Define concept of managerial decision-making, Managerial Economics

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Define concept of Managerial decision-making

Managerial decision-making draws on economic concepts as well as techniques and tools of analysis provided by decision sciences. The main categories of these techniques and tools are optimisation, forecasting, statistical estimation, game theory and numerical analysis. Most of these methodologies are technical. Some of them are briefly explained below to explain how tools of decision sciences are used in managerial decision-making. 


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