AEM1200-0825 - Department of Applied Economics and Management Management CORNELL UNIVERSITY AEM 1200 INTRODUCTION TO BUSINESS INTRODUCTION

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Unformatted text preview: Department of Applied Economics and Management Management CORNELL UNIVERSITY AEM 1200 INTRODUCTION TO BUSINESS INTRODUCTION MANAGEMENT MANAGEMENT Pedro David Pérez Fall 2010 People People Course Support Specialist Ms. RuthAnn Heath / 103 Warren Hall / 254-1281 [email protected] Teaching Assistants (46 Warren Hall) Mike Mascarenhas (head TA) - [email protected] Mike [email protected] Ken Babcock - [email protected] [email protected] Taylor Flynn - [email protected] Taylor [email protected] Courtney Hayward - [email protected] Courtney [email protected] Chelsey Kaplan - [email protected] Chelsey [email protected] Scott Shapiro – [email protected] Scott [email protected] Anna Smith – [email protected] Anna [email protected] Jordan Smith - [email protected] [email protected] Richard Sutton – [email protected] Richard [email protected] Jennifer Werbitsky - [email protected] [email protected] Activities Activities Lectures (including guest lectures) 50% course ~ 25% grade Necessary for performing well in both the cases and Necessary in final project in 47.5% course 50% grade One dedicated lecture, ~ 25% grade Case Studies Business Firm Analysis Project TA office hours and reviews Evaluation Evaluation Ten in-class quizzes (best seven); 70 pts Find the proposed quiz schedule in syllabus Business Firm Analysis Group Project; 80 pts Deadline for delivery: Monday December 6th, before noon before Case Studies; 150 pts Eleven case write-ups (two page each, best nine) One group paper and presentation Three “Twitter” writeups (one page each, best two) Participation in class discussion 90 pts 35 pts 10 pts 15 pts Case Study Schedule Case 9/1 9/10 9/13 9/20 9/24 9/27 10/6 10/18 10/25 11/1 11/5 11/8 11/14 11/19 11/22 12/1 Dominion Motors and Controls (practice case) Howard Schultz and Starbucks Coffee Co. – Entrepreneurship Entrepreneurship Understanding Business Problems – Twitter Kristen’s Cookies – Operations Management Fair Trade Coffee – Marketing Starbucks: Delivering Customer Service - Marketing Starbucks: Marketing Finding Possible Actions – Twitter Dynashears – Finance Butler Lumber – Finance Nike: Globalizing the Sportswear Industry – Finance Nike: Finance Presenting a Course of Action – Twitter Apple Inc. in 2010 - Strategy Donna Bookout-Coe – Donna Human Resources Management Human The Micromanager - Leadership RL Wolfe – Teamwork RL Teamwork Kathy Levinson and E*Trade - Ethics CASE STUDY A description of a management situation (a “management story”) A metaphor A simulation What do you learn from case studies? Content, and Techniques, and SKILLS Philosophies of understanding Approaches to problems Management decision making Analysis Choice Persuasion Case studies acquaint the student with a problem solving procedure. Total Case Process Individual analysis and preparation Optional informal small group discussion Classroom discussion End-of-class generalization about learning. Case Analysis Structure: Before Class 1. 2. 3. 4. 5. 6. 7. Scan through the case very quickly Read the case very carefully, underlining key facts and writing marginal notes as you go Note the key problems or issues. One of the problems will be your focus of solution. Sort out the relevant considerations for each problem area. Pay particular attention to your focus of solution. Do appropriate qualitative and quantitative analysis Develop a set of recommendations, supported by your analysis of the case data Develop two-page writeup. Case Analysis Structure: In Class Presentation by designated groups of conclusions and recommendations Class discussion Wrap-up Turn-in of writeups. Two Page Writeups Name, electronic ID and Student ID Name of Case and date Analysis: single spaced, 1”x1” margins, 12 pt Times Roman. ONLY HARDCOPY, PLEASE. Include two copies. Written as an executive summary. Running description. Make sure you include the relevant information (problem, alternatives, recommended solution, and support for your solution). You can append any information you want (ie. copies of case with your notes, relevant number crunching, etc). However, the grade will be based on the writeup. Two page writeup – Individual Guidelines Define Problem Identify and define the problem in 1-2 sentences. This should be a clear and concise statement. Develop and explain three implementable solutions. Explain the advantages and disadvantages of each. Consider the solutions’ impacts on: costs, efficiency, output, employee/employer relations, profitability, competitors (and their likely response), customers’ perceptions, overall firm strategy, feasibility and ease of implementation, etc. This list is by no means exhaustive – be creative and analytical! Select one of your alternatives and justify why you are recommending this solution. Justification includes highlighting the advantages, and, just as importantly, explaining why the disadvantages are tolerable and/ or how they can be overcome. Use sound logic and quantitative analysis, if possible, to defend your solution and explain how it contributes to the business’ overall strategy. The appendix will be used for charts or calculations referred to in your write-up. Not all cases will need an appendix. If you do calculations, you must clearly show how you arrived at your answer in the appendix. Pages in the appendix do not count toward the 2 page limit Alternatives (possible solutions) Recommendation Appendices Practice Case: Dominion Motors and Controls Given current market conditions, what actions should DMC managers take to maintain its current 50% market share of the Canadian oil well market? Are there any actions you would recommend beyond the 4 suggested in the case? Why Study Business Management? Why “Modern bureaucracy depends on a particular social Modern structure: a citizen must not be able to survive on his or her own, but has to work for someone else.” (Charles or Perrow, “Complex Organizations”, NY:Random House, 1986, p. 49) Perrow, 85% of U.S. working people work for someone else; Principles of bureaucratic organization Specialization Formalization Hierarchy AEM1200 strives to empower students by exposing AEM1200 and explaining a wide range of business management concepts, skills and activities. concepts, Objective of the course Business Management, as of Now, has a “Bad Name” “Bad CORPORATION (n) - An ingenious device for CORPORATION obtaining individual profit without individual responsibility. responsibility. Ambrose Bierce, 1911 Greed and Fear Irresponsibility and Deceit Irresponsibility When you do not remember principles: The Management Cycle The Planning Starbucks Citigroup General Motors Citigroup Organizing Leading Controlling Taking risks, or passing risks? Taking BP – Beyond Petroleum? BP Beyond Worst oil spill in history, with unknowable consequences; Toyota – The disciplined Japanese corporation with Toyota uncompromising quality standards. uncompromising Toyota estimated that it saved $100 million by negotiating with regulators for a Toyota limited recall of 2007 Toyota Camry and Lexus ES models for sudden acceleration, the same problem that has since prompted it to recall millions of cars, documents turned over to a Congressional committee show” NYT, 2/22/10 cars, Goldman-Sachs – The Golden Standard of Investment Banking Goldman-Sachs The In April, the Securities and Exchange Commission filed a lawsuit In accusing Goldman of securities fraud in marketing a mortgage investment that was built to fail without fully informing clients of its provenance. The hedge fund manager who selected contents of the investment, John A. Paulson, profited mightily, but the banks on the other side of the deal lost more than $1 billion, according to the suit. Why do McDonalds and WalMart prosper? Why “It is better to sell painkillers than to sell vitamins.” Brad Treat, JGSM ’02, SightSpeed, Mezmeriz Focus on providing real perceived value to final Focus customers customers McDonalds from “being the world’s best quick-service McDonalds restaurant” to “our customers’ favorite place and way to eat;” Tight relationship with customers Tight “Everyday interactions” The skills that make a person employable are not so much the ones needed on the job as the ones needed to get the job, skills like the ability to find a job opening, complete an application, prepare the resume, and survive and interview. and Occupational Outlook Quarterly U.S. Department of Labor Behaving Professionally Behaving Create and manage your own Create filing system filing Making a good first Making impression impression Focusing on good grooming Being on time Practicing considerate Practicing behavior behavior Practicing good “netiquette” Practicing good cell phone Practicing manners manners Being prepared Computer based Hardcopies Personal documents: Building your Personal resume and C.V. resume Read and otherwise collect Read information information Business press: WSJ, Business Week, Business Financial Times, NYT, your own local newspaper; newspaper; Business programming: MSNBC, Business Nightly Business Report (PBS) Nightly Internet!!! Attend lectures and seminars in your Attend university and community. university Network, network, network Time Management Time Know what you have to do Keep a “to do” list Prepare a daily schedule Prepare weekly and monthly schedules Space out your work Defend you study time Never let a day pass without some achievement Write weekly goals for yourself Prepare for the next day the night before Take time for fun Patiently accumulate successes Motivate yourself Take-Aways Take-Aways Business knowledge is a critical professional tool; Understanding/avoiding wage slavery; Understanding and applying fundamental principles; Taking rational and responsible risks; Valuing the “service orientation.” Business knowledge can be divided into: Knowledge of business concepts and activities; Knowledge of business culture, appropriate behavior Knowledge and appropriate personal management skills; and Knowledge of job searching, job getting and job keeping Knowledge techniques. techniques. ...
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This note was uploaded on 10/24/2010 for the course AEM 1200 at Cornell University (Engineering School).

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