√ Understanding Management Economics and its Basic Principles (Complete)
Understanding Management Economics and Its Basic Principles (Complete) - In general management economics is the science and art of planning, organizing, directing, and supervising the efforts of the organizational members and the use of organizational resources to achieve a predetermined goal previously.
Then, management itself has an activity to lead, organize, manage, control, and also develop. The economic and management sector cannot be separated. There will always be a link between economics and management.
Understanding Management Economics and Its Basic Principles (Complete)
The management sector itself can be said to be an art. Where is the art of getting work done through cooperation with other people. Using this art of management can include the ability to communicate that vision. The planning, leadership, communication and decision-making aspects of the human element of how to use the arts management approach.
Understanding Management Economics According to Experts
Understanding of management economics
basically focuses on the term management itself. Management is used as a science that can systematically understand why and how humans work together to produce something that is beneficial to humanity. The following are management terms according to experts, including:- According to Manullang, management is an art and science of noting, supervising, organizing, compiling, directing, supervising human resources to achieve the goals that have been set.
- According to John D Millet, management is the process of providing work direction to people in an organization to achieve goals.
- According to Harold Koontz And Cyrill O'Donel defines management as a way to achieve certain goals through other activities.
- According to George R. terry Management is the achievement of predetermined goals using the activities of others.
- According to Henry Fayol understanding management is a particular process consisting of planning, organizing, mobilizing human resources and multiplying control in order to achieve goals.
Basic principles of management economics
There are three basics of management economics, among others, economic theory, science of decision making, and science of administration. Below we will discuss one by one the economic understanding of management based on its basic principles.
1. economic theory
The basic principles of economic theory are used to predict and explain economic behavior. On the basic principles of economic theory is useful for predicting and explaining economic behavior.
In economics, it generally starts with a model, where this model will later describe an event and identify the various factors contained therein. In this economic theory, there are two principles of economic theory, namely, microeconomics and macroeconomics.
Where microeconomics studies the economic behavior of individuals. Meanwhile, macroeconomics in the aggregate through things such as output, income, investment, overall price or total price.
2. Decision making science
When making a decision in management economics, a tool is needed, namely economic mathematics and econometrics. Both of these sciences are useful for forming and estimating models on the optimal behavior of a company.
Mathematics in economics is used to form economic models that are described in economic or econometric theory. This model uses statistical tools on real-world devices to estimate the model postulated by economic theory, that is, for forecasting or estimation.
3. Business administration science
This knowledge is used to manage administration, which can be in the form of organizing the administration of a company or a project that is being worked on. This knowledge plays an important role in management economics.
Back in analyzing management economics can be regarded as a combination of economic theory and practice. So that several parties implementing this management economic system can determine the decisions to be taken and make plans for the future.
For more details, see the following example. For example, business people will certainly benefit greatly from an understanding of management economics because they will be able to anticipate and predict a number of things that might become obstacles in the system of economic movements in a company.
In addition, the management economic system can also stimulate improvement skills in the process of analyzing an economic problem that is being faced. So, later can provide the right solution to the problem at hand. The main thing is, management economics is an important thing to understand in determining business policies and decisions.
So not only for a company or organization that seeks profit or profit. The management economic system can also be used and utilized by various non-profit institutions in order to obtain more efficient and optimal goals in making a decision.
Decision making in management economics is usually the result of a combination of several elements involved in it, such as regarding company goals, identifying problems, implementing and developing various alternative solutions, up to implementing the decision Alone. That's all about Understanding Management Economics and Its Basic Principles (Complete), hopefully it can be useful.
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