Industrial Economy (5cr)

Evaluation scale

0-5

Objective

Purpose:
Basic skills for mechanical engineering professionals are to understand fundamentals of economics and business, as well as to have ability to analyze and make sound decisions. On this course you will develop and improve these skills and will get readiness to put your learning outcomes into practice.

Competences:
Business competences, Engineering practice utilizing digital technology, Communication and team-working

Learning outcomes:
You will get basic knowledge of business economics. You will recognize different economical calculations used for planning and controlling of operations. You will know essential cost factors and pricing principles from manufacturing and inventory holding perspective as well as fundamentals of working capital in businesses.

Content

Accounting principles, profitability and cost calculations, cost factors and pricing principles in the field manufacturing and inventory operations.

Location and time

Spring semester 2026.

Materials

Recommended books, learning environment materials and references used in learning assignments.

Recommended books:
Martinsuo ym. Teollisuustalous kehittyvässä liiketoiminnassa
Seppänen, H. Yrityksen analysointi ja tilinpäätös
Pellinen J. Kustannuslaskenta ja kannattavuusajattelu
Järvenpää, M. Talousohjaus ja kustannuslaskenta
Neilimo, K. Johdon laskentatoimi

Teaching methods

This course is for mechanical engineering students, group code TKN24SM.
Contact lessons at JAMK's main campus, Rajakatu.

Exam schedules

Exam date will be informed in the beginning of the course.

Completion alternatives

The admission procedures are described in the degree rule and the study guide. The teacher of the course will give you more information on possible specific course practices.

Student workload

One credit corresponds to an average of 27 hours of work, which means that the load of five credits is approximately 135 hours.

Assessment criteria, satisfactory (1)

Adequate 1:
You know the basics of business economics and understand the financial calculations that support the planning and management of the company's operations. You know the key cost factors of the manufacturing industry and the principles of pricing.

Satisfactory 2:
You know the basics of business economics and understand the financial calculations that support the planning and control of the company's operations, and you know how to use them in basic cases. You know the key cost factors of the manufacturing industry as well as pricing principles and know how to choose technical solutions using calculations.

Assessment criteria, good (3)

Good 3:
You understand the basics of business economics and the financial calculations that support the planning and management of the company's operations, and you can interpret them. You know the key cost factors of the manufacturing industry as well as pricing principles and know how to choose technical solutions using calculations. You understand the key business and financial principles related to the operation of the organization.

Very good 4:
You understand the key business and financial principles related to the organization's operations and know how to use established analysis methods in decision-making. You have the ability to work effectively as an individual and as a team member.

Assessment criteria, excellent (5)

Excellent 5:
You know how to apply and analyze financial calculations that support the planning and management of the company's operations. You can analyze the industry's key cost factors and pricing principles..

Qualifications

Basics of mechanical engineering