The Business Application of Managerial Economics: a Guide to Decision Making and Foward Planning

Planning and Decion Making are the most difficult tasks that managers perform since they have a direct impact on firm's performance. Poor Planning and Decion making means poor firm's performance and therefore inability to compete in the global market. Therefore managers need economic tools in order to effeciently manage firm's resources. However the application of economic tools needs managerial skills, knowledge and competencies on the application of economic principles,concepts and theories in business Planning and Decision Making. The major managerial funtions like organising,staffing,coordinating,budgeting, and reporting require the application of economic tools and concepts since the mentioned managerial funtions can be divided into two major groups, namely planning and decision making that can be well analysed using economic quantitative techniques such as marginal analysis. Therefore this book provides the knowledge and skills of applying economic tools in business management, in a very simple and understandable manner, by involving adequate quantitative solutions on managerial problems.