Economists finance manager functional areas of MANAGEMENT, Macroeconomics

Assignment Help:

The primary functions of economists are to teach, contribute research and empirical findings and formulate policies. Most of the professional economists are associated with academic institutions and research institutes. Many of them are involved in both teaching and in scientific research. A limited number are associated with the corporate sector.

In many companies economists act as advisors to functional managers in finance, marketing, production, personnel and in other departments.

A knowledge of economics is essential for sound policy making. Decision makers who do not understand the implications of their actions are not likely to reach their goals. Till recently, the functional managers themselves were expected to possess the skills necessary for dealing with the ever arising economic problems. Now-a-days there is a growing demand for specialist economists in the corporate sector to deal with the everchanging economic environment in the wake of liberalization and globalization of the Indian economy. Often, outside consultants are brought in to prepare corporate studies as and when the need arises.

A finance manager may call upon the economist for forecasts relating to the money and capital market, inflation rates, and other trends in the economy. The marketing manager might need the expertise in forecasting market demand, evaluating the impact of price changes and advertising, competitive analysis, etc. Professional economists can help production managers in sales forecasting, inventory control and related decisions. They can associate with the personal executives in preparing manpower plans and help in salary fixations. Finally, as we have discussed, close co-operation between economists and corporate planners is essential in the preparation and execution of corporate plans.


Related Discussions:- Economists finance manager functional areas of MANAGEMENT

Aggregate supply and the as curve, Aggregate supply and the AS curve ...

Aggregate supply and the AS curve The AS curve is the aggregate supply as a function of P. It is horizontal when thesupply is low and upward sloping when the s

#title., it has been argued that economic development of developing countri...

it has been argued that economic development of developing countries has been held back by a persistent fall in the terms of trade of developing countries over the long run

Economy, Compare Classical economic theory to Keynesian economic theory. Wh...

Compare Classical economic theory to Keynesian economic theory. Which approach, if either is the US currently applying and what have been the effects of such policies?

Economic performance, This 24 year 1 quarter period should offer sufficient...

This 24 year 1 quarter period should offer sufficient insight into the short term and long term correlation between the variables. Figure - A graph showing the trend of

Best estimate of real gdp, Consumption = $3 trillion, Investment spending =...

Consumption = $3 trillion, Investment spending =$2 trillion, Government purchases = $2 trillion, net exports via the ROW is $0 trillion. 1. What is the best estimate of real GDP

What are the two main costs of economic growth, What are the two main costs...

What are the two main costs of economic growth The two main costs of economic growth are resource depletion and environmental damage. Economic activity needs factor inp

Sales tax on restaurant food, If you were a restaurant owner and you knew t...

If you were a restaurant owner and you knew that the demand for your restaurant was elastic, how would you feel about a sales tax on restaurant food? Explain.

Energy and the Environment, Following on papers by Pacala and Socolow,1 The...

Following on papers by Pacala and Socolow,1 The Carbon Mitigation Initiative at Princeton University, http://cmi.princeton.edu/ has summarized carbon stabilization strategies at

Events x and y are mutually exclusive, The events X and Y are mutually excl...

The events X and Y are mutually exclusive. Suppose P(X)=.05 and P(Y) =.02. What is the probability of either X or Y occurring? What is not probability of X nor Y happens?

Kernel density estimator to plot the two densities, The data is posted on B...

The data is posted on Blackboard. Download the data lfs4.dta on your personal computer. This data is from the Labour Force Survey 2003. In STATA, add enough memory to open the data

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd