Unit – I Nature & Scope of Managerial Economics Contents Fundamental Economics Concepts: Opportunity Cost‚ Discounting principle‚ Time perspective‚ Incremental reasoning‚ Equi-marginal concept. Marginal concept in economics. Economics of information: Risk‚ Uncertainty‚ Asymmetry of information‚ Adverse Selection‚ Market Signaling. The theory of firm; Econometric Models & Economic optimization. ____________________________________________________________________________________
Premium Economics
CONTENTS: LO1 1.1 Current scale‚ scope and diversity in hospitality industry (P1)……………………….2 1.2 Structure of different hospitality organizations (P2)……………………………………...6 1.3 Hospitality role and professional bodies (P3)…………………………………………………8 LO2 2.1 Staffing requirements for different hospitality industry (P4) …………..……………10 2.2 Role‚ responsibilities and qualification required for hospitality staff (P5)……..11 LO3 3.1 Operational‚ managerial and legislative issue resulted from recent developments
Premium Hotel Hospitality industry Organizational structure
THE NATURE‚ SCOPE AND METHODS OF ECONOMICS THE INDIVIDUAL AND SOCIETY:- Most introductory textbooks of Economics begin by asking the question ‘What is Economics about?’ Although Economics is a vast subject and precise definitions are usually complex and controversial‚ it is not a difficult matter to give a simple and sensible answer to this basic question. Economics is essentially a study of the ways in which people provide for their well-being. Economists are concerned with the study of
Free Economics
Chapter 01 The Scope and Challenge of International Marketing True / False Questions 1. (p. 3) Global commerce thrives during peacetime. TRUE Difficulty: Easy Type: Knowledge 2. (p. 4) To date‚ the lesson for international commerce in the 21st century is "expect the unexpected." TRUE Difficulty: Easy Type: Knowledge 3. (p. 5) Today‚ every American business is international. TRUE Difficulty: Moderate Type: Comprehension 4. (p. 5) One event that
Premium Marketing
UNIT-1 THE NATURE AND SCOPE OF MANAGERIAL ECONOMICS Nature Of Managerial Economics Managerial Economics and Business economics are the two terms‚ which‚ at times have been used interchangeably. Of late‚ however‚ the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics. The prime function of a management executive in a business organization is decision-making and forward planning. Decision-making means the process of
Premium Marginal cost Pricing Supply and demand
different mechanical (flexible and more powerful equipment) and electronic (enhanced reliability and direct quality control) aspects of these technologies‚ fostered the confidence of engineers and tunnellers and‚ ultimately‚ allowed the entire tunnel industry to approach complex excavations in a safe and cost effective fashion. This paper outlines the main features of commercially available soil improvement techniques‚ with particular emphasis on permeation grouting and jet grouting. These two technologies
Premium Grout Soil Cement
understanding and commitment‚ strategy-implementation efforts face major problems. Implementing strategy affects an organization from top to bottom; it impacts all the functional and divisional areas of a business. It is beyond the purpose and scope of this text to examine all the business administration concepts and tools important in strategy implementation. Even the most technically perfect strategic plan will serve little purpose if it is not implemented. Many organizations tend to spend
Premium Strategic management Strategic planning
MKT 750 FINAL TERM EXAMINATION ANSWERS PROCTER & GAMBLE INC. SCOPE: CASE STUDY ON PAGES 251 – 262 PREPARED BY: xxxxxxxxxx STUDENT ID: xxxxxxxxxx GROUP: xxxxxxxxx PREPARED FOR: ASSOC. PROF. DR FAIZAH ABD RAHIM This case is about P&G Inc.‚ which is one of the most successful consumer goods companies in the world. The P&G community consists of nearly 98‚000 people working in almost 80 countries worldwide. What began as a small‚ family-operated Soap and Candle Company now provides
Premium Marketing
A VERY INTRIGUING PACKAGE ABSTRACT: VIP industry has sway for over two decades in the organized luggage market. Its customers perceive value for money. VIP’s economically price brand‚ Alfa sells 1.5 lakhs pieces a month. Market Research shows that an average Indian family pulls out the suitcases merely for a outstation travel a few times a year. VIP has a wide range of market segment starting from Rs 295 to Rs 6000 a piece. Competition from the unorganized sector hurts
Premium Marketing
Scope creep is the term project management uses to describe uncontrolled changes or continuous growth in a project’s scope. Typically it happens when the scope of a project is not properly defined‚ documented or controlled. There are many reasons scope creep can occur. Some of the most common ones are poor requirement analysis‚ underestimating the complexity of the projects‚ poor communication between parties‚ and a weak project manager or executive sponsor. An example of a project where scope creep
Premium