MGT405 Lecture Notes - Lecture 5: Prentice Hall, Linear Programming
Document Summary
After having studied this lesson, you should be able. To know the relationship of managerial economics with various other fields of study. To broadly appreciate the nature and scope of managerial economics it is necessary to examine its relationship with other sciences. At this juncture it is apt to specially mention the relationship of managerial economics with the important fields of study such as statistics, mathematics, operations research, and accounting. Statistics provides several tools to managerial economics; statistical techniques are used in collecting, marshalling and analysing business data that makes possible an empirical testing of the economic generalisations before they are applied for decision. This watermark does not appear in the registered version - http://www. clicktoconvert. com making. Economic generalisations cannot be fully accepted until they are verified and found valid against the real data. The theory of probability a nd forecasting techniques help the manager in decision- making process.
