Management Studies

http://wp.stolaf.edu/management-studies/

Director, 2014-15: Richard M. Goedde (Economics), corporate finance, investments, management

Faculty, 2014-15: Kenneth Creech (Economics), financial accounting, managerial accounting; Richard Hirsch (Economics), personal finance; Sian Muir (Economics), entrepreneurship, management strategy, marketing, arts management; John Ophaug (Economics), business law

The study of management prepares students to meet the challenges of an ever-changing, global marketplace by providing an interdisciplinary approach to developing skills and knowledge in ethical decision making, effective communication, problem solving, teamwork, and leadership. Management studies connects theory and practice to prepare students for careers in domestic and international business, not-for-profit and governmental organizations, and entrepreneurial ventures.

overview of the concentration

Management studies is a multidisciplinary program offering a contract concentration in management studies that can be earned in conjunction with any B.A. academic major. Individual contracting encourages students to consider personal goals as they design a program of courses in management studies, economics, and other disciplines. For example, a student who hopes to start a business can elect to take Management Studies 256: Entrepreneurship and apply for an entrepreneurial grant to pursue a business idea. (See information about the Program for Entrepreneurial Studies below). The Management Studies Program also supports the management and finance areas of emphasis within the economics major (see Department of Economics).

INTENDED LEARNING OUTCOMES FOR THE CONCENTRATION

REQUIREMENTS FOR A MANAGEMENT STUDIES CONCENTRATION

The management studies concentration is arranged by individual contract. The concentration includes

(1) a five-course program of study,

(2) Experiential learning, and

(3) an electronic integrative folder.

Course Requirements:

Students meet with a member of the management studies faculty to develop a five-course program of study that includes three core and two elective courses. Core courses for the management studies concentration include Economics 121 and Management Studies 225 and 251. Electives include an additional management studies course and an approved course from another department on campus or a study abroad program. Students must earn a grade of C or better in all five courses.

Experiential Learning:

This requirement is satisfied by completing two approved experiences in which the student applies management or financial principles to real world problems. One of the activities must be an academic internship or an approved work experience. The other activity can be a volunteer, leadership, entrepreneurial, or related work experience. The Piper Center for Vocation and Career and other organizations help students with this requirement.

The Electronic Integrative Folder:

The electronic integrative folder introduces students to the career planning process, helping them to identify career options and access opportunities. The folder includes the results of self-assessment and career exploration activities, a description of future goals, and an academic and experiential action plan, as well as projects, papers, and other work that demonstrate specific skill development. The integrative folder is presented using Moodle and a Web site. By interconnecting important pieces in a digital folder, students can demonstrate the interrelatedness of their varied learning experiences.

courses

225 Principles of Accounting

This course focuses on four basic financial statements: the income statement, statement of retained earnings, balance sheet, and statement of cash flows. Students learn how business events are recorded and represented on the financial statements and how to use the information to make sound economic judgments. Cases and current articles supplement traditional textbook readings and problems. This is a core course in the management studies concentration. Offered each semester.

229 Arts Management

This course provides an overview of the key issues that face arts administrators. Topics addressed include strategic planning, budgeting, fund raising, audience development, and human resource management as each relates to the unique setting of the arts. Case analysis and guest speakers provide opportunities to explore application of key concepts. Offered annually.

231 Personal Finance

This practical course provides information needed for informed decision making in major areas of personal finance, including budgeting, basic tax planning, insurance, investments, major purchases and retirement planning. Offered during Interim. Does not count toward the finance or management area of emphasis.

232 Health Care Management

Health care is our nation's largest industry and arguably the most complex. Health care organizations are constantly challenged by shifts in governmental policies and programs, changes in technology, new ethical considerations, and changing health insurance practices. The course focuses on principles of organizational theory and management as they can be applied to this unique setting. Instruction features lectures, case studies, guest lecturers, and field trips. Prerequisite: ECON 121 or equivalent, or consent of instructor. Offered occasionally during Interim.

237 Managerial Accounting

This course emphasizes the use of financial and operating information to make internal management decisions. Topics include cost measurement and allocation, budgeting and control, performance evaluation, relevant costs for decision-making and capital budgeting decisions. Students are introduced to the modern production environment. Excel spreadsheets are used for many homework assignments. Prerequisite: MGMT 225. Offered each semester.

250 Marketing

This course introduces the key elements of marketing principles. Topics include evaluating market opportunities; buyer behavior; market segmentation, targeting, and positioning; market strategy and planning; development of marketing mix; and marketing organization and control. Students are challenged to apply the principles learned in class to current and real world marketing issues. The course includes readings, case study analysis, in-class exercises and group projects. Prerequisite: one of Economics 110-121 or permission of instructor. Offered each semester.

251 Management

This course familiarizes the student with the major management functions of planning, organizing, leading, and controlling. The study of management theory is linked with application exercises. Students begin to develop the management skills necessary in any organization, whether it be a for-profit or not-for-profit venture, a small business, or a large corporation. This course is required for all students pursuing a management studies concentration. Prerequisite: one of Economics 110-121 or permission of instructor. Offered each semester.

252 Legal Aspects of Business

This course investigates the legal framework in which business enterprise is conducted, including personal rights and duties, contracts, sales, agency, negotiable personal rights and duties, negotiable instruments, bailments, personal property and corporate obligations, and equities. Prerequisite: one of Economics 110-121 or permission of instructor. Offered annually in the spring semester.

256 Entrepreneurship

This course introduces students to the principles and importance of entrepreneurship, covering both the theory and practical aspects of the subject. Students acquire a greater understanding of the entrepreneurial process: a process of opportunity recognition, resource marshaling, and team building driven by communication, creativity, and leadership. Discussions focus on the relationship of liberal arts disciplines to the entrepreneur, the role of entrepreneur in society and history, the risks and rewards of entrepreneurship, and the elements of the entrepreneurial behavior. Study concentrates on the entrepreneurial process from idea creation to ultimate business or other organizational activity. A leadership theme permeates these discussions. A variety of instructional techniques is used including group projects, guest presenters, and practicing entrepreneurs attending the class. Offered annually.

257 Entrepreneurship and New Venture Formulation

This course teaches students how to develop a business or not-for-profit venture concept into a business plan. Students choose whether to develop a real business plan for a local entrepreneur or pursue an idea of their choice. Students work in teams to identify a market need, design a strategy, and determine feasibility of the proposed venture. Ethical practice permeates these discussions. Weekly assignments develop the necessary speaking skills that prepare students for the final plan presentation. Local entrepreneurs and fellow students critique the final plan and offer suggestions. Offered during Interim. Does not count toward the finance or management area of emphasis.

281 Corporate Finance

This course is an introduction to financial decision-making in a business environment. Topics include asset acquisition, issuance of stock vs. debt, dividend policy, planning and analysis, and working capital policy. Case discussions, combined with lectures and readings, enable students to apply finance principles in actual business situations. Computer spreadsheets are used. Prerequisite: MGMT 225. Offered annually.

294 Internship

298 Independent Study

380 Investments

This introduction to making personal investment decisions provides a foundation for students seeking a career in the investment field. Although stocks are the primary focus, bonds, options, futures and mutual funds are also introduced. Topics include risk and return, security analysis, valuation theory, stock investment systems, and portfolio management. Students analyze historical data using a computer database and spreadsheet. Prerequisites: MGMT 281 and a statistics course, or permission of instructor. Offered annually.

383 Management Policy and Strategy

This is a capstone course for students with a management studies concentration or management area of emphasis in the economics major. Students have the opportunity to further develop their planning and decision-making skills through focused study of the management literature and case analysis exercises. Emphasis is given to identifying, analyzing, and solving organizational problems, which are strategic in nature and cut across all functional areas of the organization. Prerequisite: MGMT 250 or MGMT 251, senior status or permission of the instructor. Offered annually in the spring semester.

394 Internship

396 Directed Undergraduate Research: "Topic Description"

This course provides a comprehensive research opportunity, including an introduction to relevant background material, technical instruction, identification of a meaningful project, and data collection. The topic is determined by the faculty member in charge of the course and may relate to his/her research interests. Prerequisite: Determined by individual instructor. Offered based on department decision. May be offered as a 1.00 credit course or .50 credit course.

398 Independent Research

399 Seminar