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Economic Factors That Influence Manager Decision - Essay Example

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This paper aims to present an in-depth understanding of the economic factors that influence the managers’ decision-making activity. Organizations are implementing strategies that will not only see them be competitive in the market but also remain relevant. …
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Economic Factors That Influence Manager Decision
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Download file to see previous pages As the paper explores it is important to understand that economic factors refer to the changes that take place in cost and prices of commodities, the exchange rates, inflation rate, and interest rates among others. In simple terms, they hamper the ability of an organization to generate profits thus often require to be monitored closely.
According to the report findings organizations look at their budgets before setting out to start a project. This is because it will be able to give them an overview of the finances they have to carry out the project. However, there have been instances where organizations did not look at the resources they have due to myopic vision. Most of these leaders were driven by the interests that had been forecast if the project succeeds but did not want to look on the other side of what happens to the organization when the project fails. Take the case of Apple Inc in the 1990s when it was on the brink of bankruptcy because of the decisions that were being made by the management. It forced the board of members to employ back Steve Jobs who had parted ways with the organization. Therefore, this is just but an illustration of the importance of an organization working within its budgets in relation to the resources available. The aim of any business entity is to make profits, and if this does not take place, then there is no need of operating because it will mean that losses will be frequently incurred. This does not mean that the organization forgets there is a need to have a balance between maximization of profits and minimization of costs ...Download file to see next pagesRead More
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