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This proposal outlines a new MBA curriculum that integrates various streams of knowledge and emphasizes critical skills needed for success in business. The curriculum focuses on understanding financial elements, emerging technologies, strategic thinking, and product design.
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Rensselaer’s Lally School MBA: New Curriculum Proposal October 2003
Parameters • The Traditional Framework used as the Framework upon which the (proposed) New MBA Curriculum is built: • 60 credits total • 15 credits per semester • Four, 14 week semesters • So, New and “Breakthrough” approach to Business/Management Education—but within the already established parameters. • And, still pushes Management Education to a new, higher level. . .
Why Revise the MBA Curriculum? • Integration • Coordination (and avoiding duplication) • A Program vs. a collection of courses • Practice orientation: how business operates • Differentiation and Competitive Advantage
What was Done: • Recognizing both the success of the integrated Design, Manufacturing, and Marketing course model and the potential of this model to deliver in terms of integration, coordination, a program, and differentiation, potential “streams” of knowledge and practice were identified • Education oriented toward Objectives (what people do) rather than disciplines • Identified relevant “critical” knowledge from various fields to integrate into the course streams—concrete content not yet finalized • Identified additional knowledge/courses appropriate for the Lally MBA: tools/skills/placement • Developed a structure appropriate for sequencing and delivering the course streams and courses • Sensitivity to loading and teaching hours
Critical Skills for Lally School MBAs • Understand the financial and economic elements and drivers of business • Gain mastery over the indicators of business performance through skills in accounting and statistics • Build business, maintain, grow, and/or kill it. • Understand business implications of emerging technologies (and how innovation occurs in different industries) • Use information technology to create and capture value—new ways to create value through IT...but not only IT…new business platforms and models • Learn to think strategically about competing in new or existing industries: new sources of advantage • Manage risk and uncertainty • Drive the design of new products and services for commercial success
Major Course Streams • Creating and Managing the Enterprise • Value Chains, Networks, & Innovation • Technology, Innovation, and Industrial Dynamics: Biz Implications of Emerging Technologies • Developing Innovative New Products and Services • Competitive Strategy
Foundation &Tools Courses • Economic & Financial Environment and Evaluation Analysis (Accounting and Statistics as well) • Decision Models • P.S….we have not forgotten other critical pieces such as OB, etc.!!! Career & Professional Development Courses • Craig ’68 Career Seminar (required, no credit) • Succeeding in the High-Tech Environment
Focus Courses • Leaders, Heroes, and Innovators (required, no credit—Orientation course) • Global Business • Social Responsibility: Business Ethics and Environment • Managing on the Edge: Corporate Innovation under Stress and Strain • Electives (4 electives): Revised in accordance with final core curriculum
Creating and Managing an Enterprise • This course is designed to help MBAs understand the many functions and activities they must master to develop, manage & grow a business. • The course focuses on educating students about the management of five key aspects—product, people, markets, finances, and competition—for business success. The four primary components of the business life cycle—(1) formation, (2) building and managing, (3) sustaining and growing, and (4) transformation provide the backdrop • This course is likely to encompass knowledge from multiple fields such as: strategy, entrepreneurship, marketing, OB/HR, and finance.
Value Chains, Networks, & Innovation • This course is designed to help MBAs understand how and where Value is being (or can be) created in today’s evolving industry network, and how firms can participate at different points in the value creation process. • The course will educate students about how the different competencies work together as a process to create value for customers, employees, and shareholders. It will consider alternative models of value creation in different industries as well as examine numerous managerial issues including the product/process tech strategy, innovation processes, IT infrastructure, operations, financial, organization and leadership issues. • Students will come away with an understanding of the value chain and different approaches for creating sustainable revenue streams
Technology, Innovation, and Industrial Dynamics • The objective of this course is to expose students to the business opportunities and challenges presented by emerging, complex, and sophisticated technologies. Technologies such as biotechnology, nanotechnology, superconductivity, MEMS, fuel cells, hydrogen, terahertz, IT, etc. will be examined in terms of what they are, what they can do, and what the likely impact will be for each on markets and industries. • Students will gain understanding and skills for assessing technology driven industry changes, the role of various key players, socially responsible business models, as well as the management tools and analyses for addressing the opportunities and complexities involved.
Competitive Strategy • This course will provide students with the tools and perspectives to create and implement effective corporate strategy. • Along with examining the various dimensions of business strategy, the course also will help students understand the changing sources of sustainable competitive advantage in today’s global markets • Students will utilize a series of real corporate projects to attack actual business problems, with an eye towards enhancing their ability to think strategically about protecting and enhancing a firm’s competitive assets.
Developing Innovative New Products and Services • This course builds significantly on the knowledge students gain in the first year of the program by immersing them in the practices and activities that lead to the creation and distribution of new products. Students undertake the actual steps involved in conceiving and implementing a new product or service offering. • Students will gain understanding and experience with skills such as: understanding customer needs, conceptualizing new products/services, design, manufacturing, costing, marketing and distribution, as they relate to developing innovative products.
Leaders, Heroes and Innovators • This will be the MBA students’ initial exposure to the Lally School curriculum. Accordingly, the goal of this course is to excite them about innovation and entrepreneurship…so they can understand the potential for being a real change agent. • Materials will be drawn from inside and outside the management literature to demonstrate alternative leadership modes for bringing about dramatic as well as evolutionary change.
Managing on the Edge • This course is designed to put students on “edge” and make them “uneasy” as they come towards the end of their MBA program. The goal is to place them in non-linear, unstable, uncertain situations and to encourage them to develop innovative solutions for dealing with risk and uncertainty. • Materials will be drawn from inside and outside of management to assist the students discover how best to manage uncertainty and deal with surprises and the un-anticipated.
“Portfolio” Deliverables (for each MBA student): Assessment Tools • Business Plan • Competitive Assessment • Technical Assessment • Wall Street Journal Analysis (project/exercise) • Concentration Specific Project (e.g., Market Research project, IT database design/management project)
