MSU Broad College of Business Working to Realize 2030 Vision

With about 5,000 students and more than 140 faculty, Michigan State University Broad College of Business (Broad) is recognized as among the top 25 undergraduate business programs globally by U.S. News & World Report. It has a mission to develop transformational leaders who will positively impact organizations and the society. It does this by disseminating knowledge collaboratively, and fostering a culture of excellence and integrity.

Broad is currently pursuing a strategic plan, Broad 2030, to guide it in achieving its vision of becoming a top-tier business school. The plan is made up of five key initiatives: empowering lives through undergraduate education, promoting lifelong learning through graduate education, nurturing a culture of belonging and success, strengthening impactful scholarship and research, and enhancing outreach and engagement. Each of these builds on the success of Broad 2020, which the college implemented from 2015 to 2020.

So far in 2022, Broad has executed two major projects that align with the last two key strategic initiatives, strengthening both scholarship and research and enhancing engagement. For the former, Broad’s objective is to leverage the expertise of its faculty to build upon its knowledge base, address complex societal problems, and nurture the next generation of leaders. Toward this aim, in February 2022, Broad opened the Behavioral Lab at Eppley Center. This is the college’s first behavioral research lab, and it is exclusively available to Broad faculty and doctoral students for their study of consumer behavior, decision making, and teams research, among other topics that combine human interaction and business.

Built for flexibility, the lab has an open design that allows researchers to configure it to suit their research needs. It also has individual computer stations, spaces for group study, and private rooms for interviews. All these facilitate different kinds of research. For example, marketing researchers may bring study participants into the lab and perform tests on them as a unit or split them into groups and simultaneously test each group independently. The lab even has a reception area where study participants can check in and wait as the rooms are set up for their study.

Before Broad built the lab, faculty and doctoral students had to reserve other rooms such as computer labs and breakout rooms to conduct their studies. Now, with the Behavioral Lab, they have their own dedicated research space to study consumer behavior and its broad implications in business. In the future, the college plans to add equipment for specialized research such as virtual reality goggles and devices that track physiological changes such as skin conductance and blood pressure.

For enhancing outreach and engagement, Broad’s objective is to create and deepen relationships with external organizations to realize additional value for its clients and stakeholders. For example, in January 2022, Broad announced a partnership with DECA to help high school students in their transition to college and to positively influence their business careers. DECA is a global nonprofit with over 160,000 members. Broad partnered with Michigan DECA, a local chapter with members for local high schools.

To launch the partnership, Broad hosted a two-day DECA Leadership Conference that brought together over 330 students from 35 high schools to interact with corporate leaders as well as Michigan State University faculty and students. The engagements were spread out over the course of several sessions. These covered various topics including admissions at Michigan State University, college preparation, and higher education opportunities abroad. During the conference’s breakout session, Michigan State University’s admissions officer Terrene Brown even announced that students in attendance who eventually gained admission into the university would get a $500 scholarship.

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Businesses Need Supply Chain Professionals for Inventory Management

Inventory management is an elaborate process that involves tracking, reporting, and organizing a business’ inventory throughout its supply chain. For some businesses such as manufacturers, it includes managing incoming raw materials from suppliers, work-in-progress goods moving along the value-adding process, and finished goods for sale to customers. For other businesses such as retailers, inventory management involves organizing ready-to-sell stock as it comes in from suppliers and goes out to customers.

Done well, inventory management minimizes a business’ inventory costs while optimizing its operations. Some of the costs associated with inventory include warehouse rent, utilities, capital expenses for storage infrastructure (shelves and boxes), and employees’ salaries. There are also insurance costs and handling costs such as paperwork. Good inventory management minimizes these costs while optimizing operations. It enables the latter by ensuring the business always has the inventory it needs, in the right amount, and at the right time. This smooths internal operations and ensures customers have access to the products they need, when they need them. It also improves cash flow as the business balances between supply costs and incoming sales receipts.

There are many types of inventory management strategies. Examples are Six Sigma, par-level inventory systems, FIFO (first in, first out), and LIFO (last in, first out). There is no one-size-fits-all strategy for businesses. In fact, many blend a number of strategies to achieve an ideal inventory management process.

Business owners who want to set up their own inventory management systems should work with supply chain professionals. These individuals possess the knowledge and experience to help business owners come up with a system that properly aligns with their unique business needs. They help business owners answer critical questions that will guide them toward realizing a suitable inventory management system. For example, at the internal business level, they will ask the business owner questions such as what are the primary and secondary items the business needs? Are they perishable? Where will the business source these items? Where will it store them and how will it organize them? Further, how will the business track its inventory and inventory holding costs?

Sales side factors will also come into play. For example, will the business be selling its products online, through a store front, or both? How will it manage its inventory levels across these channels? How will it forecast customer demand? Answering these questions will provide a firm understanding of the business’ inventory management needs, allowing the supply chain professional to prescribe an appropriate strategy.

Even after developing and implementing an inventory management system, a business will still need to monitor its success and make changes where the system needs improving. Examples of issues that point to a failure in a business’ inventory management system include excess inventory, increased inventory holding costs, inventory shortages (especially for fast-selling items), inaccurate records of inventory, and lost inventory. A business that experiences any of these too often should re-examine its inventory management system for efficiency, making changes where necessary.

External factors may also necessitate modifications to a business’ inventory management system. For example, a competitive business environment where a business’ competitors reduce their prices or launch new versions of products may require a business to re-evaluate its supply contracts to realize cost savings or upgrade its suite of products. Changing consumer preferences may also prompt modifications in the inventory management system.

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The Winningest LPGA Athletes of All Time

The Ladies Professional Golf Association (LPGA) began in 1950 when 13 women banded together to establish the women’s tour for professional golfers. Since that time, five women have won at least 10 major championships.

The LPGA recognized five major tournaments ahead of the 2022 season: the Chevron Championship, the United States Women’s Open, the Women’s PGA Championship, the Evian Championship, and the Women’s British Open. Other tournaments have held and lost the major status over time. The Evian Championship, for example, became the tour’s fifth major in 2013. Before that, the LPGA closely mirrored the Professional Golfers’ Association (PGA) with four major championships.

Patty Berg, an LPGA co-founder, won 15 major titles over two decades, more than any other athlete in the history of the LPGA. She won the US Open only once but excelled at the Western Open and Titleholders Championship, winning seven titles at each event. Berg won both titles in the same year in 1955 and 1957. Her 1946 US Open victory was her only major title that season. She never won the Women’s PGA Championship but enjoyed runner-up appearances in 1956 and 1959.

Mickey Wright won her first major title in 1958, the same year Berg captured her last major championship. Wright’s time as a major winner was notably shorter than Berg’s, with her final title coming in 1966, yet she amassed 13 majors, second only to Berg’s 15. She captured a pair of Titleholders victories and three consecutive victories at the Western Open, but unlike Berg, won the Women’s PGA Championship on four occasions. She also took home four trophies at the US Open. She owns the second-most LPGA titles of all time.

A third American, Louise Suggs, is credited with 11 major titles, good for third all-time among LPGA players. Another co-founding member of the LPGA, Suggs, started playing in 1940 but did not win her first major until 1946. At that point, she won three majors in two years. She won multiple majors in 1949. After one major win in four years, she then added five more championships. Her last win was at the 1959 Titleholders Championship, 13 years after her first major championship.

Rounding out the five most winning LPGA players of all time are Annika Sörenstam and Babe Zaharias, both with 10 major titles. Sörenstam, a Swedish golfer, is the highest-ranked non-American major winner in LPGA history and the most recent player on the list. She won her first major at the 1995 US Women’s Open and defended her title the following year. She did not win another major until 2001 but went on to claim eight majors over five years.

Zaharias, on the other hand, won her 10 titles between 1940 and 1954. Before her golfing days, she earned Olympic medals in hurdles, high jump, and javelin throw.

With seven major titles, Inbee Park of South Korea is another modern golfer that ranks high on the list of all-time major winners. Her victories came between 2008 and 2015 and included wins at four different events. Anna Nordqvist of Sweden owns three majors, her first in 2009 and most recent in 2021, leaving her as the active LPGA player with the most major titles.

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MSU’s Eli Broad College of Business Graduate Program Offerings

With a history dating back to the mid-19th century, the Eli Broad College of Business at Michigan State University offers programs that consistently rank among the top 20 public business schools in the US. Some of the college’s top-ranking undergraduate programs include supply chain management and logistics and production and operations management. These programs are led by award-winning teachers and researchers, many of whom are also former business executives who bring valuable, real-world experience into the classroom. In addition to undergraduate programs, MSU’s Eli Broad College of Business offers several graduate-level options for those interested in advancing their careers and business acumen.

MBA students at Broad have the option of completing a full-time program lasting 21 months or a part-time executive MBA program that can be completed in as few as 20 months. The full-time program combines a theory-based curriculum with experiential learning opportunities to prepare students for real-world business challenges. Broad also offers a career services team to help full-time MBA students map out the path of courses and co-curricular activities that will help them achieve their career goals.

Broad’s executive MBA program is available in two formats. The traditional format requires that students meet in person every other weekend in East Lansing or Troy, Michigan. In contrast, the flex format combines online learning with in-person learning only one weekend a month in East Lansing. Regardless of the structure, executive MBA students receive the same collaboration-focused education that provides them with the knowledge, tools, and networking opportunities needed to get ahead in their chosen fields.

In addition to the MBA programs, Broad offers specialty master’s degrees in several areas. The college’s master of science in marketing research has been ranked the top marketing research program in the country. Master’s programs are also available in accounting, health care management, business data science and analytics, finance, and financial planning and wealth management. Programs in supply chain management and management, strategy, and leadership round out Broad’s master of science offerings. Alongside these programs, the school offers graduate certificates in accounting analytics and strategic management.

Business leaders looking to become business scholars can further their education with Broad’s doctoral program offerings. In addition to receiving excellent in-class education, doctoral students work alongside faculty members on various research projects. Students also benefit from advanced facilities at the Edward J. Minskoff Pavilion. This 100,000-square-foot complex houses several research labs, including the Supply Chain/Logistics Lab and the Financial Analysis Lab. All doctoral programs at Broad are offered tuition-free and position postgraduate candidates for careers as business researchers or university educators.

The solid corporate partnerships that the Broad College of Business has created over the years have also led to the development of various executive education programs. These programs include everything from 2-hour leadership sessions to online certificate programs covering topics specific to various industries. Broad also collaborates with businesses to create customized executive education and corporate learning programs. These programs are designed to help companies develop and retain talent and achieve strategic learning objectives. They are all taught by the same best-in-class faculty members and executive education professionals that lead other undergraduate and graduate programs at the Broad College of Business.

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