SALALAH: The Department of International Business Administration (IBA) of Salalah College of Applied Sciences (CAS) organised a two-day workshop on ‘Economics for managers’ recently that offered the participants an insight into economic way of thinking and developing general understanding for economics.
The event was part of the ‘Community Services Programme’ (CSP) of the college to pursue strategic goal of serving the local community. This was the second endeavour of the IBA department to conduct a structured workshop to the corporate community.
Dr Zaid Zabanoot, Dean of CAS Salalah, expressed the need of such collaborative work with industries in the areas of research and training in near future. The dean also handed over a booklet of short courses prepared by all the departments of the CAS, to each of the participants.
The courses are designed for industries for their reference and future endeavours.
The programme was designed and coordinated by Muhammad Shehzad Moin, faculty member of the IBA Department.
The core purpose of the workshop was to offer an intensive introduction and the real world applications of the key terms and concepts and theories of economics to serve the needs of the managers/executives/heads keeping in view the role of economics in decision making and in their day-to-day managerial lives.
Dr Iqtidar Ali Shah, Dr Hanaa Mahmoud Sid Ahmed and Muhammad Shehzad Moin shared their expertise with the participants.
All the participants were the executives from various organisations including Salalah Mills, Port of Salalah, Dhofar Cattle Feed, Octal, Hilton Salalah Resort, Salalah Marriott Resort, Salalah Sanitary Drainage Services Company, International Plastic Industries, Dover International and HBP.
The broader objective of the workshop was to instill “economic way of thinking among the participants to further enable them towards effective decision making for proper utilisation of the organisations’ resources,” said the event organiser. The workshop also aimed at creating a solid understanding of the key terms, concepts and theories of economics which generally people come across while reading or listening to media, to help the participants make use of theories of demand, supply, production, and cost in making key business decisions, and also to inculcate the understanding of how particular business policy decisions are heavily based on market structure.
The workshop also focused upon how the economic indicators measure health of the economy and how and why do these economic indicators change and have impacts on the day-to-day business activities. The workshop focused on both microeconomics and macroeconomics.
SOURCE: OMAN DAILY OBSERVER