Asked in Research Methodology
Scope of managerial research in research methodology?
Managerial economics may be viewed as economics applied to problem solving at the levels of the firm. The problem relates to choices and allocation of resources, which are basically economic in nature and are faced by managers all the time.
Managerial research is also known as operations research. It was undertaken for the first time in Second World War in America. It is also interdisciplinary research done by mathematicians, tacticians, Engineers and other Scientists.
The operation researchers developed concepts of linear programming, inventory models and game theory. They attempted to attain optimization. The framework of optimization has been used a great deal in managerial economics. The operation research has influenced managerial economics through its new concepts and models for dealing risk and uncertainly.
Managerial economics it primarily an aid to analyse and decision making in the context of the firm. But in the management more than decision making, the implementation, control and conflict resolutions are also covered.
Managerial research is concerned with decision making at the managerial level it considers the alternative theories of firm behaviour, decision making problems and different approaches to arrive at the most appropriate answers to such problems. It draws heavily from Microeconomics, Econometrics and operation research. The decision making area is related to the production decisions, the exchange decisions and consumption decisions.
The case study method is useful in managerial research. It helps us to look for and organised the data and evidence relevant to the problem at hand. A manager does not get all data he needs well organised and presented to him on a platter. The cases may bring out the complexity of the environment in which managers have to take decisions.