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Economics plays a crucial role in management across various aspects of decision-making within organizations. Here are several ways in which economics is relevant in management:



Resource Allocation

Economics provides managers with tools and frameworks to efficiently allocate scarce resources, such as capital, labor, and raw materials. Managers need to make… Continue

Gemba Walk is an essential part of Lean Six Sigma tools and methodologies. The word is of Japanese origin where "Gemba," which means "the real place".

https://www.mindcypress.com/blogs/quality-management/exploring-gemba-walk-2-0-with-six-sigma-tools-and-techniques