What's Your MBA IQ?A Manager's Career Development Tool
What’s your MBA IQ? A combination of what you know and how much you’ve applied this knowledge on the job, your MBA IQ is what defines your management knowledge in today’s business climate. It’s what keeps you at the top of your profession, an expert in your specialized field with an understanding, as well, of cross-functional disciplines. Arming you with a solid foundation across the entire MBA curriculum to interact with colleagues, clients, senior management, and professors at a higher, more advanced level, international business expert Devi Vallabhaneni helps you get the most from MBA-level topics—and ultimately, develop your career. This authoritative road map facilitates advanced management education and reveals a structured approach for career development in the management profession, equipping you with nuts and bolts coverage of: General management, leadership, and strategy Operations management • Marketing management Quality and process management • Human resources management Accounting • Finance Information technology Corporate control, law, ethics, and governance International business Project management Decision sciences and managerial economics The related self-assessment exercises available at www.mbaiq.com allow you to compute your MBA IQ. You can find out where your weaknesses are and then begin to develop your knowledge base to gain proficiency in all management areas and become a true business generalist. Since the MBA degree has become a de facto standard in management education, the goal of What’s Your MBA IQ? is to make the knowledge contained in an MBA accessible to all business practitioners. As a result, this book is equally relevant to business practitioners, whether or not they pursue an MBA. Also, your organization can use What’s Your MBA IQ? to assess its business practitioners’ readiness for corporate rotation programs, high potential programs, the CABM, the CBM, or an MBA degree.
Preface xv Acknowledgments xvii Introduction xix Learning Module 1 General Management, Leadership, and Strategy 1 Learning Objective 1.1: Understand the Scope and Nature of Corporate Strategies 2 Learning Objective 1.2: Understand the Importance of Planning and Organizing Skills 10 Learning Objective 1.3: Understand the Importance of Directing and Leading Skills 14 Learning Objective 1.4: Understand the Importance of Controlling and Measuring Skills 19 Learning Objective 1.5: Understand the Importance of Motivating Skills 21 Learning Objective 1.6: Understand the Importance of Problem-Solving and Decision-Making Skills 23 Learning Objective 1.7: Understand the Importance of Negotiating Skills 30 Learning Objective 1.8: Understand the Importance of Communication Skills 32 Learning Objective 1.9: Understand the Importance of Conflict Management Skills 35 Learning Objective 1.10: Understand the Various Issues in Organizational Behavior, Culture, Change, Development, Effectiveness, and Decline 38 Learning Objective 1.11: Understand How to Measure and Manage Business Performance Results 42 Learning Module 2 Operations Management 45 Learning Objective 2.1: Understand the Strategic Importance of Demand Forecasting 46 Learning Objective 2.2: Understand the Production Strategies and Manufacturing Performance Measures 47 Learning Objective 2.3: Understand the Production-Related Value Concepts 48 Learning Objective 2.4: Understand the Philosophies of Just-In-Time and Lean Operations 49 Learning Objective 2.5: Understand the Principles and Techniques of Inventory Management 52 Learning Objective 2.6: Understand the Principles and Techniques of Supply-Chain and Logistics Management 56 Learning Objective 2.7: Understand the Various Planning Systems Applicable to Manufacturing and Distribution Operations 58 Learning Objective 2.8: Understand the Various Short-Term Scheduling Systems Used in Production 60 Learning Objective 2.9: Understand the Theory of Constraints in Operations 62 Learning Objective 2.10: Understand the Principles of Production Economics and Application of Decision Tools 63 Learning Objective 2.11: Understand the Principles and Techniques of Equipment Maintenance and System Reliability 65 Learning Objective 2.12: Understand the Production Process Flows and Metrics 66 Learning Objective 2.13: Understand the Technology Deployed in Manufacturing and Service Operations 67 Learning Module 3 Marketing Management 71 Learning Objective 3.1: Understand the Components of Marketing Mix 72 Learning Objective 3.2: Understand the Expectancy-Value Model in Consumer Markets 72 Learning Objective 3.3: Understand the Brand Elements and Calculate a Brand Value 72 Learning Objective 3.4: Understand Competitor Analysis 73 Learning Objective 3.5: Understand the Pricing Strategies and Methods 73 Learning Objective 3.6: Understand the Marketing Communications Mix 75 Learning Objective 3.7: Understand the New-Product Development Process 75 Learning Objective 3.8: Compute the Customer Retention Rate 76 Learning Objective 3.9: Compute the Lifetime Value of a Customer 77 Learning Objective 3.10: Compute the Customer Conviction in Terms of Net Promoter Score 78 Learning Objective 3.11: Compute the Customer Loyalty Score 78 Learning Objective 3.12: Compute the Net Marketing Contribution Amount 78 Learning Objective 3.13: Compute the Marketing Profitability Metrics 80 Learning Objective 3.14: Compute the Market Development Index 80 Learning Objective 3.15: Compute the Market Share Index 80 Learning Objective 3.16: Compute a Product’s Lifecycle Cost and Economic Value to a Customer 81 Learning Objective 3.17: Compute the Relative Performance, Price, and Customer Value of a Product 81 Learning Objective 3.18: Compute a Marketing Channel Intermediary’s Transaction Value 82 Learning Objective 3.19: Understand the Relationships Among Price, Profit, and Market Share 83 Learning Objective 3.20: Understand a Marketing Channel’s Performance 83 Learning Objective 3.21: Evaluate the Advertising’s Effectiveness with Customer Response Index 83 Learning Objective 3.22: Learn How to Conduct a Marketing Portfolio Analysis 85 LearningObjective 3.23: Learn How to Develop a Marketing Budget 85 Learning Objective 3.24: Understand the Financial Performance Metrics Related to Marketing 85 Learning Objective 3.25: Understand the Nature of Marketing of Services 86 Learning Objective 3.26: Understand the Strategies in Product Management 87 Learning Objective 3.27: Understand the Stages in a Product Lifecycle 88 Learning Module 4 Quality and Process Management 91 Learning Objective 4.1: Understand the Basic Quality Concepts 91 Learning Objective 4.2: Understand the Various Definitions of Quality 93 Learning Objective 4.3: Calculate the Cost of Quality 94 Learning Objective 4.4: Calculate the Six-Sigma Metric 94 Learning Objective 4.5: Compute the Return-on-Quality Metric 96 Learning Objective 4.6: Apply Quality Tools 96 Learning Objective 4.7: Apply Statistical Process Control Techniques 98 Learning Objective 4.8: Compute Taguchi’s Quality Loss Function 100 Learning Objective 4.9: Understand the Role of Inspection and Quality at Source 100 Learning Objective 4.10: Understand the Process Management Methods and Tools 101 Learning Module 5 Human Resources Management 103 Learning Objective 5.1: Understand the Human Resources Planning Process 103 Learning Objective 5.2: Understand the Relationship between Job Analysis and Job Descriptions 104 Learning Objective 5.3: Understand the Recruitment Methods and Alternatives 105 Learning Objective 5.4: Understand the Employee Selection Process 106 Learning Objective 5.5: Understand the Employee Selection Tests and their Characteristics 107 Learning Objective 5.6: Understand the Employment Interview Process 108 Learning Objective 5.7: Understand the Pre-Employment Screening Process 108 Learning Objective 5.8: Understand the Employee Training and Development Process 109 Learning Objective 5.9: Understand the Management Development Process 110 Learning Objective 5.10: Understand the Organization Development Process 111 Learning Objective 5.11: Understand the Career Planning and Development Process 112 Learning Objective 5.12: Understand the Employee Performance Appraisal Process 113 Learning Objective 5.13: Understand the Employee Relations Issues 114 Learning Objective 5.14: Compute the Human Capital Metrics 116 Learning Module 6 Accounting 119 Learning Objective 6.1: Understand the Basic Concepts of Financial Accounting 120 Learning Objective 6.2: Understand the Purpose of the Accounting Cycle 121 Learning Objective 6.3: Understand the Types and Contents of Financial Statements 122 Learning Objective 6.4: Understand the Intermediate Concepts of Financial Accounting 128 Learning Objective 6.5: Understand the Advanced Concepts of Financial Accounting 132 Learning Objective 6.6: Learn How to Analyze Financial Statements 133 Learning Objective 6.7: Understand Various Cost Concepts and Cost Behaviors 140 Learning Objective 6.8: Understand the Principles and Techniques of Operating Budgets 143 Learning Objective 6.9: Understand the Application of Transfer Pricing 146 Learning Objective 6.10: Understand the Application of Cost-Volume-Profit Analysis 148 Learning Objective 6.11: Understand the Meaning and Application of Relevant Costs 150 Learning Objective 6.12: Understand Various Costing Systems for Products and Services 151 Learning Objective 6.13: Understand the Meaning and Application of Responsibility Accounting 152 Learning Module 7 Finance 153 Learning Objective 7.1: Understand the Need for Financial Plans and Controls 154 Learning Objective 7.2: Understand the Principles and Techniques of Cash Management 157 Learning Objective 7.3: Understand the Techniques of Managing Current Assets 160 Learning Objective 7.4: Understand the Various Types of Debt and Equity in a Capital Structure 163 Learning Objective 7.5: Understand the Techniques for Evaluating the Cost of Capital 169 Learning Objective 7.6: Understand the Principles and Techniques of Capital Budgeting 171 Learning Objective 7.7: Understand the Various Types and Risks of Financial Instruments 179 Learning Objective 7.8: Understand the Various Types of Valuation Models 182 Learning Objective 7.9: Understand the Nature of Business Mergers and Acquisitions 185 Learning Objective 7.10: Understand the Implications of Dividend Policies, Stock Splits, Stock Dividends, and Stock Repurchases 187 Learning Module 8 Information Technology 191 Learning Objective 8.1: Understand How to Plan and Manage the Information Technology Function 192 Learning Objective 8.2: Understand How Business Application Systems are Developed and Maintained 196 Learning Objective 8.3: Understand How Business Application Systems are Operated and Improved 198 Learning Objective 8.4: Understand the Need for Contingency Plans to Ensure the Continuity of Business Operations 201 Learning Objective 8.5: Understand How Information Technology Operations Are Managed 207 Learning Objective 8.6: Understand the Technology Behind Computer Network Management 211 Learning Objective 8.7: Understand how to Manage the Information Technology Security Function 217 Learning Objective 8.8: Understand How Databases are Designed and Managed 223 Learning Objective 8.9: Understand How Electronic Commerce is Facilitated and Managed 228 Learning Module 9 Corporate Control, Law, Ethics, and Governance 235 Learning Objective 9.1: Understand the Nature and Types of Corporate Control Systems 236 Learning Objective 9.2: Understand the Nature and Types of Corporate Risk 241 Learning Objective 9.3: Understand the Scope and Nature of Business Law, Policy, and Ethics, Including Social Responsibility 247 Learning Objective 9.4: Understand the Various Issues in Corporate Governance 256 Learning Objective 9.5: Understand the Nature and Types of Corporate Audits 260 Learning Objective 9.6: Understand the Nature and Types of Corporate Fraud 263 Learning Objective 9.7: Understand the Issues in Corporate Law Regarding Agency Problems and Costs 266 Learning Module 10 International Business 269 Learning Objective 10.1: Understand How to Develop and Manage International Business Strategies 269 Learning Objective 10.2: Understand the Various Issues in International Trade and Investment 271 Learning Objective 10.3: Understand the Nature of International Production Economics 275 Learning Objective 10.4: Understand the Nature of International Trade Laws 276 Learning Objective 10.5: Understand the Various Issues in International Financial Systems 280 Learning Objective 10.6: Understand How to Staff and Manage International Operations 281 Learning Objective 10.7: Understand the Various Issues in Conducting International Business in Cross Cultures 281 Learning Module 11 Project Management 287 Learning Objective 11.1: Define Project Management and Identify Success Criteria for Projects 287 Learning Objective 11.2: Understand the Various Types of Risks in Project Management 289 Learning Objective 11.3: Understand the Various Types of Project Structures and Organizations 291 Learning Objective 11.4: Understand the Project Management Process, Including its Lifecycles 294 Learning Objective 11.5: Understand the Various Methods in Project Planning, Estimating, Controlling, and Reporting 296 Learning Objective 11.6: Understand the Various Methods in Project Scheduling 303 Learning Objective 11.7: Understand the Project Management Metrics, Problems, and Governance Mechanisms, Including Project Audits 306 Learning Module 12 Decision Sciences and Managerial Economics 311 Learning Objective 12.1: Learn How to Apply Quantitative Methods to Business 311 Learning Objective 12.2: Understand the Basic Principles and Concepts in Economics 321 Learning Objective 12.3: Understand the Basic Principles and Applications of Microeconomics 322 Learning Objective 12.4: Understand the Basic Principles and Applications of Macroeconomics 325 Learning Objective 12.5: Understand the Basic Principles and Applications of Key Economic Indicators 332 Learning Objective 12.6: Understand the Nature of Economic Business Cycles and Industry Growth Levels 333 References 337 Index 339
"In the preface to her book What's Your MBA IQ? A Manager's Career Development Tool, Devi Vallabhaneni wishes she had had this book with her before she started her MBA at the Harvard Business School. Therein lies the inspiration for the book. MBA, she says, is like mastering a language and that one year shouldn’t be used for just picking up the basics. This book, therefore, is a guide for students preparing for their MBA entrance exams." (Livemint.com, August 15, 2010) "The MBA IQ is what defines your management knowledge in today's ever-changing business cilmate. This informative book, by the president and CEO of the Association of Professionals in Business Management, serves as a roadmap, facilitating advanced management education." (AM New York, November 2, 2009)
Devi Vallabhaneni, CABM, CBM, CPA, is the President and CEO of the Association of Professionals in Business Management. Prior to founding this nonprofit and higher-education organization, she worked for Gap, Inc., in international business development, as well as in Gap's online business development where she was responsible for devising expansion strategies for Gap, Banana Republic, and Old Navy brands. In addition, she helped start and worked with Arthur Andersen's litigation services practice at their Singapore and Hong Kong offices. She earned her MBA from the Harvard Business School and sincerely believes that sustained career development begins with knowledge development.
Calculate your MBA IQ and achieve core competencies in 12 functional areas of management What's your MBA IQ? A combination of what you know and how much you've applied this knowledge on the job, your MBA IQ is what defines your management knowledge in today's business climate. It's what keeps you at the top of your profession, an expert in your specialized field with an understand-ing, as well, of cross-functional disciplines. Arming you with a solid foundation across the entire MBA curriculum to interact with colleagues, clients, senior management, and professors at a higher, more advanced level, international business expert Devi Vallabhaneni helps you get the most from MBA-level topics—and ultimately, develop your career. This authoritative road map facilitates advanced management education and reveals a structured approach for career development in the management profession, equipping you with nuts-and-bolts coverage of: General management, leadership, and strategy Operations management Marketing management Quality and process management Human resources management Accounting Finance Information technology Corporate control, law, ethics, and governance International business Project management Decision sciences and managerial economics The related self-assessment exercises available at www.mbaiq.com allow you to compute your MBA IQ. You can find out where your weaknesses are and then begin to develop your knowledge base to gain proficiency in all management areas and become a true business generalist. Since the MBA degree has become a de facto standard in management education, the goal of What's Your MBA IQ? is to make the knowledge contained in an MBA accessible to all business practitioners. As a result, this book is equally relevant to business practitioners, whether or not they pursue an MBA. Also, your organization can use What's Your MBA IQ? to assess its business practitioners' readiness for corporate rotation programs, high-potential programs, the CABM, the CBM, or an MBA degree.
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