We have indeed covered a great number of valuable practical topics during the course. Some of them are technical; others are more focused on management skills. I believe both these categories of subjects are equally important. Therefore, I guess in the future, I will need knowledge of cost-benefit analysis and profitable investments as well as competencies of effective bargaining and decision-making under uncertain environments.
Cost-benefit analysis is critical when implementing any initiative in a company or individual enterprise. This step underlines the adoption of many decisions and is inextricably linked, among other things, with the understanding of the justification for investing in a particular project. At the same time, negotiating is an essential soft skill of the manager in achieving the best results for the company. Many tasks in today’s business environment require a flexible approach that can be achieved with advanced decision-making skills in uncertain environments. I like cost-benefit analysis most of all because it gives a comprehensive overall picture based on which a decision can be made.
Perhaps the most challenging and new for me turned out to be the use of marginal analysis to make extent decisions. Nevertheless, this tool is widely used in management. Margin analysis of the enterprise allows the entrepreneur, and the management of the enterprise to reliably assess the current situation and prospects (Ross, 2021). Thus, using margin analysis, several decisions are justified: the choice of options for changing production capacity, product range, prices for a new product, equipment options, production technology, and others.
To depict his experience of the course, the author describes what kind of tools he has gained during the study. Moreover, the author elaborates on the costs and benefits of these tools in detail and gives particular examples. Further in the text, he mentions collective bargaining as a critical instrument in the labor relations process, which he has found most interesting among many subjects of the course. Ultimately, the author acknowledges that he has never known how to operate with the rational-actor paradigm and how he has eventually come to an understanding thanks to the course.
Reference
Ross, S. (2021). How does marginal analysis help in managerial decisions? Investopedia. Web.