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Using Managerial Economics to Make Sound Business Decisions - Webinar

  • ID: 4302616
  • Webinar
  • August 2017
  • Region: Global
  • 60 Minutes
  • Lorman Business Center, Inc.
Learn how to make sound, confident, and profitable business decisions by using managerial economics.

This topic will help you define managerial economics and its application to business decisions. The content will describe basic managerial economic theory and provide a framework for problem solving. Afterwards, you will be able to identify how managerial economics can be used to identify, and review business decisions.- You will be able to use econometric modeling to aide in decision making.

Time and capital are scarce resources. How a manager deploys these resources can be the difference between success and failure. Managers are often confronted with issues and are required to make decisions with incomplete information. For example, should I introduce a new feature to an existing product, or should I introduce a brand new product? Is my current production method achieving my goals? Should I modify my supply chain or produce in house? Managerial economics provide a logical framework to analyze these critical decisions. Econometric modeling techniques are not limited to for profit entities, and can be used effectively by managers of not-for-profit entities. This topic will define managerial economics and provide a framework to analyze key decisions. Managers that do not have these tools often underperform their peers.

Learning Objectives
  • You will be able to define managerial economics.
  • You will be able to discuss quantitative analysis.
  • You will be able to identify what goods and services should be produced and at what quantities.
  • You will be able to explain managerial economics impact on the supply chain.
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What Is Managerial Economics?
  • Does It Apply to Me?
  • Types of Decisions
  • Types of Entities/for Profit or Not-for-Profit
  • Importance to Business Operations
  • Application to Business Decisions
Quantitative Analysis
  • Framework for Testing Volume and Pricing
  • Economic Theory vs. Econometric Modeling
  • Identification of Objectives and Goals
  • Analysis of Alternative Solutions
What Goods or Services Should Be Produced? and What Quantities?
  • Demand Theory
  • Consumer Preferences
  • Factors Impacting Demand
  • Forecasting Future Demand
Managerial Economics Impact of Supply Chain
  • Choice Between Alternative Production Alternatives
  • Raw Materials, Capital Equipment, Manpower, etc.
  • Production and Cost Analysis
Marketing Decision
  • Foreign vs. Domestic
  • Market Segment/Niche
  • Price and Output Based on Types of Market
Did You Meet Your Goals?
  • Empirical Evidence
  • Measuring Relationships Among Economic Variables
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Ralph W. Carmichael, Esq. BONWRx
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This webinar is designed for supervisors, team leaders, business owners and managers, presidents and vice presidents.
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