99-Spreadsheet modeling, Excel resources

MBA-Level Excel Skills

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Beyond the MBA top 20 supplied by Professor Noonan, I have located a handful of academic resources indicating which Excel skills MBA students should have when they graduate, and in some cases, before they begin their studies. While this information may not be a direct resource to gain these skills, it paints a picture of the expectations that the business world will have for us when we complete our studies.

 

Duke’s Fuqua School of Business identifies a number of skills that incoming MBA students should have on the Computer Skills section of their MBA ready website at http://www.fuqua.duke.edu/student_resources/mba_ready_executive/computer_skills/#doc2

One of the skills that has caught my attention here, and an area in which I lack experience, is referencing across worksheets and workbooks. While referencing across worksheets is relatively intuitive for me, references across workbooks will definitely require some additional research on my part. Additionally, Duke requests that students are familiar with text file imports into Excel. While I feel that minor research can reveal a process for this, my interest is piqued by this requirement.

Indiana University’s Kelley School of Business and their Kelley Direct online program provide a slightly different set of recommendations on their Prerequisite Excel Skills page at http://kelley.iu.edu/onlineMBA/Admissions/Prerequisites/page36896.html . Here we find a grouping of skills and specific functions that are required. While many of these functions should be familiar to most of us, I am not sure how many within our cohort spend time parsing text or using reference functions. To that end, I am sure that the nature of one’s background is likely what is driving what and when these functions may be used.

Finally, the Anderson School of Management at UCLA, http://www.anderson.ucla.edu/degrees/mba-program/admit-central/curriculum-and-academics/pre-mba-preparation provides significant opportunities for incoming MBA students to refine their skills in advance of their studies, from assessments to online courses and on campus workshops. While this site does not directly speak to the Excel requirements of it students, it does exemplify the importance that the university places on these skills. Also, you will find a link to an online tools page at the bottom of the above linked page.

 

What does all of this mean? First and foremost, I believe that this solidifies the concept that excel skills are paramount to success in business school and business in general. Secondly, one could interpret this information as a gauge of where the Excel skill lie for those you will be competing with post-graduation. Finally, I see this information as a sign that Goizueta may be lagging behind some of the top schools in their stated value of Excel. Perhaps I have forgotten by this time, but I do not recollect any Excel requirements being addressed during the orientation or onboarding process and I am fairly sure that there was no foundations course in Excel. Please correct me if I am wrong about this, but I think Goizueta would be well served to sharpen the focus on this key skillset.

06-Building a case, 07c-Telling stories, evaluating evidence

Intuition + Data = Good Decisions and Compelling Storytelling

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One of my reasons for attending business school is to improve my decision making skills. I typically apply the mantra “follow your gut,” when making decisions, but have quickly found that this doesn’t fly in the business world.  Colleagues want evidence based recommendations, which in my mind means I have to work with numbers (not my favorite).  Fortunately, incorporating both data and intuition can result in good decisions and compelling storytelling.

In this article by Andrew McAfee, we learn from specific examples that human judgment alone does not trump algorithms. So is the sum of our experiences and beliefs worthless? No! It’s all about using judgment or opinions as inputs to data models. Unfortunately, many people get this process turned around and disregard data that doesn’t align with their opinions.

From there, you can use data to tell compelling stories and build persuasive business cases. In this HBR blog, Walter Frick interviews Jim Takersly on how data and stories enhance each other. At one point, data is referred to as “medicine” and the story as something that helps you consume that medicine. I’d have to agree with that metaphor, but I also understand how data can give a story shock value or credibility. There are many different kinds of stories to tell with data. Here are ten.

07a-Crafting an effective formal presentation, 07d-Delivering a presentation, PowerPoint resources, PowerPoint tricks, slide-craft

Punt PowerPoint

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Like most people, I have always used Microsoft PowerPoint to create presentations. It’s quick, simple, and accessible by most users. However, it’s also these characteristics that have led to so many horrible presentations. Everyone can make a PowerPoint presentation, but it seems that only a few can make good PowerPoint presentations.

Obviously, the content, arrangement, and delivery of a PowerPoint presentation will ultimately determine whether the presentation is a dud or not. However, with the extremely high use rates of PowerPoint, maybe there are other software applications available that will help make a presentation standout against the crowd.

Here is a list of five alternative presentation applications that I came across in an article by Stu Robarts.

1. Prezi (prezi.com) – Instead of the linear progression of PowerPoint slides, Prezi presentations are designed on a large space (similar to a whiteboard) where the user can decide the path that the material should be presented in. Ultimately, the design is intended to help audiences understand how the ideas in the presentation are related to each other.

2. Keynote (https://www.apple.com/mac/keynote/) – Apple’s version of PowerPoint. In typical Apple style, it’s only compatible with Apple products.

3.  Google Slides (google.com) – A stripped-down version of PowerPoint; only the essential tools for creating a slide deck are available. However, the perk is that Slides are integrated into Google Docs. Changes to the presentations are auto-saved and multiple users can simultaneously edit a Slides presentation. The output can be downloaded into PowerPoint format.

4. ClearSlide (clearslide.com) – Designed for sales teams. The primary purpose is web-based presentations. It can be integrated with CRM systems for ease of data integration.

5. SlideDog (slidedog.com) – Every professor should be forced to use SlideDog. It’s not so much a presentation development software, as it is a presentation organizational software. It allows users to drag-and-drop all of their files that will be a part of their presentation (PowerPoint slides, Prezi presentation, web pages, PDFs, videos, etc.) into the SlideDog application and then arrange them into the desired order. When one file is completed, the subsequent file is launched. No more watching the presenter frantically search their desktop for the shortcut to the next element of their presentation.

04-Managing a project team, feedback, team dynamics, team roles, Uncategorized

Effective Team Building

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The main ingredients of building an effective team are:

  • Defined Goals & Roles
  • Decision Making
  • Commitment
  • Good Leadership
  • Communication
  • Organization
  • Collaboration
  • Competence
  • Respect
  • Passion

From our past two semesters, I have learned that in order for a team to succeed we need all these ingredients. You don’t have to be an extraordinary personality to have the skills you need to build and lead high performing team. People must work closely together, wear many hats and work effectively across the organization to get tasks accomplished quickly enough to remain competitive.

There is an article I read, which very well explains the characteristics of an effective team, such as:

  • An effective team understands the big picture
  • An effective team has common goals
  • An effective team works collaboratively, as a unit

Build a Team for Success

05-Creating & constructing good solutions, 99-Applying business intelligence, 99-Spreadsheet modeling, Uncategorized

Tiny Data: Not An Excuse

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When I got my first job as a Process Improvement Engineer for an industry leading company in their flagship facility, my first question to their production manager was: “Where’s the historical data on the process we need to improve?”. His answer was: “Well I know how many pounds of potatoes we usually put in, and I know about how many bags of potato chips come out the other end.”

How could such a sophisticated, industry leading company have so little knowledge about their own processes? Four years later, reflecting back on all the companies I have worked for and had exposure to, few have had the ‘big data’ that is such a popular topic of today’s data analysis discussions.

How do those us us who have only, ‘Tiny Data’ or incomplete data use it to make better decisions and improve out businesses? The first article posted below cites an Army Colonel’s experience:

“Look,” said the colonel, “if I’m on a battlefield trying to defend a hill and I get a piece of intelligence, even if I’m not 100 percent sure that it’s accurate, I will make decisions based on that intelligence.” He strongly believed that it’s better to have some information than none—and that you’d be a fool to disregard it just because it falls short of being definitive.

There are many ways to utilize small amounts of data, incomplete data, and varying quality data. You must find ways to fill in the gaps, determine the variance of the quality, and find ways to draw meaningful conclusions and areas to investigate more fully with small amounts of data.

Branch out and be creative, because a little bit of information is better than no information and is no excuse for simply accepting the status quo.

When Big Data Isn’t An Option

Small Data Analysis

How to Analyze Data With Low Quality or Small Samples 

06-Building a case

Constructing Your Message in a Logical Manner

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Let’s say your manager has assigned you to a task to help solve an internal problem the company has been facing. You’ve been able to structure the problem and gather data. Now it’s time to use that data and convert it into meaningful information in order for you to present your case to your manager. How do you do that?

I came across some good tips on different ways to analyze information and create logical thinking to build your case. As we all know, the most basic logical structure is the conditional statement (“If you leave the European market, then sales will go down.”). Here are a few tips that might be helpful when constructing the way you want to communicate your message:

1. Converse statement: Just like the conditional statement, but reversed (conclusion, then premise). “If sales go down, then it was because you left the European market.”

2. Inverse statement: Original premise and original conclusion, but both are negated. “If you don’t leave the European market, sales will not go down.”

3. Necessary condition: A condition that must be met for a certain result to be achieved. “In order for sales not to go down, you cannot leave the European market. Therefore, entering the European market is necessary to prevent sales from going down.”

Although each statement nearly says the same thing, the message that is received from your manager can be very different. Think of it like the difference between the messages you’re trying to convey of “We need to enter this new market in order to drive sales” versus “If we don’t enter this new market, we will lose out on sales.” The latter creates the notion for a call to action for your manager, the former is merely a suggestion.

For more tips to sharpen your logical thinking, you can visit this link: http://www.techrepublic.com/blog/10-things/10-tips-for-sharpening-your-logical-thinking/.

03-Planning the work of a team, 04-Managing a project team, 07a-Crafting an effective formal presentation, 07c-Telling stories, 99-Applying business intelligence, team dynamics, team roles

Are you a Leader or a Manager?

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I took a class in undergrad about “Servant Leadership” by Robert Greenleaf. I started questioning the difference between a manager and a leader, and have been intrigued by the concept ever since. As I was interviewing for my current position, I was questioned as to what type of leader I would be in the organization.

I pondered, and proceeded to explain the type of manager I would be and the skills that I would bring to the table. I described that I did not feel that someone could place me in the role of “leader”. It was a position that others saw me as based on how they felt about my abilities. They would make the decision to follow, I could not decide that for them.

I stumbled upon this article in the Wall Street Journal regarding this very topic. It discusses the importance of differentiating between a manager and a leader as the concept of the knowledge worker becomes more profound in our society.

“The leader originates, the leader challenges, the leader is an individual, the leader focuses on people.”

Take a look at the article and see how your natural characteristics fall into the spectrum. I believe that leadership is a way of life. It’s a characteristic that exudes from you, both in the professional world and your personal life. Leaders are the people that I select as mentors. The fact that I have placed them in that position in my life re-iterates how I feel about their ability to lead and challenge me.

My father is a mouthy, Italian businessman with salt and pepper hair. He has drowned me in the business world from a very young age. Along the way, I have gathered a few Tony-isms from him about this matter:

“You can promote people and make them managers, but you cannot make them leaders. That trait is who you are. When it comes out, people will know.”

“The person who knows how and why will always have a leg up on the person who only knows how or why.”

He’s a deep fellow.

Decide the type of position you want to hold in the lives of your co-workers, and work towards being looked at in that light. These abilities will alter the way you present, the way you communicate, and the way you analyze situations.

I leave you with one final Tony-ism: “Be cautious not to take too much advice.”

Christine

99-Applying business intelligence, Uncategorized

Becoming an effective user and connector of business information

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It was so interesting to see that the blog post “Stages of Skill Acquisition” from 7/1/14 referenced the Dreyfus Model for skill development.  In coming up with guidelines for MBAs in MP to determine their own personal development of business intelligence skills, we put together a five level framework based on the model developed by Dreyfus and Dreyfus.  This was shared with everyone as part of the Business Intelligence workshop training you received last winter.  The attached Business Intelligence Brief provides more details on this framework that you can use to track where you are in the attainment of specific business information gathering skills.

Business Intelligence BRIEFS-1

03-Planning the work of a team, 04-Managing a project team, creativity methods, feedback, team dynamics, team roles, Uncategorized, work plans

Managing Virtual Teams

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We often have to work with people in different cities in my business, and sometimes even different time zones! It can be a huge challenge to coordinate work with people you usually don’t see on a day to day basis.  It seems like more and more companies are moving to teleworking, so I thought it would be good to go over some key tips on managing a virtual team:

1) Organize regular meetings with individuals as well as the team as a whole.

This doesn’t have to be in-person; a phone call or Skype can be just as effective. The main thing is you want to make sure everyone is on the same page. The team needs to feel cohesive and like they are all “in the loop” on what’s happening. We do daily “show calls” with all of our team members in Abu Dhabi, London and here in Atlanta. While this may not be feasible for every team, even a set weekly/monthly phone call can be good to foster communication and a sense of inclusiveness.  A phone meeting is also a good way to address any team problems out in the open.

2) Rotate locations: Try to make sure members spend some time physically with the team in their home base, even if all members can’t all be there at once.

This is a critical part of getting a team to work together effectively. Once you put a face with that voice on the phone, you form a  personal connection with that person. It’s also good to see how people function differently while working in the same room. This gives you the opportunity to confront any workflow or personnel issues. This would also be a good time to help the team bond through a social activity, games, etc.

3) Recognize cultural sensitivity.  Be aware of cultural differences on your team so you can head off any potential issues.

I work with people from a variety of backgrounds and walks of life. It is so important to be aware that people often have very different styles of communication and management.  A good way to head off issues is to make the team aware of the expectations for communication and conflict resolution. For example, a manager could instruct team members to mediate conflict themselves, before rushing to upper management to handle the situation.  Team building exercises and cultural awareness classes could also help.

The biggest takeaway I got from this article is the importance of having good communication!  It’s not easy managing a team flung across different cities or countries. But the team will work a lot more smoothly if everyone is kept in the loop, and any problems are dealt with quickly and transparently.

http://www.forbes.com/sites/iese/2013/06/20/managing-virtual-teams-ten-tips/

05-Creating & constructing good solutions, 99-Applying business intelligence, business databases, creativity methods

The ‘Right’ Strategy For Business Intelligence?

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Companies often look for templates or real world examples when it is time to bring a business intelligence system online. While they try to mimic a company similar to theirs, each organization is faced with their own respective needs and challenges. One commonality does exist in most roll outs as the strategy standard; involving end users and thinking big but starting small. This article discusses the best implementation strategy that is shared among companies.

Involving the users allows there to be early buy in from many members of the organization and it promotes the benefits immediately.  With many ideas flowing about, the implementation team is well prepared to deliver the best system. Additionally, pilot programs to test this system in are critical. Mass roll outs without the proper testing can lead to various issues and each department usually has its own pace to adopt these technologies.

Timelines allow for organized planning but its really the end user acclimating to the new system and providing feedback which will determine how long this implementation can take.  Does anyone have any other advice that may complement this over arching advice?

MEMBA learning community, Fall 2016- Spring 2017