Responsibilities of Managerial

Economist

Presented by:
Dr. Waseem Khan
Assistant Professor
 Responsibilities of
Managerial Economist
• A Managerial economist plays a very significant role in
decision-making and forward planning. But, to serve his role
successfully, he must thoroughly recognize his responsibilities,
some of which are following:-

• [1] To increase the profitability of the Firm:

• An economist has a responsibility to earn profit for the firm by

taking right decision about investment, production, sale and
market research.

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 Responsibilities of
Managerial Economist
• [2] To make Accurate and Successful Forecast:

• It is a responsibility of an economist to make successful

research and use past data to find out the expected sales in
future and the trend in sales.

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 Responsibilities of
Managerial Economist
• [3] To maintain relations with Experts:

• The important responsibility of a managerial economist is to

provide solution to complex business problems, for this
purpose he must establish and maintain the relations with such
experts of different fields who can provide their service to the
firm as and when required.

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 Responsibilities of
Managerial Economist
• [4] To aware availability of Resources:

• A managerial economist should be aware of locations and

situations of the specific markets, by which he should be able
to provide the resources of firm’s operation quickly at
reasonable price.

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 Responsibilities of
Managerial Economist
• [5] To Simplifying the decision making process:

• The management has to take many decisions in its day-today

functioning. It is the main responsibility of a managerial
economist to make the decision making process as simple as
possible so that quick and correct decision could be taken
promptly.

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 Responsibilities of
Managerial Economist
• [6] Responsibility to minimize risk:

• Minimizing risk is another responsibility to the economist. It

can be done by minimizing future uncertainty by knowing
about all the prospective facts present in the market. To
minimize risk successful forecasting and right decisions are
needed.

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 Responsibilities of
Managerial Economist
• Thank You

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