...Managerial Decision Making Research and Analysis Teresa Grass BUS640: Managerial Economics Instructor: John Sellers August 11, 2014 During the process of this paper there will a discussion on the history of Apple mistakes in its choices to over time, risk or indecision in its operations along with financial reports to show uncertain activities and risky, their non-price competitive strategies, regulations of the government that affect Apple’s operations, the increase including the decrease of its product cost over period of time including why they varies, the inputs utilized by the company’s challenges and production function to safeguard these inputs, analysis that Apple is one of those companies that you enjoy their products or you them, and the new products that Apple has presented into the markets. Many of this occurs because of their leadership along with attitude of the business in the past. At the current time Apple is quite successful they are on the top of their market, it’s very important for Apple remain to make great choices. Steve Jobs death along with having new senior managers currently making choices for the company means they are being looked at very closely this will create great rise and fall in the company. This company began in 1976, and then they unified as Apple Computer, Inc. in 1977. In January 2007 the expression “Computer” was disconnected from its original name, after opening of the IPhone it showed its move towards consumer electronics...
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...Russia in the late 1990’s had a tremendous impact on investment by managers of privatized firms. What Russia had done to private buyers of foreign companies is make a private market public. This means many different things to Russia and the companies that it deprivatized. The first thing is that when you deprivatize a company you lose company goals or missions. The loss of planned managerial objectives and strategic efficiency will be lost with local state run companies. Local managers are only going to do as the regulations require and nothing more. These companies that were privatized and then deprivatized by Russia for any slight wrong in paper work. This allowed the local Russian people to invest their time and money into these now local businesses that were taken over by Russian government. With the initial deprivatization of Russia, managers were very hesitant to make decisions on investments. Russia made it very difficult for privatized companies to exist without local interest. Anyone could report a privatized company for any little violation of state. Again this would lose the company managerial objectives and strategic efficiency. The effects of deprivatization on foreign investment in Russia could be detrimental to investors. Investors have watched oil companies like Sidanko, who was a foreign private firm deprivatization in Russia. The Sidanko assets were sold during bankruptcy proceeding to a Russian firm Tyumen Oil Company. These companies that were privatized are...
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...Assignment no: 509 Answer Managerial economics refers to the application of economic theory and the tools of analysis of decision science to examine how an organization can achieve it aims or objectives most efficiently. Importance of managerial economics Managerial Decision Problems Economic theory Microeconomics Macroeconomics Decision Sciences Mathematical Economics Econometrics MANAGERIAL ECONOMICS Application of economic theory and decision science tools to solve managerial decision problems OPTIMAL SOLUTIONS TO MANAGERIAL DECISION PROBLEMS Managerial Decision Problems Economic theory Microeconomics Macroeconomics Decision Sciences Mathematical Economics Econometrics MANAGERIAL ECONOMICS Application of economic theory and decision science tools to solve managerial decision problems OPTIMAL SOLUTIONS TO MANAGERIAL DECISION PROBLEMS Managerial enables the use of economic logic and principles to aid management decision-making. Managers are decision-makers and economics should be relevant to give practical guidance in arriving at right decisions. Every manager has to take important decisions about using his limited resources like land, capital, labour, finance etc. to get the maximum returns, therefore, managerial economics, concentrates on those practical aspects of micro-economics which help in decision-making. Managerial economics focuses on the most profitable use of scarce resources rather than on the achievement of equilibrium prices...
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...Managerial Economics : Definition, Nature, Scope Managerial economics is a discipline which deals with the application of economic theory to business management. It deals with the use of economic concepts and principles of business decision making. Formerly it was known as “Business Economics” but the term has now been discarded in favour of Managerial Economics. Managerial Economics may be defined as the study of economic theories, logic and methodology which are generally applied to seek solution to the practical problems of business. Managerial Economics is thus constituted of that part of economic knowledge or economic theories which is used as a tool of analysing business problems for rational business decisions. Managerial Economics is often called as Business Economics or Economic for Firms. Definition of Managerial Economics: “Managerial Economics is economics applied in decision making. It is a special branch of economics bridging the gap between abstract theory and managerial practice.” – Haynes, Mote and Paul. “Business Economics consists of the use of economic modes of thought to analyse business situations.” - McNair and Meriam “Business Economics (Managerial Economics) is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.” - Spencerand Seegelman. “Managerial economics is concerned with application of economic concepts and economic analysis to the problems of formulating...
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...at: nerdypupil@gmail.com ACC 349 WEEK 2 TEAM ASSIGNMENT CASE STUDY BYP Prepare written responses to the following case study from Ch. 2 of Managerial Accounting: Tools for Business Decision Making: Managerial Analysis BYP 2-2 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 349 Week 2 Team Assignment Case Study BYP in order to ace their studies. ACC 349 WEEK 2 TEAM ASSIGNMENT CASE STUDY BYP To purchase this visit here: http://www.nerdypupil.com/product/acc-349-week-2-team-assignment-case-study-byp/ Contact us at: nerdypupil@gmail.com ACC 349 WEEK 2 TEAM ASSIGNMENT CASE STUDY BYP Prepare written responses to the following case study from Ch. 2 of Managerial Accounting: Tools for Business Decision Making: Managerial Analysis BYP 2-2 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 349 Week 2 Team Assignment Case Study BYP in order to ace their studies. ACC 349 WEEK 2 TEAM ASSIGNMENT CASE STUDY BYP To purchase this visit here: http://www.nerdypupil.com/product/acc-349-week-2-team-assignment-case-study-byp/ Contact us at: nerdypupil@gmail.com ACC 349 WEEK 2 TEAM ASSIGNMENT CASE STUDY BYP Prepare written responses to the following case study from Ch. 2 of Managerial Accounting: Tools for Business Decision Making: Managerial Analysis BYP 2-2 Home Work Hour aims to provide quality study notes and tutorials to the students of ACC 349 Week 2 Team Assignment Case Study BYP in order...
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...MANAGERIAL ECONOMICS Study material COMPLEMENTARY COURSE For I SEMESTER B.COM/BBA. (2011 Admission) UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION CALICUT UNIVERSITY P.O. MALAPPURAM, KERALA, INDIA - 673 635 409 School of Distance Education UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION Study Material COMPLEMENTARY COURSE I SEMESTER B.COM/BBA Managerial Economics Prepared by: Module I, II, V(A) : Sri. M.V. Praveen, Asst. Professor, Dept. of Commerce, Govt. College Madappally. Module III, IV & V (B) : Sri. Vineesh A.K., Assistant Professor, Department of Commerce, Govt. College, Madappally. Dr.K.Venugopalan, Associate Professor, Department of Commerce, Govt. College, Madappally. © Reserved Edited & scrutinized by : Managerial Economics-I Sem.B.Com/BBA 2 School of Distance Education CONTENTS MODULE PARTICULARS PAGE NO. 5 12 33 42 1 II III IV INTRODUCTION DEMAND CONCEPTS PRODUCTION MARKET STRUCTURES AND PRICE OUTPUT DETERMINATION PRICING POLICY AND PRACTICES BUSINESS CYCLE V (A) V (B) 60 66 Managerial Economics-I Sem.B.Com/BBA 3 School of Distance Education Managerial Economics-I Sem.B.Com/BBA 4 School of Distance Education MODULE I INTRODUCTION Introduction The term “economics” has been derived from a Greek Word “Oikonomia” which means „household‟. Economics is a social science. It is called „social‟ because it studies mankind of society. It deals with aspects of human behavior....
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...MANAGERIAL ECONOMICS Study material COMPLEMENTARY COURSE For I SEMESTER B.COM/BBA. (2011 Admission) UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION CALICUT UNIVERSITY P.O. MALAPPURAM, KERALA, INDIA - 673 635 409 School of Distance Education UNIVERSITY OF CALICUT SCHOOL OF DISTANCE EDUCATION Study Material COMPLEMENTARY COURSE I SEMESTER B.COM/BBA Managerial Economics Prepared by: Module I, II, V(A) : Sri. M.V. Praveen, Asst. Professor, Dept. of Commerce, Govt. College Madappally. Module III, IV & V (B) : Sri. Vineesh A.K., Assistant Professor, Department of Commerce, Govt. College, Madappally. Dr.K.Venugopalan, Associate Professor, Department of Commerce, Govt. College, Madappally. © Reserved Edited & scrutinized by : Managerial Economics-I Sem.B.Com/BBA 2 School of Distance Education CONTENTS MODULE PARTICULARS PAGE NO. 5 12 33 42 1 II III IV INTRODUCTION DEMAND CONCEPTS PRODUCTION MARKET STRUCTURES AND PRICE OUTPUT DETERMINATION PRICING POLICY AND PRACTICES BUSINESS CYCLE V (A) V (B) 60 66 Managerial Economics-I Sem.B.Com/BBA 3 School of Distance Education Managerial Economics-I Sem.B.Com/BBA 4 School of Distance Education MODULE I INTRODUCTION Introduction The term “economics” has been derived from a Greek Word “Oikonomia” which means „household‟. Economics is a social science. It is called „social‟ because it studies mankind of society. It deals with aspects of human behavior....
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...constrained resource conditions. Managerial Decision Making • Management decisions often involve the projection of consequences into a highly uncertain future. • Management decisions have enormous variety and most decisions depend on the decision context. • Management decisions can relate to both repetitive and unique situations. • Management decisions often have to be taken on an imperfect knowledge of underlying phenomena. • Management decisions often have to be taken on basis of untested cause-effect relationships. Data for Managerial Decision Making • All the data required for taking good managerial decisions is rarely if ever available or complete. • Data used can range from subjective to objective. • Data used can range from quantified to judgmental. • Probability judgments, expectations and intuitions are needed to prop up management decisions. Good Managerial Decision Making • Managers often need to create new responses to managerial situations never experienced before. • Good managerial decisions making requires the ability to accumulate, classify, analyze and build upon a variety of earlier managerial situations and the managerial responses that were then evoked. • Managerial experience can over time build the intuition of practicing managers and help them improve judgmental ability to take better decisions. Case Analysis as Pedagogy Case analysis is a major pedagogy in management...
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...Accounting Information for Managers To Make Better Decisions 1 Abstract This paper analysis how the accounting information would support the decision making process. The main goal of an accounting system is to provide financial information about the organization including financial situation and the performance of the organization. The decision makers should know the situation of the organization either by comparing competitors or previous periods’ performance in order to achieve the objectives of the company and this being possible by using accounting information. In addition, this thesis studies the importance of having effective and efficient accounting system to make better decision as it relates to increase the profitability target of an organization. Organizations should replace their weak accounting system in order to ensure that each team member in the Accounts Department is conscious of their role to produce good accounting information (1, Okoli Margaret). The result of this paper describes that providing right information to the right people in time via management reporting to maximize the use of reports in decision-making. 2 Introduction Any organization should survive and excel in the fast paced and ever changing market. We are living in the digital era so information can be found everywhere via websites, databases documents, reports, and emails. However, it’s important to read the historical data-set during decision making process but providing report in quick &...
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...Table of Contents Managerial Economics: Bridging the gap between economic theory and business practice Introduction 3 Definition 3 Economic Theory Vs. Managerial Theory 4 Decision-making 6 Scope of Managerial Economics 6 Positive versus Normative Economics 7 Positive Economics 7 Normative Economics 7 Examples Demonstrating How Managerial Economics Translates Economic Theory into Business Practice 9 Demand Analysis and Forecasting 9 Cost and Production Analysis 10 Inventory Management 10 Advertising 11 Pricing Decision, Policies and Practices 11 Profit Management 11 Capital Management 12 Responsibilities of a Managerial Economist 13 Conclusion 15 Gadgets International: A Case Study Nature of the Case Study 16 About Gadgets International (GI) 16 Market/Industry Structure 17 Firm’s Objectives 19 Using Economic Theory to Attain Gadgets International’s Organizational Goals & Objectives 19 Optimal Output Level & Pricing Strategy 19 Inputs and Costs 22 Accommodating Change 24 Promoting Growth 25 Conclusion 26 Managerial Economics Bridging the gap between economic theory and business practice Introduction The science of Managerial Economics has emerged only recently. With the growing variability and unpredictability of the business environment, business managers have become increasingly concerned with finding rational and ways of adjusting to an exploiting environmental change. Managerial economics generally refers to the integration...
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...Managerial Economics is a branch of economics. With the help of this branch, we can apply Economics in decision making. Managerial Economics bridges the gap between economic principles/ theory and managerial practice. To take a specific decision, this branch applies micro economic analysis. We can apply the principles of Economics in taking decisions related to some problems like scale of operation, quantum of resources to be employed, marketing etc. Because of the scarcity of the resources it is not possible to have whatever we want. To get the better value from limited resources it is essential to evaluate the difference between the total cost and the total benefits of any activity. To choose the better option one of the tools provided by the managerial economics is marginal analysis. By weighing the marginal benefits against the marginal costs one can take the best decision. Marginal Costs- Marginal cost is the change in total cost when one more unit is produced. Marginal cost occurs when an activity increases by one unit. When the firm increases its production the total cost always increases even though the marginal costs may not rise. Rise in marginal costs is shown in the below chart. Following table shows the total cost and the marginal cost by making pizza: Quantity Total Cost Marginal Cost 0 0 -- 1 5 5 2 10 5 3 17 7 4 25 8 5 34 9 6 44 10 7 58 14 8 73 15 9 90 17 10 110 20 (MARGINAL ANALYSIS) Marginal Benefits- Marginal benefit is change in total benefit...
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...MASTERS IN BUSINSS ADMIN MANAGERIAL ACCOUNTING (AC 720) INDIVIDUAL ASSIGNMENT NAME: ABU IZZAT BIN JALALUDDIN STUDENT ID: 2014673178 CLASS: BM 7001DF LECTURER: ASSOC. PROF. DR. HAJI SOFIAN BIN SHAMSUDDIN SUBMISSION DATE: 16 OCTOBER 2014 Questions: Decision making is one of the management important functions. How do managerial accounting tools assist management in making effective decision? Managerial accounting is an integral part of management that deals with identifying, presenting, and interpreting information used for strategies, decision making, resource optimization, employee information, and control of activities, information of associates or other external user information.( Bricin, 2011) Managerial accounting is a field accounting that provides economic and financial information for managers and other internal users. It also applies to all types of businesses, includes corporations, partnerships, proprietorships, and non-profit. Managerial accounting absolutely completing all management functions such as planning, directing and controlling. In managerial accounting, decision-making may be simply defined as choosing a course of action from alternatives. If there are no alternatives, then no decision is required. A basis assumption is the best decision in the one that involves the most revenue or the least amount of cost. Any manager or business owners are faced with countless decisions every day. Managerial accounting information provides data-driven...
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...COURSE: MANAGERIAL ECONOMICS: COH 723 Programme; MSc Health Services planning and Management Department; Community Health Lecturer; J Kwaku Agyemang 1. Course Description Managerial Economics is concerned with resources allocation, decisions that are made by managers in both private and public sections (private business, private NGO’s and public sector) of the economy. The course emphasizes the application of economic principles and methodologies to decision-making process of business firms operating under conditions of risk and uncertainty. Managerial Economics, thus, uses concepts, models and analytical techniques of economics to study and analyse the operations of businesses and the type of problems managers face. Hence it provides important conceptual insights for gaining a better understanding of business environment and for making of quality business decisions with minimal trial and errors. 2. Objectives: 2.1 To provide participants with a much clearer view of the applicability and relevance of economics to decision making within business firms. 2.2 To develop students’ knowledge of applied economics 2.3 To develop students’ analytical skills to a higher level. 2.4 To enhance students’ insight into the operation of business and the nature of problems managers face. 3. Course coverage * Introduction of students to Managerial Economics and the use of models and other analytical concepts in decision making process...
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...1.0 Managerial Accounting Managerial accounting is a field of accounting that provides economic and financial information for managers and other internal users (Weygandt, Kimmel & Kieso, 2012). Managerial accounting is an important internal business function. Many companies use managerial accounting to record and report their internal financial information. There are differences between financial accounting and managerial accounting. Financial accounting focuses on preparing financial reports and releasing information to the public while managerial accounting focuses on preparing financial information for internal review and decision making. Managerial accounting offers several important tools for measuring the company operational performance. Common types of managerial accounting include job costing, process costing, activity-based costing and also budgeting. 2.0 Benefits of Managerial Accounting Practices Towards Business Organization Create Competitive Advantage Management accounting can help businesses create a competitive advantage. Many business owners focus on creating consumer goods with lowest-priced and highest-quality product in the market. The ability to review financial information through managerial accounting is important in creating a financial competitive advantage. In 2010, Maxis Berhad wins excellence award in management accounting from the national award for management accounting (NAfMA). One of the winning criteria is the company ability to create...
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...1.0 ABSTRACT Managerial Accounting is tools for business decision making. The use of management accounting information is a key for organizational success. This essay will explain on the importance of managerial accounting process in organization to successfully carrying out the day to day as well as long term activities and goals. First, it describes how the evolution and change in managerial accounting. Second, the essay looks at the role of managerial accountants. Third, it explains several function of managerial accounting that tend to contribute the adds value to organization. 2.0 INTRODUCTION According to the Chartered Institute of Management Accountants ( CIMA ), Management Accounting is defined as the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information for both financial and operating used by management to plan, evaluate and control within an organization and to assure use of and accountability for its resources. The Institute of Management Accountants ( IMA ) defined Management Accounting is a profession that involves partnering in management decision making, devising planning and performance management system and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization’s strategy. Managerial accounting applies to all types of business such as service, merchandise and manufacturing. It also applies to all forms...
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