Estimating capital requirements : The company must estimate its capital requirements (needs) very carefully. This must be done at the promotion stage. The company must estimate its fixed capital needs and working capital need. If not, the company will become over-capitalized or under-capitalized. To call this decision a poor choice would be a bit ridiculous. Even business moguls aren’t able to choose which businesses will fail and which will succeed with any great degree of accuracy. When you took that job at Circuit City instead of at Best Buy, or at Perkins instead of at Applebees, you made a decision that could leave you homeless. Choices must be made and it’s inevitable that some of them don’t play out as well as others.
In economics PhD programs, the main risk of failure is not passing your prelim exams. This happens to a substantial fraction of people who get admitted to econ programs (maybe 25% or fewer at Michigan). But if you flunk out, you get a complimentary Master’s degree, which is probably worth the 2 years that you’ll have spent in the program. And after you pass the prelims, there is little risk of not finishing a dissertation; unlike in most fields, you do not have to publish to graduate.
Through seminars, guest lectures, projects and workshops you will also gain expertise in project management, report writing, time management, presenting, budgeting, team working, flexibility and leadership – all of which are valuable in a business environment.