About this course
In business models and tools, we cover four topics: market competitiveness, profit maximization, strategy and decision making and data analytics.
Market competitiveness addresses the spectrum of competition for markets, and then we look at competitive markets versus uncompetitive markets and finally, we reflect on the characteristics of the four levels of competitiveness.
For the profit maximisation topic, we first define the basics of cost of production, briefly explain how to measure revenue and profit and finally define the breakeven point.
For the strategy and decisions making part we need to understand the different definitions and tools used by businesses. Definitions such as economic value, interest rates, time value of money and future and present value of money and decision making tools such as economic value added, breakeven analysis, net present value and internal rate of return.
Finally, we consider how to extract meaningful information from data. We cover some important basics such as: How to describe data using descriptive statistics? Why do we need to transform business data? How can we use statistics for risk analysis? And finally, we carry out a tutorial to answer these questions in a practical setting using freight data.
Prerequisites
None
Course Content
- Market competitiveness
- Profit maximization
- Strategy and decision making
- Data analytics
- Final test
Frequently Asked Questions
- Stopford, M., 2008. Maritime economics 3e. Routledge.
- Review of Maritime Transport The Review of Maritime Transport has been published annually since 1968. The flagship report provides an analysis of structural and cyclical changes affecting seaborne trade, ports and shipping https://unctad.org/topic/transport-and-trade-logistics/review-of-maritime-transport Also, an extensive collection of global maritime transport data and statistics can be found https://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx?IF_ActivePath=P%2C11
- IMO – the International Maritime Organization – is the United Nations specialized agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships. IMO's work supports the UN SDGs. https://www.imo.org/en
- The Baltic Exchange is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. https://www.balticexchange.com/en/index.html
- https://lloydslist.maritimeintelligence.informa.com/
- https://sin.clarksons.net/
- https://mlecs.com/English/Lectures.asp?Page=Home
- https://www.marinetraffic.com/en/ais/home/centerx:-12.0/centery:24.8/zoom:4
- https://www.vesselfinder.com/
Is there a course textbook?
The following text books are optional but recommended:
Which Websites and Links are useful for this course?
What is the format of the class?
The class consists of lectures, which are usually around 20 minutes each.
There are also a number of resources, such as tutorials, case studies and practical exercises provided to reflect on the learning and knowledge gained from multiple topics, and standalone exams/quizzes, which are not part of the video lectures.