Tuesday, March 27, 2012

Profit Sense - An Important Managerial Skill

Profit Sense - An Important Managerial Skill

Profit sense is an important managerial skill. Manager of a department or section or a full organization has the responsibility to earn profit and assure the survivl of the organization or the organization department or function. Every manager should spot profit opportuniites and evaluate them for assuring that the profit is there in the proposal and select the best portfolio of  profitable projects and initiatives for his department or section periodically for important proposals and on day-to-day basis for many things. 
Engineering economics or economy is the subject that emphasized profit sense for engineers. Joel Dean developed "Managerial Economics" for management students taking a cue from Engineering Economics but as on today, the emphasis on profit sense is not that visible in managerial economics text books.
Management students in undergraduate as well as post graduate courses do managerial economics as well as a basic financial management course and they are expected to develop profit sense from these courses. But still special emphasis is to be given to the concept of profit sense in the list of managerial skills. Is it a technical skill or conceptual skill? May be categorising it as a conceptual skill makes more sense.
Original knol - http://knol.google.com/k/narayana-rao/profit-sense-an-important-managerial/2utb2lsm2k7a/ 2815

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