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How does managerial economics help managers in achieving his organizational goals?
Wiki User
∙ 12y ago
The goal of any organisation is to achieve maximum (Profits)efficiency with least amount of labour and investment.
The managerial economics is not a concrete science, since both management and economics are not and both subjects are highly flexible and are totally under human control. Both subjects, deal with the nature of human being. In brief: Achieving the optimum output with least input, is the simple definition of this subject.
Wiki User
∙ 12y ago
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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.
What do you mean by managerial economics and what is science?
Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving managerial decisions. Managerial economics also helps managers recognize how economic forces affect organizations and describes the economic consequences of managerial behavior. It links traditional economics with the decision sciences to develop vital tools for managerial decision making. This process is illustrated in Figure 1.1. Managerial economics identifies ways to efficiently achieve goals. For example, suppose a small business seeks rapid growth to reach a size that permits efficient use of national media advertising. Managerial economics can be used to identify pricing and production strategies to help meet this short-run objective quickly and effectively
Managerial economics serves as a link between traditional economics and the decision making sciences for business decision making?
Following are the steps helps to managers while taking decisions.. 1.Establish objectives. 2.Define the problem. 3.identify factors that affect the problem. 4.specify alternative solutions. 5.collect data and other informations. 6.Evaluate and screen alternatives. 7.Implement best alternative and monitor result. I think these are the main process in managerial economics.. By -Nsk
What is managerial obsolescence?
Managerial Obsolescence is a situation where Managers cannot keep up with the latest technology or are not as well-qualified.
Different between traditional economic and managerial economic?
This is kind of a hard to answer just because of the large generality of "traditional economics". When you say this, most people think of things such as the stock market, national spending, and gross domestic product, all studied in macroeconomics. This also studies supply and demand and how firms reach equilibriums.However, in managerial economics, you study things such as price discrimination, how to set prices and outputs to maximize profits, pricing strategies, mergers, and production inputs. These are things that are considered things needed to know by managers (hint the name managerial economics).
How organizational culture affect managerial decision making?
how does culture effect managers
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.
How managerial economics is pragmatic?
Managerial economics is pragmatic since it is practical subject. It prevents abstracts issues of economics theory and help in solving complications that are not covered by economics theory. Thus it helps to analyze the situations in which managers take decision.
What do you mean by managerial economics and what is science?
Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving managerial decisions. Managerial economics also helps managers recognize how economic forces affect organizations and describes the economic consequences of managerial behavior. It links traditional economics with the decision sciences to develop vital tools for managerial decision making. This process is illustrated in Figure 1.1. Managerial economics identifies ways to efficiently achieve goals. For example, suppose a small business seeks rapid growth to reach a size that permits efficient use of national media advertising. Managerial economics can be used to identify pricing and production strategies to help meet this short-run objective quickly and effectively
Managerial economics serves as a link between traditional economics and the decision making sciences for business decision making?
Following are the steps helps to managers while taking decisions.. 1.Establish objectives. 2.Define the problem. 3.identify factors that affect the problem. 4.specify alternative solutions. 5.collect data and other informations. 6.Evaluate and screen alternatives. 7.Implement best alternative and monitor result. I think these are the main process in managerial economics.. By -Nsk
Describe the managerial implications of growing organizational diversity?
Managers will have to prepare the organization with diversity training. Management will also have to make everyone aware of the consequences of intolerance.
Describe how to classify managers in organization?
Managers coordinate and oversee the work of employees within the organization and help accomplish the organizational goals. Top Managers are responsible for making decisions about the entire organization. Middle Managers manage the work of the first-line managers. First-line managers are the ones who manage the work of the non-managerial employees.
Why strategic management is so important?
1.It results in higher organizational performance. 2.It requires that managers examine and adapt to business environment changes. 3.It coordinates diverse organizational units, helping them focus on organizational goals. 4.It is very much involved in the managerial decision-making process.
What are the characteristics managers?
Management refers to the process of organized activities and groups of people achieving a common objective, such as organizational goals. The process of management involves decision making at all levels.
Role of managerial accounting?
Managerial accounting play a vital role in managers life,Life is veyi easy due to managerial accounting
Identify some managerial jobs that are highly affected by human behavior?
Some managerial jobs that are highly affected by human behavior include those in human resources, employee relations, conflict resolution, team building, and performance management. These roles require understanding, influencing, and managing the behaviors, emotions, and dynamics of individuals and groups within the organization.
What is managerial obsolescence?
Managerial Obsolescence is a situation where Managers cannot keep up with the latest technology or are not as well-qualified.
