Managerial economists should possess various skills in the field of production economics and decisions. A managerial economist should be in a position to lead the organization in making decisions regarding what to invest, the time of investment, and the appropriate amount of resources for the investment. Dr. Patrick Dixon outlines this fact through a presentation dubbed “How to Double Year Productivity: Management, Teams, Output, and Input. According to Dr. Dixon, the 820 rule means that 80% of every impact an individual or organization makes results from the 20% of the effort or activities. Regarding this, smallest things in life or business can have the greatest impact, and these are the things individuals or organizations should focus on most. For instance, in a business firm, the manager should identify those emails or phone calls that matter most and ensure effective response and communication is realized.
The same speaker in his second presentation advises the management of various organizations to consider addressing personal issues that directly touch employees, such as challenges, family and friends, entertainment, health, and community among other social issues, with the purpose of improving their lives. Motivation is a crucial element in a business firm, as a motivated team tends to be more productive. Besides, sufficient motivation is an effective method of retaining competent employees.
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High level of creativity is crucial in solving most social problems. For instance, the more inner-city problems in the United States as compared to most countries in Western Europe, such as England and France drag the U.S. behind in development. An initiative is undertaken three health groups in Camden, Trenton, and Newark in attempting to provide a solution to this problem by coming up a scheme that identifies and treats those neediest patients in their city. By using this technique, the crime patterns are monitored with the aid of hospital records. Through this medical aid, the Trenton team demonstrates the highest creativity in trying to solve a long time problem encompassing the City of Philadelphia.
The issue encompassing the Arctic Trade Route and Arctic riches is a practical example of individuals or organizations learning to work with each other, and not regarding other business firms as enemies. Victor Renvard clearly outlines this fact, Jr who admits that Russians have some superior expertise, for instance, they assisted the United States in rescuing some scientific expedition. Therefore, a managerial economist should regard each given challenge as an opportunity to acquire new skills or an advanced strategy.
