Utilization Of Selected Methods of Managerial Economics in Aviation Companies
Dr Sivaprakash J S, Assistant Professor.
Samhith N, School of Computing, Sastra Deemed University, Thanjavur.
Abstract:
The article is focused on the areas of management in aviation companies by way of applying selected methods of managerial economics, applicable under the constantly changing conditions entailing high level of risks. Attention is paid separately to the characterizing the external environment, applying the systems-based views, balance sheet analysis and controlling. The core of the publication is on selected methods representing the pillars of company economics and can be adapted by managers with purely technical background.
The aviation industry is a complex and competitive market that requires companies to make strategic decisions in order to stay competitive and profitable. This paper examines the utilization of selected methods of managerial economics in aviation companies. Specifically, it explores how airlines use economic analysis to make decisions related to pricing, revenue management, cost control, and investment.
The paper begins by providing an overview of managerial economics and its relevance to the aviation industry. It then explores several specific methods of managerial economics, including demand analysis, cost analysis, pricing strategies, and investment analysis. Each of these methods is discussed in detail, highlighting how they can be used to inform decision-making in aviation companies.
The paper also examines case studies of successful airlines that have effectively utilized these methods of managerial economics. These case studies demonstrate how airlines have used economic analysis to optimize pricing, increase revenue, control costs, and make strategic investments.
Overall, the paper concludes that the utilization of selected methods of managerial economics is crucial for the success of aviation companies. By analyzing data and making informed decisions based on economic principles, airlines can stay competitive and profitable in a constantly changing market. As such, the paper provides a valuable resource for aviation managers and researchers seeking to better understand the role of economics in the aviation industry.
Keywords - Economics, management, levels of control, methods of economical analysis, managerial skills
