Operational research is the application of mathematical techniques to solving business problems. Business forecasting could provide information for devising employment norms of the sales force. 3. Managerial Economics and Traditional Economics: There is close affinity between managerial economics and operational research. For example, the economic development of a nation depends not only on economic factors but also on historical, political and sociological factors. It provides all the data required for business decisions and forward planning. It has, however, the sanction neither of Economics nor of marketing principles as both stresses on the protection of long run interests of the firm. 6. has implications for forecasting general business conditions. After understanding the basic concept of mathematics, students need to correlate the importance and concept of mathematics with other subjects, so as to understand other subjects easily and establishing relationship. The role of statistics is very vital in Economics. D.C. Hague has stated, "Managerial Economics uses the logic of Economics, Mathematics and Statistics to provide effective ways of thinking about business decision problems.". Managerial economics gives special emphasis to the problems involving maximisation of profits and minimisation of costs, while operational research focuses attention on the concept of optimisation. Macro-economics, on the other hand, is aggregate in character and deals with entire economy as a unit of study or deals with entire society behavior. Of the three basic aspects of pricing viz. Managerial economics is an academic subject which aims at understanding and analysing problems and decision-making by a firm. Managerial economics relationship with other disciplines: presentation by Munijyothish 2. It may be viewed as a special branch of economics bridging the gulf between pure economic theory and managerial practice. Operations personnel have four basic responsibilities to fulfill while producing a firm's products or services: [Raymond R. Mayor, 1975 p. 3], For this, the personnel have to deal with a number of inter-related areas including production planning, production control, quality control, methods analysis, materials handling, plant layout, inventory control, work management, and wage incentives. Managerial economics relationship with other disciplines: • Many new subjects have evolved in recent years due … Economic thought dates back to ancient Athens with Plato and Aristotle both describing fledgling economic models in their writings. Managerial economics is concerned with efficient use of scarce resources. If we take the subject in isolation, our study would not be useful. A knowledge of Economics would help operations personnel not only to economize their production operations but also help them. Accounting can be defined as the recording of financial operations of a business firm. About 100 years ago, German researchers Dilthey and Weber came up with the categories in use today: Natural Sciences, Social Sciences, and Humanities. Economics, like all other sciences, studies the relationship between cause and effect. Festival of Sacrifice: The Past and Present of the Islamic Holiday of Eid al-Adha. value theory, price theory, and pricing techniques, the first two are the exclusive domain of Economics, while the third one forms part of both Managerial Economics and marketing. Managerial Economics helps marketing in two ways. Economics has various things common with political science. Managerial economics makes use of correlation and multiple regression in business problems involving some kind of cause and effect relationship. Techniques such as linear programming, game theory, etc. Elected politicians could then weigh up this economic information and decide. Correlation of Mathematics with other disciplines. The modern theory of income, employment, trade cycles, etc.
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