UNIVERSITY OF MIAMI SCHOOL OF BUSINESS ADMINISTRATION MISSION, VISION & STRATEGIC PRIORITIES. Approved by SBA General Faculty (April 2012)

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1 UNIVERSITY OF MIAMI SCHOOL OF BUSINESS ADMINISTRATION MISSION, VISION & STRATEGIC PRIORITIES Approved by SBA General Faculty (April 2012)

2 Introduction In 1926, we embarked on a noble experiment the creation of the University of Miami. The vision of our founders was grand, but no doubt more modest than the reality of our achievements. Today, the University of Miami is on a trajectory to become the next great research university of the Americas. The School of Business Administration will play a critical role in realizing that ambitious dream. We know how we got here through the hard work, high aspirations, and valued contributions of generations of faculty, students, staff, alumni, and friends. Our graduates have made an extraordinary impact on their organizations, the nation, and the world. Our faculty members consistently produce path breaking, impactful ideas. Our teaching programs combine solid disciplinary grounding and innovative coursework. Accordingly, our reputation is growing rapidly. Great achievements notwithstanding, the future of this noble experiment depends on how our community responds to the turbulent, rapidly evolving landscape of higher education and the changing role of business schools in the 21 st Century. To do so successfully, our School must meet significant challenges in multiple domains: Equip our graduates for success in the increasingly dynamic, complex, and competitive business world of the 21 st Century an era characterized by global connectivity, filled with diverse peoples and perspectives, and dominated by accelerating social and technological change; Compete effectively for the best students, faculty, staff, and support in both local and global arenas; Focus our limited resources on building high quality, revenue generating programs; Continuously improve all aspects of our programs, operations, and community; Fortunately, our community has great strengths to draw upon: a world class faculty committed to excellence in research and teaching; the richness of the University of Miami and its collaborative spirit; a location that provides exceptional access to business and the fast growing markets of Latin America; and a worldwide network of highachieving alumni and corporate partners. 2

3 Strategic Planning During the Academic Year, School of Business Administration faculty, staff, students, and key external audiences (e.g., boards, University and community leaders) had an opportunity to participate in developing a new strategic plan. The first phase focused on surveying the competitive landscape and careful review of our community s strengths and challenges, as well as shaping our community s mission, vision, and strategic priorities. The broad engagement and consultation of Phase I occurred throughout our community in a variety of forums, including faculty meetings, all staff gatherings, meetings with the school s boards, meetings with University groups such as the President s Council and Alumni Board of Directors, student town halls, student leadership groups, and outreach to business leaders and community organizations. Together, we considered the nature of our most promising opportunities and most significant threats, whether our mission and vision are truly visionary and appropriately aligned with the University s mission, the forces in the external environment, and how we can best leverage our unique opportunities and assets to distinguish ourselves while at the same time making the greatest possible contribution to global business and society. The purpose of this highly consultative process was to craft a strategic plan that is consistent with the University s overall mission and strategic goals; widely understood and supported by faculty, staff, students, and key external constituents; responsive to key forces in our competitive environment; and provides a powerful architecture for guiding the development of action plans, strategic decisions about new innovations, and continuous improvement of all aspects of our community. Departments, programs, centers, and units will continue to build on this work in Phase II when faculty, students, and staff will be asked to align their goals and activities with those of the School so that together we can make meaningful contributions to the University of Miami s institutional goal of becoming an AAU university. 3

4 Mission Statement Our mission is to develop innovative ideas and principled leaders that transform global business and society. Our mission statement recognizes the multiple stakeholders that business schools serve, the nature of the ideas and leaders we seek to produce, and the high aspirations we have for the contribution both make to the world. We strive to be thought leaders that redefine business thought and practice in the broadest possible terms, including the shaping of business scholarship and how business is conceived, and to set the standard for business education. Thought leadership starts with an innovative idea, an idea that creates new opportunities, motivates excellence, inspires action, and drives change. Whatever the source faculty, students, alumni, or supporters innovative ideas provide the foundation of an academic learning community such as ours. We aspire to develop principled leaders who will impact the world by creating, building, and improving organizations of all types while acting with the highest possible standards of ethical, social, and environmental responsibility and inspiring others to do the same. Today s graduates require an understanding of business and its role in the world that reflects management s responsibility and accountability to all stakeholders. To be successful, they will need to develop the critical thinking skills and judgment required to navigate competing stakeholder needs, especially in situations where ethical, social, and environmental principles conflict with financial or strategic objectives. We believe the world needs innovative ideas and creative, principled leaders to successfully navigate the pressing challenges facing global business and society. Globalization and technological advancement have created the most dynamic, interconnected, and complex marketplace in the history of mankind. Stakeholder pressure for both financial performance and responsible business practice has never been stronger. Leadership, innovation, and responsible citizenship are at a premium across all sectors and communities. 4

5 Vision Statement A vision statement facilitates understanding of the mission by expressing what can be achieved if the mission is fully realized. Our vision is to become a premier learning community engaged in discovery and dissemination of transformative business knowledge that enables its members to advance sustainable prosperity worldwide. To attain this vision, we must distinguish ourselves through producing breakthrough research, offering extraordinary learning and career opportunities for our students, and fostering distinctive areas of excellence spanning both domains. We must leverage our unique assets the richness of the University of Miami and our privileged location at the gateway to two continents. We must also develop a vibrant agenda of external engagement with the broader campus, business leaders and community organizations, alumni, recruiters, and partners. Accordingly, we have identified the following four strategic priorities: Create and disseminate high impact intellectual capital Pursue select Areas of Excellence Foster stakeholder engagement Build global perspective Create and Disseminate High Impact Intellectual Capital The foundation of our strategy is our commitment to creating and disseminating highimpact intellectual capital ideas that can change the world. Our faculty members are involved in conversations at the forefront of their fields, exchanging ideas with other thought leaders worldwide. They share these ideas with our students in the classroom and with the global community outside. It is a commitment we share with leading business schools situated in research universities worldwide and one that distinguishes us from other university based as well as for profit institutions. Pursue Areas of Excellence To further differentiate our community and become a school of choice among certain target groups faculty and students, it is essential that we identify and pursue a select group of Areas of Excellence areas in which we can draw on unique local assets to develop outstanding programs of research and teaching. The School of Business Administration has the distinct advantage of being part of the University of Miami, a rising star among universities worldwide. We also benefit from a privileged location in one of the world s gateways to the Americas. Particularly attractive domains of business 5

6 in which to focus include those that leverage both these assets simultaneously, such as health care, real estate, and entrepreneurship/family business. Foster Stakeholder Engagement We will further distinguish ourselves by fostering a dynamic learning community of faculty, students, and staff that develops and maintains appropriate engagement with the broader campus, practitioners, community organizations, alumni, and supporters. For students, the creation of appropriate learning and placement opportunities requires a vibrant agenda of engagement. For faculty, engaging with alumni, business and community leaders, and other disciplines ensures that their scholarship and teaching remain fresh, so they can bring relevant solutions to critical challenges facing business and society. Our community must also take a lead role in fostering the intellectual and economic vitality of South Florida and Latin America. Build Global Perspective Finally, the most important way in which we will differentiate ourselves is by building one of the world s premier learning communities focused on global management especially as it pertains to emerging markets and particularly to Latin America. The globalization of business, along with increased connectivity and rapidly growing markets in emerging economies, has led to unprecedented business opportunities and challenges for corporations, governments and other organizations. The School of Business Administration, strategically located at one of the world s major crossroads for connecting to the Americas, is uniquely positioned to bring together students from many nations and prepare them for this new world by connecting them to different cultures and economies especially the fast growing markets of Latin America. 6

7 Core Values The foundation of our community is a shared commitment to a set of core values. These values create a distinctive learning environment, define the types of ideas and leaders we seek to produce, and guide us as we strive to achieve our goals and serve our internal and external stakeholders. Achievement and Purpose We have a passion for excellence and rigor in all that we do. We aim to make a difference in the world. We act with confidence, but also with humility and professionalism. Innovation and Adaptability We are open to new ideas and challenging the status quo. We are resourceful and agile. We do more with less for more. Community and Teamwork We respect others and embrace individual, intellectual, and cultural diversity. We work together and support one another, especially across boundaries. We are stronger when we connect and engage with our stakeholders. Integrity and Responsibility We act and make decisions with integrity and moral courage. We are committed to being transparent and making ourselves accountable. We are responsible stewards of our resources, people, community, and world. 7

8 Strategic Goals We have identified key strategic goals that will guide our efforts to achieve our vision of becoming one of the world s premier learning communities focused on global management especially in emerging markets and particularly Latin America. In addition to goals required to achieving our vision, we must also develop a strong foundation of financial resources and organizational support. Create and Disseminate High Impact Intellectual Capital 1. Recruit, develop, and retain world class faculty, supporting their ongoing development and research programs through excellent research support and organizational support promoting highly effective teaching and external engagement. 2. Develop a robust, focused PhD program that matches our faculty s strengths, attracts students with outstanding academic potential, supports their development, and places them at aspirational peer institutions. 3. Provide a premier undergraduate program offering learning and career opportunities matching the interests of an accomplished, diverse student body. 4. Build an internationally recognized portfolio of MBA programs each designed to meet the distinctive learning and career needs of the constituencies it serves. 5. Create widely acclaimed executive education programs (both custom and open enrollment) that serve individuals and organizations throughout South Florida, the Americas, and other regions of the world that connect via Miami to both. Pursue Areas of Excellence 6. Build a strategic portfolio of Areas of Excellence that enable us to become a school of choice for a significant and distinct group of students, recruiters, business and community organizations, and external supporters. Foster Stakeholder Engagement 7. Develop a robust set of experiential learning opportunities that engage students with business and community organizations; help them connect theory with practice; develop their ability to turn ideas into action and effect change; and cultivate leadership, teamwork, and soft skills. 8

9 8. Promote high levels of engagement among students, staff, faculty, other university units, parents, alumni, business and community leaders, recruiters, practitioners, and other partners. Build Global Perspective 9. Attract to our programs international students who will enhance the learning experience and build the School s alumni throughout key regions of the world, especially in emerging markets and particularly in Latin America. 10. Develop an outstanding set of international learning experiences with a focus on emerging markets, in general, and Latin America, in particular. 11. Equip our students with an understanding of the contextual forces shaping global business; international perspective and intercultural awareness; connections to those living and working in other countries; and an ability to adapt business theory and practice in ways that are insightful, appropriate, and principled. 12. Create a world class set of educational programs that equip students for success in international business, especially in emerging markets and particularly in Latin America. Foundations for Academic Excellence 13. Optimize the School s portfolio of contribution generating master s degree programs while at the same time reducing the School s dependence on this revenue stream. Diversify the School s risk portfolio by strengthening revenues derived from Executive Education activities and executing a capital campaign that supports our mission, vision, and strategic goals. 14. Achieve operational excellence within the School by maximizing operational efficiencies and strategically allocating resources based on the priorities of our mission, vision, and strategic goals. 15. Recruit, develop, and retain talented staff and support their productivity and ongoing development. 16. Foster a community based on our core values that is inclusive and welcoming. 17. Ensure spatial and technological infrastructure that supports a dynamic and engaged academic learning community. 9

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