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This week in my part-time MBA class on Conflict Management and Negotiations we had an in-class presentations for the group negotiation simulation based on Ridgecrest School Dispute case. Essentially, the case is based on the dispute between the Board of Education and the Teachers Association (the teachers union) about the ways of closing the budget shortfall in the school district, while at the same time negotiating the salary increases and other benefits for the teachers. As you can guess, this was a recipe for quite a contentious situation.

The teacher’s assistant for professor sent an email on the day of presentations that the professor was not feeling well, so he would substitute for him for that night.When I read it, it was a bit of a turn off for me because the professor in this class is really highly engaging and rather entertaining. He has made his reputation in the business school and can get away with a lot of things that younger faculty or non-tenured professors would not dare to experiment. In that regard he reminds me a bit of my professor in Entrepreneurship class. He has also been involved in many real engagements as a consultant and has been sharing very interesting and unique first-hand experiences from those engagements.

One thing I did not take into account, that the instructor’s role in this particular class of group presentations was more of a moderator, but the class itself was mostly driven by the presenting students. In fairness, the teacher’s instructor did a fair job as a moderator too.

Anyways, the class turned out to be hilarious, thanks to reflections of some of the groups on how their negotiations had gone. Some of the presenters were quite  expressive in describing their side of the negotiation analysis. They mentioned the high tension during their negotiations complete with yelling, name-calling, walk-outs from the negotiation table, objects throwing, “bad cop-good cop” games, and other manipulative techniques they or their counterparts used. Their description of the high explosive negotiations was so colorful that some other groups had to apologize ;-) that theirs were more matter-of-factly and routine business.

Another point of bringing up excitement in those presentations was that both groups participating in the negotiation had to present one after another, so it gave a way for many intriguing situations of “we said – they said” and comparisons of the opponents’ interpretations and views on the same situations and flex points in their negotiations.

Our group’s recollection of the negotiations dynamics, by the way, was one of those matter-of-fact. We tried to be more realistic in our approach and focus on how we would do it if it were a real situation, not just a made up classroom exercise with opportunities on show craftsmanship.

There were two lessons I took out from that night. First, the astonishingly broad range of outcomes of the negotiations, even though we were all given the same background information and confidential instructions depending on the role of the group, based on the personalities of the people involved on each side of the negotiation table. The outcomes ranged from complete breakdowns, when the teachers decided on their own or were forced by the Board to go on strike, to a broad range of settlements with various levels of negotiated benefits, where either the Board or the Association had an upper hand in grabbing a significantly bigger part of the pie.

Second lesson was triggered by the question one of my classmates asked everyone at the end  of the class. The guy, who was the oldest one in the class, even older than me ;-) , asked how many people had had mortgages and were laid off during their career. Needless to say just a few hands went up, less than five out of the class of over 50 students. It should be expected, given the fact that the majority of the class were people under thirty with up to five years of work experience.

The question was probably an expression of frustration born from the fact how easily some groups were firing droves of teachers or stiffing them out of the benefits. This question emphasized the fact that some groups chose more of a playful approach or were quite eager for replacing the objective utility implied in the case with the subjective utility of having an upper hand in the negotiation at any cost, even by destroying the very essence of the purpose of this negotiation. I don’t blame those groups, after all it was just an exercise,  but I found it really fascinating.

On the other hand, if those attitudes are not just conditioned by the limitations of the classroom exercise, but actually a reflection of the philosophy that will be extended in the real world, then it is more bothersome.

Then I remembered the national budget deficit and debt ceiling debate that took place in the Congress this past summer and realized that there are a lot of role models professing and practicing this kind of attitudes when the very crucial and real objectives are swept away and sacrificed in the interest of partisan interests and personal agendas to the detriment of the common good.

It makes me wonder how those congressman played their negotiation simulations while still in the classrooms.

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Just wanted to add another fun video to keep your interest in economics up and demonstrate that macroeconomics is not all that boring as the economists try to make it look to us – lay -men and -women.

I first saw this video about a year ago when I was taking my Financial Management class. At that time it was interesting to me, but mostly for the esthetic reasons, because it was really pretty well done. I remember the video had to do something with what professor passingly mentioned in the lecture, but it was not very much  elaborated on at that time.

However this year it makes much more sense as we just covered in class the Keynesian and (Neo)classical economic theory, aggregated demand, aggregated supply, IS-LM model, and many other equally as fascinating things. When I watched the video I remembered my professor’s in Microeconomics joke about “Economists do it with models”. The models in the video is what the economists would like it to be, but in reality, it is still more likely they will keep doing it with IS-LM models and such ;-)

And since we are on the topic of poking fun at economists, here is another joke on the subject:

TOP 10 REASONS TO STUDY ECONOMICS

1. Economists are armed and dangerous: “Watch out for our invisible hands.”
2. Economists can supply it on demand.
3. You can talk about money without every having to make any.
4. You get to say “trickle down” with a straight face.
5. Mick Jagger and Arnold Schwarzenegger both studied economics and look how they turned out.
6. When you are in the unemployment line, at least you will know why you are there.
7. If you rearrange the letters in “ECONOMICS”, you get “COMIC NOSE”.
8. Although ethics teaches that virtue is its own reward, in economics we get taught that reward is its own virtue.
9. When you get drunk, you can tell everyone that you are just researching the law of diminishing marginal utility.
10. When you call 1-900-LUV-ECON and get Kandi Keynes, you will have something to talk about.

This joke  I picked up from here. There are many more there on economists and economics. And, of course, these are my favorite jokes on MBA.

 

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Macroeconomics is one of the core classes I am taking right now – a little bit later in my MBA studies. The first part of Economics – Microeconomics – I took in my very first module when I just started my whole part-time MBA program journey back in fall 2009.

As everything with economics, regardless whether it is micro- or macroeconomics the subject is extremely interesting but rather challenging to initially grasp the concepts, especially for the poet types, like myself. One thing which I am happy about is that this fall term I strategically selected my classes. I wrote sometimes in the past that I would try not to have two quantitative classes going at the same time. This term is the pinnacle of that thinking and strategic planning. I have only two classes in my second module going right now. And only one of them quantitative – Macroeconomics.

This is extremely important to me, because I will not get too overwhelmed when the holiday season kicks in at the end of November. In previous two years I had three classes in the second module and felt like Grinch was stealing my Christmas. The other class this current module is Negotiations and Conflict Management, which is a lot of fun. Even though for some negotiations simulations we had to crunch the numbers, it has been “applied quants” and I did not have trouble with that.

Back to Macroeconomics. In my post Pre-MBA Reading List for Poets I recommended a book Principles of Economics by Gregory Mankiw to those “poets” who want to brush up or establish their grasp of the subject.

I got lucky in my Macroeconomics class this time because the required textbook Macroeconomics and the Financial System is by Gregory Mankiw, co-authored with Laurence Ball. Admittedly, it seems to have more advanced content than the other book I recommended. Still, it is a reasonably comprehensible book. Our professor also gave us links to some articles on the Mankiw’s blog. Turns out he is not only prolific textbook writer, but also a blogger. He posts almost everyday, unlike myself ;-(, and sometimes a few posts a day. Lots of good stuff that I am going to read to stay current right after I finish ;-) my Macroeconomics class. On Mankiw’s blog I found this hilarious video, Principles of Economics, Translated by Yoram Bauman poking fun at economists in general and referencing Mankiw in particular. I hope this will help you take the edge off if you are overwhelmed by your studies of Economics. For a real exam preparation I would still recommend Mankiw ;-) .

As I mentioned, Mankiw’s books are relatively easy read. But if you really want to have fun with Macroeconomics, try The Cartoon Introduction to Economics: Volume Two: Macroeconomics written by the guy featured in the video – Yoram Bauman. Whenever you feel like crying because you cannot understand economics in the class room, offset it (or should I say make a tradeoff, using economists’ lingo) with the laughter from his videos. You can find more of them on youtube or on his site – standupeconomist.com just by submitting your (dummy) email.

Have fun. I already had, and am getting back to reading Mankiw for my next Macroeconomics class.

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Just a couple days ago I was complaining about the lack of time and opportunities for part-time MBA students to network within the context of the business school. Apparently, having pumped myself up with discontent about this situation, I subconsciously was looking for opportunities to do something about it ;-) .

Over a week ago I received an invitation to attend a GW Consulting Club Networking event. It was scheduled for this past Friday night, and initially I was not sure if I was going to attend it. I was at such an event last school year. I met a few interesting people and had some interesting conversations. At that time I was in the beginning stages of the evaluation process to gauge my interest in management consulting. So I was looking at various opportunities to learn more about the industry.

Anyways, I did want to come this year, but some schedule constraints and overall tiredness by the end of the week could have prevented me from coming. Finally, on the eve of the event I sent my RSVP. The fact that I had a make-up class in Macroeconomics the same night and timing between the events was almost perfect also helped me to make up my mind

The format of the event was pretty much the same as last year. The organizers rented one of the mid-size dining rooms at the nearby hotel. Non-members of the club, like myself, paid a small ticket price to attend. There were some light hors d’oeuvres served throughout the night and all drinks, beer, wine, champagne were $5, – good deal for the downtown DC, I guess.

The more interesting part, of course, was meeting the people. There were GWU students and working consultants mingling in the room. From last year I mistakenly thought that the Consulting Club is only for MBA students. This is not actually the case. Even though it is heavily represented by MBA students, it is open to  and has members from other schools at GW University. This year I also met an undergraduate senior student interested in consulting career.

By my estimates consultants were outweighed by students at least 1:3. I talked  probably to 8 to 10 people. Three of them were consultants, the rest were students, some of them actually from my current classes. As I mentioned in my previous post on networking, as part-time students we don’t always have time for out of class interaction, unless it is a group project or other assignment that requires additional preparation. So it was a good chance to talk to them and learn more about them on informal level.

Overall I am pleased that I made myself come this year again. One interesting caveat to this event. Two consultants in the room had been in the attendance at the last year networking event. Last year, however, they were second-year full-time Global MBA students, and this time they were on the consultants part of the meeting roster, representing Deloitte. I had a chance to briefly chat with one of them, and it was nice to re-connect again.

So one thing that could be perceived as marginal compensation for lack of networking opportunities is that I, as a part-time MBA student, going through a three year program instead of two years, potentially have exposure to more people in the program, spanning through at least three graduating classes of 2010 through 2012.

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Social Networking for Part-time MBA Students

November 3, 2011

This past weekend I had a negotiation simulation with my classmate in Conflict Management and Negotiations class. As I mentioned in the past, this class requires some of the negotiations to be held out of the class, so we had a scheduled appointment on campus on Sunday. We had allocated an hour for the whole [...]

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All-American Darling Netflix Fallout

October 24, 2011

Today I was looking at my business cases portfolio that I have prepared in the course of my part-time MBA studies at GWU School of Business and I noticed that I have not published any cases from my Marketing classes yet. So I found one of the sections I prepared for a group project on [...]

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Part-time MBA Blog – Two Year Anniversary

October 15, 2011

Another milestone in my blogging experience. Don’t have too much time to reflect on this now, but if you are interested in some background information on how this blog came to be, you can read the post I had a year ago on One Year Anniversary of this blog. I would still like to share [...]

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Competing on Analytics vs Intuitive Courage

September 29, 2011

I mentioned in an earlier post that I am taking a “Database and Web Analytics” elective class this first module of the fall term at GWSB MBA program. The required reading for this class is Competing on Analytics: The New Science of Winning – not exactly a textbook, but rather – a high view of [...]

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Why George Washington University School of Business?

September 27, 2011

The Businessweek online has recently placed a video interview with the dean of the George Washington University School of Business – Doug Guthrie,  who answers this question. The highlights of the GWU Business School approach to business education, as per dean’s interview, are the corporate social responsibility, sustainability, ethics and global perspective. These core elements [...]

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High-Octane Action-Packed Live Thriller – Macbeth at Synetic Theater

September 21, 2011

Fortunately, the fall term of MBA at GWU School of Business did not kick in into the high gear yet, and I can take some time to relax without going into great bouts of stress. Even though it is going to change very soon, as the first module is almost half-way through, and I have [...]

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East Coast Earthquake – Risk Management Application

September 1, 2011

This picture was used by my professor in the first on-campus class this year I had on Wednesday – Risk Management (for Projects). I cannot figure out the name of the cartoonist, but the date is very clear – 1990. This is a great illustration about some of the approaches to managing risk, arguably the [...]

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Happy New MBA Year!

August 29, 2011

Today is the first day of my last year of part-time MBA program at GW School of Business (GWSB). Summer break, vacation are all history, and I did not even manage to put a short report on my Cancun vacation ;-( . Now it’s not likely I will have time for that. But before I [...]

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Soda Tax and Public Policy – MBA Perspective

July 31, 2011

A year ago in summer term 2010 at George Washington University School of Business I took a class on Business and Public Policy. It was an interesting exercise and I learned a lot about the tensions between the public interests and private corporate agendas, lobbying, and public relations. I have published earlier two of the individual cases I [...]

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Pre-MBA Reading List for Poets

July 27, 2011

Back in May I promised to have a post on summer reading list for pre-MBA admitted applicants. There are a number of lists in print and especially on the internet for pre-MBA or mid-school summer reading. I have perused some of them and found them quite helpful. I often ask people to recommend books on [...]

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Smarter Phone for MBA Student

July 22, 2011

Updated on July25, 2011. Though I was able to post a basic post including images using the WordPress for Android application on my smart phone, I still needed to do some fine-tuning of the post from the regular WP interface. Also, I posted a follow up post on the weaknesses of my smart phone. In [...]

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Drop Class or Drop Dead at GWU Part-time MBA

June 5, 2011

On May 16 I started my classes in Summer Term at GW School of Business. There was some hiccup at the beginning though. I originally signed up for three classes: two from the core MBA curriculum, 1.5 credits each; and one elective from the Department of Information Systems Technology Management- three credits. I was trying to [...]

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Project Management – Sharks Against the Naive

May 14, 2011

Introduction to Project Management was a full-term 3-credit class, therefore we combed through a lot of material and got exposed to a lot of concepts. So I would probably be returning to this course quite a bit to share little reflections on the subject here and there. There were quite a few observations about Project Management [...]

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Ellen Moore in Korea – Business Case Analysis of Cultural Differences

May 9, 2011

In my Consultative Processes class that I took in Fall Term of my second year part-time MBA at GWU we had a case of Ellen Moore(A): Living and Working in Korea. I learned a few interesting things about the country’s culture - something that I wouldn’t ever guessed on my own. I have quite a few acquaintances [...]

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2-nd Year MBA Spring Term is Over

May 5, 2011

On Monday I had my final exam in Business Law and Communications.  My final presentation in Introduction to Project Management class took place two weeks ago. With that I am done with my classes in GW part-time MBA Spring Term. I feel free and relieved … for the next two weeks. Then my two classes for Summer [...]

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Facebook Face Off at Job Interview

May 2, 2011

This Spring term I had another core class in my part-time MBA program – Organizations and Leadership. This course is also commonly known in other MBA programs as Organizational Behavior. The course was rather interesting, and I will hopefully write more about it at a later time. On a side note about the topic of [...]

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Intro to Project Management – Final Presentation

April 28, 2011

Last  Thursday we had final group presentations in class for the Introduction to Project Management course. This presentation was a part of the final assignment: research and analysis of the management of an actual project. The other part of an assignment was to prepare a 20-25 pages analytical research of that same actual project. As [...]

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Introduction to Project Management – MBA elective

April 26, 2011

My posts for the nearest future will be recollections from the end of the Fall term and the Spring term in somewhat random order, as I will try to fill some of the gaps since the end of my regular blogging at the end of last year. I will try to reflect on some more interesting highlights [...]

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Part-time MBA on a Full-time Leave of Absence

April 12, 2011

Leave of absence from the blog, that is. It has been over four months now since my last update on the blog . Even my summer break last year did not take me away from posting on my site for that long. There has been a lot going on, so I kind of slipped back quite [...]

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Fall Term 2010 at GW MBA Near End

December 9, 2010

There are so many things I would like to share in the blog with my reflections on the winding down Fall Term in part-time MBA program at GW. But the term is not over yet. Yesterday I had my final class in Consultative Processes. This is a relief, since I am done with the class. Our [...]

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Part-time MBA – Turbocharged!

December 3, 2010

This week I ran into one of my classmates in the study area before the class. I have not seen her around since the summer term, so we chatted a bit to catch up on what’s going on in our MBA studies. I remembered that we started the program at GW at the same time [...]

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Dahab Plastics Co – Gearing Up for Consulting Presentation

November 22, 2010

On Sunday we had a conference call with my group for our final presentation in Consultative Processes class. This is the second of the group projects in the class. The first group project was on preparing and presenting Consulting Proposal for Kacey Fine Furniture. I re-read the case before the group discussion, Dahab Plastics Co, and it seems [...]

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Citibank: Performance Evaluation – Business Cases Analysis Update

November 21, 2010

Due to my business travel I have not been able to focus on regular updates. So now I have more catch up work to do both for classes and for the blog. Fortunately, this year we do not have any classes scheduled during the whole week of Thanksgiving. So I will hopefully have time to do [...]

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Swamped with MBA Assignments

November 9, 2010

Update 5/7/2011. I have published a business case analysis for Ellen Moore (A): Living and Working in Korea. This week is going to be really brutal. I will have to pay for a little relaxation I had over the past weekend. I had some family and friends time and did not have enough time to [...]

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Online Electives in Part-time MBA at GWU

November 4, 2010

Update on introduction of online classes for Spring 2011 term at GWU part-time MBA. A couple weeks ago I received invitation from part-time MBA office at GW University to fill out a short survey. The questions were around the topic of offering some electives online. Basically, they were trying to gauge what portion of the electives the students would be willing [...]

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Blink, the Power of Priming and Financial Markets Final Grade

October 31, 2010

As the second module started this week, I had my class in Financial Management, which is the continuation of the Financial Markets class I had in the first fall Module at GW MBA. The same professor is teaching this class as the previous one, so we were given our final exam papers back to review. [...]

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Marketing Decisions – Second Module Kickoff at GW MBA

October 24, 2010

As I mentioned in my previous post, I had an early start for my Fall Module II at GW part-time MBA program this week. Professor wanted to review the major points of the previous course – Nature of Markets, as it is the foundation for the upcoming class. The second major point of an early start was give [...]

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First Module GW Part-time MBA – Finals Week

October 20, 2010

This week was the end of the first Fall module in GW MBA program. I had my final in Financial Markets class on Tuesday. Of the ten questions, there was one (on spot rates, forward rate) which I had to retreat to Chinese approach, i.e “write everything that crosses your mind, and let professor choose [...]

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Part-time MBA Blog – One Year Anniversary

October 15, 2010

Yes, you read it right. It was one year ago exactly when I embarked on this journey of keeping the record of my progress in part-time MBA program at George Washington University in Washington, DC. The year was eventful both in my business school studies and on the blog itself. Now I can look back and [...]

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Case Study of SG Cowen: New Recruits – Business Case Studies Update

October 12, 2010

Just a short note on the update I made to Business School Cases section of my blog. It seems with the school year moving forward at full speed my blog has been getting more visits from inquiries related to business case studies. Judging by the number of hits from those inquiries I gather that SG [...]

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Othello by Synetic Theater

June 25, 2010

Since the term had been winding down to its end, and I was basically done with all my deliverables, last weekend my wife and I had a little treat: another theater night at Synetic. I had a post back in February about this theater and their Antony and Cleopatra play. I know it may sound ridiculous, [...]

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