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Discuss the application of the sensitivity Analysis in LPP for managerial decision making?
Wiki User
∙ 12y ago
if you can increase the capacity of machines, we can able to find which machine should receive higher priority
we can able to give suggestion to increase the capacities of machines at the additional cost
it is used to find the capacity of machine is increased from the present hours will increase impact the optimum revenue
Wiki User
∙ 12y ago
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Application of inferential statistics in managerial decision making?
cenus investigation sampling analysis of past trends
What are application of Inferential Statistics in managerial decision making?
census investigation sampling analysis of past trends
Role of managerial economic in decision making?
The role of managerial economics in decision making is to help in the analysis of economic trends which will be used in making critical decision. This will focus on past, present and future economic patterns.
How managerial economics is related to the decision making?
In managerial economics, managers in depth analyze all the economic situation of the country. After the in depth analysis they take the decisions. In this way economics is integrated with decision making.
define managerial economics?
Managerial economics is an applied field of economics that focuses on the use of economic analysis and techniques to solve business decisions. It combines economic theory with managerial practice and focuses on the microeconomic aspects of an organization, such as demand analysis and pricing, production costs, and investment decisions. Managerial economics applies microeconomic analysis to specific decisions in order to optimize outcomes and maximize profits. It also considers the macroeconomic environment in which a business operates, such as global economic trends and government regulations. Managerial economics provides a framework for understanding how businesses interact with their environment and make decisions that will impact their long-term success.
Definition of managerial economics?
Managerial economics (also called business economics), is a branch of economics that applies microeconomic analysis to specific business decisions. As such, it bridges economic theory and economics in practice. It draws heavily from quantitative techniques such as regression analysis and correlation, Lagrangian calculus (linear). If there is a unifying theme that runs through most of managerial economics it is the attempt to optimize business decisions given the firm's objectives and given constraints imposed by scarcity, for example through the use of operations research and programming.(the things mentioned above are ___________)
What do you understand by managerial analysis?
Managerial Analysis is an application of micro-economic theory, decision theory, and statistical analysis to problems of business decision making. In this course students will analyze the forces of supply and demand, markets, and the economic behavior of firms in society. Statistical methods and other quantitative tools are explored as a part of the overall strategy of an organization. The student will understand how organizations can make better use of their resources by recording, storing and reusing their employees' knowledge through the implementation of technology-based systems. A key focus of this course surrounds the importance of organization culture and ethics.
What has the author Abdellah Salhi written?
Abdellah Salhi has written: 'Implementation of a framework for sensitivity analysis in multi-criteria decision making on a cluster of workstations' 'A Note on a sensitivity index in MCDM'
What is marginal economics explain?
the application of economic science in business decision making is all pervasive.more specifically, economic laws and tools of economic analysis are now applied a great deal in the process of business decision making. this has led,asmentioned earlier, to the emergence of a separate branch of study colled managerial economics.
What is the difference between Economics and Managerial Economics?
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. According to Lionel Robbins, Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Managerial economics, used synonymously with business economics, is a branch of economics that deals with the application of microeconomic analysis to decision-making techniques of businesses and management units. According to McGutgan and Moyer, "Managerial economics is the application of economic theory and methodology to decision-making problems faced by both public and private institutions".
What jobs use confidence intervals?
Any kind of decision making - which means all managerial jobs.Any kind of decision making - which means all managerial jobs.Any kind of decision making - which means all managerial jobs.Any kind of decision making - which means all managerial jobs.
Role of cost accounting in managerial decision making?
Role of cost accounting in managerial decision making?"
