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Managerial economics aims to provide the tools and techniques to make informed decisions to maximize the profits and minimize the losses of a firm. [4] Managerial economics has use in many different business applications, although the most common focus areas are related to the risk, pricing, production and capital decisions a manager makes. [31]
Managerialism is the idea that professional managers should run organizations in line with organizational routines which produce controllable and measurable results. [1] [2] It applies the procedures of running a for-profit business to any organization, with an emphasis on control, [3] accountability, [4] measurement, strategic planning and the micromanagement of staff.
Managerial theories of the firm, as developed by William Baumol (1959 and 1962), Robin Marris (1964) and Oliver E. Williamson (1966), suggest that managers would seek to maximise their own utility and consider the implications of this for firm behavior in contrast to the profit-maximising case. (Baumol suggested that managers’ interests are ...
Management science (or managerial science) is a wide and interdisciplinary study of solving complex problems and making strategic decisions as it pertains to institutions, corporations, governments and other types of organizational entities.
Managerial finance is the branch of finance that concerns itself with the financial aspects of managerial decisions. [1] Finance addresses the ways in which organizations (and individuals) raise and allocate monetary resources over time, taking into account the risks entailed in their projects; Managerial finance, then, emphasizes the managerial application of these finance techniques and ...
The most significant recent direction in managerial accounting is throughput accounting; which recognizes the interdependencies of modern production processes. For any given product, customer or supplier, it is a tool to measure the contribution per unit of constrained resource.
Modigliani was awarded the 1985 Nobel Prize in Economics for this and other contributions. Miller was a professor at the University of Chicago when he was awarded the 1990 Nobel Prize in Economics, along with Harry Markowitz and William F. Sharpe , for their "work in the theory of financial economics", with Miller specifically cited for ...
In the beer game participants enact a four-stage supply chain. The task is to produce and deliver units of beer: the factory produces, and the other three stages deliver the beer units until it reaches the customer at the downstream end of the chain.