The paper discusses the development of managerial economics over the past 50 years.
Written in 2009; 1,066 words; 3 sources; MLA; $ 37.95
Paper Summary:
The author of the paper examines managerial economics and the significant growth in interest from two points of view: the need for managers to make smarter business decisions and the pressure on managers to maximize profits. The paper examines managerial qualities needed by a successful manager and the role of leadership and managerial education in the progress of a business venture.
From the Paper:
"Lately many companies are feeling the pinch of reduced business activity. Customer orders at an all time low, but the scrutiny for management decisions is on the rises. Suppliers and lenders are seeking safe, low-risk investments. As a result, it becomes increasingly important to do more with less, compete effectively for limited credit, and reassure stakeholders and investors2. These normal pressures, coupled with the current state of the economy, has increased the complexity of the decision making process. Mangers are seeking out proven methods and tools to help make day-to-day decisions more error proof and transparent for the watchful eyes of shareholders. Successful managers are able to process several channels of information such as market conditions, decisions by the competition and the current and future state of their industry. The successful manager is able to utilize all sources of information and formulate a succinct direction for the company. This requires intensive and extensive research that is often time consuming and stressful. Fortunately, the study of economic theories has produced formulas and tools to aid managers. One example is MathWorks. This tool is utilized by the fourth largest energy company in Spain, Union Fenosa. It helps manage their supply and demand for utilities. Union Fenosa has an electric generation capacity totaling 10,000 megawatts. Since the electricity produced can not be stored, it is vital to know how much to produce and when. To determine how best to sell electricity in the wholesale market, the company must accurately predict the next day's prices and demand as well as the availability of electric power. The Mathworks supply and demand models help to project capacity and demand and optimize their generation asset portfolios3. This is a perfect example of the application of economic concepts to create analytical tools in the assessment and prediction of market conditions and business environment. Examples like this have increased the interest in the study managerial economics and equally increase managers ability to make smarter decisions"
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