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Managerial Economics (Essay Sample)


Managerial Economics and internal management decisions.


Managerial Economics
Date Due:
Managerial decisions are a major component of success in any organization. These decisions are complex and come in different forms and challenges. These decisions are greatly influenced by the economic conditions, the status of the organization and the financial position of the company. The rapid changes and development of technology has brought its own share of challenges. These have made it difficult to precisely evaluate and determine the output of some information systems without proper audit of the entire management of the information system in the organization.
1. What are the potential sources of the problem?
The Interwest Healthcare Corp suffers from mistrust among its management team and the employees. Singh, the chief financial officer doubts the financial records as entered by the data entry team in the organization while the staff accuses him of being bureaucratic and insensitive to the needs of the patients in his role as the financial chief administrator of the organization.
The potential source of the problem is the lack of clear guideline policies and procedures in the management of information system. The need for checks and balances in the data entry methods and the system of verification process seems to be flawed or lacking all together.(Keat and Young, 1996) Singh feels that she cannot verify the audit trail of all the inputs in the system and as such doubts the outputs of the system. The source of the employee problems with Singh originate from the lack of clear job description of his department and the clear definition of his scope of authority concerning the financial department. These makes the employees develop a hard feeling against him when maybe he’s only operating within his scope of authority.
2. What information would you want to analyze?
The information that I would analyze are the primary source of the information entered on the computers and the output of the computer information system. These would make it possible to determine the authenticity of the information system regarding the data entry and the subsequent processing of the input data and the ultimate output of the system. The grievances of the staff and some of the regular patient’s views and comments would also form an important basis for auditing of the general finance department and its overall budgeting process.
3. What actions might you recommend to increase the accuracy of the data entry?
The accuracy of the data entry can greatly benefit from a feedback system where the output of the data entry system goes through a verification process to counter check the entered data and the primary source document which should not be discarded or destroyed until a set period of time has elapsed. (Damodaran, 2006) Clear structures should be created to provide a control system where the data entry clerks work is also checked by another department before the primary sources of data are filed. Constant mistakes on the part of the data entry clerks should be met by punishment or dismissal of the employee.
4. How does your view of behavior affect how you might address this consulting assignment?
The actions of the staff towards Singh only reflect the feelings towards her behavior while discharging her duties as the chief financial officer. This behavior makes the staff feel that she’s bureaucratic and insensitive towards the staff and the needs of the patients in the organization. Where the...
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