Industrial Economics & Management, 2/Ed.

The present book “Industrial Economics and Management” deals with various aspects of economic theory and management. The book is particularly useful to students of engineering and management. Industrial Economics and management is a study of economic theories, logic and methodology applied to business decision-making in industrial and business organizations. It constitutes that part of economic theories and knowledge that is applied as a means of analyzing business complexities to arrive at rational business decisions. First, it is imperative for the readers to comprehend the nature, scope and concepts of industrial economics as well as its relationship with other disciplines. The understanding of elasticity of demand and supply, demand forecasting methods, laws of consumptions, types of competition, break even analysis is very important from the market’s view-point. To develop an understanding of national income account, trends in industrialization in India, economic of scale, production planning and control strengthens the knowledge of economy of the country. In the era of globalization, a clear understanding of the balance of payment and trade as well as the foreign exchange and exchange control is of paramount importance. The reading of the sources of industrial finance, principles of account also make the comprehension of the subject clearer. The study of the principles of management, managerial functions, marketing management, selection and recruitment, training and development, job evaluation, fatigue and accidents, industrial relations, industrial disputes, worker’s participation and quality of work life will enhance the reader’s comprehension of management. The readers will gain a perspective industrial economics and management and will be able to adopt and implement the various practical aspects of subject to improve upon the effectiveness of decision-making and taking action in their organizations.