UT Business Department Gets a New Name, Driven by Change in Business Environment

business-analytics-numbers-smThe Department of Statistics, Operations, and Management Science in the University of Tennessee, Knoxville, College of Business Administration has a new name.

The Department of Business Analytics and Statistics

Why the change?  “We wanted a department name that better reflects the programs we teach, the kind of research we conduct, and, most importantly, what our students can do,” said Chuck Noon, department head.

Over the last decade, companies have invested billions of dollars on information systems that collect massive amounts of data.  Companies will wage competitive wars based on their ability to convert this data into useable information, such as a strategic direction and enhanced customer experiences. 

The Institute for Operations Research and Management Science defines analytics as “the scientific process of transforming data into insight for making better decisions.” For UT, it is a unifying term because it encompasses all dimensions of the department and reflects UT’s commitment to teach and conduct research with a bias towards business applications grounded in the real world. 

UT students learn how to use data and mathematical models to improve business decision-making. They also graduate with the business acumen to understand which questions are important and the soft skills, such as teamwork and communications skills, to function effectively in a business organization.

“We are developing students who are technically skilled yet business savvy who can help organizations turn data into direction,” continued Noon.

According to Gartner Research, data analytics is expected to create 4.4 million jobs worldwide by 2015, but the availability of skilled workers will fill only one-third of those projected openings. A May 2011 McKinsey Global Institute Study, “Big Data: The Next Frontier for Innovation, Competition, and Productivity,” estimated that the United States will face a shortage of 1.5 million managers and analysts who can analyze big data and make decisions based on their findings.

“It’s all about making data-driven decisions to propel a company forward,” said Noon.

Posted in 2014 | Tagged

UT Center Receives $20,000 for Construction Safety Research

KNOXVILLE—A University of Tennessee, Knoxville, center dedicated to construction safety research to reduce injuries and fatalities has received $20,000 to further its work.

The UT Construction Industry Research and Policy Center recently received the gift from Amerisure Insurance Company. The center is based in the UT College of Business Administration. Amerisure provides workers’ compensation and general liability insurance for many construction contractors.

The money will allow the center to fund impromptu projects, said Executive Director Ed Taylor.

This is the center’s first partnership with a private company, he said.

CIRPC’s research examines the most prevalent construction injuries and fatalities based on the U.S. Occupational Safety and Health Administration’s statistical data and works to enhance the operations of various government programs that focus on construction. Recent projects include the national Stop Construction Falls campaign, electrocution prevention and a research paper on the effectiveness of OSHA’s 10-hour training.

For more information about the center, visit http://cirpc.bus.utk.edu.

Posted in 2014 | Tagged ,

UT Students Bike U.S. for Human Trafficking Awareness; Arrived in Knoxville on Friday, 7/18

cyclist-groupA group of rising seniors from the University of Tennessee, Knoxville, have been biking cross-country to raise both awareness about human trafficking and money to fight modern-day slavery. They arrived in Knoxville on Friday, July 18.

2cyclists-steveThe Freedom Cyclers team includes accounting majors Jason Elliott, Taylor Carlisle and Jeff Maier, and Matthew Roelofs, a public relations major.

1-cyclist-SteveLocal cyclists joined them at West Bicycles in Farragut for the ride down Kingston Pike to the Haslam Business Building on the UT campus. College leadership greeted them and congratulated them on their ride.

carcello-morrisBACKGROUND: The UT students set off on a 3,100-mile journey across the U.S. on June 11. They are spending 45 days on the road as they bike from Los Angeles, California, to Savannah, Georgia, in an effort to educate people along the way about the fact that slavery still remains an issue around the globe. 

groupThe Freedom Cyclers also are raising money during their ride to benefit three organizations leading the global fight to end slavery: The Mekong Club, ONEless Ministries and the Community Coalition Against Human Trafficking.

media-interviewModern-day slaves can be found in factories, construction sites, fisheries and the sex industry. They suffer silently, often out of sight in business supply chains and in communities. It is estimated that 21 million people are still in slavery around the world.

To donate to the cause or to learn more about the Freedom Cyclers, visit http://www.thefreedomcyclers.com.

Stories that aired in Knoxville about their journey are below:

KUSI News (SanDiego): Tennessee Students Cycling Across Country

http://www.kusi.com/story/26066950/tennessee-students-cycling-across-country

Daily Reporter (Greenfield, Indiana): Tennessee Students Cycling Across Country to Raise Awareness of Human Trafficking

http://www.greenfieldreporter.com/view/story/541cbcf1c6c247088ffb77684b06dd80/TN–Freedom-Cyclers

WATE ABC-TV: http://www.wate.com/story/26055965/ut-seniors-biking-across-the-country-to-raise-awareness-about-human-trafficking

Volunteer TV CBS-TV: http://www.local8now.com/home/headlines/Four-UT-students-raise-awareness-for-human-trafficking-by-biking-across-the-country-267711971.html

clip_image001

CNN reporter: Eric Marrapodi (@EricCNNBelief)

7/18/14, 7:07 PM
These @UTKnoxville students are biking cross country to raise awareness about human trafficking h/t @6News wate.com/story/26055965…

WBIR NBC-TV: http://www.wbir.com/story/life/2014/07/19/freedom-cyclers-four-students-bike-across-the-country/12893707/

Knoxville News Sentinel: http://www.knoxnews.com/news/2014/jul/18/cycling-for-a-cause-four-bike-us-for-trafficking/

Posted in 2014 | Tagged , ,

UT Risk Mitigation Study Shows Companies Lacking in Assessments, Strategies

KNOXVILLE — Outside risks can stretch supply chains’ capabilities to the breaking point, but executives who run them often fail to develop risk contingency plans, according to a new study from the Global Supply Chain Institute at the University of Tennessee, Knoxville.

Ninety percent of the firms surveyed do not measure supply chain risk when outsourcing production, and none uses outside expertise to help assess supply chain risks, according to the study.

The report, “Managing Risk in the Global Supply Chain,” is the third installment in the “Game-Changing Trends in Supply Chain” series from UT’s supply chain faculty. The study was sponsored by UPS Capital Corporation, a business unit of UPS that helps customers manage supply chain risk with financing and insurance solutions.

PaulDittmann[3]

Paul Dittmann

“The supply chain is the area of a company where executives must balance operational efficiencies with customer and company needs, all without actually having direct control over many of the moving parts,” said Paul Dittmann, ‎executive director of the Global Supply Chain Institute and the study’s author. “The visibility of material movement and control of the supply chain becomes even murkier in the global environment, which puts firms’ global supply chains at greater risk.”

The study encompasses a survey of more than 150 supply chain executives and interviews with executives from six companies. The companies surveyed ranged in size from $300 million to over $80 billion and covered a cross-section of industries, including retailers, manufacturers and service providers.

Among other findings, the research determined that normal day-to-day challenges of doing business—unexpected delays, cybersecurity, supplier failures and warehouse shortages—often overwhelm executives, giving them little if any time to plan for major interruptions such as natural disasters or geopolitical disruptions. Managing day-to-day challenges becomes a barrier to the ability of supply chain professionals to prepare comprehensive plans for risk identification, prioritization and mitigation.

“A disruption or issue in any supply chain, large or small, can significantly impact a company’s revenue stream, and in some cases even jeopardize the continuity of the business,” said Dave Zamsky, vice president of UPS Capital. “The threats are very real, but there are many ways to mitigate this risk, such as insuring losses from a third-party logistics provider.”

In the study, respondents highlighted tools they use to mitigate risks in their supply chains. The strategies included a reliance on a strong, competent supplier, followed by compressing cycle times and leveraging logistics visibility tools.

A complete copy of the study is available at http://utk.edu/go/ie.

The Global Supply Chain Institute coordinates UT’s supply chain offerings and fulfills industry need for global supply chain information and best practices.

For more information on UPS Capital, visit http://www.upscapital.com.

Posted in 2014 | Tagged ,

Carcello Discusses SEC Advisory Role on All Things Considered

CarcelloJoe Carcello, a professor at the University of Tennessee College of Business, is one of 21 people on the Securities and Exchange Commission’s Investor Advisory Committee. On Wednesday, July 16, he joined WUOT All Things Considered host Brandon Hollingsworth about his role on that SEC panel. More

Posted in 2014 | Tagged ,

Stahl Talks about Physician Executive MBA Program

Michael Stahl, PhD, is the William Stokely Distinguished Professor of Business and the director of the UT Physician Executive MBA (PEMBA) program, a unique and highly successful one-year-long executive-level MBA program for physicians. The program’s blended delivery mode consists of four week-long residency periods on the University of Tennessee, Knoxville, campus and weekly three-hour distance-learning sessions. The PEMBA curriculum features a holistic view of business disciplines, student assignments, and projects applied directly to a learner’s organization, student peer learning, and leadership development.

In the OIT Faculty Spotlight video, Stahl shares his insights about the PEMBA blended program: what a typical distance-learning week looks like; how student engagement is facilitated in live online sessions, what kind of support students receive to be successful learners, instructional strategies for peer learning, and the benefits of a blended program.

Whether you are an administrator or an instructor thinking about trying out a blended-course delivery mode, Stahl has a wealth of useful information for you. Watch video.

Posted in 2014 | Tagged , ,

UT’s Carcello Named to Securities and Exchange Commission Committee

carcello photoKNOXVILLE—The U.S. Securities and Exchange Commission has named University of Tennessee, Knoxville, Professor Joseph V. Carcello to its Investor Advisory Committee. He is the only business school professor appointed to the committee.

Carcello is the E&Y and Business Alumni Professor and head of the Department of Accounting and Information Management in UT’s College of Business Administration. He also is executive director of the UT Neel Corporate Governance Center.

The SEC oversees all public companies, stockbrokers and security dealers and shares oversight of financial institutions with other regulators. The advisory committee makes recommendations to the commission as it seeks to protect investors, promote investor confidence and integrity in the securities marketplace, and maintain fair, orderly and efficient markets.

“An important issue facing any advanced economy is establishing efficient and well-functioning securities markets that have adequate protection for investors,” Carcello said. “I welcome the opportunity to join these distinguished individuals to help the SEC carry out its important mandate.”

In addition to Carcello, the 21-person investor advisory committee includes the SEC’s full-time investor advocate, two law professors, two former SEC commissioners and 15 senior executives of financial institutions, institutional investors and investor advocacy groups. The committee was established in 2010 with the passing of the Dodd-Frank Act.

“We are honored by this significant recognition to Professor Carcello,” said Steve Mangum, dean of the UT College of Business Administration. “He is a leading academic in his discipline, a dedicated teacher and a significant contributor to the reputation of the University of Tennessee. His impact on our students and programs will be further enhanced by his service on this prestigious committee.”

Carcello brings extensive credentials to the Investor Advisory Committee. He has been an expert witness for the SEC. He currently serves on investor advisory group of the Public Company Accounting Oversight Board, which advises on investors’ issues. He also has served on its Standing Advisory Group, which advises on auditing standards. He has published numerous articles in academic and professional journals on audit committee performance, financial fraud and audit quality.

CONTACTS:

Lola Alapo (865-974-3993, lola.alapo@tennessee.edu)

Cindy Raines (865-974-4359, craines1@utk.edu)

Posted in 2014 | Tagged , , ,