Applied Management Principles (AMP): Faculty and Courses
Krannert has world class business faculty, many of whom have been nationally and internationally recognized for their teaching and research excellence. The instructors in Krannert's programs have helped Krannert repeatedly secure top rankings across a variety of disciplines. The same faculty who have extensive applied experience working with executives in the classroom and who have helped Krannert attain this international recognition teach in the Applied Management Principles program.
This executive education certificate program is designed for participants who currently or in the near future will be managers in their organizations or will have to deal with management issues. This includes individuals working in sales, marketing, technical service, research and development, engineering, operations, or financial management/accounting. This course helps people in both large and small companies and entrepreneurs wanting to start their own business. The breadth of information across different issues and fundamentals of functions allows the participant to finish the program with an understanding of how the systems of an organization come together and of organizational challenges. This program covers the most important concepts and principles in each of the major functional areas of management: Accounting, Business Law, Change Management, Economics, Financial Management, Human Resources, Leadership, Marketing, Operations, and Strategic Management.
(Dr. Lynda Thoman)
Accounting is the language of business. This segment studies both financial accounting, or the use of accounting numbers by those outside the firm (e.g., shareholders, banks, etc.), and managerial accounting, or the use of accounting data by insiders (e.g., managers of the firm at all levels).
Financial data is used by outsiders to make many decisions (e.g., should we buy more shares in the company, is providing a loan sensible) and to monitor top management (e.g., how well is the firm’s share price performing). Specifically, we will:
- Look at the rules (GAAP or IFRS) that govern the preparation of financial statements.
- Understand the difference between cash and accrual accounting.
- Learn the basics of reading and using the financial statements.
- Perform some financial statement and ratio analyses.
Managerial data is used internally for a very different set of decisions (e.g., should we outsource this component, what price should I charge) and to monitor managers throughout the firm’s hierarchy (e.g., how well is a division doing relative to its goals) Specifically, we will:
- Study techniques to determine the costs to make a product or to provide a service.
- Determine what a company must sell to break-even or earn a positive income target.
- Understand the basics of short-run decision-making.
- Perform variance analysis or an explanation of what the firm accomplished relative to its budgeted targets or goals.
The purpose of the segment is to provide the student with an understanding of the legal environment as it pertains to business organizations and of the ethical considerations and social and political influences that affect such organizations. Students will examine a wide range of substantive rules of law that will provide a framework for a discussion of the ways in which managerial decision making affects and is affected by the legal environment.
(Dr. Matthew Lynall)
The most carefully crafted plans for change can, and often do, fall apart during implementation, affecting not only customers and suppliers, but also the people who work in the organization. As a result, the cost to the organization are twofold – not only are the benefits of the planned change not realized, but employees can become disillusioned and cynical regarding future change initiatives. Despite the long history of introducing organizational change initiatives in corporations, there is little indication that these initiatives are sustained over time. This course focuses on the process of implementing change as the key facet and fundamental challenge in managing organizational change. Topics include:
- Executive and cascading sponsorship
- Motivating people to engage in the change process
- Building change management infrastructure
- Developing change agent and advocacy skills
- Managing resistance to change
- Aligning HR systems and structure
(Dr. David Hummels)
This segment focuses on macroeconomics to provide an overview of the environment within which firms operate. An understanding of the economic fundamentals that drive efficiency, effectiveness and competitive advantage is essential for managers, particularly in turbulent times. The main topics will be:
- The top 5 macro-economic measures that businesses should follow (e.g., GDP growth, inflation, unemployment, interest rates, national debt)
- The drivers of the key macro-economic measures.
- The impact of these measures on what businesses want to do.
(Dr. Charlene Sullivan)
Financial management concerns itself with two fundamental questions that every firm faces: What projects should the firm undertake and how should the firm obtain the funds necessary to undertake them? The finance function with the firm seeks to answer these questions such that the value of the firm is maximized. The financial management segment of the program provides a survey of the concepts and tools required to make value-maximizing decisions.
- Key Financial Metrics for Performance Management
- Principals of Financial Markets and Market Pricing
- Capital Investment Decisions
(Dr. Ben Dunford)
This course provides an introduction to Human Resource Management (HRM) principles with emphasis on what practicing managers need to know about managing human capital in organizations. In our first session we will discuss how to leverage HR practices to help organizations gain and sustain competitive advantage. In our second session we will discuss practical approaches to engaging and motivating employees through incentives and rewards.
(Dr. Brad Alge)
Leadership concerns itself with the skills and characteristics that leaders need within an organization. As such, it does not focus on a leader versus manager dichotomy, but rather on how to lead an organization effectively. By doing so, the course has lessons for people at all levels within an organization to effectively lead within their area or to help other leaders be more effective.
(Dr. James Oakley)
Since customers represent an organization's primary source of revenue, marketing decisions must be centered on the customer and her/his perceptions of value and benefits. This applies to any organization, whether we're talking about financial services, consumer products, industrial markets, or non-profit enterprises. Since strategic marketing decisions have a long term impact and are costly to change once implemented, it is crucial to understand the keys to a successful marketing strategy and its implementation. So, we will focus on the following isssues that confront senior managers within the organization.
- Analysis of key marketing concepts, focusing on the core concept of delivering superior value to customers.
- Analysis and understanding of critical marketing assets (e.g., brands, loyal customers).
- Understanding of implementation tools for marketing strategies (e.g., product and pricing strategies) and enhancing problem-solving and decision making abilities in these areas.
- Acquire basic skills in analytical approaches to strategic marketing issues.
The Operations segment introduces participants to the operations function in both manufacturing and service organizations. Participants will learn the role of management in overseeing, designing, and controlling the process of production of goods or services. The focus will be on ensuring that business operations are efficient in terms of using as few resources as needed, and effective in terms of meeting customer requirements. Topics that will be discussed are:
- How to design processes to ensure the shortest time from order to cash
- How to identify the seven types of waste
- Introduction to Lean principles and practices such as: Standardized Work, 5S, Visual Factory, etc.
- The role of metrics to effectively manage an operation.
- The responsibly of supporting functions to ensure operations have the resources necessary to produce a product or service.
(Dr. Aldas Kriauciunas)
The strategy element considers the overarching questions in strategy-- how to create and sustain a competitive advantage. In other words, how to do better than your competition over an extended period of time. To answer this question, we will cover the following four concepts:
- How resources and capabilities are the building blocks of your organization
- How resources and capabilities are integrated into a consistent approach that supports either a cost strategy or differentiation strategy
- How organizations diversify into new lines of business by applying their resources and capabilities to new opportunities
- How a firm can stake out new areas of business through a Blue Ocean Strategy by changing its offering to appeal to untapped market segments.
The topics covered apply to service, manufacturing, and not-for-profit industries. Participants leave with an understanding of core strategy concepts and ideas how to apply them in their organizations.
Participants receive comprehensive class notes for each program segment. In addition, we may assign pre-program readings so that participants arrive prepared to maximize the returns on their participation. We also assign and discuss readings, cases, problem sets, and other homework assignments during the program. Please note, however, that these are not graded assignments, and there are no exams in the program.