Management Economics
Sweety Sharma
Data Analysis for Risk Management
The development of risk management is closely related to the emergence of different risks, and financial risk management mainly uses derivatives.
Computer technology has enabled the effective use of advanced data analysis methods due to increased computer speed, available data, data transfer speed, and social network connections.
This volume contains four papers discussing credit risk analysis problems, including two papers presenting credit risk modeling methods.
Risk management methodology risk, cyber risk, and media (including social media) risk being the most important risks to manage on all levels.
The article discusses R packages for open source scorecard modeling, which can help manage risks.
A BIBLIOMETRIC ANALYSIS
E&M Economics and Management is a journal dedicated to promoting advancements in the fields of Economics and Management based on theoretical and empirical analyses. Bibliometrics is used to make a comprehensive analysis of publications included in the Web of Science.
The journal covers topics such as Economics, Business Administration, Finance, Management, Information Management, and Marketing & Trade. It is recognized in the scientific community, especially in Europe.
Bibliometrics is an established discipline that can identify key features in publications and analyze structured efforts. It can appraise the main characteristics and evolution of scientific activities in the research field. VOSviewer software enhances traditional bibliometric analysis methods.
Health economics and research in the medical curriculum
The teaching of management, health economics, and research skills for medical doctors is often neglected in undergraduate medical curricula in South Africa, leading to a shortage of adequately trained health professionals.
Doctors’ clinical and research qualifications are not equivalent to their leadership and management skills, which are often lacking due to limited structured learning opportunities during undergraduate training. This leads to a “double loss” in terms of the quality of healthcare delivery.
Medical schools need to be more explicit about the importance of research skills, especially for career paths, as participants in the study expressed regret at not taking advantage of formal or ad hoc teaching opportunities.
Advancement of Project Management
The E3S Web of Conferences 409,00003(2023) is a platform for academic exchange and discipline development with authors from over 26 nations.
The content in this work is licensed under the Creative Commons Attribution 4.0 License, which allows for use in accordance with the terms of the license.
A critique of personnel economics
Personnel economics is seen as an extension of mainstream economics, with the ability to analyze social life beyond traditional boundaries. However, its prescriptive ambition overlooks the political nature of firms and the potential for actors to reject its solutions.
Lazear argues that personnel economics is superior to psychology, sociology, and even the market, and represents a scientific advance in human resource management. However, this claim ignores the complexity of the firm and the need for diverse types of analysis.
The firm is a political space with power relations, bargaining processes, and conflicting interests among actors. Personnel economics’ focus on theoretical solutions may not align with practical adoption by these actors.
Finance And Economics
The quality of management practices accounts for 10-15% of the gap in total factor productivity between American and British firms, according to a study by Nick Bloom and John Van Reenen of the London School of Economics and McKinsey consultants. The study is based on interviews with managers at over 730 manufacturing companies in America, Britain, France, and Germany.
Poorly managed firms can survive for years, even in the same industry as state-of-the-art companies, despite capitalism’s reputation for ruthless efficiency. Economists have long pondered why there are such wide differences in the productivity of competing companies and why these differences persist. Differences in management practices account for some of the gaps, but measuring the “quality” of management practices is difficult.
Restrictive labor laws seem to protect laggards and drag managerial performance down, according to the same study. Tighter labor laws in France and Germany have a magnified effect where managers have been in their jobs longest, perhaps because such managers are less inclined to initiate change. The authors suggest that regulation, particularly restrictive labor laws, is one reason for the persistence of poor management practices.
Competition and market power positively impact Chinese banking efficiency, while concentration of credit in a few banks leads to increased productivity.
Mergers and Acquisitions (M&As) significantly affect European banking efficiency levels, with capital adequacy ratio and non-performing loans having significant effects on DEA scores.
Different approaches are explored to incorporate spatial effects into the valuation process for a large sample of properties in Greece from 2012-2016.
Optimal Control Theory
Optimal control theory deals with controlling a dynamic system to maximize or minimize an objective function over time, and has applications in various fields. The book “Optimal Control Theory: Applications to Management Science and Economics” by Sethi and Thompson provides a comprehensive overview of the theory and its applications in a deterministic setting, as well as some coverage of stochastic optimal control problems.
The maximum principle, developed by Pontryagin in 1962, provides necessary conditions for an optimal control and response, and has economic interpretation. The book covers various topics in optimal control theory, including linear quadratic problems, differential games, distributed parameter systems, and impulse control. It also includes numerical solutions using EXCEL and a bibliography with over 800 references.
The book is suitable as a one-semester course material for students in Operations Research, Applied Mathematics, Management Science, Economics, etc. However, its high price may hinder adoption by students, especially in developing countries. A cheaper paperback edition would be more accessible. Overall, the book is a standard reference for anyone interested in emerging areas of mathematical applications.
A Void in Business Education
Business school graduates often lack understanding of the impact and desirability of technological change, leading to confusion.
Business schools have a social responsibility to eliminate the gap in instruction on the economy and management of technological change.
A single course in the economics and management of technological change should be offered by business schools.
Waste Management Policy
Indonesia’s population growth rate of 3.9% per year leads to a high amount of waste generated, with each person producing 0.45 kg of waste per day. This highlights the need for effective waste management strategies to reduce the negative impact on the environment and public health.
The Malang Waste Bank (BSM) in Indonesia implements the 3R concept (Re-Duce, Re-Use, Re-Cycle) to convert waste into something of economic value. The BSM aims to change the community’s perspective and behavior towards waste, leading to a decrease in waste generation volume.
Wood-twig waste dominates the composition of waste in Malang City, accounting for 61% of the total waste generated in 2019. This is due to the city’s beautiful and cool atmosphere with many trees. Paper-cardboard waste and food waste follow at 18% and 11.80%, respectively. The organic nature of wood-twig waste makes it relatively easy to recycle.
Conclusion :
Managerial economics is a crucial part of business and management. It helps managers make informed decisions about.
Production, Pricing, Investment, Market demand, Costs, Pricing strategies, Risks, Competitive dynamics, Customers, Competitors, Suppliers, Internal operations.
Managerial economics also helps managers understand the impact of macroeconomic factors, such as: Inflation, Interest rates, Government policies.
Managerial economics is a significant aspect of any business because it efficiently connects theoretical knowledge with practical applications.
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