This is a weekly blog post about two students’ experiences in the Master of Business Administration program at Stevens-Henager College. Subscribe to the blog to follow their weekly updates and to gain insight into the skills and concepts they’re learning in the program.
Sara: Here’s my top three favorite concepts I learned in the MBA609 Applications in Economic Analysis course at Stevens-Henager College this past module–
- Structuring employee incentives on the success of the company can make each worker act more like an owner of the firm. This can motivate individual employees to actively produce and participate, and it can also encourage inter-department cooperation and teamwork (think of IBM’s turnaround under Louis Gertsner. He tied employee compensation to the performance of the whole company).
- Though risk in business is unavoidable, it’s really smart to have a risk management team and to listen to it. For an example of what not to do, think of Freddie Mac former CEO Richard Syron.
- Solving the national debt problem is complicated. After having to write a case study on economic stimulus funding, I’m just glad I’m not in charge of figuring out all that. Voting for others to figure it out is much easier. By the way, I strongly encourage everyone to become a registered voter and vote at both local and national elections.
Megan: Nice wrap up of the course. I’ll add to it. My favorite concepts I learned in the MBA609 Applications in Economic Analysis course at Stevens-Henager College are:
- The health of the US economy entails more than the price at the gas pumps. The economy can only successfully recover if we examine the value of globalization, effectively manage outsourcing, and live within our means.
- In business, it’s critical to understand how to assess and analyze risks and probable economic outcomes. You can certainly employ smart and persuasive people to help persuade people to make certain economic decisions, but you can’t predict the risk aversion of individuals.
- Education can improve economic activity. People who seek an education are more apt to be positive role models and productive members of society. If we invest in education at an early age and continue to nurture the potential in young students, more jobs will be created and filled by competent citizens, and in turn the economy will thrive.