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The following disciplines
are covered in the UMT MBA programs:
Legal Issues
The law is the one field
of knowledge that presumes everyone knows it;
hence, “ignorance of
the law is no excuse.” Society penalizes
those who unknowingly violate the law, as well
as those with malice aforethought. It is important
for every manager and business person to know
the fundamentals of contract law, business and
securities regulations, labor law, intellectual
property law, and civil and criminal liability
law. But only obeying the law is insufficient:
the respected enterprise also behaves ethically.
Ethical principles and values contribute to the
social responsibility of the enterprise and its
employees.
The MBA program has two required courses that
cover legal matters.
- Mgt 202. Business Law and Ethics
- Mgt 254. Contracts and Procurement
Quantitative Methods and Economics
Modern managers must know how to apply quantitative
techniques to aid them in decision-making. The
collection of such techniques is known loosely
as management science. This includes a basic
knowledge of probability and statistics, combinatorial
analysis, hypothesis testing, decision strategies,
utility and game theory, multivariate decision
analysis, inventory theory, scheduling theory,
modeling and simulation, forecasting, and decision
trees. Students will learn to use software tools
designed to assist in quantitative analysis.
Economics has long been
known as the “dismal
science” because it deals with the allocation
of scarce resources, the divide between rich
and poor. It is important for managers to know
the principles of economics because they serve
as the framework needed to understand the formation
and function of enterprise, market forces—and
the “invisible hand.” An economic
system can harness human behavior and make a
nation wealthy; or it can deflate motivation,
encourage corruption and waste, and render a
population destitute.
The program has two required courses that cover
quantitative methods and economics.
- Mgt 210. Quantitative Methods for Decision-making
- Mgt 285. Economics
Operations Management
Operations management (OM) is the set of activities
that creates goods and services through the transformation
of inputs into outputs. OM is one of the four
major functions of any organization (manufacturing
or service), the other three being financing/accounting,
marketing, and the management of people. Unlike
a project, which has a specific objective, a
limited duration, and limited resources, an operation
is ongoing with objectives and resources that
can change over time. Developing a new levitating
car is a project; manufacturing Toyotas is an
operation.
Three required MBA courses cover operations
management.
- Mgt 215. Operations, Logistics and Supply Chain
Management
- Mgt 230. Leadership and Organizations
- Mgt 240. Marketing and Sales
Project Management
The project, as opposed
to the operation, has been around even before
Neanderthals formed groups
to hunt the Wooly Mammoth. Primitive hunting
parties, pyramid builders, Stonehenge builders,
cathedral builders, Roman aqueduct builders,
nuclear submarine builders—all were engaged
in projects. They all had specific objectives,
start and end dates, and limited resources (money,
people, equipment, and material).
Students are required to take Project Management
and Contracts and Procurement. The other project
management courses are optional for the general
MBA. For the project management focused MBA,
all the courses listed below are required.
- Mgt 250. Project Management
- Mgt 251. Planning and Control
- Mgt 252. Project Finance and Budgeting
- Mgt 253. Risk and Quality Management
- Mgt 254. Contracts and Procurement
- Mgt 259. Project Management Applications
Technological Entrepreneurial Skills
High-technology ventures
have been driving the U.S. economy. New business
ventures have much
in common, regardless of the enterprise. Today’s
entrepreneur needs an understanding of the nature
of information and high-technology ventures,
how to recognize a suitable prospective high-tech
venture, how to write a business plan, how to
form and nurture the venture, and how to market
its products.
The courses listed below are required for the
general MBA.
- Mgt 201. Communication
and Soft Skills
- Mgt 220. Information Technology
- Mgt 245. Technological Entrepreneurship
Financial Analysis
Financial analysis is the process of collecting
and refining financial data and presenting the
refined financial information in a summary format
suitable for effective decision-making. The financial
statement (balance sheet, income statement, and
cash flow statement), along with financial ratios
(e.g., liquidity ratios, profitability ratios,
leverage ratios) can be read and interpreted
by managers to determine the current health of
the organization and its prognosis for the future.
Every manager should be
able to monitor the organization’s financial health and determine
the financial prudence of new projects, mergers
and acquisitions. To non-accountants, accounting
may seem deadly dull. But accounting is the “language
of business.” It is a fundamental tool
for understanding business problems, setting
goals, and determining the health of the enterprise.
And governments require that organizations do
accounting in a prescribed way so that they can
collect their taxes. Penalties await those who
do not account properly—if not from government,
then from shareholders. It behooves the non-accountant
executive to know enough to avoid accounting
missteps—or catastrophes.
Students must take the following courses are
required.
- Mgt 280. Finance (or Mgt. 252. Project Finance
and Budgeting)
- Mgt 281. Accounting
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