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)
The Accounting segment introduces participants to Generally Accepted Accounting Principles (GAAP), which they use to learn how to read, understand, and analyze financial statements and the important steps in their preparation. We cover other topics like breakeven analysis, how to make special pricing decisions, whether to continue to operate or shut down a business unit, and other cost-volume-profit analyses. We also address the preparation of effective budgets for planning and control. Specific topics may include:
- The accounting cycle -- accrual vs. cash accounting
- Introduction to financial statements -- how to read and understand them
- Financial statement analysis and the use of ratios
- Introduction to cost accounting -- cost-volume-profit relationships
- Concept of the contribution margin and breakeven analysis
- Relevant cost information and special decisions
- The elements of budgeting (preparing master budgets and flexible budgets)
(Judge James Kirsch)
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 a solid foundation in the area or Organizational Behavior (OB), with particular emphasis on what practicing managers need to know about managing human capital in organizations. Specific topics include (but are not limited to) the importance of strategic and evidence-based approaches to managing and making decisions about human capital, promoting effective group and team dynamics, understanding and developing leadership in organizations, understanding and managing organizational culture and ethics, and managing organizational change.
(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.
We break down Marketing into its core components and explore each -- from the quality, price, and value trade-offs to the analysis of marketing opportunities. We highlight the importance of effective market planning by taking a step-by-step approach. This includes such traditional considerations as environmental and competitive analyses, characterizing buyer behavior and buying priorities, and effective ways of segmenting your markets. We cover the special topics, product positioning and pricing, in some detail, and we also discuss methods of evaluating and controlling marketing performance.
- Quality and value in marketing -- it's all in the eyes of the customer
- The marketing process and the foundations of marketing planning
- The elements of the marketing plan
- Analyzing marketing opportunities
- Defining an attractive market
- Segmenting markets
- Developing marketing strategies:
- Positioning your product
- Pricing issues
- Evaluating and controlling marketing performance
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.