Managerial economics
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Managerial economics is the application of economic principles and methodologies to business decision making. It helps managers analyze situations and make informed choices. It bridges traditional economics and business management. Some key areas it covers include demand analysis, cost analysis, production analysis, pricing practices, profit management, and capital management. The goal is to facilitate forward planning and optimal allocation of resources to maximize profits.
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The document discusses several key principles of economics as they relate to decision making:
1) The opportunity cost principle states that every decision requires sacrificing alternative options and that opportunity costs, not just monetary costs, should be considered.
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Managerial economics applies economic theory and quantitative techniques to managerial decision-making. It helps managers identify problems, organize information, and evaluate alternatives. Some key concepts in managerial economics include incremental reasoning, opportunity cost, contribution, time perspective, discounting future cash flows, and equi-marginal principle of allocating scarce resources efficiently where marginal returns are equal across alternatives.
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The document provides an overview of managerial economics, including its definition, scope, and significance. It discusses how managerial economics integrates economic theory with business practices to help managers make informed decisions. Some key principles that guide managerial decision-making are also introduced, such as opportunity cost, marginal analysis, and discounting future cash flows.
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Managerial economics applies economic theory and quantitative techniques to managerial decision-making. It helps managers identify problems, organize information, and evaluate alternatives. Some key concepts in managerial economics include incremental reasoning, opportunity cost, contribution, time perspective, discounting future cash flows, and equi-marginal principle of allocating scarce resources efficiently where marginal returns are equal across alternatives.
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Managerial economics
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Managerial economics
Managerial economics is the application of economic principles to business management. It integrates economic theory with managerial practice to facilitate decision-making. Managerial economics is useful for managers as economic theories help build analytical models for recognizing problems and offer clarity on concepts. It allows managers to reconcile theory with business conditions, estimate economic relationships, predict quantities, and formulate effective policies and plans. The scope of managerial economics includes demand analysis, cost analysis, production, pricing, profit, and capital management. It uses both microeconomics, which analyzes individual variables, and macroeconomics, which analyzes the whole economy. The managerial economist advises the firm and helps with production scheduling, demand forecasting, pricing, investment,
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Managerial economics applies economic concepts and tools to help managers make rational decisions and solve business problems efficiently. It borrows theories from microeconomics and tools from decision science. The goal is to find optimal solutions to business problems by integrating economic theory, quantitative techniques, and business practice. Managerial economics helps maximize firm effectiveness by facilitating resource allocation and policy formulation. It deals with topics like production, costs, pricing, demand, and market structure at the firm level.
Managerial economics
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feasibility study
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Managerial economics
Managerial economics applies economic theory and analysis to business decision-making. It aims to understand firm behavior and assist managers in making optimal decisions. The chapter defines managerial economics and outlines the modeling process used, which involves making assumptions, deriving predictions, and testing against evidence. While assumptions may not be realistic, predictive power is key. Models can be used for positive analysis of what is or normative analysis of what should be. Limitations exist in applying unrealistic models prescriptively. Managerial economics provides a framework for analyzing issues while considering various pressures on firms. It is related to but distinct from industrial economics and management science.
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Business Case Development Framework
This Slideshare presentation is a partial preview of the full business document. To view and download the full document, please go here:
http://flevy.com/browse/business-document/business-case-development-framework-199
The Business Case is an instrumental tool in both justifying a project (requiring a capital budgeting decision), as well as measuring the project's success. The Business Case model typically takes the form of an Excel spreadsheet and quantifies the financial components of the project, projecting key metrics for making any important business decision: Net Present Value (NPV), Return on Investment (ROI), Payback Period, Cost of Investment.
If a project has been justified by the Business Case (both financially and non-financially) and receives the go-ahead from executives, the Business Case model is then continuously maintained and adjusted to track the project?s progress against the initial financial projections and assumptions. This model then becomes a working document used during the project management process.
This toolkit will detail the process of creating a robust Business Case. It also includes a working sample Business Case model (in Microsoft Excel).
Conceptos generales de los proyectos
The document discusses the formulation and evaluation of projects. It defines a project as a coherent set of activities aimed at achieving an overall objective or development goal. It must be based on properly identifying the need or problem and designing the necessary conditions for its optimal solution. The document also discusses the differences between operations and projects, and outlines some key characteristics of projects such as being temporary, singular, dependent on external factors, and flexible.
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Screening models help managers select projects from their pool using various criteria. Effective screening models are realistic, capable, flexible, easy to use, cost-effective, and allow comparability between projects. Approaches to screening include checklist models, simplified scoring models, analytic hierarchy process, profile models, and financial models like net present value, internal rate of return, and options models. Successful project portfolio management requires decision making, prioritization, review, realignment, and flexibility, while implementing portfolio management faces challenges from conservative communities, misaligned projects, unpromising projects, and scarce resources.
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Managerial economics
- 2. Economics:- The term economics is derived from the Greek word oikon and nomos,which mean ‘law of house holds’ It is also a study of choice- making behaviour of the People. For eg-Firm,Industry,Nation…. Managerial economics:- It is concerned with the application of economic principles and methodologies to the decision making process with the firm or organization. -Douglas It is the use of economic modes of thought to analyze business situation -Mc .Nair & Meriam
- 3. CHARACTERISTICS:- Application of principles of Economics to solve managerial problems. Utilization of resources in a goal oriented manner. Analysis of problems of decisions making. Facilitating forward planning. Analysis and decisions upon the economic issues underlying the choice and allocation of resources. Bridge between traditional economics and Business Management .
- 4. Art or Science – Both: In regard to science economics deals with practical aspects where as in arts specific solution to specific problem. Micro Economics-It looks at smaller picture of the economy and it is the study and behaviour of smaller economic units. It’s a non statistical measurement Operates against the backdrop of Macro economics-The word macro indicates large which deals with the study of aggregates and it is statistically measured. Normative –Its reflects to people moral’s attitudes and based on valued judgments. Prescriptive actions –It shows a clear directions and instructions and they are generally goal oriented.
- 5. Offers scope to evaluate each alternative : It evaluates each alternative in the firm to get maximum profit. Applied in nature/pragmatic: Models are built to reflect the real life in complex business situation and these models are immense help for decision making. Interdisciplinary :Its nothing but the tools and techniques drawn from different subjects. Assumptions and limitations: Every concept is based on assumption and as such their validity is not valid.
- 6. Demand Analysis –It helps to identify the various factors influencing the demand for a firm’s product and thus provide guidelines to manipulating demand. Cost Analysis-Discovering economics costs and being able to measure them for more effective profit planning, cost control and often for sound pricing practices. Production analysis-It mainly deals with different production functions and their managerial uses.
- 7. Pricing Practices and Policies –It mainly deals with the price determination in various firms and their strategies in pricing. Profit Management –The important aspects covered under this area are Nature and measurement of profit, profit planning and techniques….. Capital Management-It relates to their capital investments its expenditure and the main topics dealt are Cost of Capital, Rate of Return and selection of projects.
- 8. To make reasonable profits on capital employed. Successful forecasts Knowledge of sources of Economic Information His status in the firm Assisting the business planning process of the firm. Discovering new possible fields of business endeavor and its cost-benefit analysis. Advising on prices, investment and capital budgeting policies . Evaluation of capital budgeting etc.
- 9. Decision making areas Production Economic Study of Pricing and Demand Investment Forecasting Economic planning and related Decision decision and Forward Environment cost, revenue decisions decision Planning