This workshop provides an overview of economic tools and analytic approaches available to the manager for business decision making. It includes such topics as pricing, forecasting, demand analysis, production and cost analysis, and macroeconomic policy as it affects the business environment. The purpose of this course is to develop an economic perspective that is appropriate for students aspiring to manage business units or entire companies in a wide variety of industries.
We will tie the Micro Theory concepts to management and strategy and will examine consumer behavior, production functions, costs, market structures, pricing behavior, government regulation, and investment decisions within organizations from an empirical perspective. To accomplish this, students will learn Econometric estimation at an intermediate level (estimate, diagnose, and fine-tune the models) allowing them to estimate relevant functions before engaging in optimization efforts. Students will be introduced to numerical approach to optimization and will also engage in forecasting exercises where they will be introduced (or review) most commonly used forecasting methods with an eye toward real-world application. Finally, students will explore the connection of Microeconomic Theory to strategy through use of tools such as Porter's Five Forces. In all, students will learn practical micreoconomic, econometric, and forecasting skills that they will be able to apply to real-world business and organizational issues.
Lecturer's short biography
Dr. Aleksandar (Sasha) Tomic is Associate Dean for Strategy, Innovation, & Technology, and Director of the Master of Science in Applied Analytics and Master of Science in Applied Economics programs at the Boston College’s Woods College of Advancing Studies. He also holds appointments as Associate Professor of Practice in the Economics department of Morrissey College of Arts and Sciences and Operations Management Department of Carroll School of Management. Dr. Tomic leads strategic initiatives at the College, especially in online education. Prior to joining BC, Dr. Tomic was Associate Professor at Mercer University, Professor at the Jack Welch Management Institute in Herndon, Virginia; Principal in Econometrics with HENDYPLAN, S.A. in Luxembourg; Associate Professor of Economics and Director of Graduate Programs in Business at Wesleyan College in Macon, Georgia; and Assistant Professor of Economics and co-founder and Director of the Center for Economic Analysis at Macon State College in Macon, Georgia.
Dr. Tomic has developed, grown, and turned around academic and research programs in his career. He has written scholarly papers published in international journals and refereed books addressing topics such as EMU, behavior of political agents, racial disparities in policing and sentencing, and impact of college athletics on universities reputation. He is a frequent lecturer and commentator on economic issues at local/regional/national/international levels. In addition to his academic endeavors, Dr. Tomic has managed and participated in Eurostat-sponsored, complex, multi-year, multinational projects in economic statistics, business cycle forecasting, and macroeconometrics. He earned his M.A. and Ph.D. in Applied Economics from Clemson University