Ok, what should I say? I have passed and look forward immersing into my stage 2 materials.

Stay tuned for a short entry about the stage 2 starter which took place a couple of weeks ago. Subjects: Strategic marketing and Global business environment.

But now: Got some important things to do .

What is product management all about in a business information setting where I’m responsible for products our customers consume. Am I responsible for the data to make it into my product? Am I responsible for customer complaints due to IT issues? Hang on……I guess as a holistically thinking PM I should be somehow responsible for such tasks. It’s not that I have to resolve the issue on my own but I suppose it’s my job to ensure that the necessary steps are taken.  I can’t oversee all tasks due to the breadth but I have to rely on others to resolve them.

However, what happens if these “other people” are not recognizing that the issue has to be resolved by them? If they don’t recognize that basically they’re responsible for the issue? One of the things I like as a PM is the fact that I have to act holistically. I need proper understanding of how (in my case) we collect data, how we process it, how we package it and finally how we sell it. Additionally after the information has been sold to customers I have to understand what’s the feedback; be it negative or positive, to be able to use that information for future product development. Isn’t this holistic approach not applicable to others in a company as well? Is it really satisfying having knowledge about only one element of the supply chain? Apparently it is in many companies but I would say that productivity and therefore output leading to revenue could be drastically increased if people understood how important it is to think outside of the box.

This is something James L. Heskett mentioned in his brilliant article about “Putting the service-profit chain to work” (get it here) where he presents a fact that an increase in customer loyalty (due to increased employee satisfaction and therefore better performance) of just 5 percent might result in an increase of 25%-85% of your profit.

Putting the service profit chain to work (Heskett)

I guess the conclusion is the following: Yes, I have to feel responsible for some issues I’m not even responsible for.

Just for the reason to be a role model. Force others to see that this approach is not to my detriment as it results in more work or stress but it is the way the company which pays my salary is able to flourish making sure that I have a bright future outlook as well. Nevertheless, it’s not always an easy task to be a warrior.

So what are your experiences? Where do you set your boundaries of responsibility?

Time is running

Signed up over a year ago for the MBA with Henley Business School I think it’s a good point to reflect what actually is this MBA all about.

Started in June 2009 I didn’t have any clue what to expect. Of course the output of the MBA has been more or less clear: Gain new applicable and relevant knowledge, extend my business network, get new views on issues, get new approaches sound understanding of models and principles. Basically, get the tools to be prepared for the future; be it career progression or social life. So, has the first stage equipped me with the aforementioned kit? Yes it has. In many ways. Far beyond from what I initially thought would be relevant.

Surprisingly it’s not about the models, principles etc…these are means to an end. It’s more the way we learn, how we exchange information, how we perform when pressure is getting more and more. And it’s about personal development. Henley’s strong focus on personal development throughout the whole MBA is one of the most important insights I have been able to gain. Started as learning journal entries in a way of “Let’s try and see what happens” it really emerged into a valuable source of reflection. I must admit that we’re especially lucky as our tutor is doing a fantastic job. She really supports us and really triggers our thoughts to think outside the box and approach issues etc. differently. I’m really looking forward to the next 2 stages and my personal development as well.

People tend to ask me what kind of impact the MBA had on my professional life. Well, this can’t be answered conclusively. I’m still on a journey which hasn’t ended yet. However, with hindsight I’m able to say that the MBA really opened up my mind to approach situations holistically, question habits and mindsets, use different lenses and show empathy. Basically I would claim that I’m a way better manager than a year ago but I guess this is not up to me to assess.

Focus and Discipline

Let me write a couple of lines about the Flexible learning style I have chosen for my MBA. Is it hard? No, it’s not hard, it’s very hard. Does it affect your private life? Yes it heavily affects your private life. See, the syllabus says that 12-15 hours is the required time to go through the materials. In my experience this number is way too less. It’s even hard to get through the core readings within this time. It’s more or less impossible if you want to read further and have a look at the supplementary readings. I guarantee you that there are plenty of articles etc. you would or should like to read apart from the core readings. This has always been a trade-off for me. How far can I go but still finish in time? I guess once my MBA is over I have to read hundreds of articles saved somewhere on my drive. Additionally, I have bought quite a lot of books about some topics of interest which filled up my book shelve but were not “core” readings. Apart from the quantity to read I really can advise you to take thorough notes of what you have read. I use a mind map tool to be able to capture all relevant information of the articles, books etc. It’s fun to use it albeit the fact that you need some time to get used to it. (You can download a sample of my mind maps here) They have been a great help when we prepared for the exams. Finally, use the power of your group. My group might not have been the most hardworking group in the intake but our discussions were quite useful. Especially for the exam preparation it is more than recommendable to work together as people have different approaches and specialities. By the way we entirely rely on Skype to have our discussions. However, for the exam prep I flew over to spend one week in London to exchange thoughts with my fellows. So after all what’s been said would I go again for a Flexible learning course? Yes I would, as it’s how companies work together nowadays as well. They have to cut costs etc and therefore lot’s of conferences, projects etc. are done virtual. This is nothing else than what a Flexible MBA offers as well. To conclude this paragraph I just want to tell you that the most important ability you need to have to get through is: DISCIPLINE. Even if the weather is more like going for a BBQ or you are tired from work, or you would like to see some friends etc etc…..it’s all about discipline to plough through no matter what circumstances.

I hope this short reflection gives you an insight if you hesitate to go for a MBA. It’s worth but it’s lot of work as well. If you have any questions etc. don’t hesitate to leave a comment so that others will be able to join the discussion.

Stage 1 exams completed

Hi folks

Just a short notice that I had my stage 1 exams with Henley Business School. To cut a long story short: We we’re kind of over prepared. We went through the case studies and calculated and anticipated the most difficult scenarios ever just to realize that the questions were somehow in a different direction. Guess this learning will be definitely beneficial for the next written exams due in December already.

However, it’ll take some weeks to get the results back. Hopefully I’ll have passed as stage 2 begins in just a couple of weeks and I don’t want to go back to stage 1 materials again. So, I’m really looking forward to Strategic Marketing, Global business environment, Corporate Finance and Governance and last but not least Strategic Direction. I guess this stage really deserves it’s description being “Making Choices”.

Nevertheless, for now I’m just chilling, socializing and enjoy some days off MBA. Paying some attention to all those whom I have neglected the last 12 months. Thanks for your support in quite challenging times.

The next entry will be a quite reflective one about the life on a roller coaster being a MBA student….stay tuned.

Stress at flexible learning

The last entry dates back to February. Boy, that’s way back. However, it somehow describes the MFR module. Content extremely interesting but really though to get through all materials concepts etc. I wish I had a bit more time to immerse into all relevant parts but this hasn’t been the case. Looking forward to stage 2′s corporate finance and governance module which builds upon Managing financial resources.

So, tomorrow I’m flying over to Henley again to attend the Exam preparation workshop. I’ll stay for another week to learn with my cohorts as the stage 1 exams are just 4 weeks ahead. Unbelievable how fast things are going….Writing an assignment here, writing an assignment there and besides all the studies further improve D&B’s product range. I really understand why distance learning (or flexible learning as it has been renamed) students are exhausted most of the time. I personally wish back the good old university days when I was studying full-time. That was so easy compared to what’s going on here.

I really can say that people attending a part-time program are resilient and prove day by day how keen they are to achieve their goals. So, employers…..watch out for these guys. They know what hard work is.

By the way, my grade was ok as well for MFR. Still on first degree journey albeit my ratio analysis could have been a bit better. Competitive rivalry and Planning & Budgeting was good nevertheless.

So the next entry will be after my exams before my marriage .

Managing financial resources

Today was my first day at Henley Business School attending the MFR workshop. It’s quite a good feeling to be here again and meet all fellows.

The workshop is great so far, I have learned a lot and I’m very impressed about our tutors experience and knowledge. I guess that guy knows the answer to every single question out there in terms of accounting and economics.

However, there is a upcoming feeling of tension noticeable. Maybe because the first exams are actually just less than 4 months away and the tutors keeps mentioning what we have to consider when it comes to the exam prep.

But one by one…first I have to pass this module writing an assignment about managing financial resources. Very interesting stuff as it reveals a lot of interesting facts about my own company. On the other hand it’s just highlights how important it is for a manager to understand the economic and accounting principles to perform successfully. Most of the managers are somehow scared when it comes to these things. I’m convinced once you know how to read financial figures and build up ratios and the like you’ll be able to develop a sound understand how your company is working. There is a very true saying: “What gets measured gets done” and this is highly applicable in your company as well.

As a product manager I’m dealing day in and day out with figures, requests, requirements etc. from internal and external stakeholders. Managing financial resources enables me to glue all these tasks together and have a look at the bottom line as well. Not that bottom line is the only measurement but its a pretty good indication and it always should be taken into consideration.

So I guess there are intensive weeks ahead and I’m curious how I’ll cope with all these challenges at the moment. MBA, work, private life….very demanding currently.

Processes

Well, after a fantastic Christmas eve etc. I was required to finish my next assignment about Managing Processes, Systems and Projects. And I did it

I was really looking forward to that subject as I have felt that it’s the module I can apply most to my company. And finally it has been true. Despite the quantity of reading the module was fun and it turned out to be the most holistic module so far. This albeit the fact that the content was actually down to processes etc.

However, I have analysed an issue regarding our internal complaint management process and proposed some changes of the process and the use of the CRM. In order to do so I used a couple of models like:

• Process performance objectives (Quality, Speed, Dependability, Flexibility, Cost)
• Polar diagrams for customer expectations vs. current performance
• Conflicts and trade offs
• Efficient frontier model
• Process strategy matrix
• SIPOC (Suppliers, Input, Processes, Output, Customers)
• Process maps
• 4 V’s demand model
• Little’s law (Throughput time = work in process x cycle time)
• Theory of constraints (especially bottlenecks)
• SERVQUAL – quality management process
• Principle of costs
• Service-profit chain
• Change process by Kotter
• Project management
• Force-field analysis
• Stakeholder power-interest grid
• Risk management
• SIX Sigma DMAIC, FIT SIGMA

However, If you want to know more about these models etc. don’t hesitate to drop me a line. For now, I’m going to focus on Managing Financial resources and Personal development which are the next important modules I’m looking forward to.

So, wish you all a very good start into 2010…

Fireworks

I want to wish you a happy new year and may all your wishes come true in 2010. I guess 2009 brought along many changes to all of us but each experience was valuable.

Finally, I close 2009 with a quote from Confucius:

“They must often change, who would be constant in happiness or wisdom.”

Patrick

I have finished and already sent in my 2nd assignment about Managing People and Performance. I have to admit that it was quite a hard journey. Having a look at my previous entry about managing people I guess that I found a reasonable way to apply all the required materials. By the way I decided to come up with the introduction of a balanced scorecard to broaden the approach how performance is measured and secondly to use the BSC as a tool to steer strategy.

Kaplan & Norton did a fantastic job with the invention of the balanced scorecard. I can really recommend all the materials about it. Just ask yourself the following questions:

Is your HR linked to your business strategy? Do you measure performance in accordance to your business strategy?

If the answers are no, or “partly” etc. then it might be an idea to have a look at what Norton & Kaplan suggest with their Balanced scorecard. The BSC therefore expands the way how you measure performance at your company because it includes 4 dimensions of measurement:

1. Financials (no, a BSC is not undermining financial measurement, but extends it)
2. Customers (Yes, a very important fact to keep an eye on your customers as well)
3. Internal processes (How can we contribute with internal processes to business objectives)
4. Learning & growth (How can we improve our performance in future)

Balanced scorecard by Kaplan & Norton

In conclusion, the Balanced scorecard is a useful tool to measure performance holistically and to steer and a review your business strategy regularly.

If you want to know more about the BSC I can recommend Kaplan & Norton’s articles on Harvardbusiness.org or just drop me a line….

And now I have to immerse into my next module called: Managing Processes, Systems and Projects which I’m really looking forward to, although the timeline is more than tight and Christmas season is almost here.

HRM tools

This blog entry is dedicated to a lot of HRM materials I’m currently reading. Although some of them are quite fascinating they seem to repeat themselves over and over again…

I can’t help but is this really the truth about people management? Is it really such an unpredictable, soft thing which can’t be controlled? Or are there at least a few models and concepts out there which are “hard facts”?

I have read a lot about Pfeffers Competitive Advantage, Deal & Kennedy’s model of corporate culture, Hofstedes cultural dimensions, Importance of the line manager, Talent war vs. commitment war, Best fit theory, Best practice theory, Resource based view, International HRM, HR strategy, Bath’s people & performance model, Service-profit chain model, Three dimensional people strategy, Chain of command, Control span, Job design, Employee retention, Rousseau’s psychological contract, Employer branding, Soft HRM, Hard HRM, Performance measurement, Balanced score card, Vroom’s expectancy theory, Attribution theory, Equity theory, Herzberg’s two factors, Maslow Motivational pyramid, Emotional intelligence, Mentoring & Coaching etc….. quite a lot of models and suggestions how to handle people.

Nevertheless, in the end it’s always about people. They behave differently under different circumstances. No matter what kind of model you want to apply, you always have to deal with people’s wishes, feelings, and emotions. None of the above mentioned tools can you guarantee success. That’s actually a bit scaring. Does this mean that you don’t have to know about all these intriguing materials?

No, not at all. At least you have some tools which are able to support you managing HR. Life is not a straight line, HRM isn’t as well. The tools absolutely provide some understanding for different situations and how to cope with. Use them with respect but deliberately.

However, listen to what Shelly Lazarus (Chairman and CEO, Ogilvy & Mather Worldwide) says about people management: