Success in business is all about well-informed decision-making. To be good at that requires having information that's "relevant" and "reliable." This doesn't mean having mountains of data or information that's interesting, but not "on-topic."
Figuring out where to get the "right" kinds of information and how to make it useful is a key focus for our course's Week Number Two.
Before going any further, here are my Lecture Notes and PowerPoint Presentation for this week:
And one place to start might be the "external environment" where our business will (hopefully) profitably thrive.
The Economists are the masters of this external domain. Part of your business education requires spending time in their "macroeconomic" and "microeconomic" worlds. But are the Economists' explanations of how things work (or supposed to work) useful to business managers? Can you take what they're saying and use it for decision-making? Or do you need to "translate" economic data into useful business decision-making information?
Let's see if we can sort this out by looking at some of the key terms from this week's textbook readings...