CRITICALLY EXAMINE THE MAJOR AND SCOPE OF THE THEORY OF HUMAN RESOURCE AS A DISC

IPLINE IN ECONOMIC.
Introduction
Economics’ chief orientation faces towards business management’s and economics’ practi
ce, meaning to foster scholars and advisors capable to generating new ways of cr
eating a business environment where human race may develop sustainable common we
alth.
Accounting and Finance
Accounting is the system of recording, verifying, and reporting of the value of
assets, liabilities, income, and expenses in the books of account (ledger) to wh
ich debit and credit entries (recognizing transactions) are chronologically post
ed to record changes in value. Such financial information is primarily used by l
enders, managers, investors, tax authorities and other decision makers to make r
esource allocation decisions between and within companies, organizations, and pu
blic agencies. Accounting has been defined by the AICPA as "The art of recording
, classifying, and summarizing in a significant manner and in terms of money, tr
ansactions and events which are, in part at least, of financial character, and i
nterpreting the results thereof."
The doctoral programs in Accounting and Finance, at a very fundamental level, fo
cus on understanding the role of information and measurement systems for: Alloca
ting resources among firms in the economy, and between departments or divisions
of individual firms. Rewarding and monitoring the performance of managers. Formu
lating, executing and evaluating strategy by firm managers. Understanding the pr
ofitability of suppliers, products, customers, distribution channels, and busine
ss units. Managing franchise risk.
Human Resources
Human resource management (HRM) is the strategic and coherent approach to the ma
nagement of an organization’s most valued assets - the people working there who in
dividually and collectively contribute to the achievement of the objectives of t
he business. The terms "human resource management" and "human resources" (HR) ha
ve largely replaced the term "personnel management" as a description of the proc
esses involved in managing people in organizations. In simple sense, Human Resou
rce Management (HRM) means employing people, developing their resources, utilizi
ng maintaining and compensating their services in tune with the job and organiza
tional requirement.
Marketing
Marketing is defined as the activity, set of institutions, and processes for cre
ating, communicating, delivering, and exchanging offerings that have value for c
ustomers, clients, partners, and society at large. The term developed from the o
riginal meaning which referred literally to going to market, as in shopping, or
going to a market to sell goods or services. Marketing practice tends to be seen
as a creative industry, which includes advertising, distribution and selling. I
t is also concerned with anticipating the customers future needs and wants, whi
ch are often discovered through market research.
Operations and Production
Operations and / or Production management is an area of business that is concern
ed with the production of good quality goods and services, and involves the resp
onsibility of ensuring that business operations are efficient and effective. It
is the management of resources, the distribution of goods and services to custom
ers.
The faculty in this specialization come from diverse disciplinary backgrounds, s
uch as economics, operations research, engineering, materials science, physics,
psychology, and sociology. Faculty and doctoral student research integrates disc
ipline-based approaches with a strong field-based, problem-oriented, and manager
ial perspective. Research themes in this area are diverse in perspective and pro
blem focus, yet are integrated and define the intellectual synthesis the faculty
seek to develop. These themes include: the power of learning and improvement, t
he role of capabilities in creating competitive advantage, the importance of pro
cess understanding and control, the leverage achieved through integration in hig
h-performance operating systems.
Information and Knowledge
Information and knowledge management (IM or KM) is the collection and management
of information from one or more sources and the distribution of that informatio
n to one or more audiences. This sometimes involves those who have a stake in, o
r a right to that information. Management means the organization of and control
over the structure, processing and delivery of information. Throughout the 1970s
this was largely limited to files, file maintenance, and the life cycle managem
ent of paper-based files, other media and records. With the proliferation of inf
ormation technology starting in the 1970s, the job of information management too
k on a new light, and also began to include the field of Data maintenance. No lo
nger was information management a simple job that could be performed by almost a
nyone. An understanding of the technology involved, and the theory behind it bec
ame necessary. As information storage shifted to electronic means, this became m
ore and more difficult. By the late 1990s when information was regularly dissemi
nated across computer networks and by other electronic means, network managers,
in a sense, became information managers. Those individuals found themselves task
ed with increasingly complex tasks, hardware and software. With the latest tools
available, information management has become a powerful resource and a large ex
pense for many organizations. In short, information management entails organizin
g, retrieving, acquiring and maintaining information.
structuring and ongoing managing. In essence, leadership has a lot to do with de
veloping team members’ capabilities to face and solve situations effectively.
Change, Conflict and Crisis
Change, Conflict and Crisis Management Studies Discipline deals with these three
areas of research and research work at DBA or PhD studies programmers related t
o this Discipline become frequently involved in “sandwich” projects developed in col
laboration with other disciplines or SDS Departments like Leadership and Policy,
Psychology, Sociology,
A crisis is a major, unpredictable event that threatens to harm an organization
and its stakeholders. Although crisis events are unpredictable, they are not une
xpected (Coombs, 1999). Crises can affect all segments of society – businesses, ch
urches, educational institutions, families, non-profits and the government and a
re caused by a wide range of reasons. Although the definitions can vary greatly,
three elements are common to most definitions of crisis: (a) a threat to the or
ganization, (b) the element of surprise, and (c) a short decision time. Crisis m
anagement consists of methods used to respond to both the reality and perception
of crises such as a Crisis Management Plan. Crisis management also involves est
ablishing metrics to define what scenarios constitute a crisis and should conseq
uently trigger the necessary response mechanisms. It consists of the communicati
on that occurs within the response phase of emergency management scenarios.
Microeconomics
Microeconomics looks at interactions through individual markets, given scarcity
and government regulation. A given market might be for a product, say fresh corn
, or the services of a factor of production, say bricklaying. The theory conside
rs aggregates of quantity demanded by buyers and quantity supplied by sellers at
each possible price per unit. It weaves these together to describe how the mark
et may reach equilibrium as to price and quantity or respond to market changes o
ver time. This is broadly termed demand-and-supply analysis. Market structures,
such as perfect competition and monopoly, are examined as to implications for be
haviour and economic efficiency. Analysis of change in a single market often pro
ceeds from the simplifying assumption that behavioral relations in other markets
remain unchanged, that is, partial-equilibrium analysis. General-equilibrium th
eory allows for changes in different markets and aggregates across all markets,
including their movements and interactions toward equilibrium.
Macroeconomics and Monetary Economics
Macroeconomics examines the economy as a whole to explain broad aggregates and t
heir interactions "top down," that is, using a simplified form of general-equili
brium theory. Such aggregates include national income and output, the unemployme
nt rate, and price inflation and sub aggregates like total consumption and inves
tment spending and their components. It also studies effects of monetary policy
and fiscal policy. Since at least the 1960s, macroeconomics has been characteriz
ed by further integration as to micro-based modelling of sectors, including rati
onality of players, efficient use of market information, and imperfect competiti
on. This has addressed a long-standing concern about inconsistent developments o
f the same subject. Macroeconomic analysis also considers factors affecting the
long-term level and growth of national income. Such factors include capital accu
mulation, technological change and labour force growth.
International Economics
International trade studies determinants of goods-and-services flows across inte
rnational boundaries. It also concerns the size and distribution of gains from t
rade. Policy applications include estimating the effects of changing tariff rate
s and trade quotas. International finance is a macroeconomic field which examine
s the flow of capital across international borders, and the effects of these mov
ements on exchange rates. Increased trade in goods, services and capital between
countries is a major effect of contemporary globalization.
QUESTION 2:
WHAT ARE THE RATIONAL AND BENEFITS FOR THE STUDY OF HUMAN RESOURCES.
Rational choice theory, also known as choice theory or rational action theory, i
s a framework for understanding and often formally modeling social and economic
behavior.[1] It is the main theoretical paradigm in the currently-dominant schoo
l of microeconomics. Rationality ("wanting more rather than less of a good") is
widely used as an assumption of the behavior of individuals in microeconomic mod
els and analysis and appears in almost all economics textbook treatments of huma
n decision-making. It is also central to some of modern political science and is
used by some scholars in other disciplines such as sociology[2] and philosophy.
It is the same as instrumental rationality, which involves seeking the most cos
t-effective means to achieve a specific goal without reflecting on the worthines
s of that goal. Gary Becker was an early proponent of applying rational actor mo
dels more widely.[3] He won the 1992 Nobel Memorial Prize in Economic Sciences f
or his studies of discrimination, crime, and human capital.
The "rationality" described by rational choice theory is different from the coll
oquial and most philosophical uses of the word. For most people, "rationality" m
eans "sane," "in a thoughtful clear-headed manner," or knowing and doing what s
healthy in the long term. Rational choice theory uses a specific and narrower de
finition of "rationality" simply to mean that an individual acts as if balancing
costs against benefits to arrive at action that maximizes personal advantage.[4
] For example, this may involve kissing someone, cheating on a test, using cocai
ne, or murdering someone. In rational choice theory, all decisions, crazy or san
e, are postulated as mimicking such a "rational" process.
The practitioners of strict rational choice theory never investigate the origins
, nature, or validity of human motivations (why we want what we want) but instea
d restrict themselves to examining the expression of given and inexplicable want
s in specific social or economic environments. That is, they do not examine the
biological, psychological, and sociological roots that make people see the benef
its encouraging them to kiss another, cheat on a test, use cocaine, or murder so
meone. Instead, all that is relevant are the costs of doing so -- which for crim
es, reflects the chance of being caught.
In rational choice theory, these costs are only extrinsic or external to the ind
ividual rather than being intrinsic or internal. That is, strict rational choice
theory would not see a criminal s self-punishment by inner feelings of remorse,
guilt, or shame as relevant to determining the costs of committing a crime. In
general, rational choice theory does not address the role of an individual s sen
se of morals or ethics in decision-making. Thus, economics Nobelist Amartya Sen
sees the model of people who follow rational choice model as "rational fools."
Because rational choice theory lacks understanding of consumer motivation, some
economists restrict its use to understanding business behavior where goals are u
sually very clear. As Armen Alchian points out, competition in the market encour
ages businesses to maximize profits (in order to survive). Because that goal is
significantly less vacuous than "maximizing utility" and the like, rational choi
ce theory is apt.
Although models used in rational choice theory are diverse, all assume individua
ls choose the best action according to unchanging and stable preference function
s and constraints facing them. Most models have additional assumptions. Those pr
oponents of rational choice models associated with the Chicago school of economi
cs do not claim that a model s assumptions are a full description of reality, on
ly that good models can aid reasoning and provide help in formulating falsifiabl
e hypotheses, whether intuitive or not.[citation needed] In this view, the only
way to judge the success of hypotheses is empirical tests.[4] To use an example
from Milton Friedman, if a theory that says that the behavior of the leaves of a
tree is explained by their rationality passes the empirical test, it is seen as
successful.
However, it may not be possible to empirically test or falsify the rationality a
ssumption, so that the theory leans heavily toward being a tautology (true by de
finition) since there is no effort to explain individual goals. Nonetheless, emp
irical tests can be conducted on some of the results derived from the models. In
recent years the theoretical vision of rational choice theory has been subject
to more and more doubt by the experimental results of behavioral economics. This
criticism has encouraged many social scientists to utilize concepts of bounded
rationality to replace the "absolute" rationality of rational choice theory: thi
s points to the difficulties of data-processing and decision-making associated w
ith many choices in economics, political science, and sociology. More economists
these days are learning from other fields, such as psychology, in order to get
a more accurate view of human decision-making than offered by rational choice th
eory. For example, the behavioral economist and experimental psychologist Daniel
Kahneman won the Nobel Memorial Prize in Economic Sciences in 2002 for his work
in this field.
Utility maximization
Often preferences are described by their utility function or payoff function. Th
is is an ordinal number an individual assigns over the available actions, such a
s:
The individual s preferences are then expressed as the relation between these or
dinal assignments. For example, if an individual prefers the candidate Sara over
Roger over abstaining, their preferences would have the relation:
Criticism Benefits
Describing the decisions made by individuals as rational and utility maximizing
may seem to be a tautological explanation of their behavior that provides very l
ittle new information. While there may be many reasons for a rational choice the
ory approach, two are important for the social sciences. First, assuming humans
make decisions in a rational, rather than a stochastic manner implies that their
behavior can be modeled and thus predictions can be made about future actions.
Second, the mathematical formality of rational choice theory models allows socia
l scientists to derive results from their models that may have otherwise not bee
n seen, and submit these theoretical results for empirical verification. Despite
these benefits, there is nothing about rational choice theory that tells schola
rs that they should reject other methods of investigating questions about the ec
onomy and society, such as the sociological determination of individual.
THE ASSUMPTIONS UNDERLINE IN THIS COURSE.
The Essentials of Human Resource program is a solid, introductory-level course i
n human resource management that enhances participants’ knowledge, deepens their u
nderstanding of human resources and offers them the opportunity for career advan
cement, including the chance to earn continuing education units — all while limiti
ng your company’s potential exposure to HR related lawsuits!
SHRM educational products are developed according to the highest quality standar
ds. HR professionals and subject matter experts review each product to ensure ac
curate, real-life applications. In addition, SHRM programs are “living documents” -
improvements and revisions are included in each reprint to incorporate the lates
t changes in HR practices and legislation. HR professionals have purchased the S
HRM® Essentials of Human Resource Management to expand the HR professional’s knowled
ge, skills, and abilities to deal with crucial issues facing the HR profession.
\Improve your HR knowledge and effectiveness
If you’re new to human resources or simply want to strengthen your employee manage
ment skills, the SHRM® Essentials of Human Resource Management Certificate Program
is for you. Knowledge of the essentials can make you a better manager, protect
your company from needless litigation, and help advance your career.
Offered in partnership with the Society for Human Resources Management (SHRM), t
his cost-effective course covers real-life HR issues, including employment law,
selecting qualified employees, compensation, the employee performance process, a
nd much more.
You’ll benefit from the shared experiences of your instructor and peers, while lea
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ng education units (CEUs) for completing this course.
The six learning modules cover broad spectrum of topics
This course provides important knowledge and skills you can use immediately in y
our day-to-day job:
1. Essentials of Human Resource Management
Gain a clear understanding of the HR function
• Roles and responsibilities
• How the profession has evolved
• Important steps and outcomes in the HR planning process
2. Employment Law in Your Workplace
Enhance your ability to apply key HR legislation
• Civil Rights Act
• EEOC, Affirmative Action, and elements of the affirmative action plan
• Pregnancy, age and disability legislation
• Many other employee protection laws
3. Effective Recruitment and Selection Techniques
Gain important skills for selecting employees
• Recruiting methods and their effectiveness
• Key selection tools
• Adverse impact calculations
• Interview biases
4. Basics of Compensation and Benefits
Learn the key elements of a total compensation system
• Framework for base pay, incentives, differentials and increases
• Job analysis and documentation
• Methods for job evaluation
• Benefits commonly offered by employers
5. Orienting and Training Your Employees
Gain an understanding of orientation, development and training
• Training objectives
• Effective adult learning, both on-the-job and off-the-job
• Four levels of evaluation
6. Ensuring Quality Performance
Discover the purpose and process for performance appraisals
• Common appraisal methods and errors
• Legal concepts surrounding the disciplinary process
• Guideline for conducting disciplinary meetings
* Develops a common dictionary of HR terms for the entire organization
* Offers professional development for divisional or departmental supervisors to
ensure HR compliance
* Promotes a consistent understanding of the HR function to non-HR management
* Cost-effective learning: Minimize travel expenses for professional development
.
* Practitioner-focused and competency-based. The curriculum is designed by subje
ct matter experts and includes application exercises designed to develop compete
ncies and decision-making skills.
* Tuition reimbursement. Many participants will be eligible to apply for employe
r tuition reimbursement.
* Action-oriented curriculum. Designed to provide opportunities for professional
s to network, share “real-world” experiences, and apply what they learn to the workp
lace.
* Networking opportunities. Program provides networking with your peers.
* Convenient hours. Courses are offered evenings to better serve the needs of ma
nagement professionals.

References
• Abella, Alex (2008). Soldiers of Reason: The RAND Corporation and the Rise of th
e American Empire. New York: Harcourt.
• Allingham, Michael (2002). Choice Theory: A Very Short Introduction, Oxford.
• Amadae, S.M.(2003). Rationalizing Capitalist Democracy: The Cold War Origins of
Rational Choice Liberalism, Chicago:University of Chicago Press.
Jim Grizzell, MBA, MA, Certified Health Education Specialist
Fellow - American College Health Association
(909) 856-3350 Cal Poly Pomona, jvgrizzell@csupomona.edu
Updated: 9/30/2003, 1/27/2007

BINGHAM UNIVERSITY
NAME- OGA-UHIA ARICHA CYNTHIA

MATRIC NUMBER- BHU/SMS/09/39220

DEPARTMENT- ECONOMICS
COURSE CODE/TITTLE- ECO 217 THEORY OF
 HUMAN RESOURCES.

SUMMITED TO:
DR. SETH.