Business Administration and Technical Professionals Earn your MBA - PowerPoint PPT Presentation

Business Administration and Technical Professionals Earn your MBA in three easy hours Artie McKim Ph.D MBA Gaylord Chemical Company LLC

The Three Hour Tour • Introduction (5:00-5:15) • Why this information may apply to you (5:15-5:30) First Semester : 5:30-6:00 Statistics + Organizational Behavior Basic Accounting + Marketing Management Second Semester : 6:00 - 6:30 Negotiations + Ethics + Managing Information Systems Cost Accounting + Macroeconomics Third Semester : 6:45 - 7:15 Third Semester : 6:45 - 7:15 Business Law + Finance Operations Management + Entrepreneurship Fourth Semester : 7:15 - 7:45 Strategic Management

Introduction • Background – Education – Professional Experience • Why it made sense to go business school – Changing needs of employer – Professional development – Personal reasons

Why this information may apply to you • The value of problem ‘finders’ • Being a technology translator • Running a technical business unit • The World is flat! 20a The Cheese is moving! . 20a.Images shamelessly copied from internet sources.

Organizational Behavior The systematic study of the actions and attitudes that people exhibit within organizations 1c “ The purpose underlying the study of Organizational behavior is to explain, predict, and control behavior within a group of people within a workforce. Contributing disciplines 2 include: Sociology : the study of people in relation to their fellow human beings Psychology : general study of animals and people which tries to measure and explain behavior Political Science : Topics ranging from the study of conflict, influence, and the allocation of power among groups and individuals 1. S. Robbins Essentials of Organizational Behavior, 8 th ed. (2005) First Semester : 5:30-6:00 p.2 2. Ibid p3-5

Organizational Behavior The topic of Motivation “ Motivation: The willingness to do something [which] is conditioned by this action’s ability to satisfy some need of the individual. 3 Basic Theories 4 include: Maslow’s Hierarchy of needs: Physiological > Safety> Social> Esteem > Self Actualization McGregor’s ‘Theory X and Theory Y’ model : Competitive concepts – the role of higher order needs vs lower order needs in motivation McClelland’s Theory of Needs: Individuals are primarily driven by the need for achievement, power, and affiliation Gender differences: “How Star Women Build Portable Skills” 5 4. S. Robbins Essentials of Organizational Behavior, 8 th ed. (2005) p. 48 5 . B. Groysberg “How Star Women Build Portable Skills” Harvard First Semester : 5:30-6:00 Business Review (February 2008) p 74-81

Organizational Behavior Practical aspects “ Consider the role that an understanding of workplace behavior can have in areas such as: • Interviewing new employees • “Change Management” • Designing working arrangements • Performance appraisals • Dealing with employee problems – and employee potential . 1. S. Robbins Essentials of Organizational Behavior, 8 th ed. (2005) First Semester : 5:30-6:00 p.2 2. Ibid p3-5

Statistics The collection, presentation, analysis and interpretation of numerical data for the purpose of making more correct decisions 6 • Descriptive Statistics measures of dispersion, central tendency • Statistical Inference : finding the whole when only a part is known Sampling distributions (normal, binomial, Poisson) Linear Regression and Correlation analysis Experimental Design Hypothesis testing First Semester : 5:30-6:00 6. B. Parl Basic Statistics (1967) p 3

Statistics practical aspects • Quality / Process control control charts, Statistical process control • Finance / Risk Management • Polling / Focus group testing • Decision Analysis 7 First Semester : 5:30-6:00 7. Anderson, Sweeney, Williams Statistics for Business and Economics (2005) p 893

Statistics an example 8 Two growers offer you their crops. One grower asks a slightly higher price than grower B, but he says that his grapefruit are more uniform in size. To check this he sends you a crate of twenty five grapefruit. You measure the grapefruit in each sample and learn: • The size of the grapefruit is approximately normally distributed for each sample. • For grower A, the mean diameter of the fruit is 4.5 in, with standard deviation of 0.5 in • For grower B the mean diameter of the fruit is 4.5 in, with standard deviation of 1 in. First Semester : 5:30-6:00 8.D. Koosis Statistics, a Self-Teaching Guide (1997) p 157

Statistics an example Is the difference in the variances significant at the 5% level? Null hypothesis: σ 1 = σ 2 Alternative: σ 1 ≠ σ 2 Perform an F test and compare F value to F critical region: F = σ 1 / σ 2 = 1 / 0.25 =4 Critical region F > 1.98 Results are significant. The fruit from grower A are more uniform in size. First Semester : 5:30-6:00 8.D. Koosis Statistics, a Self-Teaching Guide (1997) p 157

Basic Accounting • Provides an introduction to financial statements (Balance sheet, statement of cash flows, Income statement, retained earnings statement) • Discusses management methods for receivables, inventory, long-lived assets Second Semester : 6:00 - 6:30

Basic Accounting Balance sheet Source: http://www.edgar-online.com Second Semester : 6:00 - 6:30

Basic Accounting Income statement Example Income Statement For the company June 2004 – June 2005 INCOME Sales $1,200 Grants $3,700,000 TOTAL INCOME $3,701,200 EXPENSES Salaries $2,500,000 Rent $700,000 Supplies $1,600,000 Travel $550,000 Advertising $800,000 Utilities $95,000 Salary burden $80,000 TOTAL EXPENSES $6,325,000 PROFIT ($2,623,800) Internet example: http://xnet.rrc.mb.ca/heatherp/example_income_statement.htm Second Semester : 6:00 - 6:30

Basic Accounting STATEMENT OF RETAINED EARNINGS for the year ending December 31, 1996 Balance of retained earnings, December 31, 1995 1,050,000 Add: 1996 Net Income 350,000 Less Dividends to stockholders 120,000 Less Loss on Abandoned Operations 100,000 Balance of retained earnings December 31, 1996 1,280,000 Internet reference: http://academic.uofs.edu/faculty/gramborw/tufsa.html Second Semester : 6:00 - 6:30

Marketing Management • “Marketing is a social process involving the activities necessary to enable individuals and organizations to obtain what they need and want through exchanges with others and to develop ongoing exchange relationships” 8 • Concepts include: Understanding buying behavior Advertising concepts Forecasting Market Segmentation The ‘Four Ps” (place, price, promotion, product) “Marketing is too important to leave to the Marketing Department” Peter Drucker 8. Mullins, Walker, Boyd, Larreche Marketing Management Second Semester : 6:00 - 6:30 ( 2005) p5

Marketing Management Practical Aspects • How do Marketing concepts apply to the chemical industry? • Industrial Marketing (as opposed to consumer marketing) 23 • Market research • Managing marketing programs 8. Mullins, Walker, Boyd, Larreche Marketing Management ( 2005) p5 23. J.D. Hlavacek Profitable Top-line Growth for Industrial Second Semester : 6:00 - 6:30 Companies (2002)

Negotiation “Intrapersonal decision-making process necessary whenever we cannot achieve our objectives single-handedly” 9 • The BATNA concept • Preparation • Negotiation style (cooperatives vs. aggressives) • Practice – with feedback. Second Semester : 6:00 - 6:30 9. L. Thompson The Heart and Mind of the Negotiator 3 rd ed, (2005) p2

Negotiation practical aspects • Negotiating a job offer! • Pricing negotiation • Conflict resolution Personal insight: • The ability to creatively seek outcomes offering mutual gain is a powerful skill. • Being a good negotiator doesn’t require aggressiveness – it requires intelligence . Suggested reading: a) Fisher & Ury Getting to Yes 2 nd ed. Second Semester : 6:00 - 6:30 (1991) b) The Essentials of Negotiation Harvard Business School Press (2005)