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Bachelor of Project Management
February 8, 2022
“The objective of my enrolment
was to acquire a degree from
a world-class university in order to
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the past years, the learning journey has
been quite exciting and productive...
First of all, I began the journey with
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my Academic Advisor. As a result, I was
awarded 80 credit based on my working
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especially in the humanitarian field in
Somalia. I have been working for several
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(NGOs) operating in Somalia
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February 10, 2022
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February 18, 2022
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Introduction
Managerial Economics is not
only valuable to managers of
the Fortune 500 companies but
it is also valuable to managers
of non-for-profits organizations.
Managerial economics is
valuable to a manager of a food
bank who must choose the best
means to distribute food to the
needy. It is also valuable to a
coordinator of a shelter for the
homeless whose primary goal
is to help the highest possible
number of the homeless given
a very limited budget. Managerial
economics provides important
insights into every area of
the business and nonbusiness
world we live in, including
household decision-making.
Managerial Economics
Managerial economic, it is
the study of how to direct the
scarce resources in the manner
that most efficiently achieves
the managerial goal. Managerial
economics is a broad field
as it describes the methods
that are useful for directing
everything from the resources
of a household to maximize
a household welfare, to the
resources of a company to
maximize the company profits.
Market Forces:
Demand and Supply
Demand: the law of demand
states that as the price of good
falls (rises) and all other things
remain constant, the quantity
demanded of the good rises
(falls) and the market demand
curve is a curve indicating the
total quantity of a product all
consumers are willing and
able to procure at each possible
price, holding the prices
of related products, income
advertising and other variables
constant.
Demand shifters are variables
other than the price of
the products that influence
demand, they include the
consumer income, prices of
related products, population,
consumer expectation, health
scares, advertising and consumer
tastes.
Supply, the market supply
curve is a curve that indicates the total quantity of a product
that all the producers in
a competitive market would
produce at each price holding
input prices, technology
and other variables affecting
supply constant. Supply shifters
are variables that affect
the position of the supply
curve and they include input
prices, technology/government
regulations, number of firms,
substitutes in production taxes
and producer expectations.
Consumer Behavior
A consumer is an individual
who purchases goods and services
from companies for the
purpose of consumption. A
manager of a company should
not only be interested in who
purchases the goods and services
but also in who consumes
the goods and services. There
are two important factors a
manager must consider in
characterizing the consumer
behavior;
1. Consumer opportunities,
they represent the possible
services and goods that a
consumer can afford to consume
and
2. Consumer preferences, it
determines which of these
goods and services the consumer
will consume.
Constraints
Individuals face constraints
in making decisions and the constraints can be legal
constraints, time constraints,
physical constraints and budget
constraints (Budget constraints,
it restricts consumer
behaiour by mandating the
consumer to select a bundle of
goods and services that are affordable.
The budget set is the
bundles of goods and services
the consumer can afford while
the budget line is the bundles
of good and services that exhaust
the consumer’s income.)
The Production Function
It is an engineering relation
that defines the maximum
amount of output that can be
produced with a number set
of inputs. Mathematically, the
production function is defined
as: Q = F (K, L)
Q = the level of the output
produced in the production
process,
K = the quantity of the capital
and
L = the quantity of labour.
That is the maximum amount
of output can be produced with
K units of capital and L units
of labour.
The roles of a Manager in
a firm is to use the available
production function efficiently
meaning that the manager
must determine how much of
each input to use to produce
output.
Measures of Productivity
One of the important
components of the managerial
decision making is the
determination of the productivity
of the inputs used in the
manufacturing process. The
three most important measures
of the productivity are the
average productivity, the total
productivity and the marginal
productivity.
Total Product
Total Product, TP is the maximum
level of the output that
can be produced with a fixed
amount of the inputs. The
production function defines the
maximum amount of the output
that can be produced with
a fixed level of the input. If
workers do not put maximum
efforts, output will be low.
Average Product
Average Product AP, the AP
of an input is the total product
produced divided by the
quantity used for the input.
It is the major of the output
produced per unit of the input.
The average product of labour
(APL) is APL = Q / L, while
the average product of capital
(APK) is APK = Q / K.
Marginal Product
The Marginal product of an
input is the change in total
output attribute to the last
unit of the input. The marginal
product of capital MPK Is the
change in the total output divided
by the change in capital:
MPK = Change in Q / Change in
K, while the marginal product
of the labour MPL is the change
in the total output divided by
the change in the labour. MPL
= Change in Q / Change in L.
The Cost Function
The cost function summarizes
information about the
production process and it provides
essential information the
manager needs to determine
the profit-maximizing level of
the output. The cost function
equally reduces the amount
of information a manager has
to process to make an optimal
output decisions.
Short-Run Costs
The short run is defined
as the period over which the
amounts of some inputs are
fixed. The manager is free to
alter the use of variable inputs
in the short run but the manager
is struck with the existing
levels of the fixed inputs.
Inputs are costly whether fixed
inputs or variable inputs, the
total cost of producing an output
is the short run consists of;
• The cost of the fixed inputs
and
• The cost of the variable inputs
Which are both components
called fixed costs and variable
costs.
Fixed Costs FC
These are the costs that do
not vary with the output, they
include the cost of the fixed
inputs used in the production. Variable Costs
These are the costs that
change when the output is
changed, they include the costs
of the inputs that vary with the
output.
Short-Run Cost Function
It is the function that defines
the minimum possible cost of
producing each output level
when the variable factors are
used in the cost minimizing
fashion. It summarizes
the minimum possible cost
of producing the each level of
the output when the variable
factors are being employed in
the cost minimizing way in the
presence of the fixed factors of
the production.
Sunk Costs
Sunk costs are costs that
are lost forever after they have
been paid. Sunk costs are irrelevant
to decision making
but they affect the calculations
of the total profits.
Long-Run Costs
The manager is free to adjust
all the levels of all inputs, as
all the costs are variable in
the long-run. The long run
average cost curve is that curve
that defines the minimum
average cost of the producing
alternative levels of the output
allowing for optimal selection
of both the fixed and the variable
factors of the production.
Economies of Scale
The economies of scale exist
whenever the long-run average
costs decline as the output
increases while the Diseconomies
of scale exist whenever
the long-run average costs increase
as the output increases.
The multiple cost function is
the function that defines cost
of producing the given level of
two or more types of outputs
assuming all the inputs are
used efficiently.
Economies of Scope
The Economies of scope exist
when the total cost of producing
two different products
within the same company is
lower than when the products
are being produced by separate
companies. It exist when the
total cost of producing P1 and
P2 together is less than the
total cost of producing P1 and
P2 separately. That is C(P1) +
C(P2) > C(P1+P2).
Cost Complementarity
Cost complementarity exists
when the marginal cost of producing
one output is reduced
when output of another product
is increased.
Transaction Costs
They are cost associated with
acquiring of an input that are
in excess amount paid to the
input supplier. They play an
important role in determining
the optimal input procurement.
The transaction costs of
acquiring inputs are the costs
of locating a seller of the input,
negotiating the price at which
the input will be procured and
putting the input to use. The
Transactions costs include:
• Cost of looking for a supplier
that is willing to see a given
input.
• Cost of negotiating the price
at which an input will be
procured. The costs may be
in terms of the opportunity
cost of time, legal fees and
so forth.
• Other investments cost and
expenditures required facilitating
the exchange.
Conclusion
In the business world, success
means winning in the
market place no matter how
you slice it. CEOs and the
Managers in both large and
small corporations including
privately held firms, nonprofit
organizations such as hospitals
and universities, managers of
any of these kinds of organizations
cannot expect to make
successful decisions without a
clear understanding of how the
market forces create both opportunities
and constraints for
businesses.
BIBLIOGRAPHY. Michael R. Baye and Jeffrey T. Prince, Ninth Edition.
Managerial Economics and Business Strategy. • Thomas R. Christopher,
Charles S. Maurice. Managerial Economics: Foundations of Business Analysis
and Strategy.
We were looking forward
to 2022 with great
enthusiasm because the global
problems generated in all
aspects of human life, by the
Covid-19 pandemic, seemed
to leave this world. We are
witnessing the presence of the
new mutation of Covid-19 with
less ferocity than the previous
mutations.
Society is currently occupied
by the deficiency in the
application of the vaccine in
countries with less economic
resources. Also create formulas
for those who have not wanted
to be vaccinated to prevent
them from spreading the virus.
Regardless of the problems
generated by the virus in the
world economy, we have a
society that seemed to be doing
well. We have a world of
a lot of science and a lot of technology. The well-being
that is seen is only for a part of
the population.
Analyzes are made of the
reasons why well-being
doesn’t reach everyone.
Education doesn’t reach its
objectives because the curricular
designs are made to support
the governments in power.
After World War II, although
Russia was with the allies, they
guided their system of government
with a different policy
from them. Also after the Great
War, organizations were created
so that the big problems
could be resolved in an assembly
and there would never be a
world conflict again.
Those organizations were:
UN – United Nations Organization.
October 24, 1945.
UNESCO – United Nations
Educational, Scientific and
Cultural Organization. November
1945.
FAO – Food and Agriculture
Organization of the United Nations.
October 1945.
NATO – North Atlantic Organization.
April 4, 1949.
WHO – World Health Organization.
April 7, 1948.
IMF – International Monetary
Fund. 1945.
WB – World Bank. July 1945.
The organizations mentioned
are the most relevant.
We are in 2022 and we have a
conflict that can bring us a war
with greater consequences than
World War II. We are witnessing
a conflict between Ukraine
and Russia. We only have to
answer the following questions
and the future that we will
have if we continue doing the
same appears.
1. What does the Ukrainian
territory have that is worth
so much?
2. Why was the European
Union (EU) dedicated to
establishing commercial relations
of such importance as
the basis for its production
with such a different political
system?
3. After all the sanctions applied
to Russia, the world
will be the same again?
4. What political foundation
should all society have?
5. Who benefits from authoritarian
political systems?
6. Why do human beings with
so much science and technology
dedicate to generate
situations that mean their
death and that of the planet?
7. What will happen to the
countries that came with
food problems?
8. What will happen to education
if these are the human
beings that it has generated?
9. What has happened in History
with those who are
dedicated to sowing death?
As human beings, as a society, it seems that we have to work
hard to have a world where the
fulfillment of each human being
can be possible.
Well-being comes
from what we do.
Well-being arise from
everyday activities designed for
the benefit of everyone
We need to learn to identify
well-being and abandon the
belief that happiness is accumuling
assets. Our planet can
produce for the well-being of
everyone but with our vision of
happiness we have the results
we now live.
Well-being has to be for everyone,
we only need to learn
how to look for it: we need
another education.
BIBLIOGRAPHY. UNESCO. Caminos hacia 2050 y más allá. Retrieved from: https://www.iesalc.unesco.org/wp-content/
uploads/2021/11/Pathways-to-2050-and-beyond_ESP-1.pdf
UNESCO. Pensar más allá de los límites. Perspectivas sobre los futuros de la educación superior
hasta 2050, 25 de mayo de 2021. Retrieved from: https://www.iesalc.unesco.org/2021/05/26/
informe-sobre-el-futuro-de-la-educacion-superior-preve-respuestas-colectivas-y-holisticas-a-los-retos-mundiales/
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