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HBX Business Blog

Job Hunting? Here Are the 5 Interview Questions You Should Ask

Posted by Jessica Clark on February 9, 2017 at 10:14 AM

Seated interview candidates

We sat down with our recruiting coordinator, Jessica Clark, to get her thoughts on questions every interview candidate should ask.

1. Is this position new or a replacement?

This question is useful for understanding more about the structure of the team you would be joining. Interviewing for a new role would suggest growth within the group and that this position would help in redistributing the existing workload and/or taking on new tasks.

If the role is a replacement, it can be a sticky conversation to navigate as the person interviewing you may be less inclined to share details. If possible, it is helpful to learn more about why the prior employee left the role. Limited growth potential and mismatched personalities with the direct supervisor may be red flags.

2. Can you tell me more about the team I would be working on?

It is very important to learn as much as possible about potential peers and colleagues during the interview process. If you are spending upwards of 40 hours every week with a group of people, it should be a team you enjoy being around. The candid opinions you may receive in response to this question can be helpful in assessing your “gut reaction” to the environment.

3.How would you describe the culture of the organization/department?

I have worked in organizations with a wide range of company cultures. Especially within a newer department like HBX, which has only been in existence for a few years, hearing that work/life balance is a priority and knowing that a "Fun Committee" exists are helpful tidbits for getting a sense of the environment.

You will also likely pick up on an office's general tone just by observing as you walk into the interview. Do people smile at you in passing? Is it so quiet you could hear a pin drop? Soak in these small cues to help assess if this is a place where you could see yourself being comfortable and happy.

4. What are the biggest challenges or hurdles with this role?

Gaining insight into the expectations of the person who takes on the role, knowing how quickly you would be expected to “get up to speed," and what type of training is included in the onboarding process are all good to know before walking in on day one of a new job. Every person who interviews you may have a different take on the most pressing parts of the role depending on their own perspectives, but their views will help you in getting a well-rounded picture on the keys to success. 

5. Would you please run through the time frame for any next steps?

I try to touch on this every time I meet with candidates, but inevitably time sometimes gets away and we don’t have a chance to discuss the remaining steps in our recruitment process. Every organization is different, so having a heads up on things like the number of interview rounds, feedback method, scheduling next steps, and primary contact person for follow-up questions can help to ease the stress and anxiety that can accompany job hunting.


headshot of Jessica Clark

About the Author

Jessica Clarks works on the HBX Business Operations team as the Recruiting Coordinator. She enjoys interacting directly with candidates and helping to ensure the recruitment process is as seamless as possible. Before joining HBX in 2015, she worked in a similar capacity at Harvard's T.H. Chan School of Public Health. When she’s not reviewing resumes and scheduling interviews, Jessica can be found volunteering as an after-school tutor or spending time outdoors.

Topics: HBX Insights

3 Survey Question Mistakes and How to Fix Them

Posted by Anna Vallee on February 7, 2017 at 8:57 AM

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Surveys can help your company identify opportunities, assess challenges, and set direction. If you're looking to design a survey for your own organization, you should be aware of common pitfalls that novice survey creators can run into.

Here are three survey question development mistakes made by startups and well-established companies alike. Caveat lector, or “let the reader beware”.

The Biased or Leading Question

“Our product reduces your tension by 10%. Would you like to buy it?”

This rhetoric might be fine for a home gym infomercial, but the question above is biased. A biased survey question prompts or leads a respondent to respond in favor or against a specific outcome, resulting in inaccurate data.  The example above mentions a reduction in tension that might influence the respondent to indicate they would make a purchase. A better question would be "How likely are you to buy this product?" Examples don’t need to be as extreme as the one highlighted to be considered biased.

Tips to avoid bias:

  • Use neutral language. Do not favor one option –explicitly or implicitly –and do not lead a respondent to an answer.
  • Vary the ordering of options in a list. This should be done across questions with similar answers to ensure a respondent will not make a decision based on chronological sequencing.

The Ambiguous Question

“How do you feel about your purchase?”

This question uses ambiguous and imprecise language. Quantifying or assessing subjective attitudes is difficult, and the burden shouldn’t fall on the respondent. A better approach is to provide options for the respondent: "How satisfied are you with your purchase? Extremely satisfied; somewhat satisfied; neutral; somewhat unsatisfied; extremely unsatisfied".

Tips to avoid ambiguity:

  • Think critically and develop precise questions. Even better – don’t reinvent the wheel and look at existing metrics, such as those available at Survey Legend.
  • Consider tools other than surveys. Conjoint analysis, for example, can help reveal how much a customer values a certain product or service.

The Complex Question

“If you had to get to work using a bicycle, bus, train, car, or on foot, which would you choose? Consider annual precipitation, your transportation budget, and carpooling opportunities.”

The question above assesses propensity for transportation methods, perhaps to help a city decide whether to allocate funding to bike share programs, commuter rail services, or bus routes. However, this question is overly complex, making it difficult for the respondent to answer.

Tips to avoid complexity:

  • Trim the fat. Cutting unnecessary qualifiers could ease the intellectual burden. Understand, however, that you risk perpetuating the second question type by making assessments more open-ended.
  • Qualitative interviews and focus groups are an alternative method of receiving detailed answers if time and effort allow. A pair-wise ranking system might also be appropriate in this scenario.

When your company conducts surveys, look for red-flags that could lead to inaccurate conclusions. Low response rates or an unrepresentative sample of respondents are especially sharp objects that could poke a hole in your metaphorical tire. These three tips are only the beginning of becoming a proficient survey designer. Knowing the best way to design assessments – and being aware of when other tools may be more appropriate – will lead to more effective company research.


Interested in learning more about survey design and other principles of Business Analytics? Take HBX CORe to strengthen your knowledge of Business Analytics, Financial Accounting, and Economics for Managers.

Learn more about HBX CORe


anna vallee

About the Author

Anna Vallee is a Research and Teaching Assistant for the Business Analytics course at HBX. She received her Ed.M from the Harvard Graduate School of Education in 2015 where she studied experimental and quasi-experimental research design, applied data analysis, and management practices related to non-profit and educational institutions. Prior to joining HBX, she was the Manager of Research and Data Analytics at another Boston-based edtech startup. A lifelong learner, she is always looking for a great book to read.

Brady vs. Belichick

Posted by Patrick Mullane on February 2, 2017 at 8:40 AM

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This post originally appeared on LinkedIn.

I hesitate to write this, but as a Texan living in Massachusetts and a much bigger fan of college football than pro football, I’m relatively agnostic about who wins the Super Bowl. I do root for the Patriots, but mostly out of loyalty to my friends who support them and the realization that the staff I manage will be much more productive the week after the big game if the Pats win.

I like to think that one advantage of my neutral feelings is that I’m able, more than my fellow Boston-area sports fanatics, to better consider the success of the team in a dispassionate way. That cool objectivity led me recently to a debate with a friend of mine centered on a question many have pondered before: is the Patriots' success because of their coach, Bill Belichick, or their quarterback, Tom Brady?

I took the position that the team’s success has much more to do with Tom Brady. One piece of data that supports this position: look at Belichick’s and Brady’s performance before they joined forces. From 1991 to 1995, as the head coach of the Cleveland Browns, Bill Belichick’s record was 37-45. Not good. Tom Brady’s record as a starting QB at the University of Michigan was 20-5. In short, Brady was successful before Belichick; Belichick was not before Brady. Even after getting to New England, Belichick started 5-13 in his first year-and-a-half with Drew Bledsoe at the quarterback position. His hand was only forced after Bledsoe was injured and Brady came in to begin a run he is still on, winning 11 of the remaining 14 games that season. (For a more detailed analysis, see this article that lays out the argument more fully and which I drew on extensively: Brady vs. Belichick). Brady stands out as the more important cog in the Patriots winning wheel.

Another piece of data to support the “it’s Brady” hypothesis comes from the story of Charlie Weis. Weis, the offensive coordinator at New England and the coach most connected to Brady on a day-to-day basis, became Notre Dame’s head coach in 2005 after several years under Belichick. At the time, Weis was considered an offensive genius and the most notable protégé of Belichick. But knowing the Belichick system and approach did nothing to help secure wins for Notre Dame (which, as an alum, was quite painful to me). Weis was fired after five years – turns out that coaching Brady makes you look good.

While all of this number-crunching and historical analysis is helpful, perhaps the most telling data point is the answer most Patriots fans would give to this question: would you rather, a week before the big game, be told that Tom Brady tore a ligament in his throwing arm while combing his movie-star hair and cannot play, or be told that Bill Belichick injured his hand cutting the sleeves off his sweatshirts, got an infection, and is in the hospital unable to coach during Super Bowl LI? I think that 95% of fans would rather have Brady in action than Belichick.  Five percent would be lying.

But is it as simple as all that? While Brady is talented, it’s also true that he’s in a culture that makes the best use of that talent. Yes, he’s a part of creating that culture, but Belichick and owner Bob Kraft are probably the center of gravity when it comes to the norms and principles that guide the daily activities of the team. In this regard, a football team is no different than Southwest airlines: while the assets matter (players and planes), how you put the assets together and use them (coaching, managing) in a given context (culture) is what really drive success. You could buy a bunch of 737s, paint them orange and blue, serve peanuts, and do without assigned seats and probably be successful for a little while. You could also take Tom Brady, put him in a Cleveland Browns uniform, and let him yell “Omaha!” before every snap and still have some success … okay that might be a stretch. But the point is this: over the long term, if you don’t have the culture right, valuable assets whither on the vine or simply never realize their full potential. In fact, this is probably the more common outcome in sports franchises. We’ve all seen it … the right coach is hired. He has magnificent players to work with. He’s in a market where fans are hungry for a championship. But it just doesn’t work out.

Unfortunately, in business and in sports, culture is a longer-term thing. It takes a lot of work to create it and just as much to sustain it. Often, managers and coaches aren’t given as much time as they need. This is because many metrics (wins and sales, for example) are known in the here-and-now; they are updated on a regular basis and are infinitely more visible in the short-term than the more esoteric things that define lasting success.

One final point. Luck plays a huge role in success. Belichick was lucky to be hired at New England after a lackluster performance in Cleveland. He was also lucky that Pete Carroll made a perplexing play call at the end of the Super Bowl two years ago that snapped defeat from the jaws of victory for the Seattle Seahawks. Brady was lucky Bledsoe got injured, giving him a chance to start in the NFL. He was lucky to have been drafted into the NFL at all – about 250 players are chosen in a given draft, and he was the 199th pick. All this said, you make your own luck, and the Patriots have done that by making sure that culture trumps everything else.

So, in the end, both men have much to do with the team’s success. But I’ll still take Brady before Belichick.

My prediction? Patriots 27, Falcons 24. Patriots win on a field goal with 37 seconds left in the game.


Patrick

About the Author

Patrick Mullane is the Executive Director of HBX and is responsible for managing HBX’s growth and long-term success. A military veteran and alumnus of Harvard Business School, Patrick is passionate about finding ways to use technology to enhance the mission of the School - to educate leaders who make a difference in the world.

Topics: Executive Insights

How to Pump Up Your Negotiation Skills in 2017

Posted by Professor Mike Wheeler on January 31, 2017 at 10:14 AM

Looking across a wooden chess set

This article was originally published on LinkedIn Pulse.

Improvement in any realm requires tracking and evaluating your performance. That's true in the gym. And it’s true for negotiation, as well.

I pushed this advice in a post three years ago. I recommended that if you’re serious about enhancing your effectiveness, keep a journal of all your negotiations, large and small. Write down your plans beforehand. Critique them afterwards. Make this a habit, you’re guaranteed to sharpen your strategic skills and enhance your agility.

Learning the right lessons from your negotiation experience is now the cornerstone of all my teaching, in my MBA classroom and in Negotiation Mastery, the new online course I’ve created for HBX, Harvard Business School’s digital learning platform. For both environments, I’ve developed a battery of exercises to instill the habit of clear-eyed, focused self-reflection.

All the performance-related content we cover in a 40-hour course can’t be distilled in the limited space here. But I’m glad to share—for your personal use—a particular tool that many students find helpful. It has three functions. First, is identifying areas where improvement will give you the biggest payoff. Second, is illustrating how problem-solving and interpersonal skills must be aligned to constitute coherent strategy. (The third pedagogical function I’ll mention toward the end.)

Here’s the survey: Rate your relative strengths in respect to four essential negotiation skills. You can gave as many as 7 points to a particular skill or as few as 1. You have a total of 16 points to allocate overall and you must use them all. (Giving more points to one item necessarily means you’ll have to reduce points for something else.) There are no right or wrong answers, of course.

  1.   Capitalizing on opportunities to create value.
  2.   Asserting your interests.
  3.   Understanding the motivations and feelings of other parties.
  4.   Getting the maximum possible in the agreement.
Take a moment to jot down your responses, before reading further.

As you probably noted, two of the skills are outcome related: expanding the pie (#1) and securing your share of it (#4). Classic negotiation theory posits that there is a fundamental tension between these two skills. Parties who conceal their interests and priorities miss opportunities to make value-creating trades; on the other hand, negotiators who reveal their preferences unilaterally risk exploitation if counterparts bluff or stone-wall.

In turn, the other two skills—asserting your interests (#2) and understanding others (#3)—describe the relational dimension of negotiation. Many people feel that these are in tension, as well. Making bold demands may stress a relationship, for example, while being overly empathetic might compromise one’s own interests.

I’ve analyzed thousands of responses to this survey. Individual results vary widely. Some people believe that they're very good at one particular skill, but much worse at others. Others are more balanced (though very few give themselves 4 points on each one).

Yet in spite of this variation, results tend to cluster into five different categories. You can think of these as bargaining styles, if you like. That shouldn’t be surprising. It’s logical that means and ends would be connected: how you engage your counterpart should influence the outcome.

If you graph your own responses, a pattern will emerge. Here’s an example of someone who gave the most points to items 1 and 3. It’s the most common profile (though it only represents 30 percent of respondents).

nego 2017 1.png

These are people who believe that they are good at understanding their counterparts’ thoughts and feelings. That may explain both their confidence that they are relatively good at creating value, but also their doubts about claiming it.

Contrast that pattern with the profile of someone else who give the most points to items 2 and 4. (Ten percent of respondents fall into this cluster.)

nego 2017 2.png

If there’s interest, I’ll put up a supplementary post showing three other kinds of self-portraits, but I want to emphasize several larger points here. First, however you happen to see yourself as a negotiator, most people you deal with likely have a different style, at least to some degree. To succeed, therefore, you must be agile. That means flexing yourself so that you deploy different skills depending on the situation and whom you’re dealing with.

Second, consider how you want to be seen and understood by your counterpart. Their impressions will be influenced by what you do and say. It’s not always easy, but you can appear strong without seeming intimidating—and open without being vulnerable.

Finally, your self-image may not match how other people perceive you. In my teaching, the third function of this test serves as a template for peer feedback. After each simulation, students rate each other using this same model. One person may discover that she is better as self-advocacy than she thought, for example. Someone else may find that he’s not as good at engaging with others as he thought that he was. Both of them can recalibrate their profile and tweak their learning agenda, accordingly.

A post like this simply doesn’t support that kind of peer-to-peer coaching that you’d get in a course, be it in-person or online. (Nor does a book, for that matter). But if in your work you ever negotiate as part of a team, you surely should pair up with a colleague to exchange candid and constructive advice. Build on what you do well naturally and focus on areas where there is greater room for improvement.


Professor Mike Wheeler

About the Author

Professor Mike Wheeler's current research focuses on negotiation dynamics, dispute resolution, ethics, and distance learning. He is the author or co-author of eleven books, and his self-assessment app—Negotiation360—was released early in 2015. Additionally, Professor Wheeler's new HBX course, Negotiation Mastery: Unlocking Value in the Real World, is now accepting applications.

Topics: HBX Insights, Negotiation

The Bus in the Sky: Ryanair and Disruption

Posted by Chris Larson on January 26, 2017 at 12:00 PM

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I was flying on Ryanair a few months ago when my seatmate referred to the plane as a “bus in the sky.” I'd never heard such an accurate description! If you haven’t flown Ryanair, let me describe it to you. My round-trip flight was $30 and included two carry-on bags. But, that is where the perks stop. You have to pay for everything else - and I mean everything. Forgot to print your boarding pass out at home? You pay for it. Want a drink on the plane? You pay for it. Want to recline your seat? That isn’t even possible. And I wish I was kidding about that last one!

Despite the drawbacks, I have flown Ryanair numerous times and will continue to fly them. Why? Because I can fly to three different places, on three different weekends, for the same amount of money as one ticket would cost me flying to any one of those places on another airline in Europe. And I’m not the only one who flies Ryanair.

So, looking at this from the lens of disruption, where does Ryanair fit? By addressing overserved customers with a low-cost business model, it fits under the “low-end” disruption category. But, it also has made flying possible for many people who couldn’t afford to fly to these places. While they had the same job-to-be-done as the more affluent market - i.e., getting from point A to point B - these consumers would normally take the bus, train, or rent a car. This approach to non-consumers in the airline market also causes it to fit in the “new-market” disruption category. 

looking out the window of a plane

That Ryanair was low-end disruption was fairly obvious to me, but the new-market disruption was something that only clicked when I thought about Ryanair as a “bus in the sky.” Ryanair isn’t just competing against other airliners; the bus, train, rental car, and non-consumers are also its competitors. Former non-consumers in the airline market now have an opportunity to fly to their destination instead of a different, generally cheaper means of transportation previously used. Given the option of an overnight bus ride to Paris from London or an approximately 1.5 hour flight for a similar, if not cheaper price, which would you prefer? That’s what Ryanair was banking on.

As Scott Anthony explains, what's even more impressive is that Ryanair has succeeded in a market that's typically tough to crack. It has learned how to make a profit by keeping ticket prices low, flights full, along with a whole host of other cost saving strategies as outlined in the article. Legacy carriers in the airline business can’t/won’t compete with its prices, and its competitors in other transportation markets can’t compete with the luxury of flying, thus Ryanair succeeds.

I know that for a cash-strapped student living in Europe, Ryanair has opened up the continent for me. I’ve done overnight buses, 37 hour train rides, and rented cars because they were cheaper. But with Ryanair I have been able to avoid many of those “great story” experiences and truly enjoy vacation, thanks to their disruptive strategy.


Want to learn more about disruption and other theories from Professor Christensen? Disruptive Strategy will equip you with the tools, frameworks, and intuition to make a difference.

Learn more about HBX Disruptive Strategy with Clay Christensen


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About the Author

Chris Larson was an intern at HBX for summer 2016 who worked with the marketing and product management teams. His background is in all things Russian, but he is interested in business and just started his MBA at Oxford University.

Topics: Disruptive Strategy, HBX Insights

Get to Know Professor Mihir Desai

Posted by HBX on January 24, 2017 at 9:55 AM

A still of professor Mihir Desai teaching his HBX Leading with Finance online course

We sat down with Harvard Business School and HBX Leading with Finance Professor Mihir Desai to talk about finance, dream vacations, and his penchant for British crime dramas.

What’s the biggest misconception about finance?

There are really two big misconceptions - the first one is that finance is rocket science. That misconception grows out of the tendency of finance folks to use jargon that intimidates more than it illuminates - often that jargon just reflects that they don’t know how to talk about it simply. Finance is really intuitive, and it’s important for people to know that in order to succeed as professionals and for all of us to succeed as citizens.

The second misconception, which is growing in importance, is that finance is evil. For many reasons, finance has been demonized – and sometimes that reputation has been well-earned. But, the reality is that finance is a really important tool for improving society; the appropriate allocation of capital through markets, institutions and firms can have enormously beneficial consequences for society.

So, we have to make the practice of finance better but demonization of finance doesn’t help that. Part of my goal in teaching Leading with Finance is to fight against those misconceptions.

Professor Desai walking through Baker Library on the Harvard Business School campus

What’s your favorite part of your job?

I’m fortunate as it’s easier to identify my least favorite part of my job since many parts of my job are wonderful. The only thing I don’t like is grading. Aside from that, it’s hard to choose my favorite. Broadly, both the production and dissemination of ideas are enormously rewarding. Producing ideas is a really creative, demanding, and addictive activity that has intrinsic rewards but also extrinsic ones. Seeing your work become part of the larger progression of knowledge is enormously gratifying.

On the dissemination side, the challenge of explaining complex things is also really demanding and rewarding - and, of course, the thought that we might just slightly change the trajectory of someone’s intellectual or professional life is why we do what we do. So, hearing from, or bumping into, former students and hearing about their growth – and basking in their reflected glory – is always a highlight for me.

What’s the most unusual or interesting job you’ve ever had?

I’m not sure it was that unusual, but washing dishes and then making pizzas at Stromboli King Pizzeria in Madison, New Jersey taught me more about hard work than anything else I have done since then.

If you could travel anywhere in the world, where would you go?

I hate to be sneaky but it’s an around-the-world trip with stops in Patagonia, Namibia, and the Great Barrier Reef. I’ve overdosed on cities and need to do a little more nature.

The hardest part about developing my HBX course was ______________.

…keeping a straight face during hours/days of videotaping with a crew that was hilarious (and wonderful).

People would be surprised if they knew__________.

…that I have a weakness for British crime dramas – Broadchurch, Luther, River, The Fall, Happy Valley, Peaky Blinders – I’ll watch anything with coppers and accents.

Best book you’ve ever read?

Impossible to answer - here are three recent favorites from different genres that were favorites:

  • Larissa MacFarquhar’s Strangers Drowning is so well-written and such an interesting idea (extreme generosity).
  • Arvind Adiga’s The White Tiger is the best fiction relating to India I’ve ever read.
  • Asne Seierstad’s One of Us (about the Oslo/Utoya murders) is both terrifying and edifying.

The writing in all three of them is amazing.

Professor Mihir Desai works in his office alongside a photo of his parents

Best advice someone has ever given you?

My father was filled with great advice – the two best individual pieces were probably:

1. Learn to trust your instinct – I like this because it’s not about trusting your instinct but learning how (and when) to do that – a far harder thing

and

2. Not as effective when translated from Gujurati, but, “When Laxmi (the goddess of wealth) comes to bless you by putting a chandlo on your forehead, don’t ask if you can go wash your face.” Translation: Don’t hesitate when visited by good fortune.


Interested in gaining a toolkit for making smart financial decisions and the confidence to clearly communicate those decisions to key internal and external stakeholders?

Learn more about Leading with Finance

Topics: HBX Finance

Announcing HBX ConneXt 2017!

Posted by HBX on January 19, 2017 at 1:36 PM

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For many of you who have taken an HBX program, the social learning component is a highlight of your experience. The HBX team is excited to invite all CORe credential holders and HBX certificate holders to campus for ConneXt 2017, where you can meet up with other HBXers, hear from faculty and business executives, and experience a day on the beautiful Harvard Business School campus. HBX ConneXt 2017 will be held on Saturday, May 6th. Registration will be open soon and is first-come, first-serve.

Interested to learn more about ConneXt? Two past participants blogged about their experiences at last year's event. In My HBX Journey: Why I Took CORe, and You Should Too!, Sam Campbell touched on the importance of forming lasting connections with fellow students:

"These accomplished adventurers you will meet are CEO’s of Silicon Valley startups, aids in Washington, DC, and interns at Facebook. They are world changers, to say the least. So, don’t just grow your LinkedIn profile – communicate with these people. Network. Establish relationships."

Kayla Lewkowicz spoke to the diversity of HBX students in The 5 Most Inspiring Moments from HBX ConneXt:

"Alumni traveled from as far as Australia and as close as Allston, from all walks of life, work experiences, and backgrounds. Together in one room, you could really see how much we had to learn from one another."

Our Executive Director, Patrick Mullane, also wrote about his experiences with ConneXt in The Power of Community:

"We saw digital world relationships become physical world friendships. We saw how helping peers online led to bonding with colleagues offline. We saw what I believe is the beginning of something very special."

Mark your calendars for a day of learning, networking, and community-building. We look forward to welcoming you to campus in May!

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5 Things You Didn't Learn in Undergrad Economics

Posted by HBX on January 17, 2017 at 2:55 PM

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Many prospective students ask us whether it is worthwhile to take HBX CORe if they have a background in business economics. With a number of economics majors on the HBX staff, we found this question especially interesting, so we've rounded up five things we teach in HBX CORe that weren't a part of our undergraduate education.

Willingness to Pay

In a typical undergrad microeconomics course you may learn a lot about utility, indifference curves, wealth, and substitution effects. But post college – and in CORe – it’s all about Willingness to Pay (WTP). This is the maximum amount someone is willing to pay for a good or service (e.g. my WTP for an UberPool is around $4), but collecting accurate data is easier said than done, as there is often a gap between people's hypothetical and actual WTP.

Market Demand

This brings us to our second point – did you ever learn how to properly measure demand? Two tools in every marketer’s pocket are polls and surveys, but understanding proper poll and survey design is essential to collecting accurate demand information. Most economics courses miss the boat on this one.

Conjoint Analysis

Surveys and polls are one thing, but if you want to dive deeper into demand for specific features you will need to know Conjoint Analysis—a statistical approach to measuring consumer demand for specific product features. This tool will allow you to get at the surprisingly complicated feature and price tradeoffs consumers make every day.

For example, pretend you are Apple Inc. and you want to know what part of the iPhone you should improve; battery life, screen size or camera. A conjoint analysis will let you know which improvement customers care about more and are worth the company’s time and money. 

Cognitive Biases

Undergrad economics makes a lot assumptions on how people behave. It’s often assumed that people are (1) aware of all the different options available to them and (2) that individuals are able to accurately rank the varying options based on their preferences. However, these assumptions often fail, sometimes in meaningful ways.

There are hundreds of examples of cognitive biases that affect our decision making processes. For example, you may rely too heavily on the first piece of information you receive, reducing the value of all subsequent information. Or maybe you only listen to information that confirms you original inclination.

Understanding these cognitive biases is crucial when trying to predict human behavior in the real world.

Strategy

Business strategy is a field in and of itself, but it is often glossed over by undergraduate programs. If you stick to purely undergrad economics, you may miss out on critical tools and frameworks to develop, maintain and assess different strategies, including Porter’s Five Forces, SWOT Analyses, and Core Competencies.

In short, what sets HBX CORe apart from many undergraduate Economics programs is it's focus on applicability and real-world situations. We don't just want students to be able to memorize concepts and formulas, we want them to be able to solve problems, inform strategies, and execute ideas that will help move their organizations forward.


Interested in learning Financial Accounting, Business Analytics, and Economics for Managers?

Learn more about HBX CORe

Topics: HBX CORe, HBX Insights

5 Highly Effective Visual Displays of Data

Posted by Jenny Gutbezahl on January 12, 2017 at 10:42 AM

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The past decade has seen the rise of digital databases along with the development of new tools to create engaging, often interactive, visual displays. Today, anyone with an interest in a topic can easily find relevant data and present it in an interesting way.

Here are a few examples that caught my fancy:

Jobs

npr
Source: NPR

National Public Radio has produced a great animated display of the most common jobs in each state, year by year from 1978 to 2014.

My favorite part: The story is told by jobs that gain in popularity and then become less common.

Web-Related Statistics

internet live stats
Source: Internet Live Stats

Internet Live Stats has tracked web-related statistics and pioneered methods for visualizing data for several years, and it's instructive to see how different digital properties have ebbed and flowed over time. 

My favorite part: The "One Second" tab, which shows the number tweets, Facebook posts, Instagram photos, and other digital content shared each second. The way they present this information is extremely effective.

Beer

beer
Source: FlowingData

If you love beer as much as I do, you'll appreciate Flowing Data's graphic analysis of beer attributes and how they relate to different styles. And if you just like cool visual displays of data, you'll probably spend a lot of time poking around the site (which I find even more addictive than TV Tropes). 

My favorite part: The examples of each type of beer, which make it easy to find new brews to try.

Food

food
Source: Eater

Eater is a great site for all kinds of interesting food information, and has created this interactive, which shows the most common foods ordered for delivery in each state of the US. Warning, this may make you hungry!

My favorite part: Learning that my fellow Massachusetts residents love sushi just as much as I do!

Hamilton

hamilton
Source: Wall Street Journal

And finally the Wall Street Journal gives us an interactive visual presentation on the rhyme structure of the lyrics of Hamilton, along with some qualitative analysis of its influences, ranging from Gilbert and Sullivan to Rakim.

My favorite part: The links to various works that inspired Lin-Miranda as he was writing the show.


Interested in learning more about how to interpret data? Take HBX CORe and discover the basics of Economics for Managers, Financial Accounting, and Business Analytics.

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jenny

About the Author

Jenny is a member of the HBX Course Delivery Team and currently works on the Business Analytics course for the Credential of Readiness (CORe) program, and supports the development of a new course in Management for the HBX platform.

Jenny holds a BFA in theater from New York University and a PhD in Social Psychology from University of Massachusetts at Amherst. She is active in the greater Boston arts and theater community, and she enjoys solving and creating diabolically difficult word puzzles.

 

Topics: HBX CORe, HBX Insights

Behind the Scenes of HBX DRIVEN

Posted by HBX on January 10, 2017 at 10:31 AM

Driven_GoPro.jpg

We sat down with HBX Creative Director Chris Linnane to discuss our new video series, DRIVEN.

What were you hoping to achieve with DRIVEN?

We based the series around the question of, "If you were to randomly share a cab for a few minutes with a high-powered businessperson, what would you ask them?" We then decided to ask these business leaders about an "aha" moment in their careers. Ultimately, we wanted to capture something that was both candid and reflective, something that would give viewers food for thought as they contemplate their own careers.

Beyond that, in terms of creativity, we wanted to make something that was cool, unique, flexible, and cost-effective.

What was your most memorable moment in making the series?

We did a big exit with Gordon Ramsay at the end of filming. He had a great delivery on camera, but when he went to open the car door, he couldn't get out. I had left the child safety lock on! He swore at me, and I see that as a badge of honor. It had nothing to do with filming - I had done my job well - but I still got yelled at by Gordon Ramsay! That was a good day.

What's next from HBX?

We will be releasing DRIVEN videos with leaders from a wide range of industries each week through the middle of March. We are also working on a new series with a similar vibe, something fun and spontaneous, that features students and faculty. We're also playing around with cool new animations. Stay tuned to see what's next!