Managerial Economics

6 Major Steps in Controlling Process in Management

Last Modified: 7 February, 2023 Leave a Comment

Control is necessary to function to make all other managerial functions effective and such that the corporate goals are achieved effectively and efficiently. So, every businessman should understand the importance of a control process for his firm.

Controlling will help you to understand your ongoing operations and how to execute them effectively.

What are the Steps in Controlling Process in Management

There are six major steps to learn control process in business:

1. Establishment of Standards

The first step in the process is the setting up of control standards. Standards represent the criteria for judging or evaluating actual results.

Every objective, 1. plan, 2. program, 3. policy, budget, and procedure become a standard against which actual or expected performance could be measured.

Thus, control standards may be of the following kinds: quantitative-set in physical or monetary terms, such as cost standards, revenue standards, and quantitative- where it is not possible to be standards in quantitative.

So possible standards should be stated in quantitative terms.

There are some elements that affect the control process.

2. Measurement of Performance

After the standards are established, the next step is the measurement of actual performance.

Measurement of performance should be accurate, reliable, clear simple, and objective.

So, The actual performance is to be measured in units similar to those in which the standard is expressed. But where the standards are intangible.

For example, Goodwill, employee morale, motivation, industrial relationship, and many more.

The actual performance may be measured in terms of costs, profits, time, and others.

Thus, in some cases, Control Process techniques like personnel observation, opinion surveys, and other qualitative terms may be used to measure performance. It is better to measure the performance during the course of operations so that it may be known the standards are being met.

Example – Each part should be properly checked at the time of assembling the product. Control of the performance of the personnel manager is not easy because of the lack of Definite standards.

Thus, in such cases, indirect methods may be adapted to measure the performance, for example, members of strikes, etc.

An entrepreneur can do ideal control with effective communications in business.

3. Comparing Actual Performance with the Standards

Once the actual performance is measured, it is to be compared with the standards. Such a comparison will reveal the differences or deviations between actual and desired results.

Minor or irrelevant deviations may be ignored, and significant deviations must be carefully attended to. Determining the actual significance of any deviations is the important responsibility of the manager.

So, it is better for the manager to fix up the range of the tolerance limit within which normal or acceptable performance should lie.

A comparison of performance is easy in the case where quantitative standards have been set.

Also, good leadership skills will increase your effective control process in management.

Thus, In other cases where results are intangible, direct personal observation and reports may be used to identify defects or deficiencies in performance.

4. Analysis of Deviations

After the significant deviations have been identified, the manager should determine the reasons for such deviations.

There may be several reasons for the deviations.

Such as an error in the plan, effective structure, or error in the implementation of plans and defects in business operations.

The deviation may be of a temporary or permanent nature, or of increasing or dimension nature.

The deviation may be reported to the authority concerned for taking proper action.

5. Taking Corrective Action

When the distance between the standards and the actual performance has been identified and analyzed.

The next important step is to main take necessary corrective action.

The control process is said to be complete when corrective action is taken.

All most The corrective action essentially involves either correcting favorable deviations or altering future performance criteria.

In other words, corrective action includes corrective as well as preventive control measures such as follows:

Revisions of standards like replanning or resetting objectives or targets.
Reallocation or reclassification of tasks or duties.
Changing the organization structure.
Improving the current technique or Technology.
Providing positive motivation and incentives.
Training of the employees.
Streamlining the exciting information flow. Improving the current leadership style.

6. Feedback

Performance information that flows back to managers is known as feedback.

The tire object of any control system is to provide the required information through the process of feedback. So that future divisions can be corrected.

For this purpose, the information gathered through observation, reporting, or inspection of ongoing operations has to be analyzed and reviewed.

Thus, the more prompt such reviews and feedback are, the more effective will be controlling.

Powerful planning in the feedback step is helpful for gettings good reviews.

Sometimes, a forward-looking control can even predict the probable divisions well in advance and therefore preventive measures can be taken without waiting for the actual negative we went to occur.

7 Major Internal and External Forces of Organizational Change

Last Modified: 6 February, 2023 2 Comments

Organizations depend on and must interact with their external environment in order to survive and grow. They get inputs from their environment, transform them through various processes, and export output to the environment. There are many ways internal and external forces can drive organizational change.

internal and external forces of organizational change

They take want the environment gives and give what Environment wants.

Thus, organizations are constantly responding to their external environment by making necessary changes in their internal environment. Sometimes pressure for change arises from internal forces also.

For example, the marketing department wants new products requiring changes in production, purchase, and other departments.

Thus, pressure for change is created by internal and external forces.

Internal Forces of Organizational Change

The following are the internal factors affecting organizational change:

1. Changes in Managerial Personnel

The managers are replaced by new managers which are necessitated because of Retirement, promotion transfer, etc. Each manager brings his own ideas and way of working into the organization.

Therefore, the relationships more particularly informal ones, change because of organizational changes in managerial personnel.

Moreover, attitudes of the personnel change even though there is no change in them.

Thus, an organization has to change accordingly. Changes in organizations are quite fast when executives at the top change. No two executives have the same philosophy and style.

The new executive will follow his own style and will like to put into practice his own ideas and philosophy.

Thus, This may lead to important changes in the organization in terms of organization design, allocation of work to individuals, the delegation of authority installation of controls, and many more.

2. Changes in Operative Personal

The profile of the workforce is changing fast.

The new generation of workers has better educational qualifications, places greater emphasis on human values, and questions the authority of managers.

Their Behaviour is very complex and leading them to Organisational Goals is really a challenge.

The turnover of personnel also put a square stand on the organization and so it has to be handled properly by the organization.

3. Deficiencies in the Existing Structure

Changes may be needed to make up for deficiencies in the percent organizational set-up.

These deficiencies are maybe in the form of an unmanageable span of management.

A larger number of managerial level
Lack of coordination among various departments
Obstacles in communication multiplicity of committees
Lack of uniformity in policy decisions
and lack of cooperation between line and staff.

However, the need for change in such cases goes unrecognized until some major crisis occurs.

External Forces of Organizational Change

The following are the external forces affecting organizational change:

1. Political forces

Political forces within and outside the country have an important influence on large business houses.

Particularly in translational corporations, the relationship between Government and business houses has become very complex in modern times.

Generally, the interference of government in business has been tremendous in most countries.

Many laws have been passed to regulate the activities of the corporate sector the organizations have no control over the political and legal forces, but they have to adapt to meet the pressures of these forces.

2. Market Conditions

Market conditions are no more static. They are in the process of rapid change as the needs, desires, and expectations of the customers change frequently.

So there is tough competition between manufacturers and between suppliers in the market.

The market is flooded with new products and innovations every day. New media of advertisement and publicity are being used for influencing customers.

All these factors put pressure on the modern organization to change their Technologies and marketing strategies.

3. Technology Adoption

Technology is the main external force that calls for the management of organizational change.

The rate of technological change is better today than at any time in the past and technological changes are responsible for changing the nature of jobs working at all levels in the organization.

Computer technology and automation have made A Remarkable impact on the functioning of organizations in recent times of technological advancement.

Thus, the permanent feature of the business area and it continues to demand a manager’s attention is pressure for change US/UK firms have progressed rapidly because they are very fast in adopting new technological innovations.

4. Social Changes

Because of the spread of education, knowledge explosion and government efforts social changes are taking place at a fast speed.

Thus, the drive for social equality (equal opportunity for women, and equal pay for equal work) has passed new challenges for management.

The management has to follow social norms in shaping its employment, marketing, and other policies.

Thus, These are the internal and external factors affecting organizational change in business management.

What is the Nature of Organizational Change?

Last Modified: 6 February, 2023 3 Comments

Management will never be able to anticipate the future with total accuracy but proactive Planning can bring dynamics to the organization. Organizational Change is an important characteristic of most organizations nothing is permanent except change.

It is the duty of Management to manage change properly.

An organization must develop adaptability to change otherwise it will either be left behind or be swept away by the forces of change.

There are many forces that are acting on organizations that make the change not only desirable but also invertible.

These forces include technology, market forces, and the general socio-economic environment.

These are the external forces that necessitate the change in internal organizational variables like machinery, equipment, processes, policies and procedures, structural relationships

Characteristics of Organizational Change

The term change refers to any alteration which occurs in the overall work environment of an organization.

It implies alternations of structural relationships and the role of people in an organization.

Organizational change in management has the following features:

The whole organization tends to be affected by a change in any part of it. For example, the introduction of new technology in the production department would have an effect on the purchase, finance, marketing, and other departments.
Organizational change takes place in all parts of the organization. But at varying rates of speed and decrease of significance.
The change may be Reactive or Proactive. When change is bought about due to the pressure of external forces. It is called reactive change but proactive change is inserted by the management on its own to increase organizational effectiveness.
Organizational change may affect people, structure, technology, and other elements of the organization.
Organizational changes resulting from the pressure of forces. Which are both outside and inside the organization disturbing the exciting equilibrium in the organization.

Nature of Organizational Change

An organization is an open system which implies that it is in a constant interactional relationship with its external environment.

Any change in its external environment. Such as changes in customer tastes and preferences, competition economic policies of the government, and others. Make it imperative for the organizer to make changes in its internal system.

Further, the organization is composed of a number of subsystems that are also in the dynamic relationship of interaction and interdependence with each other. Any organizational change in a subsystem creates a chain of changes throughout the entire system.

For instance, if the purchasing manager of a company leaves the organization and the purchasing department fails to get timely supplies of raw materials, it would affect the working of production, marketing, finance, and other departments.

Organizational Change may be proactive and reactive for example when management introduces a new labor welfare scheme to improve employee motivation.

It is a proactive change if such a scheme is introduced due to pressure from the trade union it is a reactive change.

Proactive change is initiated by an organization because it is identified as desirable whereas reactive change is implemented by an organization under pressure from environmental factors. It is to be effective in the future.

Nature of Organization

Organizational change management disturbs the exciting equilibrium of the enterprise.

In other words, the relationship of organizational members with the internal and external environment is disturbed. Change compares people to adjust to the requirements of the situation.

Thus, change brings about a new equilibrium in the organization.

Sometimes, organizational changes in one subsystem trigger a sequence of changes in other subsystems. This is not a Domino effect, for instance, the creation of the Human Resources Development Department [HRDD] in a company may lead to the creation of new managerial posts and the reallocation of duties in several departments.

What are the Merits and Demerits of Decentralization?

Last Modified: 6 February, 2023 Leave a Comment

Decentralization means consultant delegation of authority throughout the organization. It is pushing down authority and power decision-making to the lower levels of the business organization.

advantages and disadvantages of decentralization — merits and demerits of decentralization

Decentralization is very effective in the day-by-day operations of a business firm.

Merits of Decentralization

It motivates subordinates to high goals.
It helps in fast and accurate decision-making at the point nearest to the place of actual operations.
Decentralization reduces the burden of top executives.
It facilitates the diversification of product lines.
This leads to effective supervision and control because managers at low levels have adequate schedules and authority to make changes in work assignments, change production schedules, recommend promotions, and take disciplinary action. It permits management by objectives and self-control.
It contributes to the survival and growth of the organization.

Demerits or Limitations of Decentralization

Decentralization creates damage and top management May lose Central over the functioning of different departments.
This can not be possible due to external factors like Market uncertainty and trade union movement, and government interventions.
It is not suitable for small firms having narrow product lines it is also not suitable for specialized services like Accounting, finance research, development, etc.
This is expensive because it increases administrative expenses.
It may lead to Undesirable competition and conflict among different units of the Enterprise because some units may attempt to optimize performance at the cost of others in order to increase their own profitability.

Thus, there are some pros and cons of using a decentralization system in a business enterprise.

Difference Between Centralization and Decentralization in Management

Last Modified: 6 February, 2023 2 Comments

Centralization is the Systematic and consistent reservation of authority at the Central point within the organization. Also, Decentralization is the tendency to disperse decision-making authority in an organized structure.

difference between centralization and decentralization in management

Centralization and decentralization both are principles of management.

What is Centralization in Management?

Centralization is the reservation or withholding of authority by individual managers within the organization.

Thus, in centralization, the little delegation of authority is the rule. which means that power and discretion are concentrated in Few executives.

Control and decision-making are withheld and reside at the top level of management.

Centralization may be Essential and Practicable for small organizations to survive in a highly competitive world.

But as the organization grows more Complex in terms of its increasing size, The interdependence of work-inflow-completeness of tasks, and Spatial physical Barriers within and among Groups.

It is necessary that the decision-making Centre should be moved to the operating level for achieving Efficiency.

Thus, the largest the size of an organization, the more urgent the need for decentralization.

However, this does not mean that centralization is bad and decentralization is good.

What is Decentralization in Management?

Decentralization means consultant delegation of authority throughout the organization.

It is pushing down authority and power decision-making to the lower levels of the organization.

The centers of decision-making are dispersed throughout the organization.

The Essence of decentralization is the transference of authority from a higher level to a low level.

Differences between Delegation and Decentralization

Though decentralization is closely related to delegation the following are some points of difference between the two concepts:

Delegation refers to the transfer of authority from one individual to another, while decentralization refers to the systematic delegation of authority to all units in an organization widely. It means that decentralization is consistent and wide dispersal of authority throughout the organization.
The Delegation Can take place from one person to another and be a complete process. However, decentralization is complete only when the fullest possible delegation is made to all or most of the people up to the lower level in the organization.
Delegation is between a superior and a subordinate, while decentralization is organisation-wise delegation between top management and departments of divisions.
Delegation is necessary for effective management because no individual manager can afford to look after everything. However, decentralization is optionally necessitated by the growth of the organization.

Thus, centralization and decentralization, are different from their control and decision-making process of business.

27 Major Roles and Responsibilities of Managerial Economist

Last Modified: 6 August, 2023 Leave a Comment

In today’s complex and ever-changing business environment, the role of a managerial economist has become increasingly critical. A managerial economist is a professional who combines economic principles and analytical skills to assist organizations in making informed decisions that contribute to their growth and success.

What are the roles and responsibilities of managerial economist

By analyzing data, forecasting trends, and evaluating various economic factors, managerial economists play a crucial role in developing effective business strategies and optimizing resource allocation.

If the managerial economist brings certainty to the managerial decision by estimating his special knowledge, the ability to manage uncertainty with technical information. Then he will be very successful in his work.

Almost every managerial economist provides useful information in future planning and financial decisions to high officials through his special knowledge and management technique.

What are the Roles and Responsibilities of a Managerial Economist?

Following are the comprehensive roles and responsibilities of a managerial economist, highlighting their significance in driving businesses forward.

1. Analysis of Business Operation

The meaning of internal factors or business activities is from those who come under a particular religion or within its working area.

The use of business management is controlled by them, such as production quantity determined pricing, expansion, and contraction of the business production method used in the firm whether to use installed capacity.

Finance capital and profit management and business use and internal elements come under this case.

Managerial economists play a different role in managing management in the following areas:

Determining the budget for profit and sales volume in the coming years.
For future purposes, the quantity of production quantity should be determined by the goods schedules and stock policy.
In the next years, what changes should be made in the price policy and wage policies?
What is the firm’s credit policy in the future, and what are the changes in it?
In the upcoming years, the business should be expanded and contracted, if yes, how much?
How many installed capacities should be used in the future? and how many of the instruments should be applied, so that the tools can be used?
What steps should be taken to cut costs?
How much cash will be available in the quarter of the coming year, half-yearly. and suggest how to reduce the deficiency and how to use excessive, etc.

2. Increase in Profit Earning Capacity

Managerial economists can increase the state of profit by giving useful advice to managers.

The officer or officials who are appointed to give advice on financial matters to the highest management are called managerial economists.

3. Cost and Pricing Analysis

Managerial economists play a crucial role in conducting cost and pricing analyses.

By understanding the cost structure of a business, they can recommend optimal pricing strategies that strike a balance between maximizing profits and maintaining competitiveness.

This involves analyzing production costs, variable and fixed costs, and economies of scale, ensuring that pricing decisions align with the organization’s objectives and market demand.

4. Useful Advice in Economic Matters

Providing financial advice provides assistance to managers in planning and decision-making.

Managerial Economics presents various types of advice and different types of data to assist managers in planning and decision-making in order to take the right decision in the right direction.

5. Establishing a High Reputation

The managerial economist should develop a high reputation in the firm by building his skill in inefficiency, integrity, successful predictions, and firmness in the firm.

So, that he can find a suitable place for his firm. if he wishes to manage the financial matters provided by him. Gets support, The complex financial problems are solved by presenting them.

Then the managers will awaken confidence and faith. If he is skilled and unsuccessful in the above work. He will sit on his prestige and place.

So, there is a need for great vigilance and integrity.

6. Demand Forecasting and Market Research

To aid in strategic decision-making, managerial economists conduct demand forecasting and market research.

They assess customer preferences, competitor behavior, and demographic trends to identify potential target markets and emerging consumer demands.

This analysis helps businesses tailor their products and services to meet customer needs and gain a competitive advantage.

7. Reduction in Risks of Uncertainties

Uncertainty is an inherent part of business operations, and managerial economists assist organizations in managing risk and uncertainty effectively.

They employ risk analysis models and conduct scenario-based assessments to evaluate potential outcomes and devise risk mitigation strategies.

This approach safeguards businesses from potential losses and equips them to navigate uncertain economic environments.

8. Budgeting and Financial Planning

Effective budgeting and financial planning are vital for any organization’s success.

Managerial economists assist in formulating comprehensive financial plans by considering economic variables and market conditions.

By aligning financial goals with economic realities, they ensure that the organization’s budget is realistic and aligned with its strategic objectives.

9. Supply Chain Management

Managerial economists play a critical role in optimizing supply chain operations.

By analyzing supply and demand dynamics, they help businesses streamline inventory management, reduce costs, and enhance overall efficiency.

10. Close Contact with the Source of Economic Information and Experts

The managerial economist can only play his own responsibility

Generally, When all those financial information sources and such experts keep close contact, provide financial information affecting the passion firms, or provide the necessary expert opinion.

Not only this, but adequate financial information will also be available as soon as possible, and with close contact with experts, it will be able to make to bring more accuracy in its analysis and conclusions which are useful in policy and future Business planning.

11. Investment Appraisal and Capital Budgeting

A critical aspect of managerial economics is investment appraisal and capital budgeting.

Managerial economists evaluate potential investment opportunities, analyzing the costs, risks, and expected returns associated with each option.

This enables organizations to make informed decisions about allocating financial resources to projects that yield the highest returns and align with their long-term goals.

12. Trustworthy Forecasting

Managerial economists make useful information on future business planning to managers by guessing the firm’s value, sales, capital, and goods tables.

Market research can be made to improve the firm’s products. The operation and organization of any business firm depend on internal and external elements.

If managerial economists can analyze these elements and adjust their effects to a managerial decision, then not only will uncertainties decrease but will lead to the successful operation and rapid progress of the professional firm.

13. Marketing and Sales Analysis

By analyzing consumer behavior and market trends, managerial economists contribute to the development of effective marketing and sales strategies, leading to improved customer engagement and higher revenues.

14. Ethical Decision-Making

Managerial economists must consider ethical implications in their analyses and recommendations.

They ensure that business decisions align with ethical standards and sustainable practices.

15. Economic Operation

The managerial economist can promote financial flexibility in different areas of the firm and encourage frugalness in each sector so that the firm’s friendly operation is possible.

16. Successful Forecasting

There is an element of uncertainty in the future in front of every firm and the managerial economist is responsible.

what are the major functions of managerial economist

That can reduce the risk by giving proper management of values to business management.

by eliminating the future and making sure that the earlier estimation has been corrected and that it would be easy to manage and believe in management.

Thus, The business continues to have the effect of new external conditions. Thus, the managerial economist should continue to prescribe the revised forecasts.

So, the management can make the desired adjustments in future firms’ plans and policy decisions according to changing circumstances.

17. Efforts for Reasonable Return of Capital Employed

The aim of every business firm is to make a profit. Only the working person attempts to achieve this goal.

If business decisions and future business planning times are not conducive.

Then the managerial economists and managers have to take responsibility for themselves.

And his skills are reflected in him because he is able to increase the firm profitability through the constant use of pricing and production policies and get the proper benefit from the firm’s appropriated capital.

Thus, If the firm is unable to get the proper benefit of capital adequacy, it will lose the trust of managers and its reputation will be less.

Not only this, but the firm also will not have its superiority either.

18. Reduction in Production and Distribution Costs

By analyzing the internal and external conditions of the firm, the managerial economist reduces the production and distribution of appropriate adjustments.

19. Monopoly and Oligopoly Analysis

Managerial economists often study market structures, including monopolies and oligopolies.

They analyze the impact of market dominance on consumer welfare, pricing strategies, and overall market efficiency.

These analyses provide valuable insights for policymakers and regulators in ensuring fair competition and consumer protection.

20. Increase in Competition Power of the Firm

Reliable forecasts of the firm are enhanced by the lack of friendly operation and cost, and the firm’s reputation is increased in self-power.

So, the firm has more profits than competing firms.

21. Environmental Sustainability and Corporate Social Responsibility

With increasing concerns about environmental sustainability and corporate social responsibility, managerial economists are also tasked with analyzing the economic implications of adopting environmentally friendly practices and socially responsible initiatives.

They assess the costs and benefits of sustainable business practices, guiding organizations toward greener strategies that align with their long-term goals and foster positive public perception.

22. Implementation of Government policies

The decisions of governments and regulatory bodies can significantly impact businesses. Managerial economists closely monitor government policies and regulations that affect their industry.

They provide valuable insights to the management team regarding how these policies may influence the company’s operations, market positioning, and profitability.

Due to increasing political intervention in business and industry, managerial economists can help the firm to protect the government from harming the government’s related economic policies.

In large business firms, Large industrialists and businessmen are trying to enjoy their services. Decision and planning are both difficult tasks in the atmosphere of uncertainties in the business area.

23. Sweet Relations

It is the duty of a managerial economist to have a common relationship. Also among all the workers in the firm who are employed.

In this order not only to work in the atmosphere of mental peace and its skill comes. To get cooperation and not to oppose the trend.

Thus, It is clear that the managerial economist should be cautious of the above liabilities. It should provide specialist service close to integrity, efficiency, and realism in its work.

Which is not only a threat to its own employees. and can push the reputation of economists of all management.

24. Coordination with External Situations

It helps in keeping pace with the conditions and is useful in adjusting monetary policy, fiscal policy, and price policy in the firm’s own policies.

25. Economic Impact Studies

Managerial economists conduct economic impact studies to assess the consequences of various business decisions on the broader economy, including employment, taxes, and overall economic growth.

26. Analysis of External Factors

Business firm decisions do not affect internal factors only. But also affected by External Factors.

The external conditions are neither under the control of the firm nor in their working area.

For example, business cycles, government policies, monetary policy, fiscal policy, national income, foreign trade policy, and the value of a government of labor law, all this is harmful and affects the firm’s future planning and decisions.

The managerial economist can continue his studies by advising continuous study and comprehensive analysis of these factors and tell the highest management in making policies necessary adjustments.

In what markets, are the demands, and how the market of the firm’s products is likely to be?
What are the trends of the national economy and the international economy? And what are the chances of change soon?
What is the state of the business cycle and what will be its appearance and speed soon?
What is the probability of the supply of raw materials and the price? And what are the possibilities they have soon?
Determination of future demand and price-related possibilities of the built route.
What is the cost and availability of creditworthiness in the future?
What are the prospects of changes in future economic policies and controls?
How is the competition event or the possibility of growth in business in the future?
What are the prospects for the availability and cost of fuel or power?
What will be the prospects and speed of change in the future of national income and what will be the change in the production and demand of the firm?

27. Specific Functions of Managerial Economist

The managerial economist goes into future decisions by analyzing the internal elements and external elements in professional firms.

But nowadays his work has increased and the statements do a specific job.

Which provides benefits to the government, businessmen, individuals, and industrialists, including the following:

Surveying different markets.
Predicting the industry’s total demand for business.
Analyzing pricing in different industries, and finding a suitable solution to the problem.
Analysis of valuables and actions in competitive firms.
Evaluation and analysis of capital projects in productive work.
Determination of production schedules and goods tables in the industry.
Making various appropriation decisions available to financial instruments.
Analysis of agriculture, industry, transportation, or other development work.
Analyze the development of the economy.
Comparative analysis of projects.
Forecasting external conditions affecting a professional firm.

The managerial economist also offers general financial information to the firm’s managers besides specific work.

Which is useful for immediate guidance like production fees, import duties, export duties, and other tax rates.

Because the value of firms is what is the value of the competing firms. How much is the production and sale of them?

So, what is the customer’s attitude towards the production of the firm? What is the potential population of the country, region, or various markets? What is the comparative rate of transport? All information is useful for managers.

Conclusion

The roles and responsibilities of a managerial economist encompass a wide range of functions that are integral to an organization’s success.

By combining economic analysis, forecasting, and strategic decision-making, they provide valuable insights that guide businesses through economic challenges and opportunities.

Their contributions extend beyond financial optimization, as they also play a vital role in shaping public policy and government relations.

As businesses continue to navigate a dynamic economic landscape, the need for managerial economists will remain paramount in driving sustainable growth and competitiveness.