MUM MBA Teams Again Place in Top 10th Percentile in Business Competition

They did it again! This year marks the fifth consecutive year that MUM’s MBA teams have placed in the top 10th percentile of the CAPSIM Foundation Business Simulation, an international online business decision-making competition.

Lin Zhu, Chunyu Guo, Jilin Wang, Lisi Li (all from China)

In March 2014, MUM’s three MBA teams placed in the top 10th percentile, finishing at the 97th, 92nd and 91 percentiles, among 179 MBA teams that participated during the six-month window ending in March 2014.  MUM’s teams consisted of 13 students from eight countries.

The Foundation Simulation results are scored based on formulas for both short-term and long-term performance metrics under the Balanced Scorecard Concept which evaluates corporate performance across four perspectives: financial results, customer satisfaction, internal business processes, and learning & growth. The total score earned by each team is the basis of comparisons to other MBA teams that participated in the simulation during the previous six months, the window of comparison offered by CAPSIM.

Habibah Anis (Pakistan), Kedir Eslaman Misbah (Ethiopia), Potu Raju Kasani (India), Bijaya Adhikari (Nepal)

Each of the eight rounds of competition requires well-integrated, executive level decisions concerning product pricing, building customer awareness, product innovation, automation of production facilities, controlled expansion of capacity, cost control, training and development of personnel, and sound financing strategies.

Based on previous experiences with his MBA teams, Professor Bargerstock credits the Capsim Foundation Simulation with providing an opportunity for students “to practice teamwork behaviors such as collaboration, negotiation, and consensus-building. The groups need to think and act both strategically and tactically,” he emphasizes, “like an executive management team in a dynamically changing environment with competitors.”

Gezahegn Alebachew Sete (Ethiopia), Jiatong Li (China), Mahdi Ghandhari Alavijeh (Iran), Xiaoyan Liu (China), Sangvat Sok (Cambodia)

The Foundation Simulation was adopted to gain third-party assessment of the value of MBA education at MUM. “Now, after four straight years of Top 10th percentile finishes,” Bargerstock reflects, “we are delighted to see a consistent pattern of results that suggests our students will be competitive in the global job market.”

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XBRL Certification Prep Course Added to MBA Program

MBA Accounting students at MUM are gaining certification in a new worldwide standard for exchanging financial and accounting information that is required by some agencies of the US government as well as governments of other countries. MUM is the first university in the world to offer XBRL certification training as an academic course.

Extensible Business Reporting Language (XBRL)

The new standard is called XBRL, or Extensible Business Reporting Language. XBRL is a formal markup language, with some similarities to computer programming, that systematically defines business facts, values, contexts, units, and more in order to exchange financial information.

A Highly Marketable Skill

According to Dr. Bargerstock, the XBRL standard is rapidly spreading worldwide. In the U.S. both the Securities Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) require that all data reported to them use XBRL.

The Netherlands has adopted XBRL as a government-wide standard of reporting accounting and financial information.

“We want our students to be on the cutting edge,” Dr. Bargerstock said. “This new system is challenging to learn, but after an accountant is certified, he or she will be highly sought after by the many large institutions who are now having to prepare their data in XBRL. This will give our students another credential that will make them attractive in the US and international job markets.”

Students, Faculty Earn Certification

XBRL International, which developed this new standard, offers web-based learning and testing to certify basic knowledge of XBRL. Dr. Bargerstock and eight of his students have earned XBRL certification.  According to XBRL International, Maharishi University of Management is the first university to offer XBRL instruction and certification training as part of the curriculum.  XBRL is offered as a one-credit course in MUM’s MBA Accounting program.

During the Fall 2013 semester, the following students became XBRL certified: Zhuo Jiang, Hailemariam Zikarge, Pradip Shrestha, Mekdes Hailekiristos, Yeabsira Tadesse, Mark Nelson, Gregory Sarplah, and Kingsley Sikot.

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Standard Costing Very Costly, New Research Shows

Lean Accounting expert, Andrew Bargerstock, PhD, Director of Maharishi University’s MBA Programs, will present new research findings that show for the first time, empirical evidence of the waste inherent in Lean manufacturing companies that still use a standard costing accounting model. His talk, “The failure of standard accounting systems in Lean companies,” will be presented this week at the local chapter of the Institute for Management Accounting (IMA) during their Fall Conference in Cedar Rapids, Iowa.

Fairfield, Iowa (PRWEB) November 12, 2013

Lean Accounting expert, Andrew Bargerstock, PhD, Director of Maharishi University’s MBA Programs, will present new research findings that show for the first time, empirical evidence of the waste inherent in Lean manufacturing companies that still use a standard costing accounting model. Lean management principles are based on the generic elements of organizational development from companies like the Toyota Motor Corporation who build long-term customer loyalty while streamlining operational processes.

Dr. Bargerstock says, “Many mature lean manufacturers continue to use standard costing when it is no longer useful. This wasteful practice costs companies millions of dollars.” Professor Bargerstock will present his findings this Thursday, November 14 at 1pm, at the regional chapter of the Institute for Management Accounting (IMA) during their Fall Conference in the Double Tree Hotel in Cedar Rapids, IA. His presentation will include a summary of the research study and a model of a three-tiered system of organizational performance metrics that drive lean innovations.

“Companies are still attached to standard costing because it is the staple of business schools emulating General Motors operational controls from the 1950s. Lean offers a new model for operational controls. Our research is the first to show that mature Lean companies who still use standard costing accounting systems are leaving money on the table,” Professor Bargerstock says.

Lean manufacturing is a sustainable, cost-saving, adaptive and highly efficient manufacturing management process originated by Toyota Motor Company in the 1980′s, and since adopted worldwide by hundreds, even thousands of manufacturers. The Lean strategy can be applied to any type of organization profit or non-profit.

Wasted money, lost profits, weaker earnings

The new research, done at Maharishi University of Management, a 4-year Iowa college of arts and sciences that integrates practice of the Transcendental Meditation® technique into its curriculum, shows that many companies using Lean manufacturing processes are not discarding standard costing, and as a result, are missing significant additional savings, losing profits and weakening the bottom line. “Companies using Lean manufacturing, but not using Lean Accounting are losing money by clinging to an antiquated costing model,” Dr Bargerstock says.

This is the first empirical study to test a prediction made by many Lean Accounting theorists, that mature lean manufacturing enterprises will discard standard costing systems. Anecdotal evidence suggested that companies may be holding onto standard costing, but no empirical study has verified the observed behavior.

In 2011 and 2013, Bargerstock and one of his PhD students, Manjunath Rao, published articles in the Management Accounting Quarterly on the research conducted at MUM. The article published in Summer 2013 MAQ is entitled, “Do Lean Implementation Initiatives Have Adequate Accounting Support?”

Dr. Bargerstock was the chair of Rao’s dissertation committee. Lean accounting experts and academics at the Institute for Management Accounting collaborated on the research. The article describes the analysis of some of the data gathered during Rao’s dissertation research. The study found that in a sample of mature lean manufacturing companies, lean accounting implementation lags behind lean operations implementation, which may give rise to inadequate accounting support in lean initiatives.

A former Fortune 500 executive and national consultant for federal and state governmental agencies and private corporations, Dr. Bargerstock was selected as the 2009 Excellence in Lean Accounting Professor by the Lean Enterprise Institute (LEI), one of the leading non-profit associations dedicated to the education and promotion of Lean Management in the country. LEI, along with the co-sponsorship of the IMA, have also recognized two of Prof. Bargerstock’s PhD students during the last three years as Lean Accounting Student of the Year.

To arrange an interview with Dr. Bargerstock, contact Paul Schaefer, Director of Marketing at MUM by cell: 719-287-6867 and email: pschaefer(at)mum(dot)edu.

See a short video of Dr. Bargerstock outlining the main points of his talk at the IMA.

Founded in 1971, Maharishi University of Management (MUM) offers Consciousness-Based℠ Education, a traditional academic curriculum enhanced with self-development programs like the Transcendental Meditation® technique. Students are encouraged to follow a more sustainable routine of study, socializing and rest without the typical college burnout. All aspects of campus life nourish the body and mind, including organic vegetarian meals served fresh daily. Located in Fairfield, Iowa, MUM is accredited by The Higher Learning Commission and offers bachelor’s, master’s, and doctoral degrees in the arts, sciences, humanities, and business. Visitors Weekends are held throughout the year. For more information, call the Admissions Office at 800-369-6480 or visit http://www.mum.edu.

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MUM’s Ye Shi Named LEI’s 2013 Lean Accounting Student of the Year

Tabitha Dubois (right), LEI's Director of Finance and Administration, gave the Lean Accounting Student Award to MUM’s Ye Shi, and the Lean Accounting Professor Award to WWU's Dr. Audrey Taylor.

Fairfield, Iowa (PRWEB) October 25, 2013

Maharishi University of Management PhD candidate, Ye Shi (Linlin), was awarded the 2013 Lean Enterprise Institute’s annual Excellence in Lean Accounting Student Award during their Lean Accounting Summit this month in Orlando, Florida. The Lean Enterprise Institute (LEI) is a non-profit educational association, which recognizes students who have been actively engaged in research, education, and the development of Lean Accounting and accounting for Lean.
Andrew Bargerstock, PhD, CPA, director of MUM’s MBA programs, had nominated Linlin for this award based on her accomplishments in lean accounting. “We are very happy that Lin Lin’s accomplishments are recognized by one of the biggest names in Lean Accounting, James Huntzinger, in his role as the chair of the Student of the Year selection committee for Lean Enterprise Institute (LEI) and the Lean Accounting Summit.”
On September 23rd Jim Huntzinger, president and founder of Lean Frontiers, and author of Lean Cost Management: Accounting for Lean by Establishing Flow, notified Linlin of her selection as Lean Accounting Student of the Year. Huntzinger founded the Lean Accounting Summit in 2005, as well as produced many other Lean summits.
As to why she was selected, Jim Huntzinger said,

“Linlin was recognized as LEI Lean Accounting Student for 2013 due to her commitment to help others understand and develop a deep understanding of the new paradigm in Lean Accounting. We hope that she will continue to deepen her knowledge of this area and encourage more students and faculty to join the Lean Accounting adventure, and utilize her PhD research to both deepen and further her understanding of lean accounting.”

This award continues a pattern of recognition for MUM from LEI. Dr. Andrew Bargerstock was named Lean Accounting Professor of the Year in 2009, and Manjunath Rao was selected as Lean Accounting Student of the Year in 2011 for his PhD dissertation.

Linlin completed both the MBA in Accounting (2011) and the Post-graduate Certificate in Lean Accounting (2012) at MUM. In September 2013 she began her second year of teaching three of the two-credit courses in the Lean Accounting Certificate program.

In collaboration with Dr. Bargerstock, Linlin has developed case studies to illustrate how to implement kaizen methodologies to improve accounts payable processing. Linlin is currently taking coursework in the PhD program at MUM and expects to begin her dissertation next year.

Linlin is passionate about Lean, which she says is “the great strategic thinking that leads to true sustainable development. Lean accounting is an advanced way of articulating business through present and real financial numbers compared to the historical and sometimes misleading numbers provided by traditional accounting.”

Linlin says Lean enables better communication and employee engagement, and greatly enhances leadership. She adds, “It’s also a great illustration of how to do less and accomplish more, which is a fundamental principle of our university’s educational approach, Consciousness-Based Education.”

Linlin says she is thrilled and honored to be recognized as the Lean Accounting Student of the year. “I am grateful for the support from MUM, Lean Frontiers, LEI and IMA. I appreciate the guidance and support from Dr. Andrew Bargerstock and other mentors and friends. Without them, any personal development for me would not have been possible.”

The summit offered Linlin, and other participants, the opportunity to meet with elite academic lean professionals and business lean practitioners. “It’s thought provoking to hear the speakers from different fields articulating the Whys and Hows of lean accounting based on their empirical research and practical experience. To be able to talk to them face to face and exchange opinions during the open discussions was fantastic. Also, the Q&A session with the executive team from the renowned Institute and the rest of the speakers provided the practical solutions for any problems people may encounter during lean transformation. It was really exciting to learn the live examples and have the inspiring conversations.”

Included in Linlin’s award was a complimentary registration at the Summit and $500 towards her travel expenses.

Photos of LEI Award Winners are available at garrethoover.com/LEI. Tabitha Dubois (red dress), Director of Finance and Administration for LEI, gave the Excellence in Lean Accounting Student Award to MUM’s Ye Shi, and the Excellence in Lean Accounting Professor Award to Dr. Audrey Taylor, Professor of Accounting at Western Washington University.

Founded in 1971, Maharishi University of Management (MUM) offers Consciousness-Based℠ Education, a traditional academic curriculum enhanced with self-development programs like the Transcendental Meditation® technique. Students are encouraged to follow a more sustainable routine of study, socializing and rest without the typical college burnout. All aspects of campus life nourish the body and mind, including organic vegetarian meals served fresh daily. Located in Fairfield, Iowa, MUM is accredited by The Higher Learning Commission and offers bachelor’s, master’s, and doctoral degrees in the arts, sciences, humanities, and business. Visitors Weekends are held throughout the year. For more information, call the Admissions Office at 800-369-6480 or visit http://www.mum.edu.

Original article on PRWeb:

http://www.prweb.com/releases/LeanAcctStudentoftheYear/10/prweb11263783.htm

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Bargerstock and Rao Publish Research Article in MAQ Journal

Dr. Manjunath Rao & Dr. Andrew Bargerstock

The Business Administration Department at Maharishi University of Management announces the publication of an article on an empirical study of accounting practices in lean manufacturing companies in the USA.  MUM researchers collaborated with the Institute of Management Accountants (IMA) on survey design and distribution.  The article by Dr. Manjunath Rao and Dr. Andrew Bargerstock entitled, “Do Lean Implementation Initiatives Have Adequate Accounting Support – The Debate of Duality,” was published in the Summer 2013 issue of Management Accounting Quarterly, a peer reviewed journal of the IMA.  Rao completed his Ph.D. in Management in May, 2013.  Dr. Bargerstock is Director of the MBA Programs and was chair of Rao’s dissertation committee.

The article describes the analysis of a subset of data gathered during Rao’s dissertation research. The study indicates that in this sample of mature lean manufacturing companies, the maturity of lean accounting implementation lags behind that of lean operations implementation, which may give rise to inadequate accounting support in lean initiatives. The survey suggests possible reasons for this inconsistency including factors such as enterprise resource planning (ERP) information systems that are traditionally programmed for standard costing even though lean accounting experts consider standard costing and variance analysis as wasteful, non-value added activities.

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Another Four MUM Teams Finish in Top 10 of CAPSIM Foundation Simulation

Four MBA teams from MUM finished in the Top 10 of 103 MBA teams who participated recently in an online business decision-making simulation.  This achievement marks the fourth consecutive year in which MUM’s MBA Accounting students have placed at least one team in the Top 10.  Two years ago an MUM team finished #1 out of 135 teams.  This year, MUM also placed the top two teams in this international simulation that finished in the six-month period ending July 25, 2013. Each of the 2013 teams are pictured below with their final percentile score and rank.

Baldwin Team, 99th percentile, Rank #1 (left to right): Chuang Huang, Yiyang Sun, Menghao Sun, Lin Long, Qi Wang

Chester Team, 98th percentile, Rank #2: Charles Njoya, Fon Ngando, Tenyah Kingsley Sikot, Abhishek Kumar, Pradip Shrestha

Andrews Team, 94th percentile, Rank #6: Bunsom Ly, Deepu Damodaran Namboothiri, Pakrigna Phai, Sneha Pokharel

Digby Team, 91st percentile, Rank #9: Hailemariam Zikarge, Yeabsira Tadesse, Anmar Ma'yoof, Tsion Mekonen

Erie Team, 67th percentile, Rank #33: Mark Nelson, Matthew Rees, Gregory Sarplah (back), Steven Lucero, Mekdes Hailekiristos

Qi Wang (Member of #1 ranked Baldwin team) stated that her team’s practice of meditation helped facilitate executive teamwork: “Because we all practice the Transcendental Meditation technique, we were able to maintain very broad awareness throughout the simulation even when we had to focus sharply on individual decisions. Also, we were able to engage in harmonious communications even when we were debating alternative decision possibilities. Our healthy team dynamics helped us to produce outstanding results.”

MUM students report their successes came from well-integrated decisions concerning product pricing, building customer awareness, product innovation, automation of production facilities, controlled expansion of capacity, cost control, training and development of personnel, and sound financing strategies.

The simulation results are scored based on formulas for both short-term and long-term performance metrics under the Balanced Scorecard concept with four perspectives: financial results, customer satisfaction, internal business processes, and learning & growth.  The total score earned by each team was the basis of comparisons to other MBA teams that participated in the Foundation Simulation during the previous six months.

US universities generally have the reputation of producing very good technical accountants who are not always very competent as decision-makers when they enter the workforce. This problem can be traced to traditional teaching methodologies that ask students to solve problems with well-defined answers. But, in the real world, business decision-makers face a complex world of uncertainties. The simulation provides an opportunity for students to practice teamwork behaviors such as collaboration, negotiation, and consensus-building.  In addition, the groups begin to think and act both strategically and tactically, like an executive management team in a dynamically changing environment with competitors.

At MUM, we adopted the Foundation Simulation to gain third-party assessment of the value of MBA education at MUM.  Now, after four straight years of “Top 10” finishes, we are delighted to see a consistent pattern of results that suggests our students will be competitive in the global job market.

 

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25 MBA Accounting Students attend IMA Meeting

On March 14, 2013, Dr. Andrew Bargerstock and 25 MBA Accounting students participated in Student Night activities with the Cedar Rapids, IA chapter of the Institute for Management Accountants (IMA).  The program began with a tour of the Frontier Co-op manufacturing plant in Norway, Iowa. Most of the plant operations involve processing and packaging of spices and teas. The aromas were divine! The tour was followed by a catered dinner and talks by members of the IMA who informed and encouraged students about the advantages of membership in IMA and taking the CMA examination. Accounting students from several area colleges attended as well as members of IMA and company officials.  Dr. Bargerstock was acknowledged for his recent articles published in Management Accounting Quarterly, the academic journal of the IMA.

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CAPSIM Success Highlighted in MUM’s Annual Report

The success of our MBA students in the 2012 national CAPSIM Foundation simulation competition, where all four of our MBA teams placed in the top ten percent, was among the outstanding achievements highlighted in MUM’s 2011-12 annual report.

Other highlights include:

  • an hour-long documentary aired in March 2012 on the Oprah Winfrey Network (OWN) after Oprah visited MUM in October 2011
  • 2012 commencement address by CNN anchor Candy Crowley
  • a new Sustainable Living Center that generates 5 to 50 times more power than it uses
  • more…

View the full University Report.

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IMA Meeting Results in Corporate Connections

In December 2012, Dr. Bargerstock attended a meeting of the IMA-Cedar Rapids, Iowa, chapter, where the main speaker was David Nuernberger, Tax Partner with Deloitte, a major CPA firm. Mr. Nuernberger discussed anticipated changes to individual and corporate tax laws coming during 2013. Through a question from Dr. Bargerstock, it was revealed that Congress will be considering the elimination of LIFO method of inventory costing as a way of collecting more tax revenues. Dr. Bargerstock pointed out that such a change would be consistent with USA’s move towards IFRS, which does not allow LIFO.

At the end of the meeting, Dr. Bargerstock met the speaker and discussed ideas about how MBAs with USA tax experience can apply for positions at Deloitte. Additionally, Dr. Bargerstock met Deloitte’s Regional Director of Auditing, who will introduce us to their regional recruiter. We are hopeful that these relationships will open new opportunities for MBA job placements.

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MUM’s Four MBA CAPSIM Teams All Finish in Top 10

Chester Team (left to right): Laxman Bhandari (Nepal), Visakha Ly (Cambodia), Enkhbat Byambaakuu (Mongolia), Phirada Khuon (Cambodia), Nan Cao (China)

Four MBA teams from Maharishi University of Management finished in the Top 10 out of 97 MBA teams who participated in the international CAPSIM Foundation simulation during the six-month period ending July 1, 2012.  As confirmed by Ron Duran, Professor Relations Representative at the Chicago-based CAPSIM Company, MUM’s Chester Team finished at the 97th percentile, the Digby Team finished at 95th percentile, the Baldwin team finished at 93rd percentile, and the Andrews Team finished at 90th percentile.  This performance marks the third consecutive year in which MUM’s MBA Accounting students have placed at least one team in the Top 10.  Other MBA participants in this year’s Top 10 included teams from Villanova University, University of Texas – Dallas, Drexel University, and Alfred Laurier University (Canada).

Digby Team (left to right): Gurmu Negeri (Ethiopia), Njei Akuro (Cameroon), Eshetu Debru (Ethiopia), Seka Ellepo (Ivory Coast)

The CAPSIM Foundation Simulation is a continuous event available on-line where participant teams are evaluated against all teams who have participated in the previous six months. Through the Foundation simulation, students gain the opportunity to practice integrated decision-making in a manufacturing industry across a wide range of management functions, e.g., product design, sales forecasting, inventory management, operations management, human resources, finance, and quality management.  The simulation results are scored on both short-term and long-term performance metrics based on the Balanced Scorecard concept which encourages development of organizational performance metrics across four perspectives: financial, customer, internal business processes, and learning & growth.

Baldwin Team (left to right): Xiaoxu Chen, Daina Zhang, Bo Wu, Yue Pan, Zhuo Jiang (all from China)

The simulation is a popular event among students in the MBA Accounting classes offered by Dr. Andrew Bargerstock, Director of MBA Programs at M.U.M. The students appreciate the opportunity to exercise their skills in executive decision-making and small group dynamics. Both strong analytical skills and informed intuition are valuable for simulation decision-making. The winning team reports its success came from a combination of good decisions about product pricing, building customer awareness, product innovation, automation of production facilities, controlled expansion of capacity, cost control, training and development of personnel, and sound financing strategies.

Andrews Team (left to right): Joseph Marquez (Philippines), Eliana Freeman (USA), Mila Zhang (China), Mokhlis Awad (Egypt)

Dr. Bargerstock states that “when our mostly international MBA Accounting students perform so well against some of the best business schools in North America, it validates the quality of our students’ skills in integrated decision-making.  This performance indicates a high level of preparation that our MBAs will bring to the workplace.”According to Dr. Bargerstock, USA higher education has the reputation of producing very good technical accountants who are not so competent as decision-makers. This problem can be traced to traditional teaching methodologies that require students to solve problems with definite answers. But, in the real world, decision-makers face a complex world of uncertainties. The simulation provides an opportunity for students to practice with the framework required for success in executive management.

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