Throughout the history of business, the connection of economics to management has always been important. As management not only deals with the leadership of teams, staff, individuals, and customers, a manager with a keen understanding of the economic analysis of factors like cost, demand, profit, and resource will always be an invaluable asset to an organization. Simply put, managerial economics is a business discipline that fuses the understanding and execution of managerial practice with economic theory in order to produce efficient and effective business leadership.
Much of what is involved within managerial economics can be housed within the three areas of demand analysis and forecasting, profit management, and capital management. Demand analysis and forecasting deals mostly with the leadership component of decision-making. A manager’s ability to interpret data and process that data into demand estimation plays a big role in an organization’s ability to remain in a strong market position while maximizing profit. When it comes to profit management, “success of a firm depends on its primary measure and that is profit. Firms are operated to earn long term profit which is generally the reward for risk taking. Appropriate planning and measuring profit is the most important and challenging area of managerial economics.” Capital management deals primarily with the proper controlling of expenditures and costs based on feasible plans for spending and resource supervision. Capital investments can be riddled with issues creating financial liabilities for organizations that business leaders will have to balance by having an awareness for and ability to manage factors like cost of capital and rate of return.
One of the best ways to prepare for an exciting career in this field is by pursing an online MBA in Managerial Economics. For the business professional who has already accrued some years of experience, an online MBA is a perfect option as it does not require relocating and allows the manager to instantly apply many of the concepts learned in the classroom into the board room and work environment. Other advantages to an online MBA in Managerial Economics include some of the top-rated business schools in the country offering incentives like accelerated scheduling which allows for graduation in just 12 months and affordable tuition rates that are a good fit for professionals who still may be responsible for undergraduate degree debt.
One of the nation’s best online Master’s of Business Administration programs with an emphasis in Economics is delivered by Regent University through its School of Business & Leadership. Backed by the business school’s excellent business accreditation through the Accreditation Council for Business Schools & Programs, offers the distance learner the ability to “study the foundations of work and wealth, enterprise and stewardship, money, interest and debt, and the role of the government in the economy, understand trade policies as you learn to conduct cost/benefit analysis and solutions to trade and finance issues, and learn to formulate and research a problem, collecting and analyzing data to support a decision.” Students looking for an accelerated experience will be attracted by this 42-credit hour program’s 16-month completion period.
Southern New Hampshire University’s School of Business features a strong online MBA with a specialization in Economics. By taking two courses each 10-week term, distance learners and satisfy all requirements for this degree in as few as 15 months. The admissions office accepts incoming students throughout the calendar year and features no GMAT/GRE requirements for candidates applying for this degree. Courses within this top-shelf degree include Ethics, Corporate Culture, and Social Responsibility, Finance, Economics, and Decision Making, Government Impact on Business, and Operations Management and Technology.
Business leaders skilled in the field of Managerial Economics have the opportunity to lead organizations to fulfill short-term and long-term goals. Completing an online MBA in Managerial Economics can provide professionals with a competitive advantage when moving up the ladder, and then give their organizations a competitive edge in the marketplace.