This course is divided into two parts. Part I introduces the fundamental tools and concepts of economical evaluation of business and engineering projects such as cash flow, discounted cash flow, present value, future value, net present value, interest rate, decision making analysis and depreciation. This Part comprises 85% of the course. Part II introduces the fundamental management concept applications and starting with basic issues such as ‘What is a business?’ and ‘What is management?’, continuing through the management of quality, materials and new product development, human resources management and communication. In addition, this part illustrates the basic elements of feasibility studies.