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The contribution of economics towards the performance of managerial duties and responsibilities is of prime importance. The contribution and importance of economics to the managerial profession is akin to the contribution of biology to the medical profession and physics to engineering. Managers are responsible for achieving the objective of the firm to the maximum possible extent with the limited resources placed at their disposal. It is important to note that maximisation of objective has to be achieved by utilising limited resources.
Though economics is variously defined, it is essentially the study of logic, tools and techniques, to make optimum use of the available resources to achieve the given ends. Economics affords analytical tools and techniques that managers require to accomplish the goals of the organisation they manage. Therefore, a working knowledge of economics, not necessarily a formal degree, is indispensable for managers. Managers are fundamentally practicing economists. While executing his duties, a manager has to take several decisions, which conform to the objectives of the firm. Many business decisions fall prey to conditions of uncertainty and risk. Uncertainty and risk arise chiefly due to volatile market forces, changing business environment, emerging competitors with highly competitive products, government policy, external influences on the domestic market and social and political changes in the country. The intricacy of the modern business world weaves complexity in to the decision making process of a business. However, the degree of uncertainty and risk can be greatly condensed if market conditions are calculated with a high degree of reliability.
Envisaging a business environment in the future does not suffice.
Appropriate business decisions and formulation of a business strategy in conformity with the goals of the firm hold similar importance. Pertinent business decisions require an unambiguous understanding of the technical and environmental conditions under which business decisions are taken. Application of economic theories to explain and analyse technical conditions and business environment, contributes greatly to the rational decision-making process. Economic theories have many pronged applications in the analysis of practical problems of business. Keeping in view the escalating complexity of business environment, the efficacy of economic theory as a tool of analysis and its contribution to the process of decision-making has been widely recognised. Contributions of economic theory to business economics:
1. The practice of building analytical models, which assist in recognising the structure of managerial problems and eliminating minor details, which might obstruct decision making has been derived from economic theory. Analytical models help in eradicating peripheral problems and help the management in retaining focus on core issues.
2. Economic theory comprises a founding pillar of business analysis- ‘a set of analytical methods’, which may not be applied directly to specific business problems, but they do enhance the analytical capabilities of the business analyst.
3. Economic theories offer an unequivocal perspective on the various concepts used in business analysis, which enables the manager to swerve from conceptual pitfalls.
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New York, NY (PRWEB) May 30, 2013
Postmates, the original same day delivery startup based in San Francisco, today announced availability of its one hour service in New York. Operating at the intersection of urban logistics and e-commerce, Postmates provides delivery from any store or restaurant in Manhattan.
Postmates’ mobile app connects its fleet of couriers with customers in New York, providing access to local inventory from the Apple Store, Bloomingdales, Shake Shack, Levain Bakery, Duane-Reade and virtually anywhere else. Postmates’ couriers are equipped with a proprietary courier app and company credit card to purchase items on behalf of their customers. From real-time tracking to digital receipts, the entire delivery process is transparent and cashless.
For local merchants, Postmates offers the opportunity to compete with mass retailers. The startup provides a platform for stores and restaurants to deliver goods to customers anywhere in the city at no cost to their business. With Postmates, the more than 65% of merchants in NYC that don’t offer deliver, now have a full-service option.
“I am excited to introduce Postmates to a city that defines convenience and accessibility,” explained Bastian Lehmann, CEO and co-founder of Postmates. “New York is the ideal market for an on-demand service. Now all of Manhattan is accessible at the touch of a button.”
The existing fleet of nearly 50 Postmates’ couriers in New York consists of bikes, cars, scooters and SUVs. At launch, Postmates will:
+ Deliver from anywhere in Manhattan to the greater Flatiron District (between 42nd and 14th, 8th and Lexington), and will quickly expand throughout the city over the next two months
+ Be available between 8:00am – 3:00am, 7 days a week
+ Start at $ 5 for delivery, but is free during launch week, May 30 – June 5
Postmates is currently live in San Francisco and Seattle and is growing its delivery volume by 20% month on month. In San Francisco, Postmates has increased the number of merchants that deliver from 800 to nearly 3,000 and has successfully processed over $ 1M in deliveries from merchants in San Francisco and Seattle over the last 3 months. The startup plans to launch a new market every two months.
Postmates has raised just over $ 7 million in funding to date from a handful of well-known Silicon Valley angel investors and venture capitalists.: http://www.crunchbase.com/company/postmates.
About Postmates:
Postmates is a revolutionary same day urban logistics and delivery platform that enables individuals to have any product in the city delivered in under an hour. Postmates enables same day delivery by arming couriers with credit cards to purchase goods on behalf of the customer at any retail store or merchant in the city. Postmates was co-founded by Sam Street, Sean Plaice and Bastian Lehmann in 2011, and is headquartered in San Francisco with additional offices in London, Seattle and NYC.
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Going online works!
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But remember
No matter how tempting the health plan quotes, you need to be hard-headed and figure out a couple of things. For instance, you must be wary of health plans that promise total coverage because there’s no such thing, really. Be very aware of the deductible cost as usually the lower the quote, the more the deductible will be.
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Beyond basics
You also need to find out whether specialist care and referrals are covered. What would happen if of an emergency and if you need immediate hospitalization? Will the health plan cover all prescription drugs?
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