engleski

Management Aspects of Business Performance - Theoretical Framework

Business decision-making problems are present in almost all organizations, profit-oriented or non-profit-oriented, because the resources that seek to achieve a certain goal are limited. In general, the process requires relevant knowledge and information about the problem of decision making, elaboration of potential solutions and decision making. In developed business entities, the subjects in charge of decision-making are most often managers. The quality of the decision-making process therefore has far-reaching consequences for the functioning and survival of the organization, as well as for the attitude towards all involved stakeholders. The flexibility of management economics as a science is manifested in the unique and complex problems that managers as managers face every day, ie management economics deals with the application of economic theory and economic methods, techniques and tools to determine how to most effectively achieve organizational goals in the context of current events and given environments. Profit is a key determinant of business results, and given the covid-19 crisis that is present, the goal is certainly the survival of the company Manager, as a person or an entire team, is a major stakeholder in the decision-making process.

managerial economics, profit, management team

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