ECON 332 Managerial Economics and Operations Research
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Operations research is closely related to managerial economics. Operations Research is the application of mathematical methods to solve business problems. It provides all the data you need to make business decisions and long-term planning. Techniques such as linear programming and game theory are derived from operations research, and linear programming is widely used in decision making. Management economics is associated with the efficient use of limited resources. Operations research also involves the efficient use of limited resources. There is a close relationship between managerial economics and operations research. Management economics focuses on issues related to maximizing profits and minimizing costs, while operations research focuses on the concept of optimization. Management economics makes full use of the concept of optimization, but initially, it starts with a marginal analysis of the economy. Managerial economics uses the logic of economics, mathematics, and statistics to make effective decisions, and operations research methods based on these ways of thinking are used to solve business decision problems. Likewise, operations research and management economics are associated with effective decision making.
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