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Are Active Managerial Controls are often complex and difficult to implement?
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What is the role of research in social and economic development And why is it difficult to implement recommendations of a conducted research?
Research helps in creating knowledge among the community involved. It leads to distinctive contributions of papers, tertiary education initiatives, and helps in advanced network for research and education. Challenges faced in implementation may be care coordination that may be too comprehensive and complex to implement, lack of standardized data across the settings that may limits comparisons and understanding, and necessary changes that may seem overwhelming.
How managerial economics is link with other academic disciplines?
1. Relationship with economics:The relationship between managerial economics and economics theory may be viewed form the point of view of the two approaches to the subject Viz. Micro Economics and Marco Economics. Microeconomics is the study of the economic behavior of individuals, firms and other such micro organizations. Managerial economics is rooted in Micro Economic theory. Managerial Economics makes use to several Micro Economic concepts such as marginal cost, marginal revenue, elasticity of demand as well as price theory and theories of market structure to name only a few. Macro theory on the other hand is the study of the economy as a whole. It deals with the analysis of national income, the level of employment, general price level, consumption and investment in the economy and even matters related to international trade, Money, public finance, etc.The relationship between managerial economics and economics theory is like that of engineering science to physics or of medicine to biology. Managerial economics has an applied bias and its wider scope lies in applying economic theory to solve real life problems of enterprises. Both managerial economics and economics deal with problems of scarcity and resource allocation.2. Management theory and accounting:Managerial economics has been influenced by the developments in management theory and accounting techniques. Accounting refers to the recording of pecuniary transactions of the firm in certain books. A proper knowledge of accounting techniques is very essential for the success of the firm because profit maximization is the major objective of the firm.Managerial Economics requires a proper knowledge of cost and revenue information and their classification. A student of managerial economics should be familiar with the generation, interpretation and use of accounting data. The focus of accounting within the firm is fast changing from the concepts of store keeping to that if managerial decision making, this has resulted in a new specialized area of study called "Managerial Accounting".3. Managerial Economics and mathematics:The use of mathematics is significant for managerial economics in view of its profit maximization goal long with optional use of resources. The major problem of the firm is how to minimize cost, hoe to maximize profit or how to optimize sales. Mathematical concepts and techniques are widely used in economic logic to solve these problems. Also mathematical methods help to estimate and predict the economic factors for decision making and forward planning.Mathematical symbols are more convenient to handle and understand various concepts like incremental cost, elasticity of demand etc., Geometry, Algebra and calculus are the major branches of mathematics which are of use in managerial economics. The main concepts of mathematics like logarithms, and exponentials, vectors and determinants, input-output models etc., are widely used. Besides these usual tools, more advanced techniques designed in the recent years viz. linear programming, inventory models and game theory fine wide application in managerial economics.4. Managerial Economics and Statistics:Managerial Economics needs the tools of statistics in more than one way. A successful businessman must correctly estimate the demand for his product. He should be able to analyses the impact of variations in tastes. Fashion and changes in income on demand only then he can adjust his output. Statistical methods provide and sure base for decision-making. Thus statistical tools are used in collecting data and analyzing them to help in the decision making process.Statistical tools like the theory of probability and forecasting techniques help the firm to predict the future course of events. Managerial Economics also make use of correlation and multiple regressions in related variables like price and demand to estimate the extent of dependence of one variable on the other. The theory of probability is very useful in problems involving uncertainty.5. Managerial Economics and Operations Research:Taking effectives decisions is the major concern of both managerial economics and operations research. The development of techniques and concepts such as linear programming, inventory models and game theory is due to the development of this new subject of operations research in the postwar years. Operations research is concerned with the complex problems arising out of the management of men, machines, materials and money.Operation research provides a scientific model of the system and it helps managerial economists in the field of product development, material management, and inventory control, quality control, marketing and demand analysis. The varied tools of operations Research are helpful to managerial economists in decision-making.6. Managerial Economics and the theory of Decision- making:The Theory of decision-making is a new field of knowledge grown in the second half of this century. Most of the economic theories explain a single goal for the consumer i.e., Profit maximization for the firm. But the theory of decision-making is developed to explain multiplicity of goals and lot of uncertainty.As such this new branch of knowledge is useful to business firms, which have to take quick decision in the case of multiple goals. Viewed this way the theory of decision making is more practical and application oriented than the economic theories.7. Managerial Economics and Computer Science:Computers have changes the way of the world functions and economic or business activity is no exception. Computers are used in data and accounts maintenance, inventory and stock controls and supply and demand predictions. What used to take days and months is done in a few minutes or hours by the computers. In fact computerization of business activities on a large scale has reduced the workload of managerial personnel. In most countries a basic knowledge of computer science, is a compulsory programme for managerial trainees.To conclude, managerial economics, which is an offshoot traditional economics, has gained strength to be a separate branch of knowledge. It strength lies in its ability to integrate ideas from various specialized subjects to gain a proper perspective for decision-making.A successful managerial economist must be a mathematician, a statistician and an economist. He must be also able to combine philosophic methods with historical methods to get the right perspective only then; he will be good at predictions. In short managerial practices with the help of other allied sciences.
What is complex buying behavior?
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How do you calculate the number of parking spaces need for an office complex?
You need first to know the ratio ofvehicles percapita of your city. Then you'll need to know what kind of people will work in this complex. You know, one hundred managers or lawyers will surely have (and use) more cars than one hundred call center operators. The third data to get is the availability of public transportation around this complex, if it is too difficult to get by train and/or bus, people will surely use more cars (or bicycles depends in witch country you're in). That's all for the employees of the complex. The next step is to calculate the flow of people visiting this complex, to know what kind of people and so on.Usually in bigger cities the parking is paid (and expensive) and office buildings/complexes have far more parking spaces than the building (or buildings) alone would need, just to make a profit with the lack of parking spaces in the neighborhood.
What are the roles and responsibilities of a managerial economist?
role of managerial economists in disicionmaking?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 programmingregardspraveen raomail:raojain@gmial.comWhen an economist needs a price, interest rate or otherquantity to use in an analysis, he will tend to look to theproduct and financial markets for an answer rather than"building it up" from accounting costs.Economists are trained to think in terms of marginal changeEconomists are generally well-versed in mathematics andstatistics and tend to approach problems using those tools.Economists also are comfortable with probabilities and willbuild models incorporating them. We are trained in doingsimulation studies.When an economist needs a price, interest rate or other quantity to use in an analysis, he will tend to look to the product and financial markets for an answer rather than "building it up" from accounting costs.Economists are trained to think in terms of marginal changeEconomists are generally well-versed in mathematics and statistics and tend to approach problems using those tools.Economists also are comfortable with probabilities and will build models incorporating them. We are trained in doing simulation studies.While atmosphere of business uncertainty creates complications in the processof decision making, economic principles help in minimizing theseuncertainity.economist can help by analyzing these economic principles.RisksUncertainty exists in every business and managerial economist can help reduce riskthrough uncertainty model analysis and decision-theory analysis. Heavy use of statistical probability theory helps provide potential scenarios for businesses to usewhen making decisionResponsibilities of managerial economistMeasuring the increase in earning capacity of firma managerial economist hasgreat responsibility to achieve an objective of earning maximum profit. If he does not dothis properly the capacity of firm cannot achieve its objects. therefore, the managerialeconomist should continue his efforts in increasing the capacity of his firm.Successful forecasting successof a business firm is largely determined by thedegree of accuracy and correctness of forecast made by analyst by analyzing allinternal and external factors and by accessing their impact on profitability and workingof firm. He must try to minimize the uncertainties of future .if he finds an error in hisforecast, he should alert the management at earliest , so the necessary changes maybe made in plans, policies and programming.Contacting the source of economic information and experts amanagerialeconomist is responsible for providing all the relevant economic information to themanagement so the plans of the organization be chalked out after taking intoconsideration. So he should maintain the contact with all possible sources from wherehe can collect the information relevant for firm.For this purpose, he should joinprofessional associations and take active part in them. In fact, one of the best means of determining the caliber of a managerial economist is to evaluate his ability to obtaininformation quickly by personal contacts rather than by lengthy research from either readily available or obscure reference sources.Achieving respectful status in firmhemust be able to earn full status on the businessteam. He should be ready and even offer himself to take up special assignments, bethat in study teams, committees or special projects. For, a managerial economist canonly function effectively in an atmosphere where his success or failure can be traced notonly to his basic ability, training and experience, but also to his personality and capacityto win continuing support for himself and his professional ideas.while intellectually hemust be in tune with industry's thinking the wider national perspective should not beabsents from his advice to top managemenWhile atmosphere of business uncertainty creates complications in the processof decision making, economic principles help in minimizing theseuncertainity.economist can help by analyzing these economic principles.RisksUncertainty exists in every business and managerial economist can help reduce riskthrough uncertainty model analysis and decision-theory analysis. Heavy use of statistical probability theory helps provide potential scenarios for businesses to usewhen making decisionResponsibilities of managerial economistMeasuring the increase in earning capacity of firma managerial economist hasgreat responsibility to achieve an objective of earning maximum profit. If he does not dothis properly the capacity of firm cannot achieve its objects. therefore, the managerialeconomist should continue his efforts in increasing the capacity of his firm.Successful forecasting successof a business firm is largely determined by thedegree of accuracy and correctness of forecast made by analyst by analyzing allinternal and external factors and by accessing their impact on profitability and workingof firm. He must try to minimize the uncertainties of future .if he finds an error in hisforecast, he should alert the management at earliest , so the necessary changes maybe made in plans, policies and programming.Contacting the source of economic information and experts amanagerialeconomist is responsible for providing all the relevant economic information to themanagement so the plans of the organization be chalked out after taking intoconsideration. So he should maintain the contact with all possible sources from wherehe can collect the information relevant for firm.For this purpose, he should joinprofessional associations and take active part in them. In fact, one of the best means of determining the caliber of a managerial economist is to evaluate his ability to obtaininformation quickly by personal contacts rather than by lengthy research from either readily available or obscure reference sources.Achieving respectful status in firmhemust be able to earn full status on the businessteam. He should be ready and even offer himself to take up special assignments, bethat in study teams, committees or special projects. For, a managerial economist canonly function effectively in an atmosphere where his success or failure can be traced notonly to his basic ability, training and experience, but also to his personality and capacityto win continuing support for himself and his professional ideas.while intellectually hemust be in tune with industry's thinking the wider national perspective should not beabsents from his advice to top managemenA managerial economist helps the management by using his analytical skills and, In order to perform all these roles, a managerial economist has to conduct.A managerial economist helps the management by using his analytical skills and highly developed techniques in solving complex issues of successful.
What is a bithorax complex?
A bithorax complex is a complex of genes which controls segmentation in fly embryos.
Is complex a house?
a complex is not a house it is something that can be difficult
Why is communication regarded as difficult and complex?
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More complex word for hard?
complex, purplexing, difficult, tough, cumbersomely, strenuously
What is a seven letter word for difficult to solve?
complex
What is another word for complex?
DIFFICULT, challenging
Difficult words starts with letter c?
complex
7) This describes something that is complicated difficult or consists of interrelated parts.?
compcated
What substance controls the unzipping of DNA?
The substance that controls the unzipping of DNA are enzymes which are inform of proteins. This is considered to be one of the most complex processes in the cell.
Which form of business ownership in the most complex and difficult to form?
a corporation is the most difficult to form.
Why 1996 Saturn SL2 heats up in park?
It COULD be the radiator cooling fan, the temperature switch that controls the radiator cooling fan, a blown fuse that controls the radiator cooling fan (in that case, why did the fuse blow???) or a worn water pump.The most difficult part will be finding out which. None of them are that difficult to repair, but narrowing down the problem requires that you understand what's going on and comprehend the cause and effect of complex systems, such as an automobile's electro-mechanical interaction.
How The more complex a driving situation is the?
The more difficult it is to identify and predict
