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SMITH SCHOOL OF BUSINESS STRATEGIC PLAN ( ) G. Anand Anandalingam (Dean)

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S M I T H S C H O O L O F B U S I N E S S

S T R A T E G I C P L A N ( 2 0 0 9 - 2 0 1 4 )

DR A F T: NO V E M B E R 2 0 0 9

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EXECUTIVE SUMMARY

The Smith School has made a remarkable transformation from a very good regional school to a top research and teaching institution offering a wide range of products and services around the world. The capabilities of our faculty, the scale and quality of our facilities, and the quality of our students have soared. The Smith School is now in the process of another transformation. This transformation will carry the school from excellence to greatness with the following mission:

be a world leader in generating new knowledge in the emerging global economic and business paradigm, and providing thought leadership to students, corporate

executives and policy makers so that they can be agents of both economic prosperity and transformative social change. We want to be counted among the top business schools in this country and the world. We want to be known for superb scholarship, excellent students and flawless operations, not just among those who know us well, but everyone.

The school’s strategy ranges from initiatives aimed at producing research and program greatness to initiatives to improve job placement, build the Smith community, technology, brand, and revenues. Within this strategy the school will accomplish the following:

• Develop a culture of thought leadership around our internationally recognized faculty stars and continue key hires of senior faculty with leading research and teaching records.

• Strengthen MBA curriculum in both the full and part time programs to include entrepreneurial skills sets, corporate responsibility and social value creation.

• Increase career options for all students by broadening career paths to include associations, governments and other unique employers in the greater DC region.

• Continue the expansion of Smith Undergraduate Fellows Program so that all students will be able to participate in at least one Fellows track.

• Strengthen the Smith Community of students, faculty, alumni, and recruiters by integrating activities of student, alumni, career services and mentoring programs.

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• Position the school’s communications, marketing and branding activities through a focus on reaching significant external constituencies and improving the

perception and ranking of our programs

• Improve employee retention and hiring practices to ensure continued improvement in staff and faculty quality

• Align existing assets of the business school to support the execution of these initiatives, and add to these assets when necessary

Is this strategy achievable? We believe it is. International programs in China and Europe, and the numerous student global study trips that have been generated by the Smith School have established the school as a global institution. At home, many of our academic areas have been recognized for excellence in their respective fields.

While the Robert H. Smith School of Business is poised to become the best global business school in the greater Washington DC area, several challenges can hinder progress. For example:

• Faculty salaries continue to escalate with bidding wars taking place among top schools for key faculty. This makes recruiting and retaining top faculty a financial challenge as well as increasing the cost of our programs

• There seem to be significant fiscal challenges on the horizon for the State of Maryland and the region impacting both our budget and the number of students enrolling in our entrepreneurial programs.

• The school continues to make progress in developing its alumni network but additional resources and time must be invested to expand the network to achieve its full potential. Furthermore, external development efforts need to be managed more efficiently to generate the desired results.

• Students need additional preparation to compete for the best initial job placement opportunities thereby attracting broader and more attractive employers .

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TABEL OF CONTENTS

Executive Summary……… 1

Vision……….. 4

Five-Year Objectives………. 5

Strengths and Baseline……… 6

Competitors……… 9

Financial Strategy………. 12

Challenges……….. 13

Strategic Priorities ……… 15

Tactics for the Academic Years 2007- 2012………. 17

Appendix 1: Administrative and Financial………. 23

Appendix 2: Academic Programs……… 26

Appendix 3: Rankings……… 30

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VISION

The Smith School has made a remarkable transformation from a very good regional school to a top research and teaching institution offering a wide range of products and services around the world. The capabilities of our faculty, the scale and quality of our facilities, and the quality of our students have soared. The Smith School is now in the midst of another transformation. This transformation will carry the school forward with the vison:

To be a world leader in generating new knowledge in the emerging global economic and business paradigm, and providing thought leadership to students, corporate executives and policy makers so that they can be agents of both economic prosperity and transformative social change. We want to be counted among the top business schools in this country and the world. We want to be known for superb scholarship, excellent students and flawless operations, not just among those who know us well, but everyone.

The stature of the Robert H. Smith School of Business has advanced dramatically over the last decade. Overall, the school’s average of all of its undergraduate and graduate rankings is #15 in the U.S. and when research is taken into account, the Smith School is among the top 10 U.S. business schools.

While in 1998 the school had no programs or departments ranked in the top 25, today there are many such rankings. For example, in 2007/08, the following areas were

recognized by one or more surveys as being among the nation’s best programs:

• Information Systems Top 10

• Quantitative Analysis Top 15

• Supply Chain/Logistics Top 10

• Entrepreneurship Top 10

• Management Top 15

• Operations Management Top 20

• Finance Top 15

• Marketing Top 10

• International Business Top 25

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lead the way in helping both business and government define the parameters of this new relationship.

FIVE YEAR OBJECTIVES

By the year 2014, The Smith School will be viewed as one of the best business

schools in the world. The Smith School will be known for superb academic programs that integrate traditional business functions with knowledge of the practice and challenges created in the new global digital economy.

The Smith School will have key programs, centers and partnerships located in significant parts of the world. These programs and partnerships will allow the ready and freely flowing exchange of ideas, students, faculty and corporate partners across

international boundaries.

The resources available to the Smith School will enable recruiting, developing and retaining world-class students, faculty and staff, ongoing innovation and quality improvement in our programs, and a satisfying and supportive work and learning environment for all members of the Smith School of Business community.

The Smith School’s status in research and recognition will place the school among the top business schools as measured by an average of all external recognition rankings and research metrics.

• At least four of the school’s academic departments will be among the top 10 in research and of these, at least two will be in the top 5. Overall, the school will be among the top five in the world in research.

• The average ranking of school’s full-time MBA program will be consistently in the top-20 based on evaluations at Business Week, Financial Times and US News and World Report. The average ranking of the undergraduate and part-time MBA programs will be in the top-15. The PhD program will be in the top-10.

• Student placement and salaries will be at or above those of our peer institutions. World-class organizations will recruit at the Smith School.

• The School will have a dominant position in the mid-Atlantic region with a broad family of programs and activities, and will have national recognition in the areas of globalization, entrepreneurship and technology.

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STRENGTHS AND BASELINE

We are well on the way towards achieving this vision. The Smith School has grown from 70 to 150 faculty members over the last nine years. Many new faculty have been recruited from the world’s premier research institutions, each selected for excellence in research, teaching, and their ability to advance the agenda of the school. Many faculty “superstars” are at the pinnacle of their profession and have been awarded endowed chairs or professorships in their respective fields. Sixty-four percent of our full professors have endowed professorships or chairs while about twenty-four of our faculty are

assistant professors with tremendous potential in the coming years.

The strength of the faculty is perhaps the school’s most significant strategic advantage.In the last decade, the production of published research in the consensus world’s best research journals has soared. For example, Table 1 shows the year-by-year position with regard to total output in the 24 leading business journals indexed in the University of Texas (UT), Dallas, “Top 100 Business Schools” database. The rise of Smith School faculty research is unparalleled. From a position of #76 in the world in 1995, the Smith School placed #5 in the world in 2005 and #4 in the world in 2006.

Table 1: World Ranking of Annual Research Output in 24 Top Journals (http://citm.utdallas.edu/utdrankings/)

1990-1995: #51

1996-2000: #20

2000-2005: #11

2004-2009: #9

Academic program quality has risen in parallel with our ascent to the top in research. Academic quality continually increases, attracting outstanding students and significant corporate recognition. The school’s undergraduate program attracts spectacular students and external recognition for its programs has extended from the Maryland to the Mid-Atlantic and Northeastern United States. About forty-three percent of the fall 2007 freshman class was out-of-state.

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The Executive Masters in Business Administration (EMBA), a program launched in 2003, is offered in College Park; Shanghai, China; and Zurich, Switzerland with over 100 students.

The quality of our undergraduate students is superb, and the innovative Smith Fellows program is creating a fabulous undergraduate experience. The Smith School entering freshman class quality in each of the last six years exceeded that for all other entering freshman classes at the College Park campus. Retention of freshman for last year’s class, at 95 percent, was also at the top as were the school’s graduation rates and student teaching ratings.

Table 2 summarizes some of the pertinent ranking statistics for the Smith School. Our centers have achieved significant national recognition, attracted external funding, and important corporate partners. Celebrating its twentieth anniversary last year, the Dingman Center for Entrepreneurship is well established, and a leading partner to the technology entrepreneurs of the Washington-Baltimore region. Our research centers such as Excellence in Service, Electronic Markets and Enterprises, Human Capital, Innovation, and Technology, Health Information and Decision Systems, and Supply Chain

Management, are bringing added distinction to the school and creating partnerships among the school and the corporate and government communities. A new center for studying Complexity in Business was launched in Spring 2008.

The Netcentric Research Laboratories: Supply Chain Management, Financial Markets, Electronic Markets, and Behavioral Labs are creating an integrated electronic teaching and research environment, with applications to e-commerce, supply chain management, financial markets, auctions, and consumer research. Identified as a special strength by the 2005 AACSB International accreditation review, the laboratories foster demonstration projects and research in these areas, as well as exploring the associated organizational and behavioral implications of these changes. This is the most extensive such operation of its kind in the country, reflecting the vision of converging technology applications across the various functions of business. The school is successfully engaging its large and established alumni base and corporate network, with the prospect of

generous private giving and employment opportunities for students.

The school was also the beneficiary of generous gifts to expand its facilities by adding the South Wing in 2002 and the North Wing in 2007 and to increase PhD stipends to the highest in the nation in 2008. The expanded Van Munching Hall will continue to provide the most advanced technological teaching environment among all leading business schools. Additional financial support from Mr. Robert H. Smith, the school’s

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Table 2: Mission Baseline (Academic Year 2007/2008)

Mission: To ascend to one of the top global business schools as measured by the school’s stature in research and teaching, and the quality and placement of its students. We will provide a superb research and teaching environment for our faculty and students as well as give our students a first class return on investment for their time and expense.

Research (World): UTD*

Overall School 9

Decision and Information Technologies: 6

Finance 12

Marketing 10

Management and Organization 3

Average Academic Program Ranking 25

Top Individual Program Rankings

Part-Time MBA 16 (US News)

Full-Time MBA 20 (Financial Times) Undergraduate 17 (U.S. News)

Graduate Salaries

Part-Time MBA (ROI) 7 (Forbes, 2006) Full-Time MBA (ROI) 2 (of FT Top 20) Full-Time MBA (MBA Salary/Pre MBA Salary) 8 (Business Week)

Undergraduate (Starting Salary/Cost) 8 (Business Week)

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COMPETITORS

The Smith School has both public and private business school peers and competitors. We compete with some schools, such as Georgetown, in attracting MBA students but have few other areas of competition with them. Some schools, such as University of Texas at Austin, Massachusetts Institute of Technology (MIT) or Carnegie Mellon, have substantial reputations as technology oriented schools. In other cases, individual

departments (e.g., Finance) might compete with a specific school (e.g., Northwestern). We believe that the key to long-term academic success as measured by academic reputation among other business schools is research prominence. The speed of the Smith School’s rise (and similarly, the limited strength of the university’s branding) explains much of its lack of recognitionas a great academic institution.

Table 3 provides business school research rankings from the University of Texas, Dallas. We believe that this is a representative indicator of the Smith School’s primary research competitors. As is evident, the Smith School’s competitors are recognized to be among the very best business schools in the United States.

Table 3: Top 10 U.S. Business Schools Research Rankings*

1. Wharton 2. Duke 3. NYU 4. Chicago 5. Michigan 6. Columbia 7. Harvard 8. Stanford 9. Maryland (Smith) 10.Texas - Austin

Trade magazine rankings are summarized in the Appendix at the end of this report. Table A10 provides the summary research ranking for the business school based on productivity in top-rated journals. The best ranked department is Management and Organization (ranked 3), while Decision and Information Technologies (rank 6),

Marketing (rank 10) and Finance (rank 12) are all in the top 15. It should be noted that in many areas, the school’s strengths are much greater than its public recognition. These same Departments are not as highly ranked when Deans and other senior academic

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demonstrated by our success in faculty recruiting, but the Finance Department does not get the recognition it deserves in trade magazine rankings. There is significant work that needs to be done in order to get the research reputation known to people who matter, especially those who fill in rankings surveys.

For the purposes of accreditation by AACSB International, the Smith School’s current peers and aspirant group are given in Table 4. The rankings of most of these programs are in line with normal expectations but programs such as Harvard’s are worse than expected because of the lack of strength of its PhD program compared to the others and some programs such as Virginia’s and Georgetown’s fall far below their branding because of their weak research records when compared to the major research schools. For this reason, neither Georgetown nor Virginia are considered to be other peers or aspirational peers of the Smith School.

Table 4: AACSB Int. Comparable Peers and Aspirant Group* Smith Brand Recognition – 17, Research Rank – 9, Overall25.

Comparable Peers – Average brand recognition, research rank, overall average rank

University of Texas at Austin – 16, 11, 24 University of Michigan – 8, 5, 9

University of Indiana – 21, 27, 20 University of CA – Berkeley – 6, 16, 11

Ohio State University – 38, 17, 44 University of North Carolina – 28, 19, 19

Aspirant Group – Average brand recognition, research rank, overall average rank

Harvard University – 10, 7, 1 New York University – 5, 3, 10

University of Chicago – 3, 4, 4 Stanford – 4, 10, 3

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FINANCIAL STRATEGY

While the Smith School is a public business school within the flagship public university of the State of Maryland, the financial position of the school more closely resembles a private institution. About 15 percent of the school’s support is from the State of Maryland. The school, like many other major public business schools does not retain its undergraduate tuition nor the university-specified graduate tuition for its full-time MBA students. In return, the school receives a “base budget.” In the Smith School’s case, we estimate that we generate about $35 million in undergraduate tuitions for the

university. The university provides a “base budget” of about $19 million in return. At standard university tuition rates, we estimate that the Smith School provides courses that generate about $25 million of the $35 million tuition gross. In addition, the school receives university services such as university paid employee fringe benefits (social security, employee retirement, and health insurance), some facilities maintenance and personnel, financial and developmental services. (Details in Appendices A1 and A2.)

The school generates additional revenues with activities such as its Executive MBA Program (EMBA), non-degree executive education and its part-time MBA programs. Various agreements with the university define revenue sharing and tax structures for each program. Total Smith School revenues have grown from approximately $15 million in 1998 to over $60 million in the academic year ending June 2008. When an estimate of university services not in the Smith School’s budget is included, total revenues are now above $70 million per year.

The school uses a five-year forecasting model to report and project revenues by category, product line and location. This model augments an operational budget reporting system that interfaces with the university’s accounting systems. The forecasting system enables the Smith School to investigate various tuition/cost scenarios as well as to incorporate hiring, operational and facilities investments. Figure 1 shows the historical distribution of the school’s revenues as well as the actual revenues for academic years up to 2007/2008 (FY 2008) as well as forecasts for 2008/09 (FY 2009.) The portion marked “University Paid Benefits” is a crude estimate of the value of the employee benefits and other services paid by the university on behalf of the Smith School.

Private contributions are a very important part of the school’s financial plan.

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Figure 1: Robert H. Smith Actual and Projected Revenues

(As of June 2008:1998-2008 actual, 2009 projected).

CHALLENGES North Wing 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 1998 2002 2003 2004 2005 2006 2007 2008 2009

Private Revenues and Gifts

B-School Retained Tuitions/Fees

Univ Funded Projects

Base Budget

University Paid Benefits

Faculty Issues

Several challenges can hinder continuing progress toward realizing our vision. Our endowment is significantly smaller than the major private institutions in our aspirant group. Faculty will be attracted and retained only if we can continue to compete with other top schools by offering endowed chairs and research professorships. As the school has grown in stature, our faculty has become raiding targets of other top business schools. The school has achieved a very competitive salary profile but will require additional resources and endowed positions to compete with the academically elite private business schools for future top level recruiting. Faculty salaries are becoming an increasing

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sheltered from most service activities so that the bulk of such activities have fallen on the tenured faculty. Part of this problem is self-correcting as assistant professors are

promoted to higher ranks but steps to correct this weakness and transform the faculty culture to a more balanced one involving greater service is a long-term process and sustained efforts are essential.

Rankings

The overall quality of the Smith School is greater than some of the major external rankings. One contributor to this deficiency is the time required to build academic reputation. However, it is not clear how far the Smith School’s brand recognition can climb without comparable increases in the brand recognition of the university. What is clear is that a number of business schools whose universities have stronger brands than Maryland’s are rated above the Smith School’s even though objective comparisons do not show them to be superior.

In addition, the Smith School does not do too well in the following important

rankings factors: placement indicators—starting salaries and student job acceptance rates, and the reputation of the Smith School with corporate recruiters. There has been a

historic weakness in the office of career management at the Smith School, and this has to be attended to. As yet, many top companies do not recruit at the Smith School. Student mentoring, job placement and development efforts are only now approaching the level required for a fine business school but many companies that should have been recruiting at the Smith School have only recently started this process. In addition, bringing

additional top companies to recruit on campus is a long, time-consuming process. Two other points can be made with respect to ranking. One is that many magazines rely on self-reported business school data that is frequently inconsistent and suggestive of reporting errors or exaggerated data. Second is that while the school has made steady, year-to-year, progress in faculty and student quality, specific magazine rankings have fluctuated wildly because of relatively small changes in measured parameters, often caused by flaws in the rankings methodologies, creates much concern among students and alumni.

Alumni Network

The school is catching up in the development of its alumni network but still lags behind its major competitors. We have many very successful and well-placed alumni but more must be brought into active partnerships with the school. In fact, even though the Smith School has over 45 thousand alumni worldwide, less than 5 percent are active in any way.

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Resources

The greatest challenge for the Smith School of Business is the availability of consistent and increasing resources. The University provides less than 20% of the budget, and the school needs to generate the rest by being very entrepreneurial. Much of the revenue comes from the part-time MBA program that is subject to the risk of the well-being of the global and regional economy. In fact, we expect budget cuts due to the downturn of the economy of the U.S. and the State of Maryland. The recessionary pressures will also adversely affect the number of students enrolling in our revenue producing endeavors. As mentioned above, our endowment is also very small, less than $50 million, and the participation of our alumni in philanthropy is also limited. Thus the income from private sources can also not match many of our regional and national competitors and aspirants. On the other side, the school has increased the financial support to attract top quality Masters and PhD students but additional resources will be needed. While PhD stipends have are now at the top, substantial additional resources are needed for undergraduate and MBA scholarships. Further, recruiting and retaining top faculty and staff also requires a significant infusion of funds.

The fundraising objectives for the Smith School of Business reflect these goals. Endowment funds for faculty chairs and professorships, student scholarships and financial aid are central to realizing the vision for the Robert H. Smith School of Business. Our fundraising objectives include additional resources to maintain the competitive edge of the technological infrastructure of Van Munching Hall and to improve operations at our part-time locations.

Strategic Differentiators

Although we have relied on “technology” being the main differentiator for the Smith School of Business and pride ourselves in being a pioneer in incorporating technology at the core of our teaching and overall educational missions, over the past two years we have moved on to consider our strategic differentiation as being on the nexus of globalization, entrepreneurship and technology. We call it the “GET Strategy.” We believe that a leading business school in the 21st century has to be global in its outlook and mission. However, being a business school that is “global” does not differentiate us

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is very successful with more than 200 companies competing for start-up or bridge funds. We have a number of global study trips to different parts of the world where the students, both undergraduate and MBA, learn about the entrepreneurial landscape in the countries they visit. Further, we have revamped the MBA curriculum to ensure that all students, full-time and part-time, take required courses in globalization, entrepreneurship and technology. We plan to extend this curriculum requirement to the undergraduate program in future years.

In addition to the GET strategy, we also believe that a key strategic differentiator for the Smith School of Business is its proximity to Washington DC. Given the location, and the fact that over the next several decades we will see an evolution from pure private sector market capitalism to much deeper and broader private-public partnerships we believe that we have the opportunity to lead the way in helping both business and government define the parameters of this new relationship. We are planning to extend our strategy to include programs on business ethics, environmental sustainability, corporate social responsibility, and social value creation.

Competitors

A short-term threat to enrollments the part time program is the increased activity of Georgetown in building its part time program. A longer- term threat is the creation of the Cary School of Business at Johns Hopkins University. This program is not accredited by the AACSB, but now has a greater potential than the previous Hopkins Continuing Education MBA Program to draw students from the Smith part time program and therefore affect our revenues. In addition, Johns Hopkins University’s superior branding to the University of Maryland increases this threat.

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STRATEGIC PRIORITIES

The school has attracted world-class faculty, enhanced the distinctiveness and caliber of its programs and centers, and improved the financial and administrative elements of its infrastructure. It has also achieved recognition nationally and internationally for several competencies such as the technology focus of the school and our activities in

entrepreneurship. However, we have not yet reached the status to which we aspire. In our continued campaign toward attaining our strategic goals and correcting areas of weakness, we continue our focus on several strategic priorities:

Maintaining research greatness throughout the school. Transforming academic programs from excellent to great.

Building the Smith community to create a dynamic faculty, staff, student, and alumni network.

Marketing the distinctions of the school.

Increasing resources and infrastructure support for the school. The next section outlines, the tactics underlying each of these strategic priorities.

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Research Greatness Maintain research greatness throughout the school.

• Continue “signature” hires of senior faculty with major international reputations and leading research records throughout the school.

• Aggressively recruit mature junior faculty with the potential to be “stars” in their fields

• Continue to build department research reputations by promoting existing capabilities and accomplishments including bringing to Smith high-visibility research seminars and national conferences with the goal of one major event per month.

• Exploit and improve synergies across departments in joint leading edge research Centers.

• Support and increase faculty research grant activities and develop additional summer research funding opportunities for tenured faculty.

• Continue to reduce workload for PhD students to support top talent. Increase placement opportunities for Ph.D. students with earlier and more stringent research paper requirements.

• Expand the Smith Undergraduate Research Fellow Program and provide research fellowships for undergraduate students to assist faculty in faculty research.

• Achieve placement goals for PhD students in top 50 business schools and research universities.

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Academic Program Transform Smithacademic programsfrom Distinctions excellent to great.

ƒ Maintain high teaching quality across all levels of the undergraduate programs and all locations of the MBA program. Improve teaching support for faculty and begin the development of a series of expanded teaching quality enhancements. Improve the partnership between adjunct faculty and the school by increasingly integrating adjuncts into the intellectual life of the school. .

ƒ Improve the measurement of student teaching satisfaction by developing and implementing a “customer service” oriented series of satisfaction surveys and integrate them into the university’s new on-line course satisfaction system.

• Continue implementing the Smith Undergraduate Fellows Program. Implement additional Junior/Senior Fellows tracks so that all students have the opportunity to participate in at least one Fellows track.

• Implement the second year of the new MBA program (both core and electives) for all full and part time students. Find mechanisms to integrate the Smith brand into the curriculum and improve job placement for all MBA students.

• Continue enhancing the part-time MBA program with additional student services, teaching quality improvements, technology advances and physical infrastructure improvements.

• Enhance the quality of students and teaching in our successful MS in Accounting program.

• Assess the market and develop specialized EMBA and Master of Science programs such as finance and information systems, and supply chain management.

• Intensify the effort to enhance the quality of the PhD Program through all phases of admission, coursework, research and placement.

• Offer global opportunities in Asia, Europe and the United States for undergraduate, MBA and EMBA students.

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Building the Smith Community Build the Smith community to create a dynamic faculty, staff, student, and alumni network.

• Continue building the Smith community of students, faculty, alumni and

recruiters—integrating activities of student, alumni and mentoring programs with special effort on building the part-time/full-time MBA student/alumni network.

• Expand the scope of our alumni relations operations by improving date integrity, enhancing the activities and events for alumni, engaging alumni in current Smith School operations including student mentoring, speaking engagements and student placement.

• Establish regionally-based alumni-relations with operations in New York as a starting point.

• Continue to improve placement opportunities for full and part-time students with enhanced emphasis in developing employment relationships with top companies.

• Improve the school’s governance system, accountability and reporting systems, and committee and organizational structures to stimulate the development of the Smith community, marketing efforts, program delivery and operational

efficiencies in line with the Smith School’s emergence as a mature top research institution.

• Refine faculty service standards and metrics to reflect the importance of faculty collaboration in building a strong Smith community culture.

• Execute coordinated strategies to build and strengthen corporate partnerships that will lead to increased student career opportunities, research, sponsorship and philanthropic support of key Smith School initiatives.

• Extend the mentoring program to part time MBA and undergraduate students.

• Integrate center, academic and external relations event programming and sponsorship into a unified strategy for corporate sponsorship and fund raising.

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Marketing the Smith School :

Market the distinctions of the school with special emphasis on the school’s global activities, leading edge application of technology and entrepreneurship.

• Expand the school’s branding activities through increased promotion and advertising using traditional, video and web-based media and also expand departmental functional branding efforts.

• Continue to develop branding materials that help students, alumni and recruiters translate the Smith School strategy into clearly understood career benefits.

• Support the school’s research centers to advance faculty expertise while serving as a focal point for external recognition and business partnerships.

• Expand advisory board activities to advance business partnerships, research opportunities, financial support, and student placement

• Maintain the number of high-visibility research symposia with at least one major symposium per department per year and overall, hold at least one significant public symposium, conference or event at the Smith School each month during the academic year.

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Resources and Infrastructure Increase resources and infrastructure support for the school.

• Secure major commitments from alumni, friends and corporations to reach the campaign goal of $90 million range by December 2011.

• Expand the non-degree executive education program to $5 million by FY 2011

• Continue revenue generating entrepreneurial activities aimed at sustaining Smith School revenue growth at a pace sufficient to continue expansion of tenured and tenure-track faculty to 125 and total faculty to 160 by 2011, maintain salaries at the median of the top 10 research business schools, maintain our technological lead, build the Smith brand and fuel our global expansion.

• Develop and launch a series of revenue-generating, high-value Executive Master of Science degree programs for executive students in Maryland and abroad.

• Increase overall revenues for the school so that by 2012, the school has total revenues among the top three public business schools.

• Create a space plan for future business school expansion.

• Continue improving operational processes within administrative and program offices including automating the back office operations of the business school as an element of the school’s major IT initiatives.

• Provide the best possible work climate for all staff including professional skills development for all levels of staff.

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APPENDIX

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FIGURE A2: STRATEGIC PLANNING PROCESS

The Smith School operates a continuous improvement model spearheaded by its strategic planning process. This process began in the 1997/98 academic year. Under this model, annual and five-year objectives and tactics are set in six areas: research, academic programs, the Smith community, information technology, marketing, and resources and infrastructure.

Each department (academic and administrative) participates in the strategic plan, sets strategic objectives for itself as well as collaborating in the statement of objectives for the school. The school’s department chairs and senior staff (assistant, associate deans and department directors) led by the Dean’s Office, insure the implementation of the objectives.

The strategic planning process operates on the following time-table.

• June - Finalize Faculty Recruiting Plan

• September - Satisfaction Surveys Completed for Baseline

ƒ Faculty Satisfaction

ƒ Undergraduate Student Satisfaction

ƒ MBA Student Satisfaction

ƒ External Rankings

• November – Management Strategy Retreat

• February – Department Strategic Plans and research metrics

• March – April Integration of strategies, plans, and financial forecasts

• May – Strategic Plan Presented at School Assembly and to MBA Students

• May – Draft Plan Published for Review and Feedback

• April – May Strategic PRD Objectives for next year

• June – Plan Published

• August – Planning Cycle Begins Again

Publish Plan Department Management Baseline Goals and

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Table A1. Smith School Pro Forma Actuals and Financial Forecast ($000) (as of June 2009) Revenues 2004 2005 2006 2007 2008 2009 Forecast Base Budget 13,764 14,769 15,834 17,162 18,559 19,535 Other Univ. 776 1,403 1,953 1,937 1,911 2,434 Tuition/Fees 20,732 23,923 25,904 29,144 32,466 30,801 Private 6,568 8,787 11,763 11,973 9,308 10,621 Subtotal 41,849 48,880 55,454 60,216 62,244 63,391 North Wing 0 0 1,230 7,500 7,724 613 Total Revenues 41,840 48,882 56,684 67,716 69,968 64,005

Table A2. Smith School Selected Key Expenditure Forecast ($000) (as of June 2009) 2008 2009 (Forecast) D e b t S e r v ic e 1 , 9 8 3 2 , 4 3 6 F a c u lt y H i r e s 2 , 6 3 4 3 , 2 1 5 S u m m e r R e s e a r c h F u n d 5 3 3 6 7 5 C a r e e r S e r v i c e s 1 9 6 2 1 , 9 5 0 S t r a t e g ic M a r k e ti n g 2 , 2 3 6 2 , 0 4 8 P h . D . S tu d e n t S u p p o r t 1 , 4 8 9 1 , 5 8 9

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Table A3: Academic Programs at Smith:

2008 Graduates with Bachelor of Science Degree programs with majors in: 1,044*

- Accounting 256

- Information Systems 54

- Finance 335

- General Business and Management 73 - International Business 121 - Logistics, Transportation & Supply Chain Management 70

- Marketing 224

- Operations Management 53

2007-08 MBAGRADUATES 414

MS Degree Graduates 21

Ph.D. Graduates 14

* Sum of individual undergraduates in majors may not equal total number of graduates because of graduates with dual majors.

Approximately 2,900 undergraduates ranging from freshman to seniors majoring in business at College Park and Shady Grove, Md.

257 full-time MBA students in College Park, Md., from 32 countries.

1,073 part-time MBA students attending weekend and evening programs in Washington, D.C., Shady Grove, and Baltimore, Md.

(27)

Table A4: 2008-09 Teaching Statistics/Faculty

Department Courses UG MBA PhD # Students

Student Rating Tenure/ Tenure Track Tyser Teaching Fellows FT Lect-urers Hires 2008-2009 Total Faculty AIA 144 104 37 3 1856 4.25 7 5 1 2 15 DO&IT 144 74 55 15 1997 4.33 28 8 1 0 37 Finance 138 72 57 9 1709 4.18 18 3 2 2 25 LBPP 147 96 47 4 1949 4.25 13 4 5 0 22 M&O 163 71 81 11 2705 4.27 21 7 4 0 32 Marketing 114 67 42 5 1174 4.41 18 3 3 1 25 FT Faculty 105 30 16 4 156

Area Student Teaching Rating

Overall Smith School 4.23 CP UG Lower 4.19 CP UG Upper 4.27 Shady Grove UG 4.20

CP MBA 4.24

DC MBA 4.18

Shady Grove MBA 4.16 Baltimore MBA 4.18

(28)

Table A5: Average Student Evaluations- 2007-08 (5.0 maximum)

Fall 2007 Spring 2008 Department # of Sections Average # of Sections Average

ACCT 48 4.28 49 4.19 DIT 68 4.32 55 4.24 FIN 51 4.04 55 4.17 LBPP 55 4.22 58 4.17 MKTG 47 4.26 53 4.25 M&O 62 4.36 69 4.39 OCM (BMGT 367) 4 4.12 6 4.15 Smith School 334 4.27 339 4.24 Area CP UG Lower 12 4.18 21 4.16 CP UG Upper 148 4.29 167 4.23 Shady Grove UG 26 4.41 24 4.38 CP MBA 43 4.21 50 4.19 DC MBA 49 4.19 45 4.19

Shady Grove MBA 14 4.34 14 4.30 Baltimore MBA 9 4.15 11 4.14

(29)

TABLE A6: ACADEMIC PROGRAMS

Program Sizes for Top 25 U.S. Schools in 2009 Financial Times MBA Rankings*

Rank School name Undergrad FT MBA PT MBA EMBA PhD

1 University of Pennsylvania: Wharton 2528 1611 2466 407 184 2 Harvard Business School 0 1801 0 0 31 3 Columbia Business School 0 1234 0 767 92 4 Stanford University GSB 0 733 0 56 99

5 MIT: Sloan 225 788 0 0 80

6 New York University: Stern 2305 841 2137 209 100 7 University of Chicago: Booth 0 1144 1589 183 114 8 Dartmouth College: Tuck 0 498 0 0 0 9 Yale School of Management 0 382 0 0 27 10 Northwestern University: Kellogg 0 1254 1150 559 124 11 Duke University: Fuqua 0 782 0 378 82 12 University of Michigan: Ross 1051 877 682 147 100 13 Emory University: Goizueta 582 373 313 177 41 14 University of Virginia: Darden 0 765 0 60 9 15 UCLA: Anderson 0 731 772 214 65 16 University of California at Berkeley: Haas 613 500 753 144 78 17 Cornell University: Johnson 0 591 0 312 39 18 Georgetown University: McDonough 1353 522 283 312 0 19 University of Arizona: Eller 5382 316 108 61 136

20 University of Maryland: Smith 2882 257 1073 237 104

21

University of North Carolina:

Kenan-Flagler 638 559 0 316 57

22 University of Rochester: Simon 0 185 75 118 39 23 University of Texas at Austin: McCombs 4380 1062 0 152 94

(30)

TABLE A7: MBA RANKINGS (BY AVERAGE) Top 50 MBA Rankings Arranged in Rank Order of Average (2009)

Rank Business School University

USN 2009 BW 2008 FT 2009

1 Harvard Business School Harvard University 1 2 4 2 The Wharton School University of Pennsylvania 3 4 1 3 Stanford Graduate School of Business Stanford University 2 6 3 3 University of Chicago (Booth) University of Chicago 5 1 6 5 Kellogg School of Management Northwestern University 3 3 10 6 Columbia Business School Columbia University 9 7 2 6 Sloan School of Management

Massachusetts Institute of

Technology 5 9 5

8 Tuck School of Business Dartmouth College 8 12 8 8 Ross School of Business University of Michigan 13 5 10 10 Stern School of Business New York University 11 13 7 11 Haas School of Business

University of California,

Berkeley 7 10 15

11 Fuqua School of Business Duke University 12 8 14 13 UCLA Anderson School of Management

University of California,

Los Angeles 14 14 11 14 Yale School of Management Yale University 10 24 9 15

S.C. Johnson Graduate School of

Management Cornell University 17 11 17

16

Darden Graduate School of Business

Administration University of Virginia 15 16 16

17 Tepper School of Business

Carnegie Mellon

University 15 19 23

17 Goizueta Business School Emory University 22 23 12 17 Kenan-Flagler Business School

University of North

Carolina, Chapel Hill 20 17 20 20 Kelley School of Business Indiana University 22 15 31

(31)

Top-50 MBA Ranking (Continued)

25 Robert H. Smith School of Business

University of Maryland,

College Park 40 26 18

26 Olin School of Business Washington University 22 28 39 26 Simon School of Business University of Rochester 29 40+ 22 28 Mendoza College of Business University of Notre Dame 33 20 45 28 Marriott School of Management

Brigham Young

University 29 22 48 30 Georgia Tech College of Management

Georgia Institute of

Technology 22 29 50+

30 Eli Broad School of Business Michigan State University 33 40+ 34 32 Mays Business School Texas A&M University 33 40+ 31 32 Krannert School of Management Purdue University 32 40+ 34 34 Owen Graduate School of Management Vanderbilt University 33 30 43 35 Eller College of Management University of Arizona 40+ 40+ 27 35 Smeal College of Business

Pennsylvania State

University 40 40+ 28

35

UC Davis Graduate School of Management

University of California,

Davis 40 40+ 28

35 Tippie College of Business University of Iowa 44 40+ 25 39 Thunderbird School

Thunderbird School of

Global Management 40+ 40+ 31 39 Warrington College of Business University of Florida 37 40+ 34 39

Jessie H. Jones Graduate School of

Management Rice University 38 40+ 34

39 UIUC College of Business University of Illinois 38 40+ 34 43 Cox School of Business

Southern Methodist

University 47 18 50+

44 Fisher College of Business Ohio State University 26 40+ 52 44 Moore School of Business

University of South

Carolina 53 40+ 25

46 Wisconsin School of Business

University of Wisconsin,

Madison 28 40+ 53

47 Carlson School of Management University of Minnesota 33 40+ 49 47 Carey School of Management Arizona State University 29 40+ 53

(32)

TABLE A8 – UNDEGRADUATE RANKINGS (BY AVERAGE) 2009 Top 50 Undergraduate Rankings Arranged in Rank Order of Average

Rank  School  BW  2009  USN  2009  1  Pennsylvania (Wharton)  3  1  2  Virginia (McIntire)  1  6  2  Michigan (Ross)  4  3  4  UC‐Berkeley (Haas)  6  3  4  MIT (Sloan)  7  2  6  Texas (McCombs)  10  6  7  Notre Dame (Mendoza)  2  17  7  Cornell  8  11  7  North Carolina (Kenan‐Flagler)  13  6  10  NYU (Stern)  15  5  11  Emory (Goizueta)  9  13  12  Carnegie Mellon (Tepper)  19  6  13  Washington U. (Olin)  16  13  14  Indiana (Kelley)  20  11  14  USC (Marshall)  21  10  16  Illinois  22  13  17  Brigham Young (Marriott)  5  35  18  Boston College (Carroll)  17  25  19  Wake Forest (Calloway)  14  30  20  Georgetown (McDonough)  24  21  21  U. of Washington (Foster)  25  21  22  Babson  23  25  23  Maryland (Smith)  35  17  24  Wisconsin  40  13  25  Penn State (Smeal)  38  21  25  Ohio State (Fisher)  42  17 

(33)

Top50 Undergraduate  Business Ranking  32  Bentley  33  43  34  Rensselaer Polytech (Lally)  36  43  35  Boston U.  43  39  36  Santa Clara (Leavey)  32  52  37  Richmond (Robins)  12  74  37  Georgia Tech  51  35  39  Syracuse (Whitman)  49  39  40  Northeastern  27  65  41  Baylor (Hankamer)  45  52  42  American (Kogod)  28  74  43  San Diego  29  74  44  Fordham  41  74  45  Lehigh  26  95  46  U. of Miami  50  74  47  Texas Christian (Neeley)  34  95  48  James Madison  44  95  49  Ohio  47  95  50  Binghamton  48  121 

(34)

Table A9: Summary of Smith School External Rankings, 2008-2009

School-wide

#17 Undergraduate Program (USNews, 2008) #35 Undergraduate Program (Business Week, 2009) #6 Public Business School, U.S. (Financial Times, 2009) #20 MBA Program, U.S. (Financial Times 2009)

#26 MBA Program, U.S. (Business Week, 2009) #40 MBA Program (USNews, 2009)

#16 Part-time MBA Program (USNews, 2009) #3 Intellectual Capital (Business Week, 2009) #12 in Research, World (Financial Times, 2009)

Undergraduate Programs

#5 Management Information Systems #8 Supply Chain Management/Logistics #9 Entrepreneurship #11 Quantitative Analysis #14 Management #16 Production/Operations Management #15 Finance #16 Marketing #14 International Business

-- U.S. News & World Report, 2008

Graduate Programs

#6 MBA Information Systems #13 MBA Supply Chain/Logistics #22 MBA Entrepreneurship #20 MBA Management

#23 MBA Production/Operations

-- U.S. News & World Report, 2009

(35)

Table A10: TOP RESEARCH BUSINESS SCHOOLS (By Scholarly Productivity)

Source: UT Dallas, Top 100 Business Schools, 2004-2008 http://citm.utdallas.edu/utdrankings/rankingbydate.aspx

Top 10 Research Schools (World)

Rank University Articles Score Country

1 University of Pennsylvania (Wharton) 298 160.38 USA

2 Duke University (Fuqua) 235 124.14 USA

3 New York University (Stern) 237 119.22 USA

4 University of Chicago (Booth) 182 108.04 USA

5 University of Michigan at Ann Arbor (Ross) 202 107.20 USA 6 Columbia University (Graduate School of Business) 199 105.25 USA 7 Harvard University (Harvard Business School) 172 104.77 USA 8 Stanford University (Graduate School of Business) 179 96.54 USA

9 University of Maryland at College Park (Smith) 177 96.40 USA

10 University of Texas (McCombs School of Business) 177 91.10 USA 11 Massachusetts Institute of Technology (Sloan) 170 91.03 USA

12 INSEAD 151 81.65 FRANCE

13 University of Southern California (Marshall) 146 81.41 USA 14 Pennsylvania State University (Smeal) 149 80.76 USA 15 Northwestern University (Kellogg) 144 79.32 USA

(36)

Table A10.1 - Top 15 Finance Departments (U.S.)

Rank University Articles Score Country

1 University of Chicago (Booth) 54 31.64 USA

2 New York University (Stern) 65 30.37 USA

3 Harvard University (Harvard Business School) 49 26.42 USA

4 Duke University (Fuqua) 48 23.77 USA

5 University of Michigan at Ann Arbor (Ross) 44 23.73 USA

6 University of Pennsylvania (Wharton) 43 22.64 USA

7 University of California at Los Angeles (Anderson) 41 19.51 USA 8 Columbia University (Graduate School of Business) 40 19.44 USA 9 Massachusetts Institute of Technology (Sloan ) 36 17.67 USA

10 University of Texas (McCombs) 34 17.03 USA

11 Stanford University (Graduate School of Business) 29 16.95 USA

12 University of Maryland at College Park (Smith) 30 16.50 USA

13 University of California at Berkeley (Haas) 27 15.29 USA 14 Washington University at St. Louis (Olin) 29 13.68 USA 15 University of Illinois at Urbana-Champaign (College of

(37)

Table A10.2 - Top 15 Marketing Departments (U. S.)

Rank University Articles Score Country

1 University of Pennsylvania (The Wharton School) 78 41.33 USA 2 Duke University (The Fuqua School of Business) 64 32.46 USA 3 University of Chicago (Graduate School of Business) 54 30.66 USA 4 Northwestern University (Kellogg School of Management) 51 28.63 USA 5 University of Florida (Warrington College of Business) 43 26.06 USA 6 Columbia University (Graduate School of Business) 45 24.86 USA 7 University of Southern California (Marshall School of

Business) 44 24.16 USA

8 University of Michigan at Ann Arbor (Ross School of

Business) 45 23.95 USA

9 New York University (Leonard N. Stern School of

Business) 47 23.91 USA

10 University of Maryland at College Park (Robert H.

Smith School of Business) 32 18.06 USA

11 University of Minnesota at Twin Cities (Carlson School of

Management) 37 17.58 USA

12 University of California at Los Angeles (Anderson School

of Management) 34 16.91 USA

13 University of Texas (McCombs School of Business) 31 16.00 USA 14 Stanford University (Graduate School of Business) 33 15.36 USA 15 Pennsylvania State University at University Park (Smeal

(38)

Table A10.3 - Top 15 Decision and Information Technologies Departments (Also Information Systems, Operations and Production): U. S.

Rank University Articles Score Country

1 University of Texas at Dallas (School of Management) 51 31.08 USA

2 Columbia University (Graduate School of Business) 52 26.91 USA 3 Duke University (The Fuqua School of Business) 41 24.03 USA 4 New York University (Leonard N. Stern School of

Business) 40 22.95 USA

5 University of Minnesota at Twin Cities (Carlson School of

Management) 40 22.60 USA

6 University of Maryland at College Park (Robert H.

Smith School of Business) 42 22.43 USA

7 Michigan State University (The Eli Broad College of

Business) 35 20.58 USA

8 Stanford University (Graduate School of Business) 35 19.80 USA 9 University of Pennsylvania (The Wharton School) 33 18.41 USA 10 Massachusetts Institute of Technology (Sloan School of

Management) 35 17.37 USA

11 Carnegie Mellon University (Tepper School of Business) 30 16.11 USA 12 Georgia Institute of Technology (College of Management) 31 15.05 USA 13 Indiana University at Bloomington (Kelley School of

Business) 29 14.85 USA

14 University of Texas (McCombs School of Business) 30 14.70 USA 15 University of British Columbia (Sauder School of

(39)

Table A10.4 - Top 15 Management and Organization Departments (Also Strategy, Organization and Human Resources): U. S.

Rank University Articles Score Country

1 University of Pennsylvania (The Wharton School) 109 55.10 USA 2 Harvard University (Harvard Business School) 76 46.95 USA

3 University of Maryland at College Park (Robert H.

Smith School of Business) 70 38.23 USA

4 University of Michigan at Ann Arbor (Ross School of

Business) 64 36.50 USA

5 Pennsylvania State University at University Park (Smeal

College of Business) 65 33.91 USA

6 Duke University (The Fuqua School of Business) 59 31.56 USA 7 University of Texas (McCombs School of Business) 59 30.75 USA 8 Stanford University (Graduate School of Business) 53 30.08 USA 9 New York University (Leonard N. Stern School of

Business) 60 28.78 USA

10 Columbia University (Graduate School of Business) 49 26.95 USA 11 University of Illinois at Urbana-Champaign (College of

Business) 47 26.75 USA

12 Massachusetts Institute of Technology (Sloan School of

Management) 46 25.03 USA

13 University of Southern California (Marshall School of

Business) 44 24.05 USA

14 Northwestern University (Kellogg School of

Management) 43 22.86 USA

15 Washington University at St. Louis (Olin School of

(40)

Table A11 - UT Dallas Journal List for Ranking

Name Since

The Accounting Review 1990 Journal of Accounting and Economics 1990 Journal of Accounting Research 1990 Journal of Finance 1990 Journal of Financial Economics 1990 The Review of Financial Studies 1990 Information Systems Research 1990 Journal on Computing 1990 MIS Quarterly 1990 Journal of Consumer Research 1990 Journal of Marketing 1990 Journal of Marketing Research 1990 Marketing Science 1990 Management Science 1990 Operations Research 1990 Journal of Operations Management 1990 Manufacturing and Service Operations Management 1999 Production and Operations Management 1992 Academy of Management Journal 1990 Academy of Management Review 1990 Administrative Science Quarterly 1990 Organization Science 1990

(41)

TAB L E A12: S MIT H SC HO O L C ONSE NS US TO P BUS IN ESS J O UR NALS B Y AR E A

Accounting & Information Assurance • The Accounting Review

• The Journal of Accounting Research

• The Journal of Accounting and Economics

• Journal of Accounting and Public Policy

Information Systems

• Information Systems Research

• Management Science

• Management Information Systems Quarterly

Management Science/Operations Research • Management Science

• INFORMS Journal on Computing

• Operations Research

• Transportation Science

Operations Management • Management Science

• Manufacturing & Service Operations Management

• Operations Research

• Production and Operations Management

Business Statistics

• Journal of the American Statistical Association

• Journal of the Royal Statistical Society

• Technometrics

• Journal of Computational and Graphical Statistics

• Journal of Business and Economic Statistics

Finance

(42)

Business Law

• The American Business Law Journal

• Law journals published by the top law schools

International Business

• The Journal of International Business Studies

• Also top economic journals and top management journals

Logistics and Transportation • Transportation Research

• The Journal of Business Logistics

• The Transportation Journal

• Transportation Science

Management & Organization • Management Science

• Organization Science

• Journal of Applied Psychology

• Organizational Behavior and Human Decision Processes

• Academy of Management Review

• Academy of Management Review

• Strategic Management Journal

Marketing

• Journal of Marketing

• Journal of Marketing Research

• Marketing Science

(43)

Transforming the University of Maryland –

The Smith School As A Leading Edge

(44)

Goals of the Presentation

ƒ

Provide Other Deans and even the Provost (!)

knowledge of the Smith School of Business

knowledge of the Smith School of Business

ƒ

Summarize the Strategic Goals of the Smith School

to Align with University Strategy

to Align with University Strategy

• Faculty and Research

• PhD Program

• Masters Program

• Masters Program

(45)

The Smith School of Business

Today

Today

ƒ

~ 151 Faculty

111 T

d T

T

k

• ~111 Tenured or Tenure-Track

ƒ

3000 Undergraduates

ƒ

1400 MBA Students

1400 MBA Students

• 250 Full-time

• 1150 Part-time

(46)

Strategic Planning at the

Smith School of Business

Smith School of Business

ƒ

Annual event

A d

i D

t

t

• Academic Departments

• Administrative Departments

ƒ

Basis of Resource Allocation

ƒ

Requirement by AACSB

• Best practice among all business schools

l

(47)

Our Vision

ƒ

Our vision is for the Smith School of Business to be a

world leader in generating new knowledge in the emerging

global economic and business paradigm, and providing

thought leadership to students, corporate executives and

policy makers so that they can be

agents of both economic

prosperity and transformative social change

.

ƒ

We want to be counted among the

top 15 business schools

(48)

Faculty and Research Reputation of

the Smith School of Business

the Smith School of Business

ƒ

The best thing about the Smith School is the research

reputation

• #3 in “Intellectual Capital” (Business Week, 2009)

• #11 in “Research Productivity” (Financial Times, 2008)

9

#5 in 2007

• Almost every area in the top 12 in 2009 in research

ost e e y a ea

t e top

009

esea c

productivity

9

Marketing - #11

9

Finance - #9

9

Management and Organization - #5

g

g

(49)

5-Year Goals on

Faculty and Research Reputation

Faculty and Research Reputation

ƒ

Research Productivity ranked by Financial Times

• Consistently in the Top-5

• How?

9

Reward faculty for productivity and publishing in FT-50

9

Hire faculty who are productive and publish in FT-50

ƒ

Every Area ranked by US News

ƒ

Every Area ranked by US News

• Consistently in Top-10

(50)

Challenges for Maintaining

Research Reputation

Research Reputation

1.

Faculty Retention

ƒ

We cannot do worse than our peers and in fact need to

e ca

ot do o se t a ou pee s a d

act eed to

do better

ƒ

Salary, Teaching Load, Summer Funding, Research

Budget, Service Expectations

2

Hiring Better Faculty

2.

Hiring Better Faculty

ƒ

Always hire better faculty than one already has

ƒ

Future – Strategic Hiring

3

Higher standards for promotion and tenure without

3.

Higher standards for promotion and tenure without

(51)

Research Funding

at the Smith School of Business

at the Smith School of Business

ƒ

Most research characterized as “quantitative social science”

• Exceptions – Management Science, Finance

p

g

,

External Research

• Sources of external funding are limited

ƒ

How is research funded at a business school?

• Within the School Budget!

External Research

Funding:

FY08: $2,551,780

FY07: $4,133,520

FY06: $4,753,856

• Our Competition

9

ALL faculty on tenure track receive 2 months summer support

(52)

New Research Directions

ƒ

Our vision is for the Smith School of Business to be a world leader in

generating new knowledge in the emerging global economic and

business paradigm

business paradigm

• Center on Financial Policy and Corporate Governance

Center on Social Value Creation

• Center on Health Information and Decision Systems

9

Center on Global Health (Business)

• Center on Leadership, Innovation and Change

• Center on Digital Thought and Strategy

(53)

Other Challenges Viz Faculty at Smith

ƒ

Insufficient Diversity of Faculty

• 5-Year Goal: 3-5% of faculty from under represented minorities

• 5 Year Goal: 3 5% of faculty from under represented minorities

• 10-Year Goal: 6-7% of faculty from under represented

minorities

ƒ

More tenured and tenure-track faculty to teach

More tenured and tenure track faculty to teach

undergraduate courses

(54)

Highlights of the Smith PhD Program

g g

g

ƒ

Program reviewed every year

ƒ

Ranking by Financial Times

• #13 in 2009 (#9 in 2008)

• #13 in 2009 (#9 in 2008)

ƒ

Recent Placements (2006-08)

• UCLA, Michigan, Minnesota, Notre Dame,

Michigan State VA Tech Georgetown (2)

Michigan State, VA Tech, Georgetown (2),

Southern Methodist, RPI, McGill, Instituto de

Empresa, National Taiwan University, Nanyang

Technological University (2)

9

15 in top 50 FT among 40 PhD graduates

(55)

Smith School PhD Program Statistics

(Meeting University Goals)

Recruitment and Enrollment

Matriculation Date

Fall 2007 Fall 2008 Fall 2009

Applications 543 473 631

Number Admitted 36 39 30

Number Admitted 36 39 30 Number Admitted Who Enrolled 24 23 18

Percentage Admitted 6.62% 8.25% 4.75% Percentage Admitted Who Enrolled 66.67% 59.00% 60.0%

Average Undergrad GPA 3.61 3.86 3.50 Average Graduate GPA 3.69 3.70 3.67

Average GRE V: 570/Q:779 V:580/Q:771 V:602/Q:776 Average GMAT 704 703 723

(56)

Plans for the PhD Program

The PhD Program is a Reflection of future “peer assessment”

The PhD Program is a Reflection of future peer assessment

ƒ

Already Working On

• Improving the quality of in-take

• More rigorous evaluation of PhD student progress

g

p g

• Better Mentoring

9

CAPS – Career and Professionalism Seminar

ƒ

Main Goal

I

th

l

t i t

30 US b i

h l

• Improve the placement in top-30 US business schools

9

5-Year Goal

– Over a 3-year period, place 33% of PhD graduates in top-50 FT

business schools

9

10-Year Goal

9

10 Year Goal

(57)

The MBA Program

-Smith School of Business

Smith School of Business

ƒ

The MBA Program is the flagship program in a

Business School

• Very unlike other schools and departments

ƒ

Our reputation depends in a significant way on the

ranking of the MBA program

• Our reputation among peers faculty future MBA

• Our reputation among peers, faculty, future MBA

students, even future PhD students

ƒ

Our financials depend in a significant way on the

(58)

Precarious Smith MBA Program Ranking

ƒ

Ranking is Inconsistent

• Financial Times

9

20 Overall (#6 Public)

• Business Week

• Business Week

9

26 Overall (#8 Public)

• US News

9

40 Overall (#17 Public)

L

t b l

d

ƒ

Lesson to be learned

• We really compete with

Private University

Business Schools

9

Many of whom do not have undergraduate programs

• We are ranked on

(59)

SWAT Analysis of The MBA Program

ƒ

Strengths

ƒ

Strengths

• Ideally located in a large metropolis

• Local Competition does not have faculty strength in numbers

and reputation

ƒ

Weaknesses

ƒ

Weaknesses

• Reputation of Maryland - Continue to lose the very top students

to Georgetown

• Inconsistent rankings - #20 in Financial Times, #26 in Business

Week #40 in US News

Week, #40 in US News

ƒ

Opportunities

• New leadership and mind set at the Smith School

Figure

Figure 1: Robert H. Smith Actual and Projected Revenues  (As of June 2008:1998-2008 actual, 2009 projected)
FIGURE A1: ORGANIZATION STRUCTURE
FIGURE A2: STRATEGIC PLANNING PROCESS
Table A1. Smith School Pro Forma Actuals and Financial Forecast ($000)  (as of June 2009)  Revenues  2004  2005 2006 2007 2008 2009  Forecast  Base Budget  13,764  14,769  15,834 17,162 18,559 19,535  Other  Univ
+7

References

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