Managerial Economics and Decision Sciences

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Managerial Economics andDecision Sciences

• 4 majors
• Decision Sciences
• Managerial Economics
• Operations Management
• Analytical Consulting
• Professional Program
• Social Enterprise at Kellogg (SEEK)

An electronic copy of this presentation is at
http//www.kellogg.northwestern.edu/meds/deptinfo/
majors.htm
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Decision Sciences (DECS) Understanding the
dynamic nature of decision making

• Decision science techniques have become
  increasingly important in general consulting,
  oil and natural gas, automobile, transportation
  and pharmaceutical companies
• A flexible major and ideal complement to
• Finance
• Strategy
• Operations
• Marketing

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Decision SciencesThe Mathematical Toolbox used
to understand the dynamic nature of decision
making
Students are required to take any three of the following courses

• DECS 450 Decision Analysis
• DECS 452 Strategic Decision Making
• DECS 499 Independent Study
• MECN 446 Pricing Strategy
• MECN 451 Business and Economic Forecasting
• OPNS 450 Spreadsheet Modeling for Managerial
  Decisions
• ACCT 454 Learning Through Experience Action
  Program
• MGMT 469 Empirical Methods in Strategy

For turbo options, visit www.kellogg.northwestern
.edu/meds/deptinfo/waiverinfo.htm
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Managerial Economics (MECN) Examining
decision-making in management

• What is managerial economics?
• Many firms create enormous amounts of economic
  value, yet they still fail in achieving sustained
  profitability
• Managerial economics builds a framework that
  analyzes the creation and distribution of value
  in the market place
• Managerial economics analyzes the interaction of
  fundamentals (demand, cost, nature of
  competition, and government policies) that
  determine prices, market size and share
• Grounded in principles of basic microeconomic and
  game theory

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Managerial Economics (MECN) Examining
decision-making in management

• Core class MECN 430
• Usually taken in the winter or spring quarter
• Presents the basic microeconomic/game theoretic
  framework for the analysis of perfect
  competition, oligopoly and monopoly
• A prerequisite for many management, strategy and
  finance courses that build on the basic
  microeconomic paradigm

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Managerial Economics (MECN) Examining
decision-making in management

• The managerial economics major
• Key analytical tools serving both industry-based
  and function-based careers. Especially suited for
  careers in management consulting
• Includes demand and cost analysis, pricing
  strategies, market structures, incentives and
  information, and game theory

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Managerial EconomicsExamining decision-making in
management
MECN 441 Competitive Strategies Industrial Structure MECN 443 Analytics of Corporate Planning MECN 446 Pricing Strategy MECN 450 Macroeconomic Analysis  MECN 451 Business and Economic Forecasting MECN 452 International Economics MECN 463 Entrepreneurial Leadership   MECN 499 Independent Study   MECN 912 Invention Innovation MGMT 444 Health Care Economics Strategy ACCT 454 Learning Through Experience Action Program TECH 913 Intellectual Capital Management
Students are required to take any three of the following courses
For waiver information, visit www.kellogg.northwes
tern.edu/meds/deptinfo/waiverinfo.htm
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Operations Management (OPNS) Operational and
Financial Measures of Performance

• The operations major is designed with two
  specific career paths in mind consulting and
  general management.
• High demand in firms focusing on quality - health
  services, government, transportation, retail,
  airlines, insurance, banking and others.
• Possible major combinations
• Finance (operating functions of banks and other
  financial institutions)
• Marketing (management of complex
  inventory-distribution-warehousing systems
  linking retail, wholesale, and manufacturing)

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Operations Management Operational and Financial
Measures of Performance

•   

OPNS 450 Spreadsheet Modeling for Managerial Decisions OPNS 453 Inventory Management   OPNS 454 Operations Strategy OPNS 455 Logistics and Supply Chain Management   OPNS 499 Independent Study OPNS 912 Service Operations OPNS 916 Process Management OPNS 917 Project Management  TECH 919 Innovation Process Management  
Students are required to take any three of the following courses
For more information, visit the operations
website www.kellogg.northwestern.edu/research/op
erations
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Analytical ConsultingA quantitative, analytical
approach to strategic managerial consulting

• In the past few years, about 40 of Kellogg
  graduates accepted a consulting position upon
  graduation.
• Kellogg faculty at the forefront of developing
  analytical models and methods.
• Courses focus on
• quantitative skills (using statistics,
  optimization, or simulation methods)
• analytical framework (using formal modeling based
  on game theory or microeconomics)
• Possible major combinations
• Accounting
• Finance
• Marketing

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Analytical ConsultingA quantitative and
analytical approach to strategic managerial
consulting

• Decision Frameworks    DECS 450 Decision
  Analysis   MECN 446 Pricing Strategies   DECS
  452 Strategic Decision Making  
• Analytical Strategy  MECN 441 Competitive
  Strategy and Industrial Structure   OPNS 454
  Operations Strategy   MGMT 452 Strategy
  Organization
• Quantitative Models  MGMT 469 Empirical Methods
  In Strategy   MKTG 450 Research Methods In
  Marketing   OPNS 450 Spreadsheet Modeling for
  Managerial Decisions  OPNS 455 Logistics and
  Supply Chain Management

Students must take four courses, including at
least one from each category
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Multi-major coursesThese courses apply to more
than one major in the MEDS Department
Decision Science Managerial Economics Operations Management Analytical Consulting
DECS 450, 452 x x
MECN 441 x x
MECN 446 x x x
MECN 451 x x
OPNS 450 x x x
OPNS 454, 455 x x

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Social Enterprise at KelloggThe role of the
private corporation in a broader social context

• Investigate how socially responsible strategies
  will position firms to be leaders of tomorrows
  market.
• Consider how firms can thrive or fail as a
  function of how well they grasp the nuances of
  international regulations and policy.
• Challenge your basic beliefs about the nature of
  crisis and learn to scan your business practices
  for political and social risks.
• Develop strategies and integrate your crisis
  management approach into your overall business
  strategy

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Social Enterprise at Kellogg
SEEK 440A Values and Crisis Decision Making SEEK 441 Strategic Management in Non-market Environments SEEK 450 Mission, Strategy and Finance in the Nonprofit Sector SEEK 460 Values Based Leadership SEEK 470 Public Policy Analysis for Managers SEEK 916 Socially Responsible Business Practices INTL 466 International Business in Non-Market Environments SEEK 451 Leadership in Nonprofit Marketing and Fundraising SEEK 453B Board Governance of Nonprofit Organizations SEEK 459A Social Impact Club Speakers Series Please visit http//www.kellogg.northwestern.edu/academic/seek/ for more details
Required Other courses counting towards
SEEKMajor