2007-2008 Catalog

Washington College: Your Revolution Starts Here

Business Management

Division of Social Sciences

Internships . . . study abroad in Hong Kong, Paris, or other global business hotspots . . . a half-million dollar student-managed investment fund. At Washington College business management is an active liberal art. Seminars emphasize critical thinking and imagination. Quantitative courses teach students how to think with numbers. Collaborative research projects let students experience the challenges and rewards of working in groups. A global-learning requirement gives students first-hand experience of diversity, culture, and global business. An ethic of service encourages students to share their skills with others. And experiential-learning opportunities bridge the gap from the classroom to the workplace. Our students become "liberal-arts entrepreneurs"—thinking for themselves, asking questions, and solving problems.

Since business requires the ability to manage both people and information, our curriculum has two complementary themes: interpersonal skills (including collaboration, communication, and cultural awareness), and analytic skills (including financial literacy and data-driven decision-making). And since the scope of business is limited only by imagination, we encourage students to pursue their passions by combining business management, as a major or a minor, with study in another field. Double-majors, for instance, should consider developing integrated senior capstones. In recent years, business management graduates have written integrated theses in fields such as computer science, economics, political science, and drama.

Internships

Internships integrate real-world experience with academic content and oversight. The Johnson Internship Award, awarded on a competitive basis, underwrites living expenses so students can pursue internships they couldn't otherwise afford. In the past two years, Business Management students have completed for-credit internships at the following firms and organizations:

Local Internships

Other Internships

Working Capital Program

To give students the skills and awareness to succeed in today's global marketplace, the Business Management major includes a global learning requirement. It may be fulfilled in any of four ways: (1) a semester or summer session abroad in one of the department's Working Capital partners (or any WC study-abroad partner); or (2) a semester at the Washington Center; or (3) completion of two WC international studies courses, one of which must be BUS 310, International Business; or (4) completion of two years of study of a foreign language (the equivalent of completing a 202-level course). (Note: ESL students are considered to have fulfilled the global-learning requirement by virtue of studying in English.) Many students fulfill the global learning requirement by studying abroad. Study abroad gives students first-hand experience with other cultures, values, ideas, and people, making them more informed and curious about their world. And study abroad, by offering a new perspective on one's own culture, challenges students and stimulates critical thinking.

The Working Capital Program includes ten partner institutions ideally suited for business management students:

International students, in particular, are encouraged to spend a semester at the Washington Center, whose program includes an internship with the federal government, a company, or a nonprofit. More information on the department's Working Capital program is available from the department faculty and web site, as well as from the College's Office of International Programs.

Alex. Brown Student Investment Program

In the Portfolio Management Practicum (BUS 450), students manage a half-million dollar equity fund. Under the guidance of department faculty, students will research, invest, monitor, and report the fund's activities. The program includes field trips to financial markets, campus visits by industry leaders, and extensive coursework on investment, ethics, and portfolio management.

Core Curriculum

The major requires a total of 13 courses, nine of which must be in Business Management. To facilitate planning, a year-by-year model curriculum is laid out below:

Freshman year (theoretical foundations)

In the freshman year, students study economics to gain a theoretical foundation for business management, and work to fulfill the College's General Education Requirements.

Sophomore year (business metrics)

In the sophomore year, students study business metrics by taking the accounting sequence (BUS 213 and 214), Marketing (BUS 222) and a two-course quantitative sequence. It is especially important to take BUS 213 in the fall, as it is not offered in the spring. The department's quantitative requirement may be fulfilled in three ways: Quantitative Methods I and II (BUS 215 and BUS 216), Statistics and Finite Math (MAT 109 and MAT 135), or Statistics and Calculus (MAT 109 and MAT 201). For students interested in preparing for graduate studies in business, the department recommends the third option, which includes Calculus.

Junior year (connections)

In the junior year, students take courses that foster an integrated view of business: Financial Analysis, Organizational Behavior, Legal Environment of Business, and Management Information Systems. These courses may be taken on campus or at study-abroad partner schools. (The junior year is the best time to study abroad.)

Senior year (capstone learning)

Seniors finish their studies by taking Strategic Management and then completing the Senior Capstone Experience (SCE).

Minor

The minor in business management requires Introduction to Macroeconomics (ECN 111), Introduction to Microeconomics (ECN 112), Introduction to Financial Accounting (BUS 213), Marketing (BUS 222), and any three additional business management courses.

Senior Capstone Experience

Overview. The Business Management Senior Capstone draws on knowledge, research, analysis, and writing skills that students have gained and honed during four years of study. It is an intensive research project in business management, guided by a faculty advisor, on a topic of the student's choice. Students complete the Capstone while enrolled in the 4-credit Senior Capstone Experience(SCE) course in the spring of their senior year. The Capstone receives a mark of Pass, Fail, or Honors.

There are three tracks for the Senior Capstone in Business Management. The Strategy Capstone is the most popular track. It draws on analytic tools introduced in BUS 403, Strategic Management. The Strategy Capstone is a strategic analysis of a firm in its competitive environment. The Strategy Capstone studies what a firm intends, what it achieves, and how these compare to its competitors. A detailed guide to the Strategy Capstone is provided in BUS 403.

The Research Capstone is a research-oriented project reflecting the student's interests and the nature of the collaboration between the student and a faculty advisor. Topics might include an integrated capstone (for double majors), a series of interviews in a particular industry or career path, a research study of a selected business or management topic (including in a non-business setting), or empirical work tied to presentation at an academic conference. Students undertaking a Research Capstone should work closely with the Capstone advisor to develop guidelines for their particular projects. Keep in mind that individual faculty members have specialties. Students interested in a particular topic should consult the faculty member specializing in that area.

The Experiential Capstone is a specialized track for students interested in integrating capstone work with real-world experience. Suitable topics include developing a business plan and starting up a working business, analyzing MIS needs in an organization and deploying a database enterprise system, an extensive internship experience at a regional firm, or other topics. Students undertaking an Experiential Capstone should work closely with the capstone advisor to develop guidelines for their particular projects.

Course Descriptions

213. Introduction to Financial Accounting

An introduction to the accounting principles and procedures used for collecting, recording, summarizing, and interpreting financial information. Students will learn to read and interpret financial statements. Special emphasis is placed upon the concepts of internal control over resources and transactions. Computerized spreadsheets are integrated into the course.

214. Introduction to Managerial Accounting

Study of the use of accounting information to plan for, evaluate, and control activities. The course will explore various product and service costing procedures. Other topics include responsibility accounting, budgets, financial analysis, costs control, and the time value of money. Emphasis will be placed upon the use of information for management decisions. Prerequisite: BUS 213.

215. Quantitative Methods I

First course in a two-semester sequence in data analysis, modeling, and decision-making. Includes data management, descriptive statistics, correlation, probabilities, discrete and continuous distributions, and sampling methods and distributions. Computer applications are integrated throughout the course.

216. Quantitative Methods II

Second course in a two-semester sequence in data analysis, modeling, and decision-making. Includes estimation, hypothesis testing, ANOVA, simple and multiple regression, optimization using linear programming, and statistical methods for quality control. Computer applications are integrated throughout the course. Prerequisite: BUS 215.

222. Marketing

A critical approach to the study of the marketing concept including policies and principles. Emphasis is placed on the identification of variables involved in marketing decision-making and the process by which marketing decisions are made.

301. Financial Analysis

Students will learn to analyze accounting statements from a financial manager's perspective. The major objectives are to apply analytical tools like financial ratios, NPV and IRR; to understand and interpret financial data; and to evaluate the financial condition of the enterprise. The course will also place the use of financial analysis in an industry perspective so that companies are evaluated against competitors. Prerequisite: BUS 213. (BUS 214 and a statistics course—either MAT 109 or BUS 215—are recommended.)

302. Organizational Behavior

A research-based exploration of how organizations function. The impact of leadership, culture, decision-making, structure, bureaucracy, teams, motivation, interpersonal dynamics, communication, conflict, diversity, and change on organizations.

310. International Business

Introduction to the study of global business, including the dynamics of conducting business across national boundaries and the critical roles that culture, technology, politics, and economics play in shaping the global competitive environment.

321. Legal Environment of Business

Study of the various legal environments in which business operates, including the legal/political systems of major trading areas abroad. American government regulation of business will be examined in detail, as well as the international legal environment, to appreciate varying legal requirements affecting foreign trade. Ethics and corporate responsibility will be compared to the differing standards in foreign countries.

327, 328, 329.

An integrated three-course unit for students spending a semester at the Washington Center. Students receive 16 elective credits in Business Management.

327. Washington Center Internship

A full-time, semester-long internship in Washington, DC, with a federal agency, non-profit organization, or private firm. Depending upon interest and internship placement, students may attend hearings, conduct policy research, draft correspondence, monitor legislation, lobby members of Congress, or write analytical reports. Students will create an in-depth portfolio of their internship experience. 12 credits. Prerequisite: BUS 222, 2.8 cumulative GPA, permission of an instructor, and successful application to The Washington Center for Internships and Academic Seminars. This course is normally open only to juniors and seniors.

328. Washington Center Seminar

Washington Center Interns participate in an evening seminar selected from a variety of topics offered during the semester. Students engage in class discussion and may also research seminar topics, prepare written assignments, and take examinations. Required of and limited to students enrolled in BUS 327. Three credits.

329. Washington Center Forum

Washington Center Interns participate in lectures, site visits, small group discussions, briefings, and other required events designed to help them understand the connection between their academic and professional goals and the special educational opportunities available through living and working in Washington, DC. Evaluations of these experiences are included in the student portfolio. Required of and limited to students enrolled in BUS 327. One credit.

330. International Business Experience

This summer course, taught by a Washington College Business Management faculty member, takes students outside of the United States for two weeks of intensive study and experiential learning in international business. For the past five summers the course has been taught at Leiden University in The Netherlands, typically in the first two weeks of July. The itinerary is intense, to maximize learning about international business. Students spend four hours listening to lectures from host university faculty, twenty hours visiting local businesses, ten hours visiting political/economic institutions, and four hours in a seminar experience with the accompanying WC faculty member. The course includes two three-hour sessions at Washington College, one before the course to prepare students academically, and one afterwards to help students reflect on their learning experiences.

334. Leadership

What exactly do leaders do? Are leaders born or made? Why are some leaders effective, and others ineffective? This seminar explores these and other questions by looking at the complex interactions between leaders and followers. Topics include vision, communication, power, trust, ethics, and the dark side of leadership. Not open to first-year students.

335. Leadership Ethics

This seminar explores the ethical foundations and challenges or leadership and followership in business and other settings. Major thinkers and theories covered include the Judeo-Christian tradition, Aristotle, Confucius, Machiavelli, Kant, utilitarianism, Marx, and Milton Friedman. Typical topics include the social responsibility of the corporation, management-worker relations, and cross-cultural perspectives. Not open to first-year students.

340. Intermediate Accounting

The study of current and emerging financial accounting theory and techniques. Emphasizes financial statement presentation and the underlying treatment of cash, investments, receivables, inventory, long-lived assets, and intangible assets. Prerequisite: BUS 214.

341. Income Tax Accounting

Federal taxation of individuals focusing on income, exclusions, deductions, depreciation, credits, and capital transactions. Property coverage includes the tax consequences of sales and dispositions of investment and business asserts. Both tax planning and tax compliance issues are covered. Prerequisite: BUS 213.

350. Management Information Systems

This course introduces Management Information Systems (MIS) and its use in solving business problems, finding new opportunities for organizational improvement, and supporting enterprise strategic, tactical and operational objectives. Software, hardware, and network concepts are covered, with an emphasis on database management software use and design. Cases are used to illustrate MIS concepts and applications; students will also directly experience software applications. Prerequisite: BUS 213.

351. Enterprise Resource Planning Systems

This course provides the student with detailed knowledge of an important information technology tool—Enterprise Resource Planning (ERP) software. Using SAP R/3 software, students will learn the information flow for three fundamental business processes—order fulfillment, procurement, and production—and will learn how ERP systems support these business processes in an integrated fashion. The course emphasizes the concept of system configuration, in which organizational structure, policy rules and other corporate information are mapped to the ERP system, and covers the underlying databases which are essential to integrated enterprise software. This intensive, hands-on class is taught in a conference-room pilot environment that demands active participation from each student. Prerequisite: BUS 350.

403. Strategic Management

The study of business strategy and the process of its formulation and implementation. The case study method is used, requiring oral and written presentations. All separate functional areas are integrated in the strategy process in relation to the firm's social responsibilities with regard to society, employees, and the larger environment. Prerequisite: BUS 222, 302, and 301.

420. Entrepreneurship

A study of entrepreneurs and entrepreneurship, the process of identifying opportunities, the marshalling and management of resources, and strategic planning and development of a business plan. An examination of the management process through growth and change, including reasons for the successes and failures of specific companies. Prerequisite: BUS 222 and 301.

430. Regional Business Studies

A specific geographic area of the world such as the Far East, Middle East, Western Europe, etc., will be examined from a business perspective. The different systems of production, distribution, marketing, etc., will be viewed against the background of different cultures and their social, political, and legal structures. The specific geographic area of study will vary from semester to semester. Prerequisite: BUS 310 or permission of the instructor.

440. Investments

A study of financial investments and capital markets. Topics include investment valuation/risk analysis, portfolio policies, financial institutions, and securities markets. Students will also study the theories of efficient markets. Cases demonstrating various concepts will be integrated into the course. Prerequisite: BUS 301.

450. Portfolio Management Practicum

In this hands-on course students will make the actual investment decisions for a $500,000 stock portfolio, the Alex. Brown Student Investment Fund. Integrating investment theory, ethics, and real-world practice, students learn what it takes to position a portfolio for optimal investment returns. The course includes guest speakers and field trips to Baltimore and the New York Stock Exchange. Prerequisite: BUS 440 and permission of the instructor.

451. Advertising

Overview of the advertising industry from client and agency sides. Advertising is placed within the marketing context of consumer behavior and market segmentation. Included is media strategy and selection, creative strategy, print and broadcast advertising from concept through production, advertising research, and international advertising strategy. Prerequisite: BUS 222.

190, 290, 390, 490. Internships

Business Management majors and minors can earn credit for internships during the school year or the summer, in Chestertown and beyond. The department partners with the Kent County Chamber of Commerce to place students with local businesses. Students also obtain internships through alumni, faculty, or their own efforts. Prerequisite: Junior standing and approval of the faculty advisor.

194, 294, 394, 494. Special Topics

The study of areas in business management that are not regularly offered in the curriculum. Courses may be interdisciplinary in nature or may be oriented toward a specific area of business management that is not included in the department's normal course offerings. Each course will be offered only occasionally and topics will vary.

494-10. Special Topic: Leadership in American Imagination

This course explores the broad issue of how citizens have imagined and depicted leaders—and followers—throughout American history. Each week the course will turn to a different topic, such as the Founding era, slavery, religion, politics, war, work, sports, art, and music. In addition to weekly readings, guest scholars will help lead conversations each week. The course will also make extensive use of cultural artifacts including art, photographs, music, and film.

195, 295, 395, 495. On-campus Research

Consists of an individual research project chosen by the student in consultation with a faculty member, involving both design and implementation. Submission of a written report is required. Open only to upper-level business management majors and minors who have acquired a strong foundation in business management, and who have received project approval from a sponsoring faculty member and permission of the department chair.

196, 296, 396, 496. Off-campus Research

197, 297, 397, 497. Independent Studies

SCE. Senior Capstone Experience

The Senior Capstone Experience(SCE) is a seminar for seniors completing their capstones. It includes sessions on research, analysis, writing, and electronic publication. Prerequisite: BUS 403.

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