PEDAGOGICAL DESIGN FOR A CROSS-FUNCTIONAL COURSE IN THE ACCELERATED MBA PROGRAM

PEDAGOGICAL DESIGN FOR A CROSS-FUNCTIONAL COURSE IN THE ACCELERATED MBA PROGRAM BHANU BALASUBRAMNIAN TANJA STEIGNER KEVIN R. COULSON Empori Stte University School of Business The sub-prime finncil crisis exposed weknesses in the finncil risk mngement of severl prominent firms. A deficient risk mngement is minly ttributed to the lck of integrtion of finnce with other business disciplines. In this pper, we describe tested implementtion of cross-functionl project tht improves students understnding of firm-vlue cretion nd risk mngement. While this pproch cn be implemented in ny MBA progrm, we focus specificlly on ccelerted MBA progrms with tight time constrints. Our methods re different from most other integrted courses in severl wys. Our cross-functionl project bridges the knowledge gps of students in the re of finnce, even if finnce is not their primry re of speciliztion. Further, our pproch cretes virtuous cycle for students, fculty, clients, locl bnks nd institutions, university, nd the locl community. Keywords: MBA, cross-functionl, pedgogy, ssessment, mrketing, finnce In this pper, we describe tested course design nd implementtion frmework for cross-functionl project for ccelerted MBA (AMBA) progrms. The sub-prime finncil crisis exposed weknesses in the finncil risk mngement of severl prominent firms. The lck of successful integrtion of finnce nd business risk mngement with other business disciplines by the business schools is ttributed s one of the min resons for excessive risk-tking nd the destruction of firm-vlue nd welth. Our course design is imed t improving students understnding of the firm-vlue cretion nd risk mngement strtegies. The tested pproch embeds cross-functionl tem project involving rel world firm looking for growth strtegies. Student consulting tems provide lterntive strtegies for business revivl nd growth nd discuss their ssumptions, expecttions, risk ssessment, nd chnges in firm-vlue. AMBA progrms, typiclly with durtions of 10 to 15 months, re stndrd in Europe (Middleton, 2009). The Assocition to Advnce Collegite Schools of Business (AACSB) defines AMBA s progrms tht cn be completed in less thn two yers. AMBA progrms hve gined populrity in the US. Compred to the regulr two-yer MBA progrms, AMBA progrms hve lower costs, nd students grdute in less time nd incur lower opportunity costs (Dmst, 2009). Further, AMBA progrms trget more mture students with work experience who cnnot spre two yers to complete trditionl MBA. Nerly 90 ccredited business schools worldwide offer AMBA progrm, nd U.S. business schools, such s Johnson School t Cornell University, Kellogg School of Mngement t Northwestern University, nd Goizuet Business School t Emory University, hve recently strted to offer AMBA progrms, s well (Middleton, 2009). Some U.S. universities hve stopped offering the two-yer MBA progrm nd focus only on the AMBA progrm. Other schools offer the AMBA progrm in ddition to the trditionl two-yer full-time MBA nd prt-time Executive MBA (EMBA) progrms. According to the ltest ppliction trend survey by the Grdute Mngement Admission Council, 70% of AMBA progrms reported n increse in pplictions (Dmst, 2009). The growing populrity of the AMBA progrm in the U.S. led The Wll Street Journl to rnk this progrm for the first time in September, 2009 (Middleton, 2009). AACSB hd ccredited 44 AMBA progrms in the U.S. s of October 2009, wheres only 33 AMBA progrms were ccredited in 2005-06 (Dmst, 2009). The trend in MBA eduction ppers to be towrds offering AMBA progrms in more business schools, either s the flgship mngement progrm or s n lterntive. AACSB is concerned bout the qulity of the AMBA curriculum (Dmst, 2009). For exmple, AMBA progrms 22

VOLUME 1, ISSUE 1 do not require internships, nd AMBA students might be t disdvntge. Potentil employers my prefer the trditionl MBA students to AMBA students becuse they hve n opportunity to ssess the students more closely during internships (Dmst, 2009). To strengthen the AMBA progrm in the U.S., business schools hve to ensure prospective students nd employers tht the qulity of these progrms is comprble to trditionl MBA progrms, despite the shorter durtion of study. The inclusion of cross-functionl projects into the AMBA curriculum will help ccomplish this tsk. We describe tested course design to integrte cross-functionl project in core business courses tht is prticulrly suited for improving the qulity of AMBA progrms. Interdisciplinry projects provide students with hnds-on experience nd re especilly vluble for overcoming the recent criticism tht grdutes re lcking big-picture view of how the vrious functions within business come together (Pellet, 2007). Therefore, including cross-functionl project in AMBA progrm fulfills the emphsis of The AACSB (1995) on the experientil nd interdisciplinry spects of developing well-rounded future business mngers nd leders. Mny two-yer MBA progrms emphsize the qulity of eduction through the use of cross-functionl, relworld, consulting project tht integrtes knowledge from two or more business disciplines such s finnce, mrketing, nd strtegy. The chllenge for AMBA progrms is to provide comprble lerning opportunities for students. In this pper, we offer frmework for AMBA progrms to incorporte interdisciplinry hnds-on projects nd to overcome the extreme time constrints. We believe tht integrting cross-functionl project cross business core courses surmounts the time constrints effectively nd is idelly suited for AMBA progrms. Our pper is orgnized s follows. We present review of literture relted to cross-functionl projects nd teching. In the Course nd Pedgogicl Design section, we describe the structure of the cross-functionl project, how to form multi-dimensionl consulting tems, nd how to crete competitive tem environment. We lso give detils of project deliverbles nd strtegies for monitoring tem progress. We discuss the ssessment of lerning gols nd chllenges in implementtion nd present feedbck from students nd clients before we provide the conclusion. LITERATURE REVIEW Stover, Morris, Phrr, Reyes, nd Byers (1997) find tht integrting business core courses brodens students perspectives, breks down functionl brriers nd improves tem skills. However, the success of integrted courses depends on the qulity of execution. Cmpbell, Heriot, nd Finney (2006) rgue tht trditionl core courses cn be redesigned for cross-functionl projects without diluting the depth of functionl courses. They contend tht students gin comprtive dvntge in function of their choice in shorter durtion nd provide stronger signls bout their potentil to prospective employers. Such benefits of functionl courses re underestimted by the proponents of cross-functionl courses. Bker nd Schomburg (2003) find tht MBA progrms with field studies nd rel world projects integrte business skills. Wynne, Weisbord, nd Lery (2009) document the effectiveness of combining globl diversifiction strtegy within finncil nlysis. Nunnlly (2006) describes the effectiveness of teching vlution concepts through the hnds-on nd pplied exercises in the vlution of smll privte firms. Severl studies document the effectiveness in student lerning beyond course objectives from rel-life multidisciplinry project consulting experience. Rich (2005) nd Clrke (2005) find tht students re more engged when they re involved in rel-world cross-functionl project. These two studies show tht students lern how to mke informed decisions, even when they do not hve n understnding of the industry or firm when they begin the project. Filbeck, Prente, nd Roth (2009) notice improved problem-solving skills when students from undergrdute finnce nd engineering courses re temed. Bker nd Schomburg (2003) observe tht field studies enhnce student comprehension of theory nd improve their prcticl finncil mngement skills. Evns (2008) shows tht the business pln pproch requires students to think criticlly bout the ssumptions underlying the strtegic choices. Our course nd pedgogicl design combines these fetures. We implement rel-world consulting project tht involves t lest two functionl courses. Within well-pced nd coordinted pedgogy, we re ble to implement cross-functionl tem project coordinted with the business pln pproch. 23 b

COURSE AND PEDAGOGICAL DESIGN Structure of the Cross-Functionl Project The chllenge of incorporting cross-functionl consulting project in n AMBA progrm is time. It is not fesible to ccommodte stnd-lone cross-functionl course fter the completion of the core courses within 10 to15 month time spn. To overcome this obstcle, we suggest embedding the cross-functionl project into selected core courses. Fculty from t lest two different disciplines, such s Finnce nd Mrketing, gree to work s tem to identify suitble project, guide students in their lerning process, nd monitor overll progress. Suitble projects re selected from willing locl or regionl businesses in need of business consulting. The owners nd/or mngers of the identified businesses (client[s] herefter) gree to interct with the student groups formed for the consulting project nd provide key informtion bout their business. The informtion provided by the clients includes the history of the firm, problems nd prospects of the firm nd the industry, potentil future directions, competition, nd lso the finncil sttements. Students must visit the clients to better understnd the business opertions. Tems meet with the officils of Smll Business Development Council (SBDC) nd locl bnks. The SBDC nd locl bnks cn potentilly fund the clients in the future. We recommend tht students sign confidentility greement (Appendix 1) tht pertins to ll informtion provided to them bout the clients during nd fter the consulting project. Clients sign n greement with the University (Appendix 2). Students thereby lern bout the legl nd ethicl spects of deling with confidentil client informtion. Consulting Tems Students re simultneously enrolled in the core courses during the cross-functionl project. We strongly recommend tht students work in smll consulting tems of three to five prticipnts. The consulting tems re crefully ssembled by the fculty to blnce ech group s strengths nd weknesses, gender, rce, nd eductionl nd ntionl bckgrounds in order to fcilitte lerning opportunities within multi-culturl group. This is n especilly vluble experience, though group diversity cn be mixed blessing (Willims & O Reilly, 1998), nd tody s globl orgniztions hve to overcome dysfunctionl spects of tem diversity. The tem selection process ttempts to recrete rel-world cross-functionl business tem, nd it is superior to tems formed by the students themselves (Mrshll, Bolton, & Solomon, 2000). For exmple, we ensure, to the extent possible, tht ech tem hs blnced mix of men nd women, domestic nd interntionl students, undergrdute business nd non-business degrees, students with nd without work experience, nd ntive nd non-ntive English spekers. This pproch fcilittes lerning nd provides n opportunity to overcome ny bises towrds rce, gender, culture, or lnguge nd results in more productive tems. Simons, Pelled, nd Smith (1999) further find tht functionl diversity of tems is n importnt fctor in the finncil performnce of firms, but less job-relted spects such s ge re not. We recommend identifying students mjor functionl re of speciliztion. We consciously use the informtion on functionl speciliztion to form equitble nd diverse tems, to the extent possible. It is our experience tht creful tem selection results in demonstrble success in tem performnce nd provides lerning opportunities for those reluctnt to mix with dissimilr peers. Lüthje nd Prügl (2006) lso find chnges in student ttitudes nd improvements in the qulity of communiction during nd fter n interdisciplinry business plnning course. Though we do not mesure the psychologicl effects, such s chnges in ttitudes of our students, we see tht tems tht re dysfunctionl t the beginning improve significntly by the end of the project. Competition mong Tems Another unique spect of the structure of cross-functionl projects is competition mong tems. We recommend ssigning multiple tems to consult for the sme client. Tems cn meet the owners or mngers seprtely, s needed, fter n initil common briefing for the clss. Tems re dvised to keep their discussions nd strtegies confidentil, even to non-tem member clssmtes. This rrngement genertes inter-tem competition nd improves students collbortive thought processes within tem nd the qulity of the business solutions. Moreover, it benefits the clients, s they obtin diverse business strtegies from which they cn select the best possible solutions. 24

VOLUME 1, ISSUE 1 Peer pressure improves the tem performnce, s well. Project Deliverbles nd Evlutions A D M I N I S T R A T I V E I S S U E S J O U R N A L : E d U C A T I O N, P R A C T I C E, A N D R E S E A R C H We sequence the progress in clss-room. The expected progress in cross-functionl project is s in Tble 1. The finl deliverbles of this cross-functionl consulting project re comprehensive business pln nd n orl presenttion. We recommend tht student consulting tems produce comprehensive written business pln specificlly ddressing innovtive nd workble solutions to meet the clients needs. Ech tem should present their recommendtions in professionl environment to pnel of judges. We typiclly include s judges the clients, outside jurors (e.g. representtives from the regionl business community), nd the cross-functionl fculty members. To uphold the competitive work environment, other tems re not present during individul tem presenttions to the client nd other jurors. 25 b

Becuse much cn be lerned from observing others, we recommend video recording of tem presenttions. We show the recorded presenttion to the entire clss fter ll the tems hve presented their plns, individully, to the pnel of judges. During the video screening, fculty, other tems, nd even members of the tem being critiqued provide feedbck on presenttions of the recorded presenttions. This llows students to directly observe their own strengths nd weknesses, s well s those of their peers, nd thereby improve their own performnce in the future. Video recording enbles us to reply specific prts of the presenttion in conjunction with constructive commentry. The specific evlutive criteri depend on the courses tht re involved in the cross-functionl project. If finnce nd mrketing re the prticipting core courses, then the business pln is exmined in-depth in those two res. For exmple, Mrketing focuses on the environment nlysis, SWOT nlysis, Mrketing Promotionl mix, nd sles forecst by month, including sesonl djustments. Sles forecsts should include bse cse, pessimistic, nd optimistic outcomes. Finnce emphsizes the nlyses of finncil sttements, csh flows, nd vrious finncil rtios for the pst three yers. Using the three sles forecst scenrios, tems lso provide the pro-form finncil sttements for the next three yers. Tems further formulte their finncing strtegies, given the sles forecst derived from mrketing strtegies. Tems ssess dditionl funds required, if ny, for the proposed plns nd the lterntive finncing strtegies. For the finnce course, we further recommend tht tems put vlue on the client s business with nd without ny chnge in business strtegy. Tems cn estimte the cost of cpitl for different scenrios of finncing options. We use spredsheet models for sensitivity nd scenrio nlysis. This exercise mkes students more wre of how mrketing decisions nd finncil decisions cn ffect the vlue of the firm, nd it provides vluble dditionl lesson in being effective. Students re forced to think bout their presenttion nd communiction skills s they prepre for the presenttion of the project report. It is most convenient for ech fculty member to grde the written portion of the project tht pertins to their re of expertise; however, fculty cn jointly grde the business pln if they so desire. We do recommend, though, tht both fculty members gree, prior to the beginning of the semester, on the weight the written nd the orl prts of the cross-functionl projects re to hve in their respective course evlutions. Idelly, the prticipting fculty members come to consensus on this topic. We recommend tht ech fculty member use the sme presenttion evlution rubric (Tble 2) nd, fter discussing their observtions, gree on common presenttion grde for the project. It is lso possible to evlute the presenttion for ech of the core res seprtely, if desired. To djust for bove verge involvement in the tem project nd for unstisfying contributions, we dminister tem evlution forms (Tble 3), whereby ech student must evlute themselves nd ech of their tem members. Tem evlutions cn be used to djust ech student s presenttion score for either superior performnce or ginst free-riding behvior. Monitoring Tem Progress We recommend tht students turn in portions of their business pln throughout the semester, following set schedule s detiled in Tble 3. It is impertive tht fculty structure their lesson plns so tht students lern the informtion they need for ech prt of the business pln in timely fshion. For exmple, if the first deliverble for the project is SWOT nlysis, the Mrketing fculty should tech this topic erly in the semester. Pre-determined dedlines help students to be orgnized nd disciplined during the project, nd they prevent students from procrstinting. Students should lern bout the specific dedlines t the beginning of the semester in which they prticipte in the cross-functionl project so tht they cn pln for meeting, reserch, nd writing periods. From fculty perspective, it is esier to monitor progress of individul groups if students submit their work periodiclly. Shortcomings in the business plns cn be detected erly on while meningful intervention is still possible. It is lso esier nd fster to grde the projects if the fculty members hve consistently been involved in the progress nd know the content. An dditionl benefit of required dedlines for specific prts of the business pln is tht they keep students engged in the project throughout the semester, encourge frequent discussion mong tem members, foster open communiction with fculty, nd improve the overll lerning experience of the students. In the re of finnce, for exmple, erly in the semester tems strt thinking bout the impct of their proposed strtegies on the finncil sttements, risks, nd firm vlution s they debte strtegic lterntives for mrketing. When students combine prts of disciplinry knowledge nd rrive t thorough understnding of the client s sitution, we observe evidence tht cross- 26

VOLUME 1, ISSUE 1 27 b

functionl thinking tkes plce. As result, student reports improve in qulity. We lso find benefits of cross-functionl decision mking in the rel world with existing businesses. Tulimieri nd Bni (2009) suggest tht corportions should hve CEO nd CFO s co-leders for better mngement of risk nd growth. With this cross-functionl project, students show tht they truly integrte, synthesize, nd pply theoreticl knowledge to evlute nd solve prcticl problems (Bloom, 1956; Bovinet, 2000) nd thereby overcome Pellit s (2007) criticism of current business eduction. Entrepreneurship, Cretivity nd Ledership Christensen nd Rynor (2003) rgue tht profitbility lone does not sustin businesses. It is lso criticl to promote spirit of entrepreneurship nd ledership mong employees tht cn trnslte into innovtive ides for the firm. Most longstnding nd successful compnies re innovtive in product development, delivery, finncing, nd customer bse expnsion. Lck of such innovtion is frequently the chrcteristic of businesses tht seek externl consulting help. Unfortuntely, business schools hve been criticized for not properly equipping students with the spirit of entrepreneurship for business sustinbility nd profitbility (Shepherd & Dougls, 1997). The crossfunctionl project provides vluble opportunity to overcome this criticism. As prt of student orienttion for this project, we dvise tems to visulize the presented business chllenges not only from the perspective of the client, but lso from tht of n outsider. Students should be ssured tht there is not single correct nswer for the clients. Insted, cretive solutions re welcome nd students need to explin the wht, why, nd how of implementing these innovtive solutions. In our pst experience, tems tend to exceed expecttions in these res. The cross-functionl project lso provides ledership opportunities for students. Webber (2002) rgues tht the effectiveness of cross-functionl tems depends on the ledership ctions nd development of trust mong tem members. We find tht tems with higher trust levels not only offer better solutions to the clients but lso develop better professionl reltionships mong themselves tht outlst the project. Individul members do not feel thretened if other members in the tem chllenge their ides, which llows them to lern from one nother in the process. For exmple, student with mrketing emphsis could shed their functionl blinders to understnd the business problems nd solutions cross silos more holisticlly. We intend to discuss the need for incresed trust in future clsses so s to tke erlier dvntge of this phenomen. Byer, Bernheim, nd Scholz (1996) find tht eduction in finncil decision-mking skills improves the overll performnce nd reduces the economic vulnerbilities of the firm. The cross-functionl project pproch provides such trining nd equips students with the skills necessry to further their lerning in the future. Besides monitoring the tems progress for the business pln, we lso suggest monitoring the functionlity of ech student tem. After the presenttion, we require tht ech tem member rte themselves nd others members of the tem on their knowledge, contribution to the project nd deliverbles, tem spirit, nd ledership. This process ensures firer evlutions nd grdes for individul members in tem. On rre occsions fculty might hve to djust these grdes for pprent group problems. The evlution formt redily revels ny tem or systemic issues nd llows for djustments. Severe intervention in tem dynmics is rrely necessry. We find tht tems re mostly self-lerning nd self-correcting. Lerning Assessment The Assocition of Advnce Collegite Schools of Business provides frmework for ssessing student lerning (AACSB, 2007). The cross-functionl project provides opportunities for simultneous ssessment of numerous gols such s functionl expertise, integrtion of concepts, working with cross-culturl tems, criticl thinking, business ethics, globl perspective, time-mngement, reltionship mngement with clients, ledership, nlyticl skills, cretivity, nd innovtion. Specificlly, the ssessment committee cn collect the written business plns nd pply pre-designed rubrics to evlute specific objectives on one or more gols. It is crucil to employ outside jurors for number of resons, not the lest of which is the vlidtion of the worth of the projects by independent entities (for AACSB purposes). This is nother prime opportunity to collect direct mesures for AACSB s ssurnce of lerning tsks. The cross-functionl project described in this pper provides mple opportunities to collect multiple dt points for AACSB requirements from only one project. This is especilly beneficil for the AMBA progrms, where it is more chllenging to find ssessment opportunities due to the short time frme. 28

A D M I N I S T R A T I V E I S S U E S J O U R N A L : E d U C A T I O N, P R A C T I C E, A N D R E S E A R C H VOLUME 1, ISSUE 1 29 b

Lerning beyond Assessment Gols Bsed on client nd juror feedbck, the qulity of the students work provides strong evidence tht cross-functionl tems move beyond the tenttive text book knowledge or cse solutions to true synthesis nd evlution of informtion s delineted in Bloom s Txonomy (1956). During presenttions, students pply their newfound skills with confidence nd ssurnce. These skills will likely be ttrctive to prospective employers. During the process of the cross-functionl project, students hve the opportunity to build network of new business contcts with locl bnkers, the Smll Business Development Center (SBDC), other professionl institutions, nd locl businesses. Fculty interction with clients, locl bnkers, nd business leders enhnces the reltionship between the university nd locl community. One of the objectives of the cross-functionl project is to provide professionl knowledge nd tools tht re vitl for the economy nd employment to locl businesses. Involving locl bnks nd the SBDC expnds nd fcilittes the finncing opportunities for clients nd will ssist in identifying worthy projects for bnks. Students derive enormous psychologicl benefits in the form of stisfction nd pride when their suggestions re ccepted nd implemented by clients. Chllenges in Implementtion Projects of this nture benefit from the bility to lock-step the core courses involved in the cross-functionl project. Our experience hs demonstrted tht, in most semesters, one or more students will experience personl or fmilil difficulties tht force them to withdrw, temporrily or permnently, from the tem. The chllenge for the remining students then becomes one of stepping up nd tking on the dditionl opportunities presented by the trnsition. Not ll students re either willing or cpble of this dditionl responsibility on their own. However, for most, this is vluble experience tht pys off in the post-cdemic work world. A cross-functionl project requires considerble effort on the prt of fculty to ssemble equitble tems so tht the lerning opportunities re mximized. The level of bckground informtion bout ech student vilble t the beginning of the semester vries. Students my hve been in the country for only mtter of dys when they enroll in the courses. Gender nd culture issues lso provide extremely interesting opportunities. For exmple, the presence of self-ssured Americn femles on tems with students from mle-dominnt societies cn result in intense differences of opinion with concomitnt lerning on both sides. On the other hnd, plcement of more submissive students of either gender on tems results in less conflict. However, the pssive cross-culturl lerning which occurs in the ltter cse is, perhps, less effective in producing verstile mngers who produce results under chllenging circumstnces. Although we strongly recommend employing outside jurors for project ssessment, the selection nd usge of outside jurors cn present chllenges, especilly in smll town. Oftentimes, one fculty s networking contcts re limited, nd they should be sked to serve only resonble number of times during the yer. Asking other fculty members to shre their network of business contcts cn help remedy this chllenge. We hve employed the College Advisory Bord (CAB) members s n lterntive source of jurors with the concomitnt benefit of building stronger CAB support. It is further dvisble to crete mster file with every fculty s business contcts in order to generte lrger pool of potentil outside jurors. The feedbck tht students receive from non-client outside jurors is vluble. Clients re too involved in the business to provide fir judgment on tem suggestions. For exmple, if the client thinks tht strtegy my not work, they my judge the tem performnce poorly. However, senior nd well-experienced business leders cn provide less bised judgment on tem proposls. Occsionlly, outside jurors comments my be more custic thn constructive. To overcome these chllenges, we propose the use of grding rubric (Tble 4) tht is prepred by the fculty for use by the jurors nd fculty. The grding rubric helps to collect feedbck on the specific topics tht the fculty consider most relevnt. It is lso criticl for fculty to spend time with the jurors before the presenttions to clrify the specific expecttions nd student deliverbles. Fculty hve severl options on how to incorporte the juror rtings into the grding process. For exmple, fculty cn tlly the grding rubric results nd gree on inter-rter performnce such tht significnt bises re delt with. Since outside jurors nd clients re not present during the review of video-recording of presenttions in the subsequent clss period, unfir nd bised verbl remrks cn be put into perspective nd points which were glossed over in the solo tem presenttions cn be brought out. We find 30

VOLUME 1, ISSUE 1 tht competing tems tend to mke telling nd importnt remrks, in friendly fshion, upon significnt fux ps. Often these remrks from peers hve gret positive effect on student lerning nd result in improved performnce. Students lern the skill of providing constructive feedbck, which will improve their inter-personl reltionships in n orgniztion. Feedbck from Students nd Clients We hve found student nd client feedbck bout the cross-functionl project to be overwhelmingly positive. The following re selected feedbck sttements: Students I relly liked the fct tht the project ws deling with n ctul business nd clients. Since we were presenting to our ctul clients, I think it mde people work hrder. I ws very motivted to provide qulity report for our rel life investors. A textbook cse would hve not provided me with the sme motivtion. Overll, the rel world cse mde me more interested in the project nd more motivted to present highly plusible product. I think the temwork ws gret in my group. We ech lerned lot...especilly in ech of our res of wekness. The videotping ws helpful becuse students don t often get to go bck nd see themselves presenting. We ll noticed bd hbits we my hve during presenting (i.e. posture, twitches, fillers) nd lerned wht we ech do well. I would try not to use s mny fillers in my next speech. I did not relize tht I tlk much louder thn other people in my group. In my presenttion it felt like my voice ws much louder thn everyone else s. While this isn t huge del, it is something I pln to work on. Another thing tht I lerned from our group nd other groups is the importnce of hving pln s to where everyone will stnd during the presenttion. Some groups were very cluttered, while others seemed much more orgnized. I lerned tht I would like to be much more informed thn [our clients] when I try nd own business. It helped me relize ll the things tht need to go into considertion when buying business. I tke from this project tht rel life situtions re not s cler s the textbooks present them. I lerned tht this type of nlysis tkes lot more work thn expected nd, fter ll the work is done, there is still no one cler-cut nswer to the objective t hnd. Clients Thnks gin for ll of your guidnce with the project tht your clss worked on. [We] relly pprecite the reserch, figures, nd ides the tems provided. We hve used their informtion lot during our plnning for the business. Their efforts sved us time nd I m sure they lerned lot s well. Thnks for including us in the project. This project provided [us] chnce to gin different perspectives on current nd new trget mrkets. Throughout this project, the MBA students presented severl mrketing concepts nd finncil plns tht [we] will be ble to implement nd move forwrd with. I feel tht severl students were very dedicted to this project nd used vriety of different reserch tctics nd tools to present very professionl presenttion. CONCLUSIONS In this pper, we describe tested implementtion frmework for cross-functionl project to overcome the time constrints of the ccelerted MBA progrm. Cross-functionl MBA projects re not new, but our methods re different from most other integrted courses in severl wys. We integrte project s segment of t lest two core courses. Student tems resemble the composition of tems in multintionl orgniztions nd disply tendency 31 b

to trnscend dysfunctionl bises for effective tem performnce. We replicte the competition tht ctul business consulting orgniztions fce. Students lern to interct with multitude of outside sources, such s the client, locl bnkers, nd other representtives of the locl community. We provide tste of self-evlution, peer evlution, nd supervisory evlutions to the students. We believe tht this pproch of incorporting cross-functionl project into the AMBA curriculum is trnsferble cross disciplines nd schools. Video recording nd feedbck provide vluble lessons to students to improve their presenttion nd interview skills. The video screening nd the following discussions provide stge for students to explin their decision nd put their criticl thinking skills to further tests. Students re forced to think bout the risks involved in prticulr strtegy long with the expected outcome. A deficient risk mngement is minly ttributed to the lck of integrtion of finnce with other business disciplines. Integrting cross-functionl project in core finnce nd mrketing courses improves students understnding of firmvlue cretion nd risk mngement. The depth of understnding is prticulrly highlighted when students re chllenged on their ssumptions or the proposed strtegies. Students lso lern to build trust-bsed reltionship with clients nd other temmtes nd how to keep their fiduciry, legl, nd ethicl responsibilities. Overll, the proposed pproch cretes virtuous cycle for students, fculty, client, locl bnks nd institutions, university nd the locl community. REFERENCES AACSB. (1995). MBA Progrm Chnges Prove Vlue Does Not Come Cheply, Newsline, Fll, 1995, http://www.csb.edu/publictions/printnewsline/nl1995/fvlchep_1.sp AACSB. (2007). AACSB Assurnce of Lerning Stndrds, An Interprettion, AACSB Interntionl Accredittion Coordinting Committee, AACSB Interntionl Accredittion Qulity Committee, 1-16. AACSB. (2009). http://www.csb.edu/ccredittion/accreditedmembers.sp. Bker, K. H., & Schomburg, A. (2003). Integrting theory nd prctice: The role of MBA field studies. Journl of Finncil Eduction, 29, 34-49. Byer, P. J., Dougls, B. B., & Scholz, J. K. (1996). The effects of finncil eduction in the workplce: Evidence from survey of employers. NBER Working Pper No. W5655, 1996, http://ssrn.com/bstrct=3354 Bloom, B. S. (1956). Txonomy of eductionl objectives, Hndbook I: The Cognitive domin New York, NY: Dvid McKy. Bovinet, J. W. (2000). Interdisciplinry teching combines with computer-bsed simultion: A descriptive model. Mrketing Eduction Review, 10, 53-62. Cmpbell, N. D., Heriot, K. C., & Finney, R. Z. (2006). In defense of silos: An rgument ginst the integrtive undergrdute business curriculum. Journl of Mngement Eduction, 30, 316-332. Christensen, C. M., & Rynor, M. E. (2003). The innovtor s solution: Creting nd sustining successful growth. Cmbridge, MA: Hrvrd Business Press. Clrke, P. (2005). A rel-life cse pproch: Dignosis nd recommendtions for compnies t the crossrods. Journl of Finncil Eduction, 31, 76-88. Dmst, A. (2009, October). The shorter, fster, cheper MBA. Business Week. http://www.businessweek.com/ bschools/content/oct2009/bs20091015_554659.htm 32

VOLUME 1, ISSUE 1 Evns, J. (2008). A cross disciplinry pproch to undergrdute corporte vlution instruction. Journl of Finncil Eduction, 34, 111-127. Filbeck, G., Prente, D. H., & Roth, J. T. (2009). Teming: Collbortion efforts between courses in corporte finnce nd mnufcturing engineering. Advnces in Finncil Eduction, 7, 34-49. Lüthje, C., & Prügl, R. (2006). Prepring business students for co-opertion in multi-disciplinry new venture tems: Empiricl insights from business-plnning course. Technovtion, 26, 211-219. Jcobs, M. (2009). How business schools hve filed business: Why not more eduction on the responsibility of bords? The Wll Street Journl, 24 April.. Mrshll, G. W., Bolton, S. E., & Solomon, P. J. (2000). The cpstone integrted business pplictions course: Addressing the need for cross-functionl MBA eduction. Mrketing Eduction Review, 10, 63 75. Middleton, D. (2009, September 16). The top MBA progrms if you re in hurry. The Wll Street Journl. Nunnlly, B. H. (2006). Vlution of the smll, privte firm: An exposition suitble for the clssroom. Journl of Finncil Eduction, 32, 67-78. Pellet, J. (2007). Fixing the flwed MBA: Critics clim MBA degrees lck rel-world relevnce nd tht grds re both rrognt nd ill-prepred. Retrieved from http://www.entrepreneur.com/trdejournls/rticle/170373252.html Rich, S. P. (2005). The rel-time structuring project: Mximizing student lerning with Miniml professor effort. Journl of Finncil Eduction, 31, 64-75. Shepherd, D. A., & Dougls, E. (1997). Is mngement eduction developing, or killing, the entrepreneuril spirit? http://sber.uc.edu/reserch/icsb/1997/pdf/73.pdf Simons, T., Pelled, L. H., & Smith, K. A. (1999). Mking use of difference: Diversity, debte nd decision comprehensiveness in top mngement tems. Acdemy of Mngement Journl, 42, 662-673. Stover, D., Morris, J. S., Phrr, S., Reyes, M. G., & Byers, C. R. (1997). Breking down the silos: Attining n integrted business common core. Americn Business Review, 15, 1-11. Tulimieri, P., & Bni, M. (2009). Move-over, CEO: The time is right for the chief finncil officer to be co-leder. The Wll Street Journl, 18 August. Webber, S. S. (2002). Ledership nd trust fcilitting cross-functionl tem success. Journl of Mngement Development, 21, 201-214. Willims, K. Y., & O Reilly, C. A. (1998). Demogrphy nd diversity in orgniztions: A review of 40 yers of reserch. In L. L. Cummings & B. M. Stw. (Eds.), Reserch in Orgniztionl Behvior (pp. 77-140). Greenwich, CT: JAI Press. Wynne, K., Weisbord, E., & Lery, D. (2009). A cross-disciplinry pproch to teching finncil nlysis nd corporte globl diversifiction strtegy. Journl of Finncil Eduction, 35, 75-93. 33 b

Appendix 1 SAMPLE CONFIDENTIALITY AGREEMENT I,, the undersigned student currently enrolled in Course nd Course, MBA Progrm, School of Business, (Nme of University), hereby cknowledge, understnd, nd gree: 1. Tht, s prt of my prticiption in Cross-Functionl Project tht is prt of my course curriculum, I will or my hve ccess to informtion tht is privileged nd confidentil. I will only use this informtion s necessry to fulfill the necessry requirements of my course work. 2. Tht if I use or disclose this informtion in ny unuthorized mnner, regrdless of the nture of the unuthorized use or disclosure, I must immeditely report ny such unuthorized use or disclosure to the MBA Progrm, School of Business, (Nme of University). Further, I will comply fully with ny nd ll instructions I receive from the MBA Progrm on how to hndle ny such unuthorized use or disclosure. 3. Tht I must comply fully with this sttement s prt of my course requirements nd tht ny filure on my prt to so comply my result in disciplinry ction being tken ginst me. 4. Tht I understnd my legl obligtion to preserve the confidentility of ll privileged nd confidentil informtion will continue even fter my eduction t (Nme of University) ends, regrdless of the circumstnces under which my eduction my end (i.e., grdution; my voluntry withdrwl without grdution; my involuntry removl; or, ny other termintion of eduction). Student Dte 34

VOLUME 1, ISSUE 1 Appendix 2 SAMPLE WAIVER OF CLAIMS, INDEMNIFICATION, AND RELEASE OF LIABILITY This Agreement is entered into this dy of, 20 by nd between The MBA Progrm, School of Business, (Nme of University), including fculty teching in this progrm nd students enrolled in this progrm; nd the undersigned nd identified individul, business or other orgniztion prticipting in the Cross- Functionl Project with (Nme of University). The Cross-Functionl Project referred to herein is project in the MBA Progrm courses: nd in the School of Business, (Nme of University). IN CONSIDERATION of their mutul greements nd obligtions, set out below, nd in further considertion of ech prty s prticiption with the other in the Cross-Functionl Project, the Firm nd (Nme of University) hereby gree to the following s their greement: The Firm nd (Nme of University) will work together s necessry to result in the Cross Functionl Project being meningful prt of the courses identified bove. Further, the Firm specificlly cknowledges tht ll informtion, opinions, dvice, recommendtions nd other communictions nd content it receives from (Nme of University) nd students in sid courses re the product of student efforts, nd tht the Firm shll hve nd shll exercise sole nd full discretion in ny decision to use ll or ny portion or none of the informtion, opinions, dvice, recommendtions nd other communictions nd content it receives, t its own risk. There is no condition of this greement tht requires or suggests tht the Firm must ctully use ny such informtion for ny purpose. To the extent permitted by lw, the Firm does hereby fully relese nd forever wive ny nd ll clims ginst (Nme of University), collectively nd seprtely, for ny loss or dmge of ny type or description tht the Firm my suffer or incur s result of its prticiption in the Cross-Functionl Project. Further, the Firm grees to indemnify nd hold hrmless (Nme of University), collectively nd seprtely, from ny nd ll liens, clims, demnds, costs, expenses, ttorneys fees, court costs, losses, nd/or dmges t lw nd in equity, of every kind nd nture without limittion, tht rise or inure to it s result of its prticiption in the Cross-Functionl Project. For (Nme of Client) For (Nme of University) Dte Dte 35 b

Dr. Bhnu Blsubrmnin (bblsub@empori.edu) is n Assistnt Professor of Finnce t Empori Stte University, Empori, KS. She grduted from the University of Mississippi with doctorl degree in 2008. She hs significnt industry experience s bnker in Indi. Bhnu is lso certified informtion systems uditor nd certified ssocite of Indin Institute of Bnkers. She hs published in Journl of Bnking nd Finnce nd Journl of Advnces in Mrketing Eduction. She hs presented her reserch work in severl ntionl nd interntionl conferences. Dr. Tnj Steigner (tsteigne@empori.edu) joined the Empori Stte University fculty in 2006, where she is teching finnce courses both on the undergrdute nd grdute level. Her reserch interest is in corporte finnce, especilly in the res of ntionl nd interntionl mergers nd cquisitions. Steigner s reserch hs been presented t ntionl nd interntionl conferences nd published in the Journl of Applied Finncil Economic nd The Finncil Review. Joint inter-disciplinry reserch hs been published in the Journl of Advncement of Mrketing Eduction. Steigner erned her B.A. in business in 2001 from Georg-Ohm-Fchhochschule Nuremberg, Germny, nd her Ph.D. in finnce in 2008 from the University of South Florid, Tmp, FL. Dr. Kevin Coulson (kcoulson@empori.edu) estblished nd is the Director of the School of Business Focus Group Lb t Empori Stte University in Empori, Knss. Coulson conducts reserch in pedgogy; environmentl mrketing; interntionl pplictions in direct (prticulrly electronic) mrketing s n lterntive mode to trditionl retil shopping; the impct of virtul corportions on smll business; the impct of technology on the interntionl mrketing environment, the investigtion nd definition of vlue in mrketing trnsctions; nd in personl selling nd sles mngement. His degrees re from the University of Nebrsk-Lincoln (Doctor of Philosophy in Business Administrtion), the University of Missouri-Columbi (MBA in Mrketing) nd the United Sttes Merchnt Mrine Acdemy, Kings Point, NY (BS in Mrine Trnsporttion). 36