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UConn Business Magazine – Summer 2014

UConn Business MagazineThe latest issue of UConn Business is now available. In this issue, we focus on modern business education. Our feature article highlights the Storrs headquarters of the Connecticut Small Business Development Center. We also share with you “Insights on the Frontier of Marketing,” reflecting emerging communication trends; “Hall of Fame 2014,” introducing you to our five newest Hall of Fame members; “Giving Back with Pride,” one family’s generous gift to the School; and the Executive MBA summer business trip to South Africa.

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B-School Expands Professional Development Programs, Adds Finance for Non-financial Managers for Fall

Professional Development ArticleThe UConn School of Business will offer an executive education program this fall titled, “Finance for Non-financial Managers.”

The two-day, professional development program is from 9 a.m. to 4 p.m. October 23 and 24 at the UConn Graduate Business Learning Center, 100 Constitution Plaza, Hartford.

The program is designed to enable mid- to senior-level business managers to better understand and interpret their company’s financial status, thereby offering depth of insight to make sound company financial decisions.

“Finance for Non-financial Managers” provides the essential elements of finance and accounting, whereby participants will learn about different financial principles, including value creation and value drivers, revenue and expense recognition concepts, ratio analysis, financial statement analysis, time value of money and capital budgeting and project evaluation.

In addition, the workshop will enable the participant to understand and interpret the major financial statements of the firm and to assess how the firm is creating value for its stockholders. Interactive exercises, based on nine public companies, across several industries, will be used to apply these concepts.

The program instructor is Robert Hoskin, associate professor emeritus of the Accounting Department at UConn. Hoskin is a leading expert and consultant in insurance and banking accounting, and an award-winning teacher. He was on the faculty at the UConn School of Business for 27 years and during that time directed executive programs. He holds a Ph.D. in Business Administration from Cornell University.

Register now! For more information please call (860) 728-2400 or email execed@business.uconn.edu.

The School is also offering Hands-on Lean Business Process Improvement program November 6-7. Registration for this program will open shortly.

execed.business.uconn.edu


David Bergman Receives Prestigious Association for Constraint Programming Doctoral Thesis Award

David BergmanDavid Bergman, an assistant professor of Operations and Information Management in the School of Business, has been selected as the winner of this year’s Association for Constraint Programming Doctoral Thesis Award.
The annual award is given to a researcher who has completed his/her thesis in the area of constraint programming. Bergman will present his thesis at this year’s 20th International Conference on Principles and Practices of Constraint Programming in Lyon, France, in September.

Bergman’s thesis is titled, “New Techniques for Discrete Optimization,” and it explores new methodological approaches to discrete optimization problems, an area of operations research which finds an increasing number of applications in fields such as finance, healthcare, and logistics, to name just a few. His thesis provides both theoretical insights and important algorithmic discoveries which together improve upon existing state-of-the-art technology.

He completed his Ph.D. in 2013 at Carnegie Mellon University in Algorithms, Combinatorics, and Optimization, a joint program administered by the Tepper School of Business, the Department of Mathematical Sciences, and the Computer Science Department. Bergman’s thesis advisors were John N. Hooker and Willem-Jan van Hoeve.

An abstract of “New Techniques for Discrete Optimization” is available here.


Grad Students on Verge of Exponential Change, Says Senior Executive, UConn Alumna Melinda Brown

What’s the key to staying competitive in a quickly changing job market?

Society Room Hartford EventBuild a strong skill set, distinguish yourself from your peers, and be a productive, likeable, and forward-thinking employee, said Melinda Brown, ’77, ’85 MBA.

Brown, the senior vice president and corporate controller of Coach Inc., a $5 billion company, directed her remarks to UConn’s graduate business students during an alumni-student networking event Aug. 21 at the Society Room in Hartford.

Brown earned her Bachelor of Science in Accounting from the School of Business in 1977 and her MBA from UConn in 1985. She is on the Board of Directors for the UConn Foundation, and in 2012 was inducted into the School of Business Hall of Fame. After 29 years as a top executive with PepsiCo, she joined Coach two years ago.

Since she earned her MBA, Brown said, the world has accelerated at a rapid rate. While functional excellence is still important, today it is vital to spot converging trends, she said. To her parents, owning a microwave and TV was innovation. For today’s students she predicts they will someday be vacationing off the Earth.

“Today everything is feasible, everything is one moment away,” she said. “The next innovation is right around the corner.”

She urged the students to take advantage of every opportunity as they pursue their degrees.

“You can’t afford to come here to punch your ‘MBA ticket’ and become functionally literate and grab your diploma. This is a journey to learn both facts and ways of thinking and operating and well, frankly, about how to confront what you can’t even yet articulate. Those are the areas to explore, to dig into.

“The things that scare you the most are often the most rewarding. Develop your frameworks and paradigms, focus on creativity, EQ, collaboration and leadership—stretch yourself in ways you may have not previously contemplated. This is a safe place to practice being the next version and the next version and the next version of you.”

More than ever, organizations are seeking “design thinkers,” who can identify problems at their root cause. These are the people who will make the world a different place.

“I have one cell phone, two iPads and two computers. But if you asked me when I purchased my first Gateway computer in 1995, I would have told you that I thought it would be doubtful that any home needed more than one computer, let alone one person having multiple personal devices. The designers of all my mobile devices uncovered what I really needed, not what I told them I thought I needed. Henry Ford got it right—he said, “If I asked my customer what he wanted, he would have said, ‘A faster horse.'”

As her remarks drew to a close, she told the 150 graduate students that their future was certain to be exciting—and unprecedented.

“I know you’re going to get a wonderful education,” she told the students, “and I hope you’re ready for exponential times.”

Pictured: Mario Flores of New Britain, Alia Mahmood of North Haven, and Nicole Segretta of Bristol, all graduate business students at the University of Connecticut School of Business, speak with John A. Elliott, dean of the School of Business, and Melinda Brown, senior vice president and corporate controller at Coach Inc., during a student-alumni networking event on August 21 at the Society Room in Hartford.


Second Annual UConn School of Business Conference to “Celebrate Women Entrepreneurs” in Connecticut

Stamford, Conn. – Connecticut’s second annual statewide conference celebrating and supporting women entrepreneurs* will be held Friday, September 19, 2014, at 8:30 a.m., at UConn’s Stamford campus. Similar to last year, this event is sure to sell out and keynote speakers include: Continue Reading



Message from the Dean (Summer 2014)

What should a modern business education encompass?

Innovation, Sustainability, Analytics Top List of Academic Strategies


This article first appeared in the UConn Business magazine, Volume 4, Issue 3 (Summer 2014)

Education is a truly transformative experience.

While it is incumbent upon our students to take advantage of the many wonderful opportunities they have here at UConn, we—the administrators, faculty and staff—have an equally formidable responsibility.

Education is never stagnant. We must be mindful of the changing business climate, tap the expertise and perspective of our business partners, and consistently deliver the knowledge and skills that our students require.

We must embrace change. This year the School of Business will adopt a new academic vision to guide us in our preparation of future entrepreneurs, executives and decision-makers.

In consonance with the University of Connecticut’s newly adopted academic vision, “Creating our Future: UConn’s Path to Excellence,” we have identified the following four areas for emphasis: creativity, innovation and entrepreneurship; sustainability and risk management; analytics and big data; and healthcare management and insurance studies. All are vital to economic growth and solving the world’s problems, be they personalized medicine and genomics, data management or protecting our planet. These areas of emphasis help focus our attention and guide our growth. They engage us with our business community. However, they do not mean we are turning away from the core functional education that our students seek and our business partners rely upon in the traditional areas.

At the UConn School of Business, we strive to be a globally-recognized provider of exceptional managerial and business leadership. We believe that academic excellence in a modern business education requires a global perspective. Our many goals include identifying and addressing business challenges and recognizing our role as a partner in the success of business development both in Connecticut and beyond. We believe our new academic vision will keep us sharply focused on those goals.

In this issue of UConn Business, we have the opportunity to introduce you to a very special family whose generosity will enable us to continue to invite the most deserving students to our ranks.

Denis ’76 CLAS, ’77 MBA and Brita Nayden ’76 have donated $3 million towards the new UConn Basketball Champions Center and for scholarships for student-athletes, with a very generous amount earmarked for School of Business students.

The School honors remarkable individuals by induction into the School of Business Hall of Fame. Denis Nayden has already earned this distinction. In this issue you will also enjoy reading about five of our remarkable alumni whose business accomplishments, character, and dedication to others have recently earned them similar recognition.

While each of their passions and stories is unique, I’m sure they share the mantra of alumna Amy J. Errett ’79 (CLAS), an entrepreneur, senior executive, venture capitalist and philanthropist. When asked how she accomplishes so much, she said: “Well, I don’t sleep a lot … I get up early and go to bed late, and I try to make every day count.”

Our Storrs campus is bustling with the addition of headquarters for the Connecticut Small Business Development Center, now located on the second floor of the School of Business. The CTSBDC provides free, confidential, business advising to entrepreneurs who are forming or growing a business. We certainly believe this partnership will be advantageous for our students, our university, and many businesses throughout Connecticut.

As the summer draws to a close, the School of Business faculty and staff are excited for this academic year. Always a busy time, this year it is even more so, as we usher in new programs in Human Resource Management and in Digital Marketing & Analytics, a rapidly growing field with tremendous employment opportunities.

Best wishes to all,

elliott_john_signature

John A. Elliott
Dean and Auran J. Fox Chair in Business


Insights on the Frontier of Marketing

Insights on the Frontier of Marketing
New Digital Marketing & Analytics Major Reflects Emerging Communication Trends

This article first appeared in the UConn Business magazine, Volume 4, Issue 3 (Summer 2014)

The rapidly rising demand for digital marketing expertise and the accompanying explosion in job openings has prompted the School of Business’ Marketing Department to offer a new undergraduate major in Digital Marketing & Analytics at the Stamford campus.

Digital Marketing & Analytics students will learn how to use marketing analytics to gain insights into consumer behavior and to develop digital marketing strategies. The major takes a comprehensive approach that covers all aspects of marketing and includes developing strategies for creating, branding, and positioning digital products and services; dynamic pricing, digital distribution, social media and digital communication; and integrating digital marketing into a firm’s overall marketing strategy.

The new major supplements a certificate in Digital Marketing & Analytics, already available for business students at Storrs, and a minor in Digital Marketing & Analytics, offered to non-business majors at the Storrs, Hartford, and Stamford campuses.

“This will put our students on the frontier of marketing,” said Robin Coulter, professor and head of the Marketing Department at the School of Business. “There is tremendous excitement among students, faculty and the business community. We’re very enthusiastic about the curriculum and the abundant opportunities that await students who pursue these fields,” she said.

In fact, a quick check of the job-hunting web site Indeed.com found 25,000 marketing jobs, many requiring digital media and analytical expertise, all within 50 miles of the Stamford campus.

Lee Manning, human resources director for Coca-Cola Northeast, said the company recruits employees with digital marketing and analytics skills. “The world is changing at a very quick pace,” Manning said. “People have to keep up with the different types of communication. It is important to be quick and nimble in business today, and to stay ahead of the curve.”

For instance, Coca-Cola recognizes the importance of the growing Hispanic market and employs digital marketing experts to explore how its beverages are viewed by those consumers, what questions they may have, and the best way to target information to that consumer demographic.

Quote from Bernard Gracy, Jr. '85 (ENG)

Proficiency in marketing analytics is rapidly becoming a requirement for many marketing positions and the ability to use analytics to inform marketing strategy is central to leading marketing organizations. Graduates who can strategically use digital analytics to gain and act on insights into consumer search, decision making, purchase activities, and the success of marketing activities are increasingly in demand.

Bernard Gracy Jr. ’85 (ENG), vice president of strategy, Digital Commerce Solutions at Stamford-based Pitney Bowes Inc. said every company today either has to have a digital marketing strategy—or face extinction.

Pitney Bowes is a global technology giant that provides shipping and mailing solutions, data management and engagement software and location intelligence for two million customers, including 90 percent of Fortune 500 companies. It employs 16,000 people.

Gracy said Pitney Bowes used to receive calls from businesses, asking advice on the best location to open a storefront, or the ideal location for a new bank branch. They still do.

“But now what they want is to go global,” he said. “They have globalized digital storefronts that reach consumers around the world. They may want to do business with customers is Botswana, Estonia, Lithuania,” he said. “Digital marketing has never been more important. At Pitney Bowes, we are going through explosive growth.”

The School of Business faculty envisions graduates using their digital analytics and strategic marketing skills in traditional consumer and business-to-business marketing and sales organizations, social media organizations, online firms such as Amazon.com, as well as startups.

Although a general business major has been offered in Stamford for many years, this is the first specialized marketing major offered on the campus and joins the recently launched majors in Financial Management and Business Data Analytics.

“The Digital Marketing & Analytics major concept in Stamford makes incredible sense. Digital media is growing rapidly and the greater Stamford area is becoming a mini mecca for production,” UConn marketing professor Kevin McEvoy said. “We are very central to the marketing and advertising hubs of the world. There are numerous opportunities nearby.”

Meanwhile, students in communication sciences, professional sales leadership, economics and statistics, as well as graphic designers and digital media and design majors are expected to seek the digital marketing and analytics minor.

Approximately 18 percent of the students enrolled in the UConn School of Business are marketing majors.

The Digital Marketing & Analytics major will be available to undergraduate students in Stamford in Fall 2015.


It’s good to know that someone has your back.

"It's Good to Know That Someone Has Your Back"
Connecticut Small Business Development Center Opens UConn Storrs Headquarters

This article first appeared in the UConn Business magazine, Volume 4, Issue 3 (Summer 2014)

The sudden death of her father was a horrible personal tragedy for Dorothy Carlone’01 MBA and her family. But for the 14 dedicated employees at General Machine Co. in Berlin, pain mixed with panic, knowing that the company Walter Grzegorzek founded might not survive without him. Continue Reading


The Canary in the Coal Mine for Veteran’s Disability Compensation

The Canary in the Coal Mine for Veteran’s Disability Compensation

On August 7th, 2014, the Congressional Budget Office released a report entitled,Veterans’ Disability Compensation: Trends and Policy Options. The ranking member of the House Veterans Affairs Committee (HVAC), Rep Mike Michaud (D-ME) requested the report. The purpose of the report is to develop proposals to reduce payments for disability compensation for veterans, in response to “budgetary pressures.” The report itself is incomplete – amazingly, absent from the CBO report’s proposals is “Don’t enter into long-term wars of aggression under false pretenses” – that is the first way to reduce disability compensation payments. Curiously, the CBO does not offer as a way to pay for the disability compensation of disabled veterans repealing the Bush tax cuts of 2001, and 2003, which cost the country more than $2.2 trillion in tax revenues from the wealthiest people in the country. In truth, there are no budgetary pressures; there are only political pressures from constituents who don’t want to pay for the sacrifices of veterans who fought for their freedom and to defend the Constitution.

The report begins with a summary of how veterans disability benefits payments have changed since 2000. To wit, the report mentions that the number of veterans receiving disability benefits from the Veterans Benefits Administration (VBA) has increased from 2.3 million to 3.5 million, while disability compensation payments have increased from $20 billion per year in 2000 to $57 billion per year in 2013. Although the report recognizes that our nation has been at war in two countries for more than a decade, the report fails to correlate the increase in disability benefits to the actual increase in veterans of the wars in Iraq and Afghanistan accessing the Veterans Administration system for health care, and applying for disability benefits; or to the severity of disabling conditions those veterans with which those veterans are returning.

 

The non-partisan veterans advocacy group Veterans for Common Sense did a Freedom of Information Act for the quarter ended on March 31st, 2014.  As of that date, more than 2.6 million Americans have served in Iraq and Afghanistan from 2001. More than 2 million are in the VA system, and more than 1 million have sought healthcare through the VA. Of the more than 1 million veterans seeking healthcare, more than 969,000 have filed claims, more than 890,000 claims have been adjudicated, more than 875,000 have a service-connected disability, and finally, more than 816,000 are receiving disability benefit compensation.

A casual back-of-the-envelope calculation will show that the VBA has increased its rolls by 1.2 million. A second casual back-of-the-envelope calculation will show that nearly 75% of the increase of veterans receiving disability benefits are veterans of the so-called Global War on Terror. The VA has a demographic projection that the veteran population in the US will decline by 33% by 2040 to 15 million from a current 22 million total. This is an important consideration when the CBO proposes implementing a “statute of limitations” on submitting a disability claim, or implementing a lifetime cap on disability compensation.

This report comes at a most inauspicious time. In the very recent past, Secretary of the VA General Eric Shinseki was forced to resign over the ongoing scandal that has engulfed the agency. Indeed, this recent article at the National Journal “The VA Scandal Just Keeps Spreading,” shows that the scandal is systemic, that more than 100,000 veterans have been systemically denied access to healthcare without due process in violation of their constitutional rights per the 9th Circuit Court decision, and veterans are dying while waiting for healthcare.

The optics of this report are terrible. In February 2014, Republicans in the Senate filibustered the Veterans Omnibus Bill, effectively killing it, despite the bill being endorsed by 20 major veterans organizations. The bill would have cost $21 billion over 10 years, and provided for infrastructure improvements, opening new Vets centers, and hiring healthcare professionals and staff. In attempting to justify their “no” votes, Senator Richard Burr (R-NC) of the Senate Veterans Affairs Committee said “That is more money we were going to spend that we haven’t spent, that we never had because we were borrowing it.”

Then the scandal broke in the spring, and the politicians scrambled to do something. They resurrected the Veterans Omnibus Bill, re-named it the Sanders-McCain Veterans Bill, and passed it in June. Three republican senators voted against, it, Bob Corkey (R-TN), Ron Johnson (R-WI), and Jeff Sessions (R-AL). Senator Sessions (R-AL) put the cost-benefit analysis explicitly, “I feel strongly we’ve got to do the right thing for our veterans. But I don’t think we should create a blank check, an unlimited entitlement program.” The bill was passed by the HVAC and the House – their last vote prior to the August recess – and signed into law by President Obama on Aug 7th – interestingly, the same day the CBO report was released.

Virtually at the same time, the Iraqi Army has collapsed, in the face of the onslaught by the terrorist organization ISIS; and an Afghan soldier murdered the US Army major general who responsible for the training of Afghan security forces. Former President Bush stated his gambit for winning the wars in Iraq and Afghanistan “And that is why we are on the offense. And as we pursue the terrorists, our military is helping to train Iraqi security forces so that they can defend their people and fight the enemy on their own. Our strategy can be summed up this way: As the Iraqis stand up, we will stand down.”

These events may appear to be unconnected, but to the contrary, they are profoundly connected. This series of events is a twin scandal and crisis. First, our country’s leadership manifests a failure of political will to win wars. Our elected politicians have essentially come up with a way to “outsource” winning wars to third country labor, similar to corporations that outsource manufacturing to lowest-cost labor countries; this is politically palatable to the electorate and creates political capital for the politician to be re-elected as a “war-time” politician. At the same time, no one has questioned the risk involved in trusting our nation’s geopolitical strategic interests with non-American troops whose motivations and interests are very very different from our own. In short, trusting third-country national troops to fight and win our wars is a recipe not just for losing, but for disaster. It was a failure in Viet Nam, it is a failure in Iraq, and it is failing in Afghanistan.

Secondly, and at the same time, those same politicians now express a failure to live up to President Lincoln’s words in his 2nd Inaugural address, which have since become the VA’s motto to care for him who shall have borne the battle and for his widow, and his orphan.” Without the Bush doctrine, there would be no Iraq war, and there would be no strategy ‘as they stand up, we will stand down.” Had the American electorate been told the truth about the wars, hundreds of thousands of Americans and American families would not now be living with the long-term health effects of disabilities incurred as a result of service in Iraq and Afghanistan. The Iraq war has been estimated to cost $3 trillion dollars (this just happens to be the same amount the Bush tax cuts cost us) by the Nobel-prize winning economist, Joseph Stiglitz and economist Linda Bilmes. If the VA is fully funded every year, for the next fifty years, the cost for caring for the veterans of Iraq and Afghanistan will be $1 trillion a decade for the next five decades. To add insult to injury, recent reports from the University of Minnesota and from Feeding America, show that 28% of veterans and military families now rely on food assistance programs; while at the same time, the HVAC is asking for, and the CBO is offering policy proposals to reduce disability compensation payments.

Put it all together, and our nation is in real trouble. Our politicians no longer have the political courage to win wars, no longer have the will to pay for the care of veterans of our wars, and have inoculated the rest of the country from the true cost of war. Outsourcing wars, training foreign armies to fight our wars, refusing to pay the healthcare and disability costs of the veterans of those wars, shielding the 99% of civilian population from the costs of war for political efficacy is a recipe for disaster. It is a recipe for empire. It is a recipe for perpetual war.

 

The CBO report is the canary in the coal mine. They are looking for ways to reduce the costs of caring for veterans with disabilities who served in the longest wars our nation has fought, in Iraq and Afghanistan. As the military downsizes through 2020, and more than 1 million veterans leave active service by the end of the decade, the politicians will continue to try to find ways to “respond to budgetary pressures” by taking out those pressures on the less than 1% of Americans, fewer than 3 million total, who served and sacrificed for more than 310 million American citizens. Politicians have come up with a way to outsource wars and build political capital with the American electorate, and effectively inoculate the American taxpayer from the true costs of the war. As well, this toxic combination combines to create a disincentive for Americans to take the oath of service. There is no upside if our nation’s politicians consider veterans usable assets, and once the veteran is no longer military useful, veterans are on their own for any disabilities that they may suffer in combat.

 

All Americans should agree that it is morally wrong and a betrayal of the social and legal obligation that the nation has to its veterans, to respond to “budgetary pressures” on the backs of the less than 1% of Americans who have served and sacrificed in defense of the Constitution. George Washington wrote in 1781 to the first governor of CT Jonathan Trumbull, “Permit me Sir to add, that Policy alone in our Present Circumstances, seem to demand that every Satisfaction which can reasonably be requested, should be given to those Veteran Troops who, ‘thro almost every Distress, have been so long and so faithfully serving the States . . .” That intent remains as fresh and immediate today, in light of the present VA scandal and the explicitly stated unwillingness to pay for veterans disability benefits, as when it was written. Service in defense of the Constitution is special. Veterans are truly the best and brightest our nation has to offer in its defense. There is no such thing as budgetary pressure, only what our nation is willing to pay for, and what it’s not willing to pay for. If our nation is not willing to pay for veterans, this two-centuries-old experiment in democracy will not last.