Learn how to make sound, confident, and profitable business decisions by using managerial economics.
This topic will help you define managerial economics and its application to business decisions. The content will describe basic managerial economic theory and provide a framework for problem solving. Afterwards, you will be able to identify how managerial economics can be used to identify, and review business decisions. You will be able to use econometric modeling to aide in decision making.
Time and capital are scarce resources. How a manager deploys these resources can be the difference between success and failure. Managers are often confronted with issues and are required to make decisions with incomplete information. For example, should I introduce a new feature to an existing product, or should I introduce a brand new product? Is my current production method achieving my goals? Should I modify my supply chain or produce in house? Managerial economics provide a logical framework to analyze these critical decisions. Econometric modeling techniques are not limited to for profit entities, and can be used effectively by managers of not-for-profit entities. This topic will define managerial economics and provide a framework to analyze key decisions. Managers that do not have these tools often underperform their peers.
Agenda
Faculty
Ralph W. Carmichael, Esq.
BONWRx
- Chief executive officer of BONWRx Ltd, a medical device manufacturer in Lansing, Michigan
- Serial entrepreneur and teaches finance at Michigan State University
- Successfully started over 10 companies with revenues in the multiple of millions of dollars and holds numerous patents
- Began his Wall Street career more than thirty years ago with Bear, Stearns, & Co., Inc. where he was an officer of the firm
- After law school he worked as an associate at the oldest Wall Street law firm, Cadwalader, Wickersham & Taft
- In 1993 he founded RW Carmichael & Associates, Ltd., a venture capital firm specializing in advanced material sciences, aerospace and health care manufacturing
- Founded Consortium Capital Partners, L.L.C. a venture capital firm that raised $300 million in 1992 and returned $1.8 billion to investors by 2001
- In 1996 he founded Carmichael & Company LLC, a merchant bank specializing in medical technology companies; during that time, he ran a licensed securities broker dealer and SEC registered investment advisor and managed assets in excess of $1 billion; held a Series 7, 63, 24 and 27 brokerage licenses
- Member of the bar of the state of New York, District of Columbia, and the United States Supreme Court
- J.D. degree, New York Law School; M.B.A. and B.A. degrees, Michigan State University
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