Introduction to Management Engineering
The Department of ME deals with a variety of management issues in business and offers Master of Science (MS) and Doctoral programs in pursuit of academic advancement, one of the core objectives of KAIST.
Specifically, The MS and Ph.D programs are systemized to cultivate students' research ability based on scientific methodology and theoretical expertise. The research areas involve Finance, Marketing, Strategy & Organization, Technology Management, Business Forecasting, SCM, IT Management, Knowledge Management Systems, Telecommunication Economics & Policy, International Business, Environment Management, Accounting, Business Economics, and Applied Statistics. The graduates generally work in universities, research institutes, and business enterprises as researchers, educators, policy-makers, managers and top sdecision makers with quantitative analysis ability.
The Accounting program examines the impact of accounting information and accounting systems on corporate value and the overall capital market. Specifically, the program is committed to investigating the usefulness of accounting information, internal resource control and decision making, tax accounting, auditing systems, corporate governance, and accounting information systems from various perspectives. Furthermore, it provides implications on the decisions made by managers and policy makers through empirical analysis of accounting and financial data.
The Economics program is committed to providing implications for business based on theoretical studies. The program covers not only general economics but also strategies and competition in various forms of industries or markets. More specifically, Business Economics focuses on market design, corporate social responsibility, environment and energy, and government policy. It also involves research that deals with specific industries such as telecommunications and finance.
The Finance program involves socio-scientific analysis of the financial market and the functioning of finance. Specifically, it involves issues on corporate finance, capital markets, insurance markets, price determination, and financial agency management. Finance is mainly based on both the theory and methodology of Economics, which is, in turn, utilized to explain and prescribe various functions and phenomena of corporate management such as strategies, marketing, and technological innovation.
Technology/ Organization/ Strategy
Organization & Strategy covers a wide range of areas from strategic management, organizational management and leadership, and human resource management to technology management and entrepreneurship. More specifically, strategic management covers competitive strategy, diversification strategy, M&A and globalization. Organizational management leadership is focused on the study of individual behavior, team management, leadership and organization design and innovation. Human resource management is committed to studying issues regarding recruitment, evaluation/compensation, training/development, career management and disposition. Technology management and entrepreneurship covers strategic management and venture incubation for technology innovation and business development.
Overall, the Organization & Strategy program is committed to providing practical implications on what strategy to pursue, how to build up organizational capability, how to motivate organizational members and how to confront and innovate against radical change in the environment, using both behavioral and quantitative research methods. In addition, it adopts implications from management and other areas of social science such as economics, sociology, and psychology.
Philip Kotler, the guru of marketing, defined marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. In order to achieve the primary goal of creating marketing-value and customer satisfaction, the research area of marketing deals with the market environment and strategy, marketing goals, STP (Segmentation, Targeting, Positioning), the 4P Mix (Product, Price, Promotion, Place), customer satisfaction, and performance analysis.
Most research in the area is based on social and human sciences including economics, psychology, sociology, geography, and linguistics, so it requires an interdisciplinary approach. Empirical analysis is the key methodology that is mainly used but relativistic analyses such as the critical method, ethnographic approach are also widely used.
Marketing research aims to investigate both the fundamental theories using scientific approach and the issues with which companies in the real world must face. The demand for marketing research is gradually growing, and this means that challenging but meaningful opportunities for marketing research is also growing.
The IT Management program focuses on design, development and application of management information systems. Moreover, it deals with the market, economics, social changes, and values derived from IT as well as theoretical issues. Research in IT management is carried out from three perspectives.
The first perspective is a descriptive one that involves IT design, database, and BI (Business Intelligence). The second perspective is based on behavioral science, which deals with IT adoption and utilization. The last approach is from economics, and it mainly handles market design and e-Business.
Operations Strategy and Management Science
Operations Strategy and ManagemeManagement Science is an interdisciplinary research area, where scientific and analytical tools are used to solve managerial problems. By providing both theoretical and empirical analysis, they are especially useful in dealing with important strategic and systematic decision making under uncertainty, commonly encountered in both private and government sectors. Operations Strategy, in particular, is focused on manufacturing and production systems of firms and their competitive advantages, examining issues from strategic management of value chain, global supply chain, total quality management (TQM), new product development and innovation, and other analytical tools on planning and control of manufacturing and production systems. In addition, for optimal decision making under uncertainty, various risk management tools are provided such as forecasting, time series analysis, new product development, and automated and systematic demand forecasting for a supply chain.
Green Business ★Double Major
Green Business area offers double degree with 6 areas of Management Engineering(Accounting, Finance, IT Management, Marketing, Organization and Strategy, Operations Strategy and Management Science) department.
It deals with environmental issues in climate change and energy shortage problems. Furthermore, the area aims to research and systematize theories on green growth, green finance, green economics, and green policy to produce outstanding scholars.
Taking a track from the Management Engineering (Finance, Marketing, Organization and Strategy, IT Management, Operations Strategy and Management Science, Accounting) is mandatory
Courses in Green Technologies and Green Industries, Green Business, Research on Green Growth are needed in order to learn Green Business in-depth.