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Courses and descriptions

Management and its best practices

This is the introductory course of the Hayek Global MBA program.

The success of a business is greatly affected by the quality of its management. There is such thing as good vs bad management, and it matters a lot! Further, the quality of management varies greatly among businesses and countries, as is shown in various literature. Believe it or not, few companies practice good management.

But what are in fact the best practices of good management? 

We will explore that and put you in charge of building a business plan from scratch to design incentive schemes, create performance indicators, create control processes to mitigate fraud risks, among others. 

The People Factor

To maximize profits you need to create value by using the best resources available to you. The most critical and important of these is the people. 

Happy, fulfilled people tend to produce more. How can the company establish training and career development opportunities? How do you deal with high turnover rates? Retain great talents?

Would you be able to create projects to implement these best practices of people management, in a real work setting? 

This course will teach you how to do it yourself!
 

Marketing and Sales

You may have the best product in the world, but it is useless if you cannot sell it. Sales techniques and good marketing strategies make a huge difference. Technology also plays a crucial role in this realm nowadays, with digital marketing, social networks, marketing automation systems, and CRMs greatly facilitating efficient communication with potential customers.

In this course, you'll learn how to have a commercial focus in your business, position it with a good marketing strategy, and sell! 
 

Business Street Smarts

In theory, all businesses are at best, an abstract idea providing goods and services in competitive markets. So what happens when theory crashes with the real world?  There are many unexpected outcomes; unpleasant, funny, frightful, illegal, and sometimes deadly. 

How do you deal with corruption and fraud risks in a company? 

Establish controls.

But since absolute control is impossible, we have to craft it and manage in an environment with proper incentives aligned with workable checks and balances understanding that all that we do and touch is imperfect.
This course will address how to deal with the most common fraud problems in business, the cost benefits of bureaucracy, and much more! 
 

Operations and Projects

If you want to take your organization to the next level, you need greater productivity and optimization of resources. Because of knowledge and coordination problems, it is a real challenge! 

Process management and documentation are very important. The use of technology for automation of processes, allied with several different techniques in quality improvement and project management have been developed over the years to help on these tasks, such as TQM, Six Sigma, 5-S principles, Just-in-time, PMI, Agile, to name a few.

This course will give you the tools to face these challenges and take your organization to the next level. 
 

Strategic Planning & Market Competition

Always and everywhere, businesses face competition. Thus, executives and managers must have a clear plan for the company, with positioning strategies. How do you identify your competitors, and how can you learn about them? Should you simply outmuscle them, or should you do something different? And once you define a strategy, how do you craft a clear message so that it is communicated and followed effectively throughout the organization? 

With distinct positioning, you will need to execute it within your organization. For that, you have to get your teams working in the same direction by communicating priorities and aligning incentives. 

This course will challenge you to craft it all yourself. 
 

Managerial Economics

The economics of business success comes down to creating the most value for the least amount of resources.

How do businesses get the most out of what they do? This problem has been analyzed dating back from Adam Smith, Alfred Marshall, to David Ricardo and Friedrich Hayek, on concepts ranging from gains from specialization, marginal utility, economies of scale, comparative advantages, and virtues of decentralized planning.

Economics gives you powerful tools to understand the world, and this course is about applying economic insights to guide day-to-day business decision making.
 

Accounting and Control

Running a business without numbers is like piloting an airplane blindfolded with no map or GPS. Running it with the wrong numbers is like piloting the plane with the wrong map, or a glitched GPS!  You think you know what is happening but you only see mirages and illusions. Producing and recording numbers correctly is essential.

The bigger the business, the more complex the problem becomes. There are many different moving parts in a company, and the problem of recording and categorizing these numbers can become very overwhelming. Fortunately “bookkeeping,“ has evolved over time into a science, namely accounting. 

What's a balance sheet for? How do you put together a profit and loss (P&L) report? 

This course will cover the role and big picture of accounting, based on international standards.

Financial Planning & Budgeting

Have you ever heard the expression "cash is king?" Well, indeed it is! And just like in a chess game, no matter how big your advantage is or how many strong pieces you have, if your king is checkmated, it's game over. 

This is probably the most crucial aspect of your business, the backbone of your organization, what holds it all together. 

Financial planning is about planning your cash flow across time, considering return on investment and its opportunity costs. Budgeting is about controlling costs, given the available and expected cash, and thus disciplining the whole organization. 

Why use financial indicators such as EBITDA? When is it applicable, and when not? In this course, we will touch on these and other big “whys”, and get you to apply the “hows”.
 

Data Driven Decision Making 

“In God we trust, all others must bring data.” – is a phrase attributed to Edward Deming. Numbers don't lie, or do they? As technologies become more sophisticated, data driven decision making skills become a must in the 21st century. 

Numbers aren't always there neatly organized for you to analyze. How do you come about doing the dirty work of transforming messy chunks of numbers into insights you can use for your organization to decide upon? 

Also, correlation is not causation. In other words, you have to analyze not only numbers but also are understand if the appropriate variables of the problem at hand are taken into consideration.

This course will train you to use data to guide you in the company's decision-making.

Moral Foundations of Business

We are learning to be more efficient, to sell more, to cut costs, maximize profits, but… why?

Business happens in the context of social interactions, and there are many conflicting views on its morality. It is important to understand under which conditions it makes society better off. We take the stance that ethical business practice, under purposeful, voluntary, and transparent transactions is virtuous. 

This course will complement the vocational training of the Global MBA program to spark in you a deeper appreciation for the virtues of business practice. 

Capstone + Leadership 

At the end of the MBA, students will use what they learned and apply it in practice in an 8-week Capstone Project at a real company. 

Students will work in teams, guided by the professor, and in partnership with liaisons at the host company. 

In parallel, they will take a leadership course oriented towards developing their ability to working with the team on the capstone project using the tools acquired during the program. 
 

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