Topic – Managerial and Decision Economics
Author- Zeal Kavi
Literature review:
1.The Importance of Planned Activity in Forecasting Consumer Focus
This qualitative study looked into how planned behaviour could be used to predict customer orientation in the Iranian petrol sector. 17 specialists from the National Iranian Gas Company were chosen as participants based on theoretical saturation and selective sampling. In-depth semi-structured interviews were used to obtain the data, which were then analysed using theme. The findings demonstrated the importance of behavioural attitudes favourable behaviour, enjoyable behaviour, behaviour appraisal, subjective norms peer pressure, family pressure, and social pressure, perceived behavioural control past experiences, anticipation of future events, environmental norms, knowledge current knowledge, behaviour-related knowledge, education, ethical norms responsibility, ethical principles, resilience, and discipline organisation, order, and streamlining). Results are beneficial. (Hasanbarog Zhila Mahrooz etal ,2022)
2. CSR in Polish chemical sector firms’ mission statements (content analysis results)
Chemical businesses face enormous reputational risk because of the unique nature of their activities. Adopting a CSR policy is one method to lessen this risk. CSR can be incorporated into the business plan and promoted through the mission statement. The article’s goal was to ascertain the following: 1. the types of values that Polish companies in the chemical industry display in their mission statements; 2. whether these companies do so; and 3. whether these companies differ from other Polish companies in the chemical industry in terms of displaying CSR in mission statements. The research was conducted using the tool, which allowed for content analysis of the data gathered for the study. 197 missions altogether (Bortnowska Hanna & Seiler Bartosz, 2022) Top of Form
3. Kaizen practises’ focus on improving the quality of human resources
Long known as an improvement philosophy that starts with tiny, frequent adjustments before moving on to bigger, more lasting changes in production, kaizen. To ensure that the manufacturing conditions and processes are continuously enhanced, these modifications are the result of staff suggestions and innovative thinking. Yet, Kaizen not only inspires workers to use innovative thinking strategies and talents, but it also supports the growth of their abilities, personalities, and productive work habits. The goal of this study is to provide a novel method for enhancing the quality of human resources using the Kaizen concept as a proactive and long-lasting strategy to enhance job performance. With analytical research on the connection between implementing Kaizen, improving the quality of human resources, and production efficiency, as well as exploratory research on specific manufacturing cases (Minh Nguyen Dat & Quyen Nguyen Thi Hanh, 2022)
4. Advantages, difficulties, and possibilities of business sustainability
Corporate sustainability has been more important in recent years, but sadly there is still misunderstanding about what it means for businesses and academia. The goal of this review of the literature is to highlight the most pertinent current discoveries about the advantages, difficulties, and prospects of corporate sustainability while also analysing concepts and models relevant to corporate sustainability. Initially, a number of advantages are listed, including enhanced organisation quality, reputation, and image. Second, issues like the high investment costs and the neglect of taking cultural aspects, teamwork, and innovation into account are acknowledged. The adoption of sustainability through life cycle management, the “Eden Project,” and analysis of strengths, weaknesses, opportunities, and threats (SWOT) are a few examples of opportunities that are then offered. Lastly, the need to succeed (Jacobo-Hernandez Carlos Armando etal 2021)
5. A link between foreign direct investment, financial development, and economic growth in the Next-11 Nations
In the Next 11 countries, this study looks into the connections between FDI, economic expansion, and financial development. The panel data collected from the Next 11 nations from 1985 to 2019 were appropriately analysed utilising the Pooled Mean Group (PMG) estimate method and the Autoregressive Distributed Lag model approach (ARDL). The findings show that, in the long run, economic growth and financial development had an impact on FDI flows to the nations under consideration between 1985 and 2019, but that there was little evidence of this in the short term. The contribution of this work offers a clearer comprehension of the dynamic interaction.( Louail Bilal & Zouita Mohamed Salah, 2021.)
6. Advantages, difficulties, and possibilities of business sustainability
Corporate sustainability has been more important in recent years, but sadly there is still misunderstanding about what it means for businesses and academia. The goal of this review of the literature is to highlight the most pertinent current discoveries about the advantages, difficulties, and prospects of corporate sustainability while also analysing concepts and models relevant to corporate sustainability. Initially, a number of advantages are listed, including enhanced organisation quality, reputation, and image. Second, issues like the high investment costs and the neglect of taking cultural aspects, teamwork, and innovation into account are acknowledged. The “Eden Project,” the application of sustainability through life cycle management, and a study of strengths, weaknesses, opportunities, and threats are then presented as opportunities (SWOT) (Jacobo-Hernandez Carlos Armando etal, 2021.)
7. The COVID-19 pandemic’s effects on small businesses are illustrated through the business clients of a manufacturing company.
The article’s objective is to demonstrate how the COVID-19 epidemic has affected small businesses’ operations using the example of corporate clients of a manufacturing company. The page discusses current events and challenges related to the COVID-19 worldwide pandemic, which began in March 2020. The theoretical section demonstrates how the pandemic issue has affected business operations. In the empirical section, it is shown how management actions made during the COVID-19 epidemic affected suppliers, customers, employees, and the paper manufacturer. The study’s findings may serve as a source. (Danielak Wiesław, 2021.)
8. The Usage of Work-from-Home (WFH) for Post-Epidemic Planning and Management: Some Aspects
Several businesses want to keep using work-from-home (also known as “remote work”) going forward after the COVID-19 epidemic saw such broad use of it. This study includes a review of the literature and the findings of an unique survey, both of which highlight important factors for planners and managers to take into account. The following topics are highlighted: providing remote workers with the information they require for their jobs; realising that some tasks, such as those with vague specifications and those involving significant change or novelty, may be harder to manage in WFH; and problems with morale and motivation.
9. Under the framework of managers’ professional burnout syndrome are coping mechanisms for failure.
The study’s findings on factors that predict professional burnout syndrome among men and women in management positions are presented in the paper. More than 2000 persons from a range of workplaces participated in the study. 198 participants with a high likelihood of experiencing the burnout symptoms were eligible for the investigation of the content and structure of the burnout syndrome. Regression analysis was used to identify the major structural elements of the condition, highlighting the importance of defensiveness and how to deal with failure in terms of reinforcing symptoms. Some ideas for prevention measures against the burnout syndrome which are concentrated on strenghtening the skill of coping with failure have been presented.( Ronginska Tatiana & Doliński Artur, 2020)
10. Relational approaches to resolving conflict in a team environment
The essay suggests taking relational management approaches into account when dealing with challenging employee team dynamics. The four different relational style kinds are partner, handler, friend, and coach. 261 middle and senior managers from one of Poland’s large enterprises were included in the study. Over the course of the training contract, the research was conducted for two years. In order to identify the relationship style of the surveyed managers, the paper summarises the findings of relational style study conducted throughout the training phase. ( Ronginska Tatiana & Doliński Artur, 2019)
Conclusion
In conclusion, Managerial economics plays a significant role in business organizations. It is very much effective to the management in decision making and forward planning in relation the internal operations of a business, as it gives clear understanding of market conditions as well as analytical tools through which the competitions prevailing in the markets can be study, at the same time the market behaviour can be predicted. It enables to analyse an information about the business environment in which a business is managed .In this way, managerial economics contributes to the profitable growth of a business and effective solutions of business problems by changing the economic scenario in to the feasible business opportunities for business organizations. It thus enables managers to optimize business decisions involving them in the activity of forward planning effectively and efficiently
References
1. Hasanbarog Zhila Mahrooz & Rasouli Eshaq & Ardabili Farzad Sattari & Azadi Behnam, 2022. “The Role of Planned Behavior in Predicting Custome Orientation,” Management, Sciendo, December. University of Zielona Góra, Poland
2.Bortnowska Hanna & Seiler Bartosz, 2022. “CSR in mission statements of Polish chemical industry companies (content analysis results),” Management, Sciendo, vol. 26(2), December.
3. . ” Minh Nguyen Dat & Quyen Nguyen Thi Hanh, 2022. “Human resources quality improvement from the perspective of Kaizen practices,” Management, Sciendo, vol. 26(1), January.
4. Jacobo-Hernandez Carlos Armando & Jaimes-Valdez Miguel Ángel & Ochoa-Jiménez Sergio, 2021. “Benefits, challenges and opportunities of corporate sustainability,” Management, Sciendo, January.
5. Louail Bilal & Zouita Mohamed Salah, 2021. “The relationship between foreign direct investment, financial development and growth economic in Next-11 Countries: a PMG/ARDL estimation,” Management, Sciendo, vol. 25(1), January. University of M’Hamed BOUGARA Boumerdes, Algeria.
6. • Jacobo-Hernandez Carlos Armando & Jaimes-Valdez Miguel Ángel & Ochoa-Jiménez Sergio, 2021. “Benefits, challenges and opportunities of corporate sustainability,” Management, Sciendo, January. Technological Institute of Sonora
7. Danielak Wiesław, 2021. “The impact of the COVID-19 pandemic on the activities of small enterprises on the example of business customers of a manufacturing company,” Management, Sciendo, vol. 25(1), January.
8. Manko Barbara A., 2021. “Considerations in the Use of Work-From-Home (WFH) for Post-Pandemic Planning and Management,” Management, Sciendo, vol. 25(1), January. Penn State University, Gannon University.
9. Ronginska Tatiana & Doliński Artur, 2020. “Strategies of coping with failure in the structure of managers‘ professional burnout syndrome,” Management, Sciendo, vol. 24(2), December.
10.Ronginska Tatiana & Doliński Artur, 2019. “Relational styles for solving difficult situations in an employee team,” Management, Sciendo, vol. 23(1), June.