Mysuru: The importance of data cannot be overemphasised as it is required everyday in decision-making, business intuition and forecasting by the managers at different levels in an industrial organisation, said CII Mysuru Chairman Bhaskar Kalale.

He was speaking at the inauguration of the two-day workshop on ‘Economic Tools for Decision-Makers: Unleashing the Power of Applied Economics for Entrepreneurs, Traders and Businessmen, SMEs, Service sector professionals, Administrators and Academicians’ organised by  Department of Studies in Economics (DSE), SBRR Mahajana First Grade College, PG Wing, Pooja Bhagavat Memorial Mahajana Education Centre, KRS Road, at its premises here recently.

He said that Economics builds its models on data and hence is to be applied in business decision models. He did mention price.com as an important tool to be used in pricing decisions.

CA and GC Member of Mahajana Education Society B.S. Ravikumar, in his address, said that Economics is a global subject. It is a macro subject when its tools are applied to industry and business at large and also focuses on national and international issues. Application of Economic Tools helps mangers in solving the problems in decision-making, he added. 

Pooja Bhagavat Memorial Mahajana Education Centre Director and Chief Convener of the workshop Dr. C. K. Renukarya presided.

The sessions covered areas like Tools for Economic Sustainability of the Business, Market Structure and Market Analysis for Sustainable Business, Economic Tools to avoid Managerial Pitfalls, Role of Capital Budgeting in Scaling of the Business, Knowing Business Environment and Financial Environment and Growth of MSMEs.

The speakers were CII MSME Panel Convenor and CEO of Bhorukha FABCON Utsav Agarwal, State Bank Institute of Learning and Development Chief Manager Seetharaghava and Deccan Herald Group of Publications former General Manager S. Shivaramakrishna.

Head of DSE and Convener of workshop Dr. Bettina C. Sudhakar, welcomed. DSE Assistant Professor Dr. H.C. Ramesh proposed a vote of thanks. DSE Assistant Professor Dr. M.T. Latha compered, according to a press release from the Director of the Mahajana PG Centre.