1) What is the first step in problem-solving? A) Writing code B) Debugging C) Understanding the problem D) Optimizing the solution Answer: C 2) Which of these is not a step in the problem-solving process? A) Algorithm development B) Problem analysis C) Random guessing D) Testing and debugging Answer: C 3) What is an algorithm? A) A high-level programming language B) A step-by-step procedure to solve a problem C) A flowchart D) A data structure Answer: B 4) Which of these is the simplest data structure for representing a sequence of elements? A) Dictionary B) List C) Set D) Tuple Answer: B 5) What does a flowchart represent? A) Errors in a program B) A graphical representation of an algorithm C) The final solution to a problem D) A set of Python modules Answer: B 6) What is pseudocode? A) Code written in Python B) Fake code written for fun C) An informal high-level description of an algorithm D) A tool for testing code Answer: C 7) Which of the following tools is NOT commonly used in pr...
MANAGERIAL ECONOMICS
Managerial Economics has two parts namely manager and economics.
"A manager is a person who directs resources and activities of an organisation to achieve it's stated goal"
"Economics is the science of making decision in the presence of scared resources"
Definition of Managerial Economics:
Spencer and Siegelman have defined Managerial Economics as " the integration of economic theory with business pratice for the purpose of facilitating decision making and forward planning by management"
Managerial Economics is the study of directing resources in a way that is most effectively achieves the managerial goals.
McNair and Meriam define Managerial Economics as "Managerial Economics is the use of economic modes of thought to analyze business situation".
The above definitions summarised the following points
* Managerial Economics deals with the decision making by Managers, Executives and Engineers.
* It deals with allocation of resources to achieve goals.
* Managerial Economics deals with necessary conceptual tools to apply quantitative techniques.
* Managerial Economics is pragmatic.
Scope of Managerial Economics:
The scope of Managerial Economics includes the following
1. Objectives of a Business Firm:
Profit generation is the main objective of a firm. Apart from this it has other objectives like being a market leader, achieving superior quality, achieving superior customer responsiveness etc. For achieving all these objectives a firm needs to allocate the resources available.
2. Demand Analysis and Forecasting:
Demand analysis and forecasting help in analysing the market factors influencing the firm's product and thus provides guidance in manipulating the demand to produce profits. Demand forecast can also serve as a guide to the organisation for strengthening it's market and profit position.
3. Cost Analysis:
Cost Analysis is the way to earn higher profits by controlling the unwanted costs. The manager has to identify the factors causing variations in cost and also he has to eliminate cost. If it is done correctly then the firm can move upon effective product management and sound pricing pratices.
4. Production Management:
While converting raw material into finished product the firm faces number of economic problem. The firm should arrive on the most profitable decision with regard to the efficient use of resources available and also in scheduling the output.
5. Supply Analysis:
It deals with the various aspects of supply of a commodity. Important aspects of supply Analysis are supply schedule, elasticity of supply, law of supply and limitations and factors influencing supply.
6. Pricing decisions, policies and pratices:
In all firm's the relation between cost and demand forms the basis for price fixation. Pricing also demand on the environment in which the firm operates, competition, customers etc. A firm profitability and success depend on pricing decisions and policies.
7. Profit Management:
Profits are one of the tangible yard-sticks to measure the performance of the firm. Profits are influenced by various factors such as cost of production, revenue and other factors both internal and external to the firm
8. Capital budgeting and investment decision:
Capital budgeting is the planning of the expenditure on assets. The returns of the planning of these assets will be realized in future time periods. Some of the decisions involving capital expenditure are the expansion of a firm, replacement decisions in a firm and make or buy or lease decisions. Investment decisions involve huge sums and amount of resources. The success or failure depends on investment decisions made today.
9. Decision theory under uncertainty:
Most of the business decisions taken by the manager are done under uncertainity. This makes the whole decisions making process difficult and complex.
10. Competition:
All decisions made by Managers will have to take the elements of competition into consideration. Any investment made in the business is highly affected by the strategies of the competition. Thus managers will have to make wise investments in projects that will be hard to be imitated by the competition.