Reflection on Business Models Implied in Academical Course Essay

Reflection on Business Models Implied in Academical Course - Essay Example One of my long term goals is to become a manager. Once I reach that goal I will reflect back on my college experiences including this course to apply the skills and abilities I developed through the educational process of attending college. During the class, the professor emphasized the importance of reading. Students have to develop study habits because to learn one has to dedicate time to feeding data and information to the brain. The prefrontal cortex has to be developed since this part of the brain has the decisional power of a CEO (Schmidt). The course helped me realize the power and applications that modeling has. A model can be used to create a physical product such as designing a new car model. Organizational charts can be used to visualize a model in the workplace. One of the most practical applications of modeling is mathematical models using formulas that can be expressed with the assistance of software tools such as Microsoft Excel. Business models can be used to make bet ter decisions by managers or other decision makers in a company. Models can help a person break down processes into simple components. I imagine a person that wants to start a business of selling ice cream. This person needs to create a business model to succeed. Testing marketing applications such as offering discount coupons in flyers can be done through the use of statistical models. I learned that modeling improves the quantitative skills of a person. Any time a student is exposed to mathematical problems their quantitative reasoning skills will be expanded. I have learned since I was in elementary school that the only way for a person to improve their mathematical abilities is through practice. Four types of models that were discussed during the course were one-time use models, decision support models, embedded models, and models used in business education. The efficiency of the embedded and decision support models greatly increases with the integration of computers and other t echnologies in the modeling process. I learned in class that some of the benefits of modeling are that it can prevent errors, reduced costs, and increase business intuition. For instance, an accountant can create a model to predict the future sales of a company. The sales model can be used to make many operating decisions such as determining the amount of inventory, labor, and marketing budget needed to achieve a desired level of sales. The four steps in the modeling process are framing the problem, diagram the problem, build a model, and generate insight. I learn in class that for this process to occur the person has to start off by framing the problem correctly. Imagine a company that loses its profitability. The manager will look for clues to identify and frame the problem. The manager must be patient and analyze all aspects of the business to find the answer. A lazy manager that assumes that higher cost is the root of the problem without investigating the matter has done a bad j ob of framing the problem. The strategy chosen by the manager might backfire because the root of the problem might be that the company is using obsolete technology that is inhibiting the ability of the firm to produce goods as efficiently as the competition. One of the models that caught my attention the most during the course was strategy analysis. I think that these types of business models should be used more often by managers in the industry. Today the business world is changing at an accelerated pace.