Course:Master of Science (MSc) in Management
Due Date:March 8, 2013
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Executive Summary 3 Chapter 1: Introduction 4 i. Background 4 ii. Objectives, research questions and research hypotheses 7 Chapter 2: Literature Review 8 1. Major Decisions made in Dell Computer Corporation 8 2. Research frameworks 13 Reference 14
The focus of the report in question is on discussing a research topic – Imperatives of managerial decision-making on the basis of the concepts and principles of Managerial Economics. Report is based on the following outline:
* Chapter one: introduction covering the background of the topic containing research objectives and scopes and identifies research questions. * Chapter two: Literature review covering current knowledge that relates to the research topic. * References.
Growing complexity of business decision-making process due to changing business environment and market conditions, increase of the need to use economic logic, basic theories and tools of economic analysis in the business decision-making process and rapid increase in the need of professionally equipped managerial manpower in every field has caused the emergence of Managerial Economics. In general, Economics itself is defined as a social science, which studies human behavior in relation to optimizing allocation of available resources to achieve set goals (Wilkinson N., 2005). In turn, Managerial Economics with the application of Economic theories and techniques of Decision Sciences, such as Mathematical Economics and Econometrics, analyzes business problems, evaluates business options and opportunities to achieve appropriate (efficient) business decision (Wilkinson N., 2005). Managerial Economics has the following relation with Economic Theory: as economic theories are based on the model with certain simplifying assumptions, Managerial Economics evaluates economic relationships with the help of Decision Sciences (mathematical models and applied statistical tools) based on actual data to explain and forecast economic behavior of organizations. To be more precise in the field of microeconomics internal operational issues are considered by the managers of the firms such as what to produce and how much, what kind of technology to choose, what would be the pricing strategy, how to promote sales, how to face price competition, how to decide on new investments and manage profits and how to manage inventory of both finished...