SDA Bocconi School of Management. Internal Quality Management System

Transcription

1 February 2012

2 Sommario AN INTEGRATED IQM SYSTEM 2 THE 4 BASICS MATRIX 2 KEY ELEMENTS 3 AoL (Assurance of Learning) & Customer satisfaction 3 The design process for programs 3 Assurance of Learning 4 The Learning Goals 7 The Learning Goals Communication 9 SDA Bocconi AoL process and Closing the loop timeline 10 Program evaluation and Customer satisfaction 13 Faculty 15 Faculty Development 19 Research performance 20 Research Strategy and Research Policy at SDA Bocconi School of Management 20 Priorities established within the research strategy 21 Mechanisms and policies for funding, evaluating and rewarding research 21 Innovation in teaching and learning 22 Financial performance 23

3 AN INTEGRATED IQM SYSTEM To fulfill its mission To contribute to the development of individuals and organizations by creating and disseminating innovative managerial knowledge. Empowering lives through knowledge and imagination and continuously improve its quality to become an outstanding and internationally recognized quality education institution SDA Bocconi gives high priority to develop an integrated internal quality system. Students are actively involved on all levels of the Quality Development system and also conduct their own evaluations. The quality of SDA s performance is not only regularly evaluated internally through evaluations but is also externally reviewed and evaluated through international accreditations and rankings. THE 4 BASICS MATRIX The internal quality assurance system is based on 4 key elements in line with the School s strategic and operational objectives. Figure 1 - The 4-basics matrix AoL - Assurance of Learning & Customer satisfaction Research Performance Quality Management Financial Performance Faculty & Staff Each key element of the internal quality assurance system is monitored by a set of indicators: 2

4 AoL (Assurance of Learning) & Customer satisfaction Both for executive and master programs, participants are asked to give a formal assessment by filling in a Customer Satisfaction Questionnaire on the course. Evaluation of questionnaires can result in substantial variations being made to the course program, delivery processes, faculty appointment, and location. SDA Bocconi Policy of Assessment is a reference for decisions and practices related to AoL and its improvement process; Research Performance Research proposals are selected according to the comparative evaluation system based on blind review of the projects. Research outputs are submitted to ex-post evaluation on compliance of research results with pre-defined objectives; Financial Performance Financial performance is monitored for each program/line of activity in order to provide appropriate and prompt adjustments; Faculty Performance The School schedules an annual assessment for each member of the faculty. This refers both to her/his annual evaluation and to career development decisions based on a specific balanced scorecard. In addition, a double review process is used to implement a system of faculty awards in order to reward performance that is consistent with the objectives of the Strategic Plan. Examples include the Best Paper, the Best Case Study and the Best Coordinator Awards. Aggregation of some indicators of Customer Satisfaction, Research, Financial and Faculty Performance, specifically dealing with the international dimension of activities, helps create general indicators of the School s level of performance in international activities. KEY ELEMENTS AoL (Assurance of Learning) & Customer satisfaction The design process for programs The design process for programs is implemented every year for the following one. As shown in the figure below (Figure 2), it is divided into a 3

5 first phase of collection of proposals, a second phase of analysis and a final decision on all changes and innovations in the portfolio. Figure 2 - Design process for SDA Bocconi programs The actors involved in this process are: Department Directors and Segment leaders, assigned at the level of each Department to each level of portfolio, devoted to analyze market segment and be in touch with course Coordinators; The New Products Committee (CNO) that reviews open enrolment products proposals and the portfolio as a whole from May to September for next year programs; The Division Directors that monitors economic performance as well as programs quality and customer satisfaction and discusses possible improvements. Assurance of Learning SDA Bocconi Policy of assessment is based on the following principles: The fundamental purpose of SDA Bocconi AoL process and practices is to improve student learning; Faculty has a key role in all stage of the assessment process. It must be clear that SDA Bocconi assess programs effectiveness in Learning Outcomes, not faculty performance; SDA Bocconi assesses individual student performance; 4

6 SDA Bocconi conducts assessment activities in the most appropriate environment, including classroom; SDA Bocconi tries to assess a large number of student whenever possible, and never less than 30% in order to have an appropriate and representative sample. It will not be mandatory to assess every student in every program; Normally each master Program should assess at least three Learning Goals in each program edition and close at least two measurement cycles for each LG during a five year period. SDA Bocconi AoL Process aims are: to assure a degree of autonomy in defining Leaning Goals for each Master Program; to follow a learning approach in the AoL Process starting with pioneer programs and extending the achievement to other programs; to reach consensus on an acceptable level of standardization. The development of the AOL cycle is therefore divided into two levels (i) Initial, (ii) Rolling. At the initial level each Master Program must: Step 1 establish its Learning Goals - (Program Learning Goals and Objectives), Step 2 align Curriculum with Goals, Step 3 identify its system of measurement, including environments and tools. The intended outcome of the initial phase is twofold to become familiar with the Assurance of Learning process; to allow a first step personalized adoption and greater involvement of each Master Director and Faculty. At the rolling level each Master Program must: Step 4 Compare the LGs across programs for simplification, standardization - if appropriate - and mutual learning and consensus Step 5 Start of initial assessment cycle to check the effectiveness of measurements, 5

7 Step 6 Define the timeframe for closing the loop. Figure 3 - SDA Bocconi AoL Process Diagram The SDA Bocconi Assessment plan addresses fundamental issues related to what students are expected to know or be able to do or to be as a result of participating in SDA Bocconi s programs. The phases of the process are presented in figure 4 and in table 1. Figure 4 - Logical phases of the Assurance of Learning Process Step 5: Using assessment information for continuous improvement including documentation that the process is being carried out on an ongoing systematic basis. Step 1: Establish learning goals and objectives AoL Process Step 4: Collection, analysis, and dissemination of assessment information Continuous Program Improvement Step 2: Alignment of curricula with adopted goals Step 3: Identification of assessment instruments and measures 6

8 Table 1 - Steps and Questions supporting the Assurance of Learning Process development Step Establishing Learning Goals and Objectives Alignment of Curricula with Learning Goals Identification of assessment measures Collection, analysis and dissemination of assessment information Use of assessment information for continuous improvement Question What are students LO expected to achieve? How do these LO relate to SDA Bocconi s Mission? Which curriculum components are more conducive to supporting LG? What could be the appropriate measurement environment? Which instruments and measures will be used to determine the outcome achievement? When and how often should these outcomes be assessed? Which means of dissemination will be used? What results would indicate a satisfactory level of accomplishment How will these results be used to improve programs? The Learning Goals The SDA Bocconi School of Management has a description of the values, attitudes, knowledge, skills and behavior it is seeking to instill in its students. These skills and attitudes are broadly applied to all Master Programs. To help students prepare for a successful professional career, SDA Bocconi has defined three categories (Learning Dimensions) which are a reference for all Master Programs, when revising their Learning Outcomes and which are linked to the Mission. These three dimensions and the related Learning Goals are described in Table 2: 7

9 Table 2 - The three Dimensions and related Learning Goals Dimension MANAGEMENT KNOWLEDGE Learning Goal 1 Management Knowledge Graduates will be competent in the core functional areas and understand how these areas are integrated. ENVIRONMENT 2 Entrepreneurial mindset and creativity Graduates will acquire an entrepreneurial and creative mindset. 3 Diversity and global business issues Graduates will understand the impact of diversity on organizations, and will have an understanding of the main global issues affecting companies, public/non-profit organizations, banks and financial institutions. 4 Ethics & Integrity Graduates will be conscious of the needs to comply with rules, regulations, social norms. MANAGEMENT SKILLS 5 Strategic Thinking & Problem Solving Skills Graduates will formulate effective strategies and make decisions, using problem solving techniques. 6 Teamwork & Leadership Skills Graduates will work effectively in teams, using interpersonal, communication and leadership skills. 7 Project Management Skills Graduates will be able to effectively plan and implement projects and activities and to coordinate tasks and monitor their progress. 8

10 The Learning Goals Communication The definition of the Learning Goals for the MBA, EMBAs and Specialized Masters is an approach that SDA Bocconi uses to ensure that students meet learning expectations. These Learning Goals are included in the syllabus of the courses and on the first day of the course the Faculty members share the goals of the Master with the students. Learning outcomes help the Faculty to tell participants more precisely what is expected of them. Learning Goals make it clear what participants can hope to gain at the end of the program they have chosen or plan to attend. In the meantime, each course instructor is helped to design his/her materials more effectively by using Learning Goals as a template and by selecting the appropriate teaching strategy. A periodical check on whether the Master students perceive they are reaching the goals is planned in each Master schedule. These Learning Goals can be assessed and checked through assignments, exams, case studies, business games, field projects and internships, etc. at program level. The Learning Goals assessment process is intended to collect information in a systematic way to assess student learning and to use assessment data to both improve student learning and allow for review, evaluation and improvement of the curriculum. Each Master Director must evaluate the program s appropriateness and consider how to change it to meet the program s needs. The Learning Outcome measures and results must be included in the Annual Report to be prepared by each Master Director. The SDA Bocconi AoL Cycle addresses the need to identify the focal points where opportunities exist for students to acquire the knowledge and develop the skills crucial for obtaining the Learning Outcomes they should achieve. Having defined these focal points, the appropriate assessment environment check-points are selected. Each master program has defined this framework, with an indication of the courses or phases of the program where appropriate measures can be performed. 9

11 The measures identified for LG outcomes are the following: Business Games Business Plan Contests Case discussions Field Projects Final exams and course embedded tests Final/Internship Reports Individual/Group Assignments Peer to Peer evaluations Presentations Role Playing Simulations SDA Bocconi checks the effectiveness of the above measures to make sure they are: Reliable Valid Action-oriented Organic SDA Bocconi has indentified three levels for classifying student achievement: Level 1 Fair; Level 2 - Good; Level 3 - Exemplary, according a specific rubrics definition. SDA Bocconi has decided that a satisfactory level of achievement would be having not more than 30% of students in Level 1 (Fair). SDA Bocconi will see whether this threshold should be made stricter or if it rubrics should be redefined for more effective assessment. For more information about assessment at SDA Bocconi School of Management, see SDA Bocconi School of Management Assessment Handbook and An Introductory Guide to AACSB AoL (Assurance of Learning) at SDA Bocconi. SDA Bocconi AoL process and Closing the loop timeline In table 3 are shown the process and the AoL annual cycle timetable of each Program. 10

12 Table 3 - AoL Annual Cycle Timetable Master Division Director Program Director Program Faculty AoL Team 1 Instructions and templates September Submits the annual assessment plan to the Master Committee The Program Director fills in a matrix that highlights the impact of courses on various LGs Before the start of Programs Program Director and Faculty meet to share the assessment plan and measurements Each Program Director fills in a matrix that shows which LGs will be measured, where and when in accordance with the program calendar. The templates are preprinted with LGs/Objectives for each Program According to the annual assessment plan Collects measurements and documents (tests, exams, assignments, etc.). Carry out the planned measurements Supervises the measurements collection and the implementation of assessment results Template to be filled in by the Program Faculty for the LGS/Objectives measurements According to the Program calendar and the annual assessment plan Program Director and Faculty meet to share and discuss assessment results and actions The Program Director fills in the template June/July Submits the AoL cycle results to the Management Board Strategic Meeting The Quality, Accreditation and Benchmarking Office and the Program Directors prepare the annual report July Submits the Program Director Annual Report to the Master Committee Program Directors Annual Report Scheme 1 The AoL Team is composed by the Dean, the Managing Director, the Masters Division Director, the Director of the Quality, Accreditation and Benchmarking Office and the Program Directors. 11

13 The Career Development Service (CDS) performs a key role in supporting MBA participants in their career search. CDS activities help students to both gain a greater understanding of the market, their professional goals and their individual selling proposition, and to create effective contacts with the business community and the world of MBA recruiters, in an on-going exchange of information regarding job profiles and job offers. To facilitate participants personal and professional development track as well as to provide companies with effective recruiting tools, the CDS provides One-to-One Services, Class Services and Company Services 2. The Recruiting and Career development activities for Specialized Masters participants rely on specifically developed networks, targeting specific industries where each Specialized Master Program students profile fit best. Total support is given from the Master Director and the Master staff. SDA Bocconi does not offer placement support for the Executive Master Programs. Access to academic advice and guidance from academic staff is offered directly from the lecturer in charge of the course, who let the students know her/his office location, office hours for meeting students, contacts, telephone numbers and address in the course syllabus. Moreover the students can meet with the course coordinator for academic needs or requests linked to the specific course, and with the Program Director, by appointment, for issues related to the overall program. All Master Programs have a tutorship service offered to help participants in their daily activities in class. The tutors usually offer service in the projects and the exercise sessions. Particularly helpful for participants who have been absent from formal education for an extended period of time, some Master Programs offer pre-courses which make it possible to have a re-introduction to basic economic concepts and methods. 2 For further information, see 12

14 Program evaluation and Customer satisfaction Program evaluation is based on four important elements, as shown in the figure 5: Figure 5 - Program evaluation key factors Customer satisfaction Financial performance Profile of partecipants Innovation Innovation is measured in terms of participants characteristics (both national and international), from the innovative teaching methods, the organizational and logistical support services. The programs are designed for specific profiles of participants (level, position, training needs and development goals): the quality is rated as correspondence between targets, profiles of participants and the needs expressed by the customers. The financial performance is used as an indicator that measures the ability of schools to meet the needs of the market. Finally, SDA Bocconi systematically collect feedback from students and customers, through surveys of customer satisfaction at the end of each course or after each module, in the case of longer and articulated courses. For the master programs students are asked to fill in customer satisfaction questionnaires on the overall program and after each course. The program evaluation process for each course requires evaluations to be posted within a week following the end of the course. Course examination results are not given to students until 90% have posted their evaluation. This guarantees high feedback on course evaluation. The questionnaire is standard, in order to compare and aggregate the results between different courses. In the case of custom programs, the 13

15 questionnaires include some specific questions, while maintaining the same basic ones. The marketing department is responsible for analyzing and processing the questionnaires on customer satisfaction. So, the surveys are the basis of quality improvement, a tool of market analysis to better understand customers target and support the decisional process. In fact, the aggregated results of the questionnaires are analyzed by the coordinators of the program, the Division and Department Directors (in case of open programs) and, in the case of custom programs, also by the Key Account Managers 3. The key role in quality management is held by the Coordinator, a member of the Faculty which is responsible for the management and performance of the course and who is helped in carrying out its duties by Administrative staff. Among her/his responsibilities, s/he must prepare a detailed program for each teaching session and the corresponding material, which may consist of handouts, case studies, exercises, lectures, textbooks, reference sites and publications and, if necessary, software applications. Most courses, especially longer programs, have a learning space, run by the Course Coordinator and his/her assistants, in which participants can find information about the course, curricular and extra-curricular materials, educational materials, and sometimes a forum for discussion and exchange of information. The relationship with the potential candidates/students/participants is handled following the process as illustrated in the figure 6. 3 A Key Account manager is responsible for the participants management in the case of custom programs. 14

16 Figure 6 - Supporting processes in SDA Bocconi Initial contact Enrolment Post enrolment Follow up and life long network Director Administrative staff Director Administrative staff Director Faculty Administrative staff Alumni Faculty Administrative staff Web-site & Brochure Webcast Fairs, world tours, seminars & conferences One-to-one meeting School s visit Selection and Admission Enrolment Welcome letter Participant kit with detailed information kit about chosen courses, Rules&regulations, School facilities and services Progress in learning Career Development Customer-care initiatives Event coordination and communication Personalized information Alumni initiatives and events Communities Executive Education Faculty The objectives of the Faculty Strategy, in line with the School s strategic policy, aim to achieve qualitative growth of the Faculty in both teaching and research, internationalization of the Faculty, innovation of content and methods and development of internal entrepreneurship following shared guidelines. The Faculty Strategy is centered on a Faculty that is explicitly identified in its profiles and role expectations and is developed through the planning and implementation at School level of a Faculty management model (recruiting and selection, assessment, development and remuneration). Faculty members continuously and significantly contribute to achieving the School s objectives, and are committed to respecting a series of values and of, among the others, the principle of teaching exclusively for the School. The Faculty of the School is made up of two groups: Faculty Affiliate Faculty The difference between Faculty and Affiliate Faculty is connected to the volume and content of the roles the people carry out and represents a dynamic distinction that is assessed every year when individual targets are set. It has implications for decisions about personal and professional 15

17 growth and for people taking on responsibilities in the School and the School taking on responsibilities for its people. With regard to Faculty s responsibilities, Faculty members are divided into: Participating faculty: it is engaged to undertake the full range of academic responsibilities that is teaching, research, management and the establishment of the School s policy through the various formal structures; Supporting faculty: it is engaged in teaching activities, on a part-time basis. Concerning faculty qualifications, a Faculty member is Academically Qualified when she/he holds an academic position within the Italian Higher Education academic system and/or a PhD degree, including the Italian equivalent called the Dottorato di ricerca. Meanwhile, a Faculty member is considered Professionally Qualified when she/he meets any of the following conditions: i) possesses a graduate degree in business or related field or ii)possesses an MBA or other type of master related to management, engineering, law etc. All Faculty members have, as a minimum, an MSc qualification and other professional qualifications. Having the status of SDA Bocconi Faculty member means: A formal institutional qualification; SDA representational power (for core Faculty only); the possibility to carry out the whole range of SDA Bocconi activities: i. for the Faculty, directing programs, coordinating top line courses, senior management responsibilities ii. for all Faculty members, teaching and research. They must comply with the Honor Code and may not carry out any teaching activities at competing Schools or companies, banks and public administrations. All teaching activities must be carried out on behalf of SDA Bocconi. The School has endorsed the Code of Ethics of ASFOR which SDA Bocconi itself has contributed to define. 16

18 Moreover, all SDA Bocconi Faculty members are subject to the Bocconi Faculty Honor Code, as applicable to SDA Bocconi. Maintenance of Academically Qualified Status A faculty member can maintain his/her academic qualifications according to the following criteria: Publishes his/her research outcomes, in academic journals but also spreading the outcomes to practitioner and policy maker audience, in order to become a school of thought and to increase the awareness and international recognition of SDA Bocconi; Teaches in Masters programs and in Executive Education programs for at least 25% of his/ her time devoted to the school; Updates course content and methodologies according to scientific, practice and learning goals development; Develops relevant teaching materials for the school collection and for diffusion; Supports development and assessment of junior colleagues, both for teaching and research activities; Participates in international conferences, with presentation of papers, organizing symposia, being part of committees and Boards. Criteria for Academically Qualified Status Maintenance A faculty member will maintain academically qualified status if s/he has published at least 5 ICs in a five-year period of which 3 must be peer reviewed publications (e.g. peer reviewed journal articles, books, chapters in books, peer reviewed conference proceedings and peer review paper presentations). Books and chapters in books are included because they are an important component of academic qualification in the Italian academic system, consequently they are highly valued and contribute to build the school's reputation. Peer reviewed conference proceedings and peer reviewed paper presentations are also included because they support international school's visibility and collaborations. A faculty member is considered Academically Qualified for a period of five years after the Ph.D. degree, without additional publishing activities. Maintenance of AQ status may include administrative roles at the Department or School level, or sabbatical leaves. 17

19 Standard for Professionally Qualified Once part of the Professionally Qualified faculty, s/he can follow a career improvement path with the same opportunities for growth and maintenance as the Academically Qualified, even though their teaching and research activity can be more focused on practice oriented publication and directed towards executive education and lifelong courses. All faculty members are evaluated on: Classroom Performance; National and International Publications; Production of Teaching Material and of new pedagogical models; Entrepreneurship and Coordinating Effectiveness; with different emphasis according to their qualification. The performance of faculty is evaluated every year according to a Performance Scorecard. Besides confirming qualifications, the yearly evaluations offer faculty members the possibility of progressing up an internal career ladder. In order to be promoted from one level to another, minimum requirements have to be reached as a function of the various levels/dimensions for evaluation and the AQ or PQ qualification. At SDA Bocconi the levels of progression for Faculty members are the following: 7 levels from C3 (lowest) to A1 (highest).in the People Strategy Document the criteria for promotion are clearly identified. They do not distinguish between AQ and PQ faculty because at general level both profiles are considered important in the equilibrium of the school s activity, especially due to the fact that Executive Education is a considerable source of the overall turnover of the school, and it is consistent with the School s mission. The School offers its Faculty members the possibility of maintaining their qualifications and progress along the internal level of progression. There are various means of support, ranging from funds to prizes to senior faculty advice and paper review. The School has a policy and resources to support faculty when giving presentations in international conferences, has extend to funding research in order to develop working papers and publishing in national and international journals, also by means of an internal multi-step double blind review system, to support and award the production of outstanding teaching materials. 18

20 Faculty Development In the Faculty management model, responsibilities are divided among the following: The Department Director is responsible for the management of the Faculty in her/his Department; The Faculty Committee, made up of the Dean, the Department Directors and the Dean for International Affairs, establishes the management policies of the Faculty at School level. The Faculty Committee aims to safeguard that the Faculty management systems are uniform and coherent with the School s objectives. The Faculty Committee meets at least quarterly (two meetings a year are dedicated to the recruitment process) and it is responsible for the Faculty management systems as well as for checking that the School s code of behavior is being followed. Currently the Faculty Committee governs the entire assessment cycle of the Faculty. The Faculty management process is outlined in the figure 7. Figure 7 - SDA Bocconi Faculty Management Process 19

21 More specifically, each stage is based on the criteria of the operating processes described in the People Strategy Document. Research performance Research Strategy and Research Policy at SDA Bocconi School of Management Research plays a crucial role in the overall strategy of SDA Bocconi as the fundamental of the process of generation, development, and bringing up to date the knowledge that is at the heart of educational activities, management education, and promotion of management culture. By producing relevant and useful knowledge,. Coordinating and governing the research activities are the responsibility of the Claudio Dematté Research Division (hereinafter DIR). Broadly, the objective of the research supported and coordinated by the DIR - thanks to the resources made available by SDA Bocconi - is to generate influential and high-impact research outputs for the scientific communities into which management studies are divided, as well as to contribute to the growth of managers of different professional backgrounds by producing relevant and useful knowledge. More specifically, the research coordinated by the DIR is focused on: Allowing SDA Bocconi to compete in the international context of scientific research on management; Putting at the disposal of public and private institutions and enterprises the results and innovations generated by basic and applied research; Sustaining ongoing innovations in training programs that SDA Bocconi offers the market. Over the years the DIR has supported and guided the research activity of SDA Bocconi s Faculty, fostering the process of multidisciplinary research in management focusing on management functions (strategy, marketing, organization and management of human resources, control and measurements, market and corporate financing, technology and management of IT systems) as well as industry specific readings and, thus, 20

22 management of industrial, commercial and service enterprises, financial and insurance brokers and public and not-for-profit institutions. Priorities established within the research strategy Broadly, the purpose of DIR research is to produce tangible outputs such as papers, case studies, and books. In supporting research efforts of SDA scholars, DIR gives emphasis to the production of research with a high potential for publication and dissemination. Therefore, SDA Bocconi consider the quality of research output as a multidimensional concept, which includes the adoption of a rigorous methodology, the originality and the relevance of the subject, and a clear relationship between scientific discovery and managerial implications, leading to the potential use of research outcome in management education. DIR efforts have been focuses on improving: The quality and the number of research papers of the SDA Bocconi Working Paper Collection hosted by Social Science Research Network (SSRN The quality of the Research Seminar Series, which, in the past three years, has hosted prominent scholars from the major international institutions that are active in the field of management research; The quality and the number of the Case Collection distributed through the European Case Clearing House ECCH ( All activities behind the international networking of its scholars, by funding their attendance major conferences, and connections with international groups and communities of researchers. Mechanisms and policies for funding, evaluating and rewarding research DIR has adopted a model of financing research following on a strict procedure of comparative assessments based on the blind review of the proposals. Moreover, this funding mechanism is integrated by an incentive system for researchers linked to production and quality of research outputs papers, reports, case studies, books - submitted to a process of peer evaluation through an external network of assessors. The evaluation 21

23 process of research outputs is based on a double blind review assessing them on the criteria set out below: a) Relevance of the research subject and interest of the scientific and professional community in the topic; b) Relevance for SDA Bocconi, i.e. the capacity to generate spin-offs in terms of top executive training initiatives, in particular those intended for the international market.; c) Scientific merit: methodological rigor, coherence, clarity of research design, depth of analysis; d) Originality and innovation of the project in relation to existing literature and research; e) Credibility of the aims listed in the research project in relation to the overall design; f) Suitability/consistency of funding requested in relation to the aims indicated; g) Quality of the research team (CV and track record of the proposers). Innovation in teaching and learning SDA Bocconi devotes significant investments to identifying technologies, creating new ones and integrating them in products based on advanced pedagogic methods. The DIR also supports the development of innovation in teaching with methodological support, counseling and awards (Best teacher award, Best traditional case award, Best multi-media case award, and Best management paper award). The Learning Lab is the center for teaching and pedagogical innovation. It develops new technologically advanced teaching tools, including e- learning platforms. It supports faculty members in developing new multimedia cases or training in the optimal use of existing digital teaching materials and tools. Adopting technology is not enough: being innovators and creating new methodologies is what makes the Learning Lab capable of extracting the full potential out of technology-mediated classes, thus enriching the School s blended-learning offering. 22

24 Financial performance SDA Bocconi is a self-financing institution; all the activities are therefore financed by the revenues of the School, which reinvests most of its profits (especially those generated by Executive Education initiatives) in research, innovation, Faculty and Staff development. SDA Bocconi is not subsidized by any external body, except for scholarships and sponsorships provided by companies and institutions. The school has financial strategies to provide resources appropriate to, and sufficient for, achieving its mission. SDA Bocconi is engaged in a business planning process as a basis for allocating resources to activities leading to the production of a comprehensive business plan which identifies new strategic initiatives that support SDA Bocconi s mission and priority goals. 23