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1 SM1.21 Managerial Economics Welcome to session 2 Optimization Techniques and New Management Tools.

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Presentation on theme: "1 SM1.21 Managerial Economics Welcome to session 2 Optimization Techniques and New Management Tools."— Presentation transcript:

1 1 SM1.21 Managerial Economics Welcome to session 2 Optimization Techniques and New Management Tools

2 2 SM1.21 Managerial Economics Optimization Techniques and New Management Tools

3 3 Methods of expressing Economic Relationships Equation Tables Graphs

4 4 Optimization Analysis Examining the process by which a firm determines the output level at which it maximizes total profits

5 5 Optimization Analysis Total revenue/cost approach Marginal Analysis

6 6 New Management Tools Benchmarking Total Quality Management (TQM) Reengineering The Learning Organization

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