In order to lead their teams and organizations to success, managers need strong foundations in the principles of business. Pursuing an online MBA program with a concentration in management offers graduate students an excellent opportunity to dive into topics like management economics and accounting for managers. MBA Management students graduate with the knowledge and skills to handle management situations involving economics and accounting.
Importance of Economics in Management
Companies need managers who have a solid understanding of the principles of economics at work in their organizations. Management economics includes knowing how to apply the principles of microeconomics to decision-making for both their teams and the overall business. Managers need to know how to implement quantitative methods and applicable economic theories in order to increase production, set the best prices and maximize profits. Studying managerial economics in an online MBA program offers graduate students valuable experience with complex situations and scenarios that need informed managerial decision-making.
Accounting for Managers
In addition to economics, managers also need a substantial grasp of accounting principles. Managers are responsible on a daily basis for handling their organizations’ resources, including human, financial and other material resources. Companies depend on their managers to use those resources efficiently to meet their business goals.
Accounting for managers includes the fundamentals of cost systems and how to evaluate the performance of various resources in order to make adjustments for the future. Managers need to know how to interpret weekly and monthly accounting reports showing cash flow, sales revenue, current orders, accounts payable and receivable, inventory levels and debts. With these types of reports at hand, managers can keep the big picture of the company’s resources in mind as they make decisions based on factual numbers.
People who want a more thorough understanding of managerial economics and accounting for managers should consider the benefits of an online MBA program, where graduate students will develop experience with economics and accounting that can prepare them for real-life managerial situations. Professionals with backgrounds in economics and accounting are assets to the companies who hire them because they bring valuable insight to their teams and their projects.
Learn more about the Southeastern Oklahoma State University online MBA in Management program.
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