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Should the approach to security be more managerial or technical?
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Are social security payments included in the gross domestic product or GDP?
GDP can be calculated through the expenditures, income, or output approach. The expenditures approach says GDP= consumption + investment + government expenditure + exports - imports. There are a few methods used for calculating GDP, the most commonly presented are the expenditure and the income approach. The most well known approach to calculating GDP, the expenditures approach is characterized by the following formula: GDP = C + I + G + (X-M) where C is the level of consumption of goods and services, I is gross investment, G is government purchases, X is exports, and M is imports. GDP at producer price theoretically should be equal to GDP calculated based on the expenditure approach. expenditure approach (noun) The total spending on all final goods and services (Consumption goods and services (C) + Gross Investments (I) + Government Purchases (G) + (Exports (X) - Imports (M))GDP = C + I + G + (X-M). income approach (noun) GDP based on the income approach is calculated by adding up the factor incomes to the factors of production in the society. output approach (noun) GDP is calculated using the output approach by summing the value of sales of goods and adjusting (subtracting) for the purchase of intermediate goods to produce the goods sold. So in theory any benefits paid out by a Government office are taken into consideration based on the "consumer" figures. Therein, someone would use their benefits to purchase goods. However, benefits are Not directly used in the equation.
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.
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 are the characteristics of business policies?
The characteristics of business policies are such that they are aimed at making the business better. A good policy should be specific and of a definite nature. It should also have security information in regards to protecting the business.
What are the features of managerial economics?
Assessing Market CompetitionA managerial economist determines how the competition and market structure affect the product's sales level and price. In a perfectly competitive market, the managerial economist realizes companies accept market pricing based on supply and demand. If the firm is part of an oligopoly, i.e., the company and just a handful of others control the majority of the market, an economist uses principles from Nash's equilibrium which states that the firm must engage in pricing strategy to undercut its competitors. How many substitutes are available in the company's niche is also a factor: If two other companies sell a beverage that tastes the same, the firm must either keep the drink price lower or establish strong brand loyalty among consumers.Factors of ProductionIn addition to the market structure, pricing strategy is designed based on the firm's inherent factors of production. Nick Wilkinson, author of the textbook, "Managerial Economics: A Problem-Solving Approach," explains these factors include the education level and skill set of its labor force, access to scarce resources such as oil, and the level of technology available to the firm. Managerial economists calculate the firm's variable and fixed costs to determine its economic profit and break-even price. From these factors of production, economists assess the short- and long-term viability of the company.Legal RegulationsA managerial economist assesses how current legislation affects business operations. For instance, if the company wants to merge with another firm, an economist analyzes the impact of reduced competition, increased market share and if antitrust regulations may serve as an impediment to the merger. G.S. Gupta, author of the textbook, "Managerial Economics," explains other legal considerations include minimum wage laws, taxes, subsidies and health and safety standards. Other legal regulations might include environmental mandates. If the government requires reduced carbon emissions, an economist determines which option is better: incur higher fixed costs by replacing machinery or pay for carbon credits if the company exceeds the standard amount. Foreign legislation is also of great interest to an economist. Countries that enact regulations on their labor industry could have severe effects on a multinational corporation's bottom line that relies on overseas labor. For example, a managerial economist determines what switching costs are incurred, if any, should the company relocate labor from Mexico to China. Export and import quotas, subsidies, tariffs and differential taxes are other foreign legal considerations
Who should lead a security team Should the approach to security be more managerial or technical?
Ideally, the lead of a security team should have some technical background, but it isn't essential. A good manager is one who listens to what other team members are saying and is able to make decisions based on the evidence. The manager must rely on the technical expertise of the members, even if they themselves are also technical in nature. For a security team it is usually the case where a senior technical lead becomes the manager after a period of time. That would be the best case scenario, but as mentioned, you have to have a person with good management skills overall, whether they are technical in the area or not. A balanced approach is the goal from this team. The end results are technical, but the decisions and how the team operates come from management, and how they interface with the rest of the corporation is very important.
What are managerial competencies?
There are three essential skills or competencies a manager should possess. They are technical skills, human skills and conceptual skills.
Where you should go for hacking corse?
You can goto a technical center at a university, or to an institute devoted to Information Security.
Functions of information security to an organisation?
The security of data and information is of vital importance to any organization and it is therefore a business decision as to what information should be protected and to what level. The business's approach to the protection and use of data should be contained in a security policy to which everyone in the organization should have access and the contents of which everyone should be aware. The system in place to enforce the security policy and ensure that the business's IT security objectives are met is known as the Information Security Management System (ISMS). Information Security Management supports corporate governance by ensuring that information security risks are properly managed.
Are security cameras useful for us or are they too dangerous?
That's an ethical dilemma, not a technical one. Security cameras pose no physical threat to people. Frankly, if you aren't doing anything wrong anyway, I can't see why a security camera should bother you.
Why should the risk of the security not be evaluated in isolation?
Evaluating the risk of security in isolation may result in overlooking interdependencies between different aspects of security. Security risks are often interconnected, so assessing them in silos can lead to a fragmented view of overall security posture. A holistic approach that considers the broader security context is necessary to identify and address vulnerabilities comprehensively.
How human skill are more important to a manager than conceptual and technical skills?
In order an equilibrium is maintain within an organization, a manager should be able to deal people with diverse cultures. However, these three (3) skills are all important for a managerial position.
Fraud and ethics in managerial accounting?
A managerial accountant is a person who controls the financial information for a company. Ethics require that managerial accountants keep company financial records completely confidential, and they should objectively inform their clients of all relevant financial information.
What are some features of a good security alarm?
The provider should ceritified and have licensed installers, great technical support and customer satisfaction record, a user-friendly interface, and appears to be able to deter the average burglar. Look for a security system that has fire protection integrated as well.
Which approach do you think should be relied on more heavily for strategy formulation-the quantitative or qualitative approach?
The quantitative approach
What Security Plan should address?
A Security Plan should address which of the following
A Security Plan should address?
A Security Plan should address which of the following
