General Management 1

This subject has the following teaching availabilities in 2014:

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

Data Analysis:

Contemporary business is awash in data. Modern businesses’ business processes and activities usually involve multiple streams of data from areas as diverse as marketing activities, operational processes and financial activities. Therefore, managers are frequently confronted with how to harness these to understand their business better, so that they can make more informed decisions. Data analysis is the process of converting such raw data into meaningful information to inform business decision-making.

This subject provides an introduction to the fundamental data analysis skills and techniques that are used in contemporary business and management. These skills are essential both for later MBA subjects, and also for solving managerial problems in your later career. The course is computer based and students are required to perform all manipulations and computations themselves.

Financial Reporting and Analysis:

Accounting is the “language of business,” and accounting information is the basis for performance measurement, business contracting, and most operating, investing, and financing decisions that managers make. Financial accounting information affects how individuals outside a company perceive that company, and by extension, the resources available to the company to accomplish its objectives. Accordingly, an understanding of and the ability to use financial accounting information will be essential to your success as a professional manager (as well as your success in other MBA subjects).

This subject is designed to provide students with foundation knowledge about external financial reporting by for-profit entities. This foundation knowledge not only provides the basis for correctly interpreting and using accounting information provided internally to managers for managerial decision making, but also provides the basis for using financial statements for more externally-focused judgments and decisions (e.g., assessing a firm’s intrinsic value or to assess a firm’s strengths and weaknesses relative to competitors).

Decision Making:

Making good decisions is hard, but fundamental to developing management and leadership skills. Decisions are inherently difficult because the world is complex and outcomes are uncertain. In addition, humans suffer from strong cognitive biases and numerous studies have shown that individuals do a poor job of estimating probabilities. We are more emotionally sensitive to threat than we need to be, and we often fail to develop realistic perceptions of others and of ourselves. The complexity of the world, our limited ability to handle uncertainty in a consistent manner and cognitive biases can lead to poor decisions.

However evidence suggests that people can be taught to assess probabilities accurately and make better decisions by modelling the decision process in a structured way. Furthermore being aware of the latest research on cognitive biases enables individuals to recognize these biases in themselves and others and correct them.

The purpose of this course is to equip the student with the skills and knowledge to analyse decisions in a structured manner and to come to a preferred decision that makes use of the best assessment of the uncertainties in the outcomes, the payoffs of the outcomes and the potential biases and pitfalls of the decision maker and his/her team.

People Management:

This subject aims to provide students with analytical skills and tools to identify, diagnose and solve people- related challenges in organisations. The subject focuses on examining different theoretical perspectives and concepts underlying individual, group and organisational behaviour and teaching students how to apply these concepts in a practical manner to improve performance. Topics covered will include:

• Strategic Human Resource Management
• Culture
• Organizational Design
• Motivation
• Performance Management
• Acquiring, Developing and Retaining High Quality Employees
• Teams

Data Analysis:

Students should:

• be able to apply quantitative methods in management decision making processes
• understand principles of statistical variation, in particular that there is error associated with any measurement derived from data develop solid computational skills in Excel

Financial Reporting and Analysis:

On completion of this subject, students should be able to:

• Appreciate the measurement and recognition difficulties inherent in financial reporting, as well as the role of judgment in the preparation of financial statements.
• Explain in your own words the purpose and content of the balance sheet, income statement, comprehensive income statement, shareholder equity statement, and statement of cash flows, as well as how these five financial statements fit together and how they relate to the company’s financing, investing and operating activities.
• Read, accurately interpret, and discuss financial statements and selected notes.
• Discuss fundamental accounting concepts and issues using everyday language.

Perform basic analysis of a company’s profitability and provide a reasoned basis for the conclusions drawn from the analysis.

Decision Making:

On completion of this subject, students should:

• Appreciate and acknowledge the importance of randomness and uncertainty in management decision making
• Be able to apply quantitative methods in assessing the risks and like payoffs of alternative management decisions;
• Be able to collect and analyse quantitative data relevant to management decisions
• Be able to recognise important biases in decision-making, particularly with regard to:
  • The framing of decisions
  • The collection and interpretation of decision information
  • The selection of strategic options
• Appreciate the positive and negative role that emotions can play in our decisions and behaviour.

People Management:

In completing the subject, students should:

• Understand the link between management decision and individual, team and organisational performance outcomes
• Be skilled in analysing, interpreting and offering solutions to people related problems and issues in organisations;
• Develop skills in identifying factors that contribute to team development and effectiveness;
• Understand how culture and organizational design impact on organisational processes and performance
• Understand what motivates people at work and the features of work settings that contribute employee-related outcomes
• Understand the importance of performance feedback as a means to enhance employee outcomes and the practices and behaviours needed for effective performance feedback

Data Analysis:

• Syndicate assignment (30%)
  • 3,000 words
  • Due in week 6
• Class Preparation tasks (10%)
  • Due start of class each week
• Final exam (60%)
• Hurdle requirement
• 2 hours
• End of teaching period

Financial Reporting and Analysis:

• Class Participation (10%)
  • Throughout subject
• Quizzes (20%)
  • 15 minutes
  • Throughout subject
• 5 Syndicate case preparations (20%)
  • Throughout subject
• Final examination (50%)
  • Hurdle requirement
  • 2 hours
  • End of subject

Decision Making:

• Syndicate assignment (15%)
  • 2,000 words
  • Week 5
• 6 in-class tests (30%)
  • 20 minutes each
  • Weeks 2-7
• Class participation and preparation (5%)
• Weeks 1-7

• Exam (50%)
• End of term

People Management:

• Class Participation (30%)
  • Throughout term
• Syndicate Assignment (35%)
  • A 100-300 word proposal, a 2,500 word report and a 20 minute presentation
  • Proposal due in the first third of the term, paper and presentation due in the last third of the term
• Final exam (35%)
  • Hurdle requirement
  • 2 hours plus 15 minutes reading time
  • End of teaching period

This subject is not available as a breadth subject.