Managerial economics how does it work

What can I expect from managerial economics?
Managerial Economics is concerned with the application of economic principles to key management decisions.
It provides guidance to increase value creation within an organization and allows for a better understanding of the external business environment in which the organization operates..
What is managerial economics and its uses?
Managerial economics helps managers to make rational decisions by analyzing challenges and applying principles in economics.
It enables managers to handle and operate the business efficiently.
It's a significant aspect of any business as it efficiently connects theoretical knowledge with practical applications..
For example, managerial economic theory can be used to help a company decide between purchasing, building or leasing operational equipment.
Uncertainty exits in every business and managerial economics can help reduce risk through uncertainty model analysis and decision-theory analysis.
Managerial economics examines the impact of economic forces on institutions and the utilization of economic principles by leaders to achieve optimum results.
The concept is useful as it helps managers make sound decisions as it uses ideas and economic theory.

What can I expect from managerial economics?