain Management: Strategy, Planning, and Operation" by Sunil Chopra and Peter Meindl. **Prerequisites:** Basic knowledge of economics, mathematics, and operations management is recommended. Suitable for students in economics, business, and engineering fields. **Major Duration:** Typically 4 years, including coursework, projects, and internships. **Certification:** Graduates may receive a degree in Production Economics or a related field. **Target Audience:** Aspiring production managers, operations analysts, supply chain specialists, and economic consultants seeking to excel in optimizing production processes and resource allocation. This major equips students with the analytical, strategic, and technical skills needed to excel in production economics, driving efficiency and profitability in production systems.