INSTITUTE OF ECONOMY AND TRADE TAJIK STATE UNIVERSITY OF COMMERCE FACULTY OF ECONOMY AND INNOVATION TECHNOLOGIES WORLD ECONOMY DEPARTMENT SYLLABUS (Teaching academic program) ECONOMIC ANALYSIS For students of specialty: 25010300 – “World economy” Khujand -2021 2 3 4 SYLLABUS А Course title: Economic analysis Language of instruction: English Course Type (underline): Mandatory Elective 4 Year of Study The form of final control: Number of credits Examination 4 The year and the semester of study: Years: 2021-2022 Semester: 7 Time schedule of classes Day Time __ : __ __ : __ __ : __ B 1.1. 2.1. 2.2. 2.3. 2.4. 2.5. 2.6. Lecture room Form of the classes Location Lecture Practice Building №1; 1st floor (except laboratory or other special classes) IWSI Building №1; 1st floor (place of laboratory or other special classes will be announced previously) Educational and methodical materials on course 1. Bills and Regulations Annual address of the President of the Republic of Tajikistan Emomali Rahmon to the Majlisi Oli of the Republic of Tajikistan, 26.12.2019 (www.prezident.tj). 2. Basic literature 5 Экономический анализ: учебное пособие / Л. Е. Красильникова, Э. Г. Сысуева, М. С. Фаренюк; М-во с.-х. РФ, федеральное гос. бюджетное образов.учреждение высшего образования «Пермская гос. с.-х. акад. им. акад. Д.Н. Прянишникова», фак. экон. фин. и коммерции; каф. фин., кредита и экон. анализа. – Пермь : ИПЦ «Прокростъ», 2016. – 257 с. 6 Экономический анализ: учебное пособие. В 2 ч. / Б.И. Герасимов, Т.М. Коновалова, С.П. Спиридонов. – 2-е изд., стер. – Тамбов: Изд-во Тамб. гос. техн. ун-та, 2006. – Ч. 1. – 64 с. Савицкая Г.В. Экономический анализ: учебник / Г.В. Савицкая. — 11-е изд., испр. и доп. — М. : Новое издание, 2005. — 651 с. 7 Алексеева, Ю.В. Васильев, А.В. Малеева, Л.И. Ушвицкий. Комплексный А.И. экономический анализ хозяйственной деятельности: учебник / А.И. Алексеева. 2006 —672 c. Савицкая Г.В. Экономический анализ: учебник / Г.В. Савицкая. — 14-е изд., перераб. и доп. — М. : ИНФРА-М, 2017. — 649 с. 8 Шадрина, Г. В. Экономический анализ: учебник и практикум для академического бакалавриата / Г. В. Шадрина. — М. : Издательство Юрайт, 2017. — 515 с. 3. Additional literature 5 3.1.Introduction to Economic analyses”. R. Preston McAfee. California, USA, 2006. “Business cycles and financial crises”. A.W. Mulleneux. London, 2011. 3.2.Гальчина О.Н. «Теория экономического анализа». Воронеж, 2003. 3.3.SEEP Networks – 2003 «Анализ деятельности микрофинансовых организаций». 3.4.Герасимов Б.И. «Введение в экономический анализ». Тамбов, 2003. 6 C. Purpose, prerequisites and results of study of course 1. Course Title Economic analysis 2. 3. Course level Number of credits Coordinator Purpose of the course 4 5 4. 5. 6. Course Objectives 7. Prerequisites: 8. Learning outcomes Kalonova A.A. The main purpose of studying this discipline is to form students ' analytical and creative thinking by mastering the theory, methodological principles and acquiring practical skills in analyzing economic activity, which are necessary in practical work. introduction to the theoretical foundations of economic analysis study of indicators that characterize various aspects of the organization's activities; study of approaches assessing the effectiveness of economic activities of an organization; analyses of company's financial results; analyses of financial stability of the company. Study of the course bases on knowledge of the following subjects: higher mathematics, economic theory, microeconomics, macroeconomics, statistics, enterprise economics. Remember: fundamentals of calculation and analysis of a modern system of indicators that characterize the activities of economic entities at the micro and macro levels; study the information on the received task, collect and analyze data necessary to solve the set economic tasks; analyze the results of calculations and justify the conclusions; present the results of analytical work in the form of an analytical report. Understand: identify economic problems when analyzing specific situations and suggest ways to solve them, taking into account the criteria of socio-economic efficiency; analyze and interpret financial, accounting and other information contained in the company's reports and use this information to make management decisions. 7 9. Methods of teaching Apply: modern methods of collecting, processing and analyzing economic data; methods and techniques for analyzing economic phenomena and processes; methodology for calculating indicators that characterize the activity of economic entities. The course is designed for 6 credits of the ESTS / 9 hours per one week. In particular: Theoretical classes (lecture) -1.5 hours; Practical classes-1.5 hours; IWSI - 2 hour; IWSI - 4 hours. Contact hour classes are controlled by academic hours and will be conducted as direct training using active and interactive methods. Preparation for the Final and Midterm exams. Assessment of students' knowledge is carried out during 2 Midterm controls and Final exam in the form of solving tests, written answers to theoretical questions and solving problems. IWS assumes that students individually complete tasks for self- study in the library or outside. Rules of participation of students in classes: 1. Don't be late or miss classes without a valid reason. Missed classes should be promptly worked out (within 3 weeks from the absence date). 2. To be active in timely performance of tasks (project work, writing abstracts, essays, group project work, etc.). 3. To have all required educational accessories to participate in lesson. 4. To attend classes in the recommended clothes. 5. Don't use the cellphone during a class. 6. Students which are not attending courses, not depending of any reasons, will not receive scores. Forms and types of control Assessment of students' knowledge is based on score-ranking assessment system. Assessment of mastering of the weekly module topics 8 will be carried out during the IWSI classes. Score-ranking assessment system based on results: Reward scores; Mid-term exam scores. Reward scores can be obtained for performance IWS tasks, implementation of projects, writing essay and etc. After completion of the course, students will take a Final exam. D. Distribution of credits and course organization D.1. Distribution of credits/hours for the semester Lecture Practice Semester Credits IWSI IWS (L) (P) 7 Total 6 6 24 24 24 24 9 32 32 48 48 Midterm control Final exam 2 2 1 1 D.2 Thematic plan of the course Lecture Practice IWSI IWS TOPICS Total hours № Including 9 2 1 2 4 9 1 2 2 4 2. Subject, tasks, contents and types of economic analysis Methods and methodology of economic analysis 3. Methods of deterministic factor analysis 9 1 2 2 4 4. Analysis of labor resources of the enterprise 9 2 1 2 4 9 1 2 2 4 9 2 1 2 4 1. 5. 6. Analysis of the composition, movement and efficiency of use of fixed assets Analysis and management of production and sales volume 7. Analysis in the marketing system 9 1 2 2 4 8. Analysis and management of costs and production costs 9 2 1 2 4 72 12 12 16 32 Midterm control № 1 Total in 1st part 9. Analysis of the company's financial results 9 1 2 2 4 10. Analysis of sources of capital formation 9 2 1 2 4 9 1 2 2 4 9 2 1 2 4 12. Analysis of the efficiency and intensity of the company's capital use Analysis of the effectiveness of investment activities 13. Analysis of the company's cash flows 9 1 2 2 4 14. Analysis of the financial stability of the enterprise 9 2 1 2 4 15. Analysis of the company's solvency and liquidity 9 1 2 2 4 16. Diagnostics of the probability of bankruptcy of a business entity 9 2 1 2 4 Total in 2nd part 72 12 12 16 32 Total for the semester 144 24 24 32 64 11. Midterm control № 2 Е. Structure of lessons 10 1 Topic: Subject, tasks, contents and types of economic analysis 1.1. Lecture topic: Subject, tasks, contents and types of economic analysis. Summary: Definition of the subject of economic analysis. Objectives of the economic analysis. 1.2. Practice topic: Types of economic analysis. Summary: Classification of economic management subjects and studying objects. 2 2.1. Topic: Methods and methodology of economic analysis Lecture topic: Methods of economic analysis. Summary: Methods of economic analysis and its characteristics. Consistency and complexity in economic analysis. 11 Pages Liter 2.1 17 2 2.2 6 4 2.2 15 Pages Lecture Practice 1 Liter Content of topics 8 11 IWSI IWSI topic: The role of economic analysis in the development of management decisions. Summary: The role of economic analysis in the development and adoption of management decisions, its place in the management process. Checkup the knowledge of students and the performance of tasks on topics questions. Solving the tests on the topic. Tasks for IWS: 1. Completing glossary on current topic. 2.Writing a paper on “ Principles of economic analysis”. 2.1 2.2 Hours № by 2 IWS 1.4. Total hours 6 Lessons 1.3. analysis Hours Lessons Content of topics Total hours 6 Lecture № 1 2.2 2.1 17 23 3 Topic: Methods of deterministic factor analysis 3.1. Lecture topic: Methods of deterministic factor analysis Summary: Methods of deterministic factor analysis: methods of chain substitution, relative differences, absolute differences and integral. 3.2. Practice topic: Types of methods deterministic factor analysis. Summary: Solving the tasks on methods of chain substitution, relative differences, absolute differences and integral. 3.3. IWSI topic: Integral method. Summary: Features of integral method. Solving the tasks on integral method. 3.4. Tasks for IWS: 1. Completing glossary on current topic. 2. Making nouts on topic “Methods of deterministic factor analysis” 12 IWS 4 2.1 43 Liter Pages 22 Hours Practice IWSI 2.2 Lessons Content of topics 1 Total hours 6 Lecture № 18 1 2.2 Practice 2.4. Tasks for IWS: 1. Completing glossary on current topic. 2. Writing a paper on “Methods of identification and calculation of reserves in the analysis of economic activity of enterprises”. 2.2 2 2.2 17 IWSI 2.3. IWSI topic: Classification of methodological techniques. Summary: Classification of methodological techniques and methods of analysis. Solving the tests. 2 1 2.2 19 IWS 2.2. Practice topic: The concept of methodology of economic analysis. Summary: The concept of methodology of economic analysis, its features and relationship with the method. The system of indicators as part of the methodology of economic analysis. Solution the tasks on methods of economic analysis. . 4 2.2 17 17 5 5.1. 5.2. 5.3. Topic: Analysis of the composition, movement and efficiency of use of fixed assets Lecture topic: Analysis of the composition, movement and efficiency of use of fixed assets. Summary: Analysis of the composition and movement of fixed assets. Analysis of the use of fixed assets. Practice topic: Analysis of efficiency of fixed assets use. Summary: Effectiveness of fixed assets. Performance indicators for the use of fixed assets. Factor analysis of the return on assets. Solving the tasks on effective use of fixed assets. IWSI topic: Analysis of the company's fixed assets provision. Summary: Indicators of the level of provision of the enterprise with the main production funds. Solving tests on the topic. 13 Pages Liter Hours Lessons 22 1 2.2 24 4 2.2 20 Pages 2.2 Liter Content of topics 1 Hours № Lecture 4.4. Tasks for IWS: 1. Completing glossary on current topic. 2. Making a crossword in current topic. 81 20 Practice 4.3. IWSI topic: Analysis of salary fund Summary: Analysis of salary fund. Factors affecting the salary fund. Solving the tests and tasks on topic. 2.1 2.2 IWSI 4.2. Practice topic: Analysis of the working time fund. Summary: Indicators of the working time balance. Solving the tasks on working time fund and labor productivity. 2 IWS 4.1. Lecture topic: Analysis of labor resources of the enterprise. Summary: Tasks of analysis and sources of information. Analysis of the company's labor resources provision. Analysis of labor productivity. Total hours 6 Lessons Topic: Analysis of labor resources of the enterprise Total hours 6 Lecture 4 1 2.1 2.2 64 25 Practice Content of topics 2 2.1 2.2 67 27 IWSI № 1 2.2 27 6.4. Tasks for IWS: Writing an essay on topic “Management of production and sales volume” № 7 Content of topics Topic: Analysis in the marketing system 14 Pages Liter Hours IWS Lessons 116 2 2.1 118 1 2.1 133 4 2.1 116 Pages 6.3. IWSI topic: Break-even analysis and estimation of financial safety margin. Summary: Solving the tests. 2.1 Liter 6.2. Practice topic: Methodology for analyzing production and sales volume. Summary: The main indicators of production volume. Solving the tasks on quantitative indicators of the production program, production capacity and sales volume. 1 Hours 6.1. Lecture topic: Analysis and management of production and sales volume. Summary: Purpose and objectives of production and sales volume analysis. Information support. Total hours 6 Lecture Topic: Analysis and management of production and sales volume 68 Practice 6 2.1 IWSI Content of topics 4 IWS № Lessons 5.4. Tasks for IWS: 1. Completing glossary on current topic. 2. Making nouts on topic “Main factors affecting the efficiency of fixed assets use”. Total hours 6 8 8.1. 8.2. 8.3. 8.4. Topic: Analysis and management of costs and production costs Lecture topic: Analysis and management of costs and production costs Summary: Basic concepts of costs and production costs. Goals and objectives of their analysis. Practice topic: Methods for analyzing the cost of production. Summary: Analysis of the cost structure. Analysis of the dynamics and implementation of the plan by structure. Solving the tasks on current topic. IWSI topic: Analysis of shop and general economic expenses. Summary: Factors of changes in general production and general economic expenses. Solving the tasks on current topic. Tasks for IWS: Solving task № 1: Execution of the cost plan, task № 2: Estimation of cost dynamics. 15 IWSI 1 2.1 112 IWS 4 2.1 110 Liter Pages Lecture Practice 110 Hours Content of topics 2.1 Lessons № 2 Total hours 6 Lecture 7.4. 107 1 2.1 146 Practice 7.3. IWSI topic: Indicators of effectiveness of marketing activities. Summary: Teamwork to complete tasks. Solution of problems on marketing activities. Solving the tests. Tasks for IWS: 1. Making a crossword in current topic. 2. Writing a paper on topic “Sales strategy and methods of its analysis”. 2.1 2 2.1 151 IWSI 7.2. Practice topic: Methods of marketing research. Summary: General characteristics of marketing research methods. Solving the tasks on marketing research. 1 1 2.1 161 IWS 7.1. Lecture topic: Analysis in the marketing system. Summary: Basic concepts of marketing analysis. The purpose of marketing analysis. 4 2.1 167 10 Topic: Analysis of sources of capital formation Lecture topic: Analysis of sources of capital formation. 10.1. Summary: Importance, tasks and information support of sources of capital formation. Contents of the balance sheet. Practice topic: Analysis of sources of enterprise capital formation. 10.2. Summary: Analysis of the dynamics and structure of capital sources. Analysis of the structure of debt capital. Solving the tasks on current topic. 16 Pages Liter Hours Lessons 276 1 2.3 280 4 2.3 272 Pages Content of topics 2.3 260 Liter № 1 Hours 9.4. Lecture 9.3. 2.3 Practice 9.2. Practice topic: Analysis of the company's income and expenditure. Summary: Income and expenditure of the company. Income from investment and financial activities. Solving the tasks on current topic. IWSI topic: Analysis of the company's profitability indicators. Summary: Profitability indicators. The order of their calculation. Solving the tasks on current topic. Tasks for IWS: 1. Completing glossary on current topic. 2. Writing an essay on topic “Assortment policy and its impact on profit formation”. 2 IWSI 9.1. Lecture topic: Analysis of the company's financial results. Summary: Analysis of the company's financial results. Task and analysis of financial results. Analysis of the composition and dynamics of the company's profit. Total hours 6 IWS Topic: Analysis of the company's financial results Lessons 9 Total hours 6 Lecture Content of topics 2 2.3 415 Practice № 1 2.3 432 12 Content of topics Topic: Analysis of the effectiveness of investment activities Lecture topic: Analysis of the effectiveness of investment activities. 12.1. Summary: Analysis of the volume of investment activity. Evaluation of the effectiveness of real investments. 17 Pages Liter Hours IWSI IWS Lessons 2.3 506 2 2.3 512 2 2.3 522 4 2.3 506 Pages № 1 Liter Tasks for IWS: 11.4. 1. Completing glossary on current topic. 2. Making crossword on current topic. Total hours 6 Hours IWSI topic: Analysis of the return on equity capital. 11.3. Summary: Analysis of the return on equity. Solving the tasks on current topic. 451 Lecture Practice topic: Analysis of the return on capital. Summary: Factor analysis of the return on operating capital. 11.2. Analysis of the return on total capital. Evaluating the effectiveness of using borrowed capital. The effect of financial leverage. Solving the tasks on current topic. 2.3 Practice Lecture topic: Analysis of the efficiency and intensity of the company's capital use. 11.1. Summary: Indicators of the efficiency and intensity of the company's capital use. 4 IWSI Topic: Analysis of the efficiency and intensity of the company's capital use 445 IWS 11 Content of topics 2.3 Lessons № 1 Total hours 6 Lecture IWSI topic: Methodology for estimating the cost of capital of an enterprise and optimizing its structure. 10.3. Summary: Checkup the knowledge of students and the performance of tasks on the topic. Tasks for IWS: 10.4. Solving the task № 1: Make a horizontal and vertical analysis of the sources of capital formation. 2 2.3 365 Content of topics 14. Topic: Analysis of the financial stability of the enterprise Lecture topic: Analysis of the financial stability of the enterprise. Summary: The concept, meaning and tasks of analyzing the 14.1. financial condition of an enterprise. Concept and meaning of financial stability of the enterprise. Analysis of the financial balance between assets and liabilities. 18 Pages Liter Hours Practice IWSI IWS Lessons 407 Total hours 6 1 2.3 480 2 2.3 495 1 2.3 502 4 2.3 480, 502 Pages № 2.3 Liter Tasks for IWS: 13.4. Writing an essay on “Cash flow analysis and ways to optimize it”. 4 Hours IWSI topic: Ways to optimize cash flows. Summary: Сontrol questions and tasks on “Ways to 13.3. optimize cash flows”. 394 Lecture Practice topic: Cash flow balance analysis. 13.2. Summary: Cash flow intensity and efficiency analysis. Solving the tasks on current topic. 2.3 Practice Lecture topic: Analysis of the company's cash flows. 13.1. Summary: Economic essence of cash flow and its types. Analysis of dynamics and factors of changes in cash flows. 1 IWSI Topic: Analysis of the company's cash flows 371 IWS 13 Content of topics 2.3 Lessons № 1 Total hours 6 Lecture Practice topic: Forecast analysis of the effectiveness of real investments. 12.2. Summary: Analysis of the internal rate of return of investment projects. Solving the tasks on current topic. IWSI topic: Analysis of the effectiveness of financial investments. 12.3. Summary: Analysis of the effectiveness of long-term financial investments. Control questions and tasks on current topic. Tasks for IWS: 12.4. Writing an essay on topic “Analysis of the effectiveness of leasing operations”. 2 2.3 543 Topic: Analysis of the company's solvency and liquidity Lecture topic: Analysis of the company's solvency and liquidity. 15.1. Summary: The concept of solvency and liquidity of the enterprise. Practice topic: Balance sheet liquidity analysis. 15.2. Summary: Indicators of liquidity of the enterprise. Solving the tasks on liquidity of the enterprise. IWSI topic: Assessment of the company's solvency. Summary: Teamwork to complete tasks. Consideration: 15.3. Concept of solvency. Indicators of solvency. Сontrol questions and tasks on current topic. Tasks for IWS: Writing a report on “Analysis of the company's solvency 15.4. and liquidity on the example of a specific organization”. 19 IWS 4 2.3 543 Liter Pages 571 Hours Practice IWSI 2.3 Lessons 1 Total hours 6 Lecture 15 Content of topics 563 1 2.3 577 Practice № Writing a report on “Analysis of the financial stability of the enterprise on the example of a specific organization”. 2.3 2 2.3 580 IWSI 14.4. 1 1 2.3 589 IWS Practice topic: Assessment of own and borrowed enterprise capital. 14.2. Summary: Sources of financing of non-current and current assets. Procedure for determining the amount of own working capital. Solving the tasks on current topic. IWSI topic: Assessment of financial and non-financial assets of enterprise. 14.3. Summary: The essence of financial and non-financial assets. The method of application for assessing the financial stability. Solution of problems on current topic. 4 2.3 577 Practice topic: Methods for diagnosing the probability of bankruptcy. Summary: Consederation of мethods for diagnosing the 16.2. probability of bankruptcy. Solution of tasks on Altman bankruptcy projection model (Z model) and Beaver model. IWSI topic: Ways of financial recovery of business entities. 16.3. Summary: Teamwork to complete tasks. Solution of problems on financial recovery of business entities. Tasks for IWS: 16.4. Writing a report on “Diagnostics of the probability of bankruptcy on the example of a specific organization”. Pages Liter Hours Lessons Lecture Lecture topic: Diagnostics of the probability of bankruptcy of a business entity. 16.1. Summary: The concept and types bankruptcy. Causes of bankruptcy. Total hours 6 2 2.3 615 Practice Topic: Diagnostics of the probability of bankruptcy of a business entity 1 2.3 618 IWSI 16 Content of topics 1 2.3 632 IWS № 4 2.3 618 The Final examination F. The assessment of students' knowledge Lecturer will determine the actual knowledge of students based on objective assessment. Therefore, the midterm and Final exams always are open and it should be noted that not only other professors and instructors of the department can observe examination process, as well as other interested persons (parents, employers, etc.) are allowed to participate exams. The Final exam will be organized by the Testing center of the Institute (without participation of instructor of the course) in the presence of a commission appointed by faculty administration. These methods of 20 organizing of Final exam provide transparency and impartiality of the assessment of the students’ knowledge. Student can appeal results of exam to the examination Commission according to Provisions of the IET TSUC “On the procedure for organization of Final exams”. Forms and time of exams organization and scores distribution Form of control Time of control Midterm #1 8 week Midterm #2 16th week Final exam 17-19th weeks th Scores for the distribution Up to 100 scores (75 scores for the results of testing and other 25 as a reward scores) Up to 100 scores (75 scores for the results of testing and other 25 as a reward scores) Up to 100 scores (results of testing) Total for the semester: % 25 25 50 100 During the Study students can get up to 25 reward scores per one Midterm period (8 weeks) and these scores will be added to the result of midterm exams. 25 reward scores per one Midterm period distributed as follows: 5 of the 25 reward scores are for the active attendance on classes: During a week there are 3 hours of Lecture/Practice classes and 3*8=24 hours in one Midterm period. Students can be rewarded 5/24=0.208 score per each attendance and 3*0.208=0.625 score per one week. 10 of the 25 reward scores are for the timely performance of IWS tasks: During a week there are 2 tasks for IWS and 2*8=16 tasks in one Midterm period. Students can be rewarded 10/16=0.625 score per each completed task and 0.625*2=1.25 score per one week. 10 of the 25 reward scores are for the diligence performance of students on lecture and practical classes: 21 During a Midterm period there are 24 hours of Lecture/Practice classes and 10/24=0.415 score per one hour. Students can be rewarded 3*0.415=1.25 score for completed tasks per one week. Thus, students per a week can get 0.625+1.25+1.25=3.125 as a reward score and 3.125*8=25 score one Midterm period. The content of midterm exam 1 consists of 10 test questions (5 scores for each correct answer) and 2 tasks (25 scores). To pass the midterm exam 2, the student must prepare a small report with the following content: information about the company (historical background) and analysis of the company's performance (provide data in the form of a table) (75 scores). Final exam will be organized according to the tests approved by Testing Center of the IET TSUC. The student's final grade is determined using the following formula: Where: M1 and M2 - results of first and second midterm examinations (%); Fe - result of Final examination (%); Ge - general estimation (%). 22 Table of compliance of the ECTS grading scale with the assessment system at IET TSUC: ALPHABETIC assessment NUMERAL ASSESMENT ASSESMENT IN POINTS А АB+ B BC+ C CD+ D Fx F 4,0 3,67 3,33 3,0 2,67 2,33 2,0 1,67 1,33 1,0 0 0 95≤ A≤100 90≤ A-<95 85≤B+<90 80≤B<85 75≤B-<80 70≤C+<75 65≤C<70 60≤C-<65 55≤D+<60 50≤D<55 45≤Fx<50 0≤ F<45 23 TRADITIONAL SYSTEM OF ASSESMENT S EXCELLENT GOOD SATISFACTORY UNSATISFACTORY 24