Darden Strategy Seminar - Class Roundup

strategy seminar – final presentationbringing it all together

FINDING NEW IDEAS AND VALUEFINDING NEW IDEAS AND VALUE

EVALUATING NEW IDEAS AND CONCEPTSEVALUATING NEW IDEAS AND CONCEPTS

BASELINEBASELINE

HOW THE TEXTS BREAK DOWN

ANALYZING YOUR OWN & OTHER CORPORATIONS EXECUTION CAPABILITY


Corporate Strategy: A Resource Based Approach

Six Degrees & Structural HolesJuiceThe Medici Effect

The Evolution of New Markets

BlinkThe Wisdom of Crowds

Essence of Decision

FINDING NEW IDEAS AND VALUE

FINDING NEW IDEAS AND VALUE

EVALUATING NEW IDEAS AND CONCEPTS

EVALUATING NEW IDEAS AND CONCEPTS

PRESENTATION STRUCTURE



Revisiting the concepts with a case study we know and love!

FINDING NEW IDEAS AND VALUEFINDING NEW IDEAS AND VALUETHE CASE : DARDEN

SIX DEGREESOne line summary: Finding new ideas through the network, and exploiting structural holes.

Darden Examples: • Darden is the one in the middle that gains. Darden is Tertius Gaudens. It bridges structural holes – and gets value for that.• Within Darden every Professor is Tertius Gaudens.• Students leverage the alumni network.


JUICEOne line summary: Eleven core concepts to aid innovation – go look them up!

Darden Examples:

Pinpoint the problem. Darden has identified a lack of research as the main problem for rankings.Border Transgression: Faculty areas are mixed up to promote cross over learning. Thinking systematically: Changing the recruitment and promotion process to focus harder on research.


THE MEDICI EFFECTOne line summary: Become an expert in one field and then learn about other areas to find the intersection and create innovative ideas.

Darden Examples:

Border Transgression: Faculty areas are mixed up to promote cross over learning. This has helped with teaching innovations but (not yet) with research innovations.Darden/Curry Partnership: Using lessons from business and business school to aid in education.

EVALUATING NEW IDEAS AND CONCEPTSEVALUATING NEW IDEAS AND CONCEPTSTHE CASE : DARDEN

THE EVOLUTION OF NEW MARKETSOne line summary: To succeed you need to become the dominant design, the best is not always dominant.

Darden Examples:

Business School Concept: The business school/ MBA structure is the dominant design for US business education.Sustainability & Social responsibility: The integration of social responsibility with business education is not yet understood. Could this represent a new fork in the dominant design?


BLINKOne line summary: If you have expertise you can make instant decisions.

Darden Examples:

Admissions Interview: Admissions interview results are often the result of the first impression.Case review:…..if you’re a second year student.


WISDOM OF CROWDSOne line summary: Groups of people under certain conditions will make better decisions that experts.

Darden Examples:

The case method: Individuals form their own opinion and then come to learning teams, and then class to discuss it. Together, hopefully, they form a conclusion.Class evaluation: The collection of opinions allows for improvement in the classes.

UNDERSTANDING EXECUTIONUNDERSTANDING EXECUTIONTHE CASE : DARDEN

ESSENCE OF DECISIONOne line summary: Evaluating organizations & their decisions using three overlapping models:

Model 1: The Rational ActorModel 2: Organizational ProcessesModel 3: Governmental Politics

Darden Examples:

Mission: How Darden executes on its mission statement.Competition: How Darden competes with its peer schools for students, recruiting focus, and rankings.Capital Campaign: How Darden raises funds from students, alumni, and corporations.Dean Bruner: Hopefully he did this before creating his plan!


Case Subject:-Darden Tenure Process

Hypothesis:-Together, the three models will help us understand the essence of Darden tenure decisions.

Background:-Tenure equals lifetime employment . . . millions of dollars present value.

-For an academic professional, tenure is the ultimate reward for many years of education, teaching, and research.

-Tenure decisions are complicated and highly subjective.

-Tenure decisions are difficult . . . passing judgment not just on a colleague but a friend and “member of the family”.


Darden Tenure Process

Model I : The Rational Actor . . . “Acts of the Firm”

-In reaction to rankings, Darden is passing on professors who do not have a strong research portfolio.

-Darden is shifting its priority away from teaching and toward research for other reasons. Many Darden tenured faculty do not produce much (enough) research, so new tenured faculty must be ones who will pick up the slack.

-Others?



Model II : Organizational Behavior . . . “Procedural Constraints”

-The tenure process dictates that a professor’s body of work be reviewed by tenured peers (the tenure committee). As the composition of the peer group evolves and changes, so do the standards.

-Our tenure process is not determined by Darden alone. Darden’s process is consistent with that of The University of Virginia. Moreover, Darden’s tenure process mirrors the “dominant design” process for academic career advancement.

-Tenure processes mirror the “up or out” career advancement processes used in consulting and investment banks. Type II errors are bound to happen, but are accepted to ensure the health of the system as a whole.

-Others?



Model III : Governmental Politics . . . “Individual Stakeholders”

-The tenure process is highly subjective. Departments and individuals exert influence to secure tenure for a variety of reasons, including those related to specific departmental wants and needs.

-While the tenure process is meant to be impartial (blind, merit-based selection), it cannot be completely impartial. Professors work side-by-side and collaborate for years before the review process culminates. Review packages are not blind . . . and would be impossible to make it so.

-Others?


Conclusion:

No one model completely describes how tenure decisions are made at Darden.

-Model I - Darden does pursue “corporate” level goals and objectives and the tenure process is one tool used to achieve those goals.

-Model II – University and Darden procedures influence the outcome with uncertain results.

-Model III – Departmental and interpersonal interests play a major role in shaping tenure outcomes.

Together, we better understand how tenure decisions are executed AND have an opportunity to shape future decisions.

FINDING NEW IDEAS AND VALUEFINDING NEW IDEAS AND VALUE

EVALUATING NEW IDEAS AND CONCEPTSEVALUATING NEW IDEAS AND CONCEPTS

BASELINEBASELINE

Apply book concepts to better innovate, evaluate new ideas, understand your business, and execute . . . The Essence of Strategy



Corporate Strategy: A Resource Based Approach

Six Degrees & Structural HolesJuiceThe Medici Effect

The Evolution of New Markets

BlinkThe Wisdom of Crowds

Essence of Decision