Functions of Managerial economist
In the Indian context, a managerial economist is expected to perform the following functions:
- Macro-forecasting for demand and supply.
- Production planning at macro and micro levels.
- Capacity planning and product-mix determination.
- Economics of various production lines.
- Economic feasibility of new production lines / processes and projects.
- Assistance in preparation of overall development plans.
- Preparation of periodical economic reports bearing on various matters such as the company’s product-lines, future growth opportunities, market pricing situation, general business,. and various national/international factors affecting industry and business.
- Preparing briefs; speeches, articles and papers for top management for various chambers, Committees, Seminars, Conferences, etc
- Production planning at macro and micro levels.
Keeping management informed of various national and
International Developments on economic/industrial matters.
With the adoption of the new economic policy, the macro-economic environment is changing fast and these changes have tremendous implications for business. The managerial economists have to play a much more significant role. They have to constantly measure the possibilities of translating the rapidly changing economic scenario into workable business opportunities. As India marches towards globalization, the managerial economists will have to interpret the global economic events and find out how the firm can avail itself of the various export opportunities or of establishing plants abroad either wholly owned or in association with local partners.
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