Short note on managerial decision making in business economics
Answers
Managerial decision making:
This refers to the act of making decisions regarding something after consideration. After assessing your opinion, decision, judgement, position, etc.
One may choose from several products, acts, or ideas, etc, and therefore taking action.
Business economics refers to a field of applied economics which studies the financial, organizational, environmental issues faced by corporations and the market related scenario as well.
Managerial economics deals with the applied study of economic concepts, its tools, its theories, methods to solve problem, pragmatically.
Managerial economics deals with the application of the economic concepts,theories,tools and methodologies to solve practical problems in a business.
In business decision making, managerial economic helps to assess the pros and cons of situations and make a correct decision, at a correct time. It helps to do a cost benefit analysis and to make a contingency plan. It helps to use time effectively and come up with methods of solving issues, and increase the productivity.