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GSMT - Strategic Financial Management (ADMN 655)

CSI Staff

Staff Writer

Center for Support of Instruction

Category: » University-showcase » Classes-programs

To foster a strong community of sharing among graduate faculty, we are examining unique approaches that instructors are taking to facilitate learning in their classrooms.

James Howard, Program Director, Financial Management, has taught for the Graduate School since fall of 1991, and has taught online via WebTycho since 1998. Jim is a strong proponent of well-organized, easy-to-navigate online classrooms that promote high levels of interaction among students and faculty members. He has learned from experience the importance of getting the class started off right by making his expectations for student interaction clear from the first week. In addition, to provide students with a positive learning experience, Jim strives to establish and maintain an ongoing presence in the classroom, and to give students timely and substantial instructive feedback. As a result of Jim's efforts, students are comfortable and confident in the online classroom environment.

Students in ADMN 655, Strategic Financial Management, the capstone course in the financial management track, need to be comfortable online in order to meet the challenges of the class. According to Jim, "Students enrolled in ADMN 655 have already completed five track classes. This is a heavily integrated course where students are expected to demonstrate their ability to analyze, synthesize, and evaluate information concerning financial performance at an organization." To help achieve this goal, Jim utilizes Fingame, an online simulation developed by McGraw-Hill publishers.

As Jim explains, "In Fingame, small groups of three to five students each comprise a Chief Financial Officer (CFO) team charged with applying financial concepts, principles, and theories in a real-life company setting." With the goal of generating as much profit as possible, teams use forecast data to make all the financial decisions, such as price and production, for their company's upcoming quarter. The simulation is run based on those decisions, and provides students with feedback on how the company fared as reflected in its stock price. Teams assess their levels of success, and make adjustments as needed in their decision-making for the next quarter. In all, team members participate in eight business quarters over the duration of the semester, giving them each many opportunities to apply what they have learned.

These types of simulations and other content-related class activities promote interaction by encouraging students to work together productively. To succeed, teams must move forward and complete their mission. Jim facilitates ease of participation in a number of ways. First, given that many students already know each other from previous classes, he allows them to self-form groups during week one, if they want to. Other students are assigned groups (Jim finds groups of four students to be optimal). Second, to discourage "free-riders," Jim makes clear up front that groups will complete individual peer evaluation reviews at the end of the project; evaluation items include initiative, cooperation, and quality of work. Third, Jim encourages groups to test their online communication and coordination, as well as their ability to work effectively as a group, early. And fourth, in the event that a group notifies Jim of a personality conflict or other dysfunction that is hampering their progress, Jim will reformulate the group.

Overall, ADMN 655 students seem to enjoy and benefit from the Fingame simulation. According to Jim, "It sparks interest and excitement because it is a little bit different than what they are used to. Students are challenged to pull together all they have learned in their previous Financial Management Track courses. They put their decision-making ability on the line, and like seeing how their actions play out in the simulated corporate environment."

Jim strongly encourages other faculty members to visit the textbook publishers' instructor support sites, and to consider employing simulations to enhance their online courses. Though he readily concedes "simulations are not right for every class," Jim maintains that many courses would benefit from incorporating "what-if" models and other hands-on activities to demonstrate individual principles. As Jim notes, "Most publishers have a tremendous amount of support materials available in addition to the textbook, including CD-ROMs, online articles on content-related topics, cyber problems, cyber exercises, games, and simulations. Faculty should take advantage of these valuable resources."