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S.Y. Eco Question

The document discusses the roles and responsibilities of a managerial economist in a company. A managerial economist is responsible for analyzing external economic factors, forecasting trends, and providing guidance to management on decisions related to production, pricing, investment, and more. They also analyze internal factors, prepare budgets and schedules, and assist with planning, product development, production, and other operations.

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43 views3 pages

S.Y. Eco Question

The document discusses the roles and responsibilities of a managerial economist in a company. A managerial economist is responsible for analyzing external economic factors, forecasting trends, and providing guidance to management on decisions related to production, pricing, investment, and more. They also analyze internal factors, prepare budgets and schedules, and assist with planning, product development, production, and other operations.

Uploaded by

jaivik_ce7584
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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B.I.

PATEL GROUP TUITION


11 TH COMMERCE TO T.Y. B.COM
Rangjyot complex- II, Near Shantaram Hall, Nirnay nagar co-9825944510

Q. Role and duties of managerial economist in a concern.


Or
Q. Discuss the duties and responsibilities of managerial economist? (march-2005)

Introduction: Now days it is require for giant firm to appoint the managerial economist for its
managerial tasks. Hence, the place of managerial economist is very vital in such concern. He has to
play a key role in offering the solutions to the crucial and complex problems of decision-making and
economic analysis. Role of managerial economist can divided in to two parts namely,

 Task of making specific decision


 General task
 Other task
The above said tasks are discussed hereunder.

[A] Specific decision: Beyond the general tasks as per the requirement if modern economy and
developing world a managerial economist has to deal with advanced functions. In the view of British
writer Alexander and Kemp the functions related to specific functions are;

1. production scheduling
2. pricing and related decision
3. demand forecasting
4. economic analysis of the industry whole
5. environmental forecasting
6. foreign exchange management
7. investment appraisal
8. advise on trade
9. advise on capital project
10. analysis for under developed countries
11. market research

[B] General task :Apart from the specific tasks a managerial economist has also to run with his
original duties and process. The such functions are divided into two main forms;

1. External factors: As the title itself suggest, these factors affect the business decisions
from outside. These are also known as business environment.
A managerial economist has to analyse and to make the forecast about the external factors in
rerlations to the business conditions continue with the economy. It includes trends in general price
level, national income and output ,volume of trade etc. Some of the factors are as under.
a. Government economic policies
b. Changes in the degrees of the competitions
c. Overall picture of the economy
d. Potentials of existing demand in present and future market
e. Possibilities for market opportunities
f. Cost of credit
g. Cost of raw material and finished product
h. Monetary and fiscal policies
With the study of such factors a managerial economist has to proved the necessary guidance to
the management for taking the business decision.

2. Internal factors: These factors are controllable in the nature as they are incurred within
the premises of the firm. So these factors are also known as business operations.
However it does’t mean that a managerial economist has not to perform important
duties at here. Internal matters covers for Eg: strength of labor force, numbers of
machinery, price of production of unit etc. further he has to run with following
essentials:

a. Sales and profit budget for next year


b. Production schedule for appropriate duration
c. Inventory policy
d. Changes in the existing wage and price policies
e. Cash flow available at regular intervals
3.Other task: Besides the above two functions a managerial economist has to performs some other
functions as listed below:

a. He has to assist the management with his specialized skills and techniques related to
planning policies
b. He has to prepare forecast for general business activity
c. He has to take part in preparation of product designing, product improvement and,
product planning in respect of consumers approach.
d. Also, contribute towards production planning, sales promotions, inventory management,
utilization of manpower etc.
e. He has to generate the ideas regarding the substitute and alternatives towards his
policies.

Conclusion: Here it is seen that a managerial economist has very vital role to play. He just not
performs his functions only but also devote to the industry through external factors and other factors
also.

RESPONSIBILITY OF A MANAGERIAL ECONOMIST:


The task of managerial economist is not limited to certain duties. On other side he has to perform
such duties with responsibility. Here an outlook is presented which suggesting the responsibility of
managerial economist .

1. Run always with main objective of the firm in mind


2. Accurate in forecasting the possibilities
3. Adjust with any changes in his forecasting (and also forward to management for such
along with his recommendations)
4. Generate the material facts with which the management and board is not aware
5. Has to achieve a key position in daily affairs as well as policy formation
6. should be in personal contact and in correspondence with related persons
7. Always be ready for picking up the new opportunities
8. Should pick the challenging task in benefit of the organization
V.SHAH SIR’S LAW COMPILATION C0-9426579293

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