Business Strategy & Management

The Essential Management Skills for Optimal Business Decisions

This course will focus on some major topics for optimal firm decisions. Participants will learn to analyze firm’s “Production Function,” or how inputs and outputs are related. Also, we will learn enough about production functions to transfer that knowledge to a more important concern—the cost structure of the firm.

Last, participants will be introduced to employee compensation schemes design that induces high performance in different circumstances.

Course Outlines

The major topics covered in this class include:

Production—Examine the firm’s production function and the optimal combination of inputs for any desired level of output.

Costs—Understanding how a simple production function translates into the costs of production for the firm. In order to maximize its profits, the firm has to produce its chosen output level at the lowest cost possible, given the resource constraints it faces.

Incentive Contracts—The firm’s resources, especially its workers, may not reach their full productive potential without incentive contracts and/or costly monitoring systems that encourage effort.

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