BOSTON UNIVERSITY QUESTROM SCHOOL OF BUSINESS
QUESTROM
2030
MEANS BUSINESS STRATEGIC PLAN Phase I 2021 - 2025
CONTENTS
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INTRODUCING OUR STRATEGIC PLAN: QUESTROM 2030 CONTEXT FOR QUESTROM 2030 OUR PLANNING PROCESS OUR MISSION & STRATEGIC VISION OUR STRATEGIC PLAN FOR 2021-2025
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OUR STRATEGIC PRIORITIES: 2021 - 2025 INCREASE THE RELEVANCY OF OUR PROGRAMS DEVELOP STRONG PARTNERSHIPS & COLLABORATIONS STRENGTHEN OUR STUDENT CAREER OUTCOMES BROADEN THE IMPACT OF OUR RESEARCH INCREASE DIVERSITY, INCLUSION, & BELONGING ENHANCE THE QUESTROM CULTURE OUR OPERATIONAL KEY PERFORMANCE INDICATORS OUR NEXT STEPS STRATEGIC PLAN LEADERSHIP TEAM
INTRODUCING OUR STRATEGIC PLAN: QUESTROM 2030 We are proud to present the new strategic plan for Boston University Questrom School of Business which will serve as our guide through 2030. This plan comes on the heels of 18-months of great uncertainty brought on by a global pandemic, the spotlight shone on the racial injustice within our communities and institutions, and a growing public discourse that has called into question everything from science to the role business plays in society. During this time, our Questrom community has had to pivot to fully remote teaching in a matter of days, build capacities to offer services remotely, adjust to a hybrid Learn from Anywhere model of instruction, and now, as we return to fully residential, adapting to the workplace of the future while maintaining our commitment to provide a robust learning experience. Despite the turmoil, our team of amazing faculty and staff continued to keep an eye toward the future while managing the challenges of today. Questrom 2030 lays out an ambitious plan to address the challenges that business and higher education will continue to face for the next decade and enhance Questrom’s reputation as a global top-tier academic research business school.
Over the past several months, we identified six strategic priorities that align with and support our vision and mission. These priorities, along with their accompanying objectives, initiatives, and measures of success, comprise the strategic plan for the initial years of Questrom 2030. Each of these priorities and initiatives will go through a robust implementation planning process that includes an articulation of the outcomes of the initiative, a resource plan, milestones, key performance indicators, and a risk assessment. This systematic approach to our planning process, adapted from industry, will allow us to appropriately allocate and steward our financial and human resources to achieve our goals. This planning effort brought together faculty, staff, students, and alumni to lay out a clear road map for Questrom’s future. I am personally grateful to our entire community for their collaboration to develop this plan and to bring it to life over the next several years. We are Questrom! Sincerely,
Susan Fournier Allen Questrom Professor & Dean
The theme of Questrom 2030 is Questrom Means Business. This simple yet powerful statement serves as the rallying cry that signals our seriousness in redefining transformational business programs, strengthening our partnerships with the business community, advancing the impact of our research on business, and continuing to manage our school as a business enterprise committed to excellence with a service mindset. These priorities, combined with our theme, form our vision statement that will guide our strategic planning over the next several years to achieve our mission: we develop business leaders who create value for the world. QUESTROM2030.BU.EDU
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CONTEXT FOR QUESTROM 2030 While Questrom has engaged in a variety of strategy exercises over the past 15 years, Questrom 2030 marks the first holistic strategic plan produced by the school, and the first strategic exercise that engaged all stakeholders in the development process, including defining our mission and vision. This process has helped in developing a plan for navigating the future with buy-in from across the school.
unable to afford a private college education without significant aid. A change in the demographics of the college-age population, including international students, also looms.
Business schools face these same challenges, as well as others. Increased competition for MBA enrollments has put a strain on school scholarship resources. With declining external dollars available for business research, In April 2020, Boston University finalized the supporting faculty research pursuits has pushed business schools to find alternative funding BU 2030 strategic plan. Upon completion, each sources, often through increasing enrollments of the schools were asked to develop plans that would advance both the school’s goals, as well as in academic programs and executive education. the university’s. These steps were implemented Business schools are also facing pressures to to provide focus on the challenges facing higher expand the impact of their research. There is education. In addition to navigating a postalso a growing public narrative that business has pandemic world, several long-term questions negatively impacted society. Business schools re-emerged for institutions of higher education. are working to carve out their role in helping current and future business leaders understand These include the future of digital and online the role business does play in society as an technologies and the role of residential engine for growth and innovation. education. The public continues to question whether colleges and universities deliver enough With the context of these external forces, value to students to warrant the increasing cost Questrom 2030 sets forward a path to navigate of attendance, especially as more families are these challenges.
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OUR PLANNING PROCESS
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Topical constituent lunch conversations with the dean
Faculty and staff meetings to solicit input
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School-wide opportunities to provide input to finalize the Questrom 2030 strategic plan
SUMMER 2021
Senior leadership develops draft mission, vision, priorities, and initiatives based on input
FALL 2020/SPRING 2021 Ideas from vision document are further elaborated on through various meetings with leadership, advisory boards, faculty, staff, and students, as well as benchmarking and focus groups
JULY 2020
Questrom initial vision document “Cutting Edge Questrom” drafted
MAY 2020
BU 2030 vision translated into a plan approved by the Board of Trustees
Strategic Council and department chair input meetings
Advisory Board meetings on key issues and opportunities QUESTROM2030.BU.EDU
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FALL 2021
FALL 2019/SPRING 2020 Dean holds various lunches, meetings, and listening sessions with stakeholders to seek input on the issues and opportunities facing Questrom
SPRING/SUMMER 2019
BU 2030 task force solicits feedback on initial findings and outline of strategic vision and priorities
SEPTEMBER 2018
BU launches strategic planning process and task force BOSTON UNIVERSITY QUESTROM SCHOOL OF BUSINESS STRATEGIC PLAN 2030
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OUR MISSION
We develop business leaders who create value for the world. OUR STRATEGIC VISION Since 1913, Boston University has put its mark on business education by developing business leaders who possess not only the technical business skills needed for career success, but also the heart and grit to use their business knowledge to change the world. As Questrom proceeds through its next 100 years, we aspire to be globallyrecognized for our ground-breaking research, innovative approaches to teaching, and producing the next generation of business leaders who are ready to lead from day one. To realize our vision, we must focus on:
• Education that Transforms – Offer a diverse and relevant portfolio of • •
undergraduate, graduate, and co-curricular programs and experiences that prepare business leaders who are competitive in the job market and able to use the power of business to solve global societal challenges. Collaborations that Enable – Foster lifelong engagements with alumni and industry leaders to enable research, enrich our programs, and provide opportunities to enhance the career development of our students, and leverage internal collaborations that advance our mission. Research with Impact – Grow and sustain a preeminent community that identifies and advances new ideas and solutions to business and societal challenges through expertise within disciplines and pioneering cross-disciplinary research.
We will accomplish our mission and vision through a commitment to excellence in all that we do, including bolstering high performing teams, strategic financial management, data-driven decision-making, and leading information technology. Our organizational culture dedicated to a service mindset that puts students first serves as the foundation on which our entire mission, vision, and strategy is built. 4
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OUR STRATEGIC PRIORITIES: 2021 - 2025 While our vision serves as a path for the next decade, our strategic priorities, goals, and objectives define our work, decision-making, and resource allocation in 3-5 year increments.
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INCREASE THE RELEVANCY OF OUR PROGRAMS DEVELOP STRONG PARTNERSHIPS & COLLABORATIONS STRENGTHEN OUR STUDENT CAREER OUTCOMES BROADEN THE IMPACT OF OUR RESEARCH INCREASE DIVERSITY, INCLUSION, & BELONGING ENHANCE THE QUESTROM CULTURE
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INCREASE THE RELEVANCY OF OUR PROGRAMS
Questrom will continue to advance the relevance, rigor, and learning outcomes of existing and new academic programs that address market needs, provide strong enrollments, leverage modalities, fulfill a strategic role, and prepare our students for rewarding careers.
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GOAL 1: ENHANCE THE RELEVANCY, RIGOR, AND RICHNESS OF THE UNDERGRADUATE (UG) CURRICULUM Enhance the undergraduate program to: improve relevancy of coursework, enhance rigor, and introduce flexibility to allow timely functional depth to increase job market competitiveness OBJECTIVES • Offer a program that provides more discipline depth through majors and accompanying co-curricular activities, enabled by flexibility and alignment of requirements • Offer relevant and healthy majors/concentrations (i.e., enrollment, engagement, rich co-curricular life) • Reposition the Questrom Honors Program to provide our best students with research/client/ entrepreneurial experiences and enhanced rigor in coursework • All students participate in at least one partner-based action learning activity to improve their job readiness INITIATIVES • Explore, recommend, and implement changes that address the objectives above based on benchmarking, as well as student, industry, and alumni research • Develop and implement robust major/concentration co-curricular experiences and the infrastructure to support • Develop and implement process for the systematic holistic review of the major(s)/concentrations that engages industry and other constituents • Implement phase I changes to the honors program and develop and implement phase II changes • Explore, recommend, and implement the plan to offer discipline-specific partner-based action learning opportunities GOAL 2: BUILD A ROBUST GRADUATE DEGREE PORTFOLIO Identify new program opportunities and changes to the current program portfolio to achieve healthy enrollments, target segments with unmet needs, leverage modalities, and ensure each program fulfills a strategic role OBJECTIVES • Implement continuous program life cycle development/review process • Current program enrollments are optimized to provide margin back to the school • Explore and implement ways to increase the value proposition of our part-time residential programs, including enhancing flexibility, improving pedagogy, and increasing engagement • Offer relevant and healthy concentrations/pathways in the grad degrees (i.e., enrollment, engagement, rich co-curricular life) • All students participate in at least one partner-based action learning activity to improve market readiness
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INITIATIVES • Recommend possible revisions, additions, and deletions to optimize the graduate program offerings based on the analysis of strategic roles in the portfolio, industry relevance, resource requirements, and margins/contributions to school • Conduct feasibility study (i.e., student and employer demand, required resources vs. available capacities, financial analysis) to inform potential new program proposals • Develop robust and verified program enrollment financial model to guide enrollment targets, resourcing, and scholarship decisions • Review and sharpen target markets, positioning, and value propositions for each program • Identify and implement Part-Time MBA flexibility options • Pilot the new MBA action-learning initiative and evaluate scalability to other programs GOAL 3: ENHANCE THE GRADUATE ONLINE DEGREE PORTFOLIO Complete the implementation and ongoing continuous improvement of the Online MBA program, while also identifying and studying potential new online offerings. OBJECTIVES • Continue the implementation of Online MBA to achieve status as a top online program at scale • Offer additional scalable online graduate degree programs that complement the existing portfolio INITIATIVES • Develop operating plans to interface with centralized at scale unit for production, marketing, and admissions • Implement staffing plans and revenue share agreement • Implement on-going process to refine the integrated mods • Develop proposal(s) for new online degree programs, including student and employer demand analysis, financial implications, and governance GOAL 4: DEVELOP THE FRAMEWORK FOR THE QUESTROM LEADER THAT DIFFERENTIATES OUR STUDENTS IN THE MARKET Launch branded capability-based architecture that complements the strong business foundations and discipline depth and prepares our students to be day one ready for their organizations. OBJECTIVES • Design and implement the Questrom leader capacities across all programs, including program-specific augmentations INITIATIVES • Establish working group and define the Questrom Leader Program and the respective professional capacities • Explore, identify, and implement platform that can track student progress
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SUMMARY OF 2021-2025 PRIORITY 1 GOALS, OBJECTIVES, INITIATIVES, AND MEASURES OF SUCCESS GOALS
OBJECTIVES
1.1 Enhance the relevancy, rigor and richness of the undergraduate curriculum
1.1.1
Offer a program that provides more discipline depth through majors and accompanying co-curricular activities, enabled by flexibility and alignment of requirements
1.1.2
Offer relevant and healthy majors(s)/concentrations (i.e., enrollment, engagement, rich co-curricular life)
1.1.3
Reposition the Questrom Honors Program to provide our best students with research/client/entrepreneurial experiences and enhanced rigor in coursework
1.1.4
All students participate in at least one partner-based action learning activity to improve market readiness
1.2.1
Implement continuous program life cycle development/ review process
1.2.2
Current program enrollments are optimized to provide margin back to the school
1.2.3
Explore and implement ways to increase the value proposition of our part-time residential programs, including enhancing flexibility, improving pedagogy, and increasing engagement
1.2.4
Offer relevant and healthy concentrations/pathways in the grad degrees (i.e., enrollment, engagement, rich cocurricular life)
1.2.5
All students participate in at least one partner-based action learning activity to improve their job readiness
1.3.1
Continue the implementation of Online MBA to achieve status as a top online program at scale
1.3.2
Offer additional scalable online graduate degree programs that complement the existing portfolio
1.3.1
Design and implement the core Questrom leader capacities across all programs, including program-specific augmentations
1.2 Build a robust graduate degree portfolio
1.3 Enhance the graduate online degree portfolio
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INITIATIVES
MEASURES OF SUCCESS
• Explore, recommend, and implement changes that address the objective 1.1.1 based on benchmarking, as well as student, industry, and alumni research • Develop and implement robust major/concentration cocurricular experiences and the infrastructure to support • Develop and implement process for the systematic holistic review of the major/concentrations that engages industry and other constituents • Implement phase I changes to the honors program and develop and implement phase II changes • Explore, recommend, and implement the plan to offer discipline-specific partner-based action learning opportunities
• Ratings on relevancy of coursework for world of work • Poets & Quants (P&Q) grade and percentile of alumni rating for program preparing them for the world of work compared to peers • % participation in major specific co-curricular activities and events • % participating in multiple major specific cocurricular activities and events • Recruiter view of major relevancy (TBD) • % of Honors graduates employed at graduation, 3-months, 6-months, and salaries vs. non-honors counterparts • % of UG students that participate in at least one partner-based action learning experience
• Total revenue share $ to Questrom • Recommend possible revisions, additions, and deletions • % margin back to the school overall and per to optimize the graduate program offerings based on the analysis of strategic roles in the portfolio, industry relevance, program resource requirements, and margins/contributions to school • Student satisfaction with residential part-time programs • Conduct feasibility study (i.e., student and employer demand, required resources vs. available capacities, financial analysis) to inform potential new program proposals • Develop robust and verified program enrollment financial model to guide enrollment targets, resourcing, and scholarship decisions • Review and sharpen target markets, positioning, and value propositions for each program • Identify and implement Part-Time MBA flexibility options • Pilot the new MBA action-learning initiative and evaluate scalability to other programs • Develop operating plans to interface with centralized at scale unit for production, marketing, and admissions • Implement staffing plans and revenue share agreement • Implement on-going process to refine the integrated mods • Develop proposal(s) for new online degree programs, including student and employer demand analysis, financial implications, and governance
• # of students enrolled each year • Net promoter score of program • Revenue $ to Questrom
• Establish working group and define the Questrom Leader Program and the respective professional capacities • Explore, identify, and implement platform that can track student progress
• % of students fulfilling their program specific Questrom leader capacities
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DEVELOP STRONG PARTNERSHIPS & COLLABORATIONS
Questrom will nurture existing and new relationships with alumni, industry leaders, and internal BU partners to enhance the student experience and career outcomes, advance our research, build our capabilities, and foster strong ties to the greater Boston community.
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GOAL 1: INCREASE QUESTROM ALUMNI ENGAGEMENT Build lifelong, mutually-beneficial relationships with our Questrom alumni by offering a variety of engagement opportunities to meet fellow alumni, participate in lifelong learning, and help the career and professional development of our students OBJECTIVES • Faculty, staff, students, and alumni will have a Questrom-based team to develop engagement opportunities • Increase the number of events specifically and solely for alumni • Increase the number of alumni engaging with Questrom for the first time and continue their engagement in subsequent years • Increase alumni engaging with students INITIATIVES • Implement alumni engagement structure within the new career and industry relations organization • Explore and implement signature alumni events that provide both networking opportunities and ongoing business insights from Questrom faculty • Implement Salesforce CRM to track on-going engagements between alumni and students • Develop a more systematic approach to identify the alumni we engage • Establish leadership speaker series or course that features prominent alumni as guests or Visiting Lecturer GOAL 2: EXPAND OUR KEY CORPORATE ACCOUNTS TO ENHANCE PROGRAM EXPERIENCES AND CAREER OUTCOMES Increase the number of companies woven throughout the fabric of Questrom, including recruiting, action learning, curriculum development, and the sponsorship of research OBJECTIVES • Establish a portfolio of key corporate accounts fully-partnered with Questrom INITIATIVES • Implement the key account manager structure in the new career and industry relations organization • Explore and identify potential key accounts based on current engagement of our industry employers • Develop and implement the package of engagement opportunities to secure the key accounts
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GOAL 3: DEEPEN AND LEVERAGE INTERNAL BU PARTNERSHIPS Leverage internal BU resources and interdiscplinary expertise to advance strategic initiatives at Questrom OBJECTIVES • Develop new cross-university partnerships to advance goals INITIATIVES • Develop joint MBA and Global Relations degree with Pardee School • Partner with BU Diversity and Inclusion to support Questrom DEI initiatives • Partner with BU Human Resources to develop and implement staff development programs • Partner with BU Development and Alumni Relations to offer cross-school alumni events GOAL 4: INCREASE STRATEGIC TIES TO BOSTON COMMUNITY Embed Questrom within the local communities and businesses to mutually-beneficial ends OBJECTIVES • Develop several core programs that directly benefit the greater Boston community • Cultivate several high-potential Boston-based corporate relationships INITIATIVES • Implement Questrom day of service • Explore, charter, and implement Boston Minority-Owned Business clinic • Reintroduce and enhance the Questrom On-board initiative • Launch financial literacy program for Boston and Boston-area high school students • Implement Boston employer engagement strategy to increase recruiting, action-learning, and/or classroom engagement
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DEVELOP STRONG PARTNERSHIPS & COLLABORATIONS
SUMMARY OF 2021-2025 PRIORITY 2 GOALS, OBJECTIVES, INITIATIVES, AND MEASURES OF SUCCESS GOALS
OBJECTIVES
2.1 Increase Questrom alumni engagement
2.1.1
Faculty, staff, students, and alumni will have a Questrom-based team to develop engagement opportunities
2.1.2 Increase the number of events specifically and solely for alumni 2.1.3 Increase the number of alumni engaging with Questrom for the first time and continue their engagement in subsequent years 2.1.4 Increase alumni engaging with students 2.2 Expand our key corporate accounts to 2.2.1 Establish a portfolio of key corporate accounts fullyenhance program experiences and career partnered with Questrom outcomes
2.3 Deepen and leverage internal BU partnerships
2.3.1 Develop new cross-university partnerships to advance goals
2.4 Increase strategic ties to Boston community
2.4.1 Develop several core programs that directly benefit the greater Boston community 2.4.2 Cultivate several high-potential Boston-based relationships
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INITIATIVES
MEASURES OF SUCCESS
• Implement alumni engagement structure within the new career and industry relations organization • Explore and implement signature alumni events that provide both networking opportunities and ongoing business insights from Questrom faculty • Implement Salesforce CRM to track on-going engagements between alumni and students • Develop a more systematic approach to identify the alumni we engage • Establish leadership speaker series or course that features prominent alumni as guests or Visiting Lecturer • Implement the key account manager structure in the new career and industry relations organization • Explore and identify potential key accounts based on current engagement of our industry employers • Develop and implement the package of engagement opportunities to secure the key accounts • Develop joint MBA and Global Relations degree with Pardee School • Partner with BU Diversity and Inclusion to support Questrom DEI initiatives • Partner with BU Human Resources to develop and implement staff development programs • Partner with BU Development and Alumni Relations to offer cross-school alumni events • Implement Questrom Day of Service • Explore, charter, and implement Boston MinorityOwned Business clinic • Reintroduce and enhance the Questrom On-board Initiative • Launch financial literacy program for Boston and Boston-area high school students • Implement Boston employer engagement strategy through recruiting, action-learning, and/or classroom engagement
• # of unique alumni participating in alumni events • # alumni of first engagements and % repeating • # of alumni engaging students through speaking engagements, panels, class projects, mentorship, networking, recruiting, and other career related activities
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• # of corporate accounts fully partnered with Questrom • # of companies in key account pipeline
• # of students participating in the joint degree • # of constituents engaged through crossuniversity partnerships/Programs
• Satisfaction with core programs that directly benefit the greater Boston community • # of Boston residents/students engaged • # of Boston-based high-potential partners engaged
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STRENGTHEN OUR STUDENT CAREER OUTCOMES
Questrom will establish a reputation as a business school with industry-leading career development services and school-wide engagement in the student career process, resulting in even stronger career outcomes.
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STRENGTHEN OUR STUDENT CAREER OUTCOMES
GOAL 1: DEFINE AND EMBED COMPREHENSIVE CAREER JOURNEY AND PROVIDE INFRASTRUCTURE TO SUPPORT IT Implement an end-to-end student career journey model that is integrated into the activities of all Questrom stakeholders and provide the necessary organization and systems to support the journey OBJECTIVES • Questrom Career Journey and roles embedded throughout Questrom programs and stakeholders • Enrich job search processes through peer-facilitated activities INITIATIVES • Adapt the Questrom Career Journey to each of the degree programs • Develop messaging and materials for the entire Questrom community so that each stakeholder’s role is clearly defined and disseminated • Implement the new career organizational structure that focuses on clearly defined roles for coaching, industry relations, business development, and alumni initiatives • Explore and implement an information system that provides complete student view for faculty and staff • Develop and implement Student Career Search Group program
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GOAL 2: PROVIDE ACCESSIBLE INFORMATION AND TRAINING MATERIALS TO STUDENTS Provide students with digital career data and training materials to increase capacity and perceived value of the career team OBJECTIVES • Increase student access to timely and relvant resources to support their career journey • Decrease career staff time spent in student appointments that address career basics INITIATIVES • Develop comprehensive career resource website that uses various forms of media to provide valuable information • Design and implement the Digital Employment Research Tool (DERT) that will provide students with Questrom-specific employment data to enable industry and job research
GOAL 3: PROVIDE A DIVERSE RANGE OF OPPORTUNITIES FOR STUDENTS TO ENGAGE WITH EMPLOYERS AND ALUMNI Enable the student career journey by offering a variety of innovative and valuable opportunities for students, employers, and alumni to engage for the purposes of personal, professional, and career development OBJECTIVES • Increase alumni engagement in career related events and initiatives • Increase events that include employers or alumni INITIATIVES • Implement club engagement strategy for the career, industry, or business function focused student organizations • Implement the Global Questrom Ambassadors program to provide students with guidance on international job searches and provide the school with internship and job opportunities • Implement the new career organizational structure that focuses on clearly defined roles for coaching, industry relations, business development, and alumni initiatives
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SUMMARY OF 2021-2025 PRIORITY 3 GOALS, OBJECTIVES, INITIATIVES, AND MEASURES OF SUCCESS GOALS
OBJECTIVES
3.1 Define and embed comprehensive career journey and provide infrastructure to support it
3.1.1
3.2 Provide accessible information and training materials to students
3.2.1 Increase student access to timely and relvant resources to support their career journey
Questrom Career Journey and roles embedded throughout Questrom programs and stakeholders
3.1.2 Enrich job search processes through peer-facilitated activities
3.2.2 Decrease career staff time spent in student appointments that address career basics
3.3 Provide a diverse range of opportunities for students to engage with employers and alumni
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3.3.1 Increase alumni engagement in career related events and initiatives 3.3.2 Increase events that include employers or alumni
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INITIATIVES
MEASURES OF SUCCESS
• Adapt the Questrom Career Journey to each of the degree programs • Develop messaging and materials for the entire Questrom community so that each stakeholder’s role is clearly defined and disseminated • Implement the new career organizational structure that focuses on clearly defined roles for coaching, industry relations, business development, and alumni initiatives • Explore and implement an information system that provides complete student view for faculty and staff • Develop and implement Student Career Search Group program • Develop comprehensive career resource website that uses various forms of media to provide valuable information • Design and implement the Digital Employment Research Tool (DERT) that will provide students with Questrom-specific employment data to enable industry and job research • Implement club engagement strategy for the career, industry, or business function focused student organizations • Implement the Global Questrom Ambassadors program to provide students with guidance on international job searches and provide the school with internship and job opportunities • Implement the new career organizational structure that focuses on clearly defined roles for coaching, industry relations, business development, and alumni initiatives
• % of students actively participating in the career journey • % of faculty engaged in career journey activities • # of students four semesters or less from graduation participating a career search group • Student satisfaction with Questrom’s career support
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• # of unique visitors • Student satisfaction with usefulness of materials • % reduction in career basics appointments
• % of alumni engaged in career related events and initiatives • % of career related events and initiatives attended by employers • # of net new employers engaged with Questrom
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BROADEN THE IMPACT OF OUR RESEARCH
Questrom will advance our academic departments, institutes, and centers as ecosystems for research, programs, conferences, and experiences that engage faculty, students, and partners in the sharing of ideas and co-creation of business solutions to societal and global challenges.
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GOAL 1: STRENGTHEN THE REPUTATION OF OUR RESEARCH FACULTY Continue to advance Questrom’s stature as a top-tier academic research institution OBJECTIVES • Recruit and retain strong research faculty at all ranks • Increase publications in the top journals INITIATIVES • Strengthen the assistant professor mentorship program • Implement faculty recruitment strategy to broaden pools of candidates and to align with strategic goals of the school • Recruit Questrom chairs at associate and full rank • Secure funding for new endowed chairs GOAL 2: DIVERSIFY THE SOURCES OF RESEARCH FUNDING Questrom will identify and leverage new and untapped sources of research funding in order to reduce reliance on revenues from programs with volatile enrollments OBJECTIVES • Increase total research funding sourced from grants • Increase total research funding sourced from lifelong learning • Increase financial sustainability of the institutes through gift support INITIATIVES • Develop a comprehensive institute strategy that focuses on interdisciplinary research funding opportunities • Launch profit-generating and scalable lifelong learning opportunites from the institutes • Identify donors for and develop specific development plans for each of the institutes • Submit funding proposals to grant agencies and foundations
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GOAL 3: STRENGTHEN OUR EXISTING RESEARCH INSTITUTES Advance current institutes as ecosystems for research, programs, conferences, and experiences that engage faculty, students, and partners in sharing ideas that develop solutions to societal and business challenges OBJECTIVES • Increase the number of faculty engaged in the research and life of the institutes • Increase corporate engagement with the institutes • Broaden the dissemination and deepen the impact of our institute research INITIATIVES • Implement revised summer research support system through the fellows program and assess effectiveness • Develop and implement an institute partners program • Develop and implement Insights@Questrom research promotion strategy • Design and execute a portfolio of institute events and conferences, including annual signature events GOAL 4: EXPAND THE PORTFOLIO OF INSTITUTES & CENTERS TO LEVERAGE SCHOOL STRENGTHS AND MARKET OPPORTUNITIES Appropriately expand institutes and centers to take advantage of emerging research areas of strength, interdisciplinary solutions to business challenges, and areas of the market where we can lead the conversation OBJECTIVES • Lead and advance the research and dialogue about the role of business in society • Develop leading research and teaching on integrated risk • Focus Questrom’s global business efforts, including programs and practitioner-focused insights • Lead the conversation on the future of business education INITIATIVES • Secure endowment to launch the Institute for Business, Markets, & Society • Secure funding for the Institute on Integrated Risk • Secure funding for launch of university-wide Global Business Leadership center • Develop a proposal for and launch the Center for the Future of Business Education
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SUMMARY OF 2021-2025 PRIORITY 4 GOALS, OBJECTIVES, INITIATIVES, AND MEASURES OF SUCCESS GOALS
OBJECTIVES
4.1 Strengthen the reputation of our research faculty
4.1.1
Recruit and retain strong research faculty at all ranks
4.1.2
Increase publications in the top journals
4.2 Diversify the sources of research funding
4.2.1
Increase total research funding sourced from grants
4.2.2 Increase total research funding sourced from lifelong learning 4.2.3 Increase financial sustainability of the institutes through gift support
4.3 Strengthen our existing research institutes
4.3.1
Increase the number of faculty engaged in the research of the institutes
4.3.2 Increase corporate engagement with the institutes 4.3.3 Broaden the dissemination of and deepen the impact of our institute research
4.4 Expand the portfolio of institutes and centers to leverage school strengths and market opportunities
4.4.1
Lead and advance the research and dialogue about the role of business in society
4.4.2 Develop leading research and teaching on integrated risk 4.4.3 Focus Questrom’s global business efforts, including programs and practitioner-focused insights 4.4.4 Lead the conversation on the future of business education
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INITIATIVES
MEASURES OF SUCCESS
• Strengthen the assistant professor mentorship program • Implement faculty recruitment strategy to broaden pools of candidates and to align with strategic goals of the school • Recruit Questrom chairs at associate and full rank • Secure funding for new endowed chairs
• # of net new research faculty hired per year • Median h-index and g-index of new hires • Salary competitiveness at rank • Win/loss ratio of retention offers • # of Questrom chairs hired • # of chaired professorships • % of scholarly academics • # of total Google Scholar citations • % FT faculty with PhD or Terminal Degree • $ received from grants • Net income from lifelong learning to support research • $ received from gifts
• Develop a comprehensive institute strategy that focuses on interdisciplinary research funding opportunities • Launch profit-generating and scalable lifelong learning opportunites from the institutes • Identify donors for and develop specific development plans for each of the institutes • Submit funding proposals to grant agencies and foundations • Implement revised summer research support system through the fellows program and assess effectiveness • Develop and implement an institute partners program • Develop and implement Insights@Questrom research promotion strategy • Design and execute a portfolio of institute events and conferences, including annual signature events
• % of faculty engaged in institute research • # of partnerships with other research institutes • # of external research fellows • # of corporate participants in institute activities • $ received for corporate sponsored research • # of unique participants in institute activities • % of institute operating budgets self-funded by institute activities • Secure endowment to launch the Institute for Business, • $ secured for new institutes Markets, & Society • Strength of candidate pool for institute • Secure funding for the Institute on Integrated Risk leadership roles • Secure funding for launch of university-wide Global • # of faculty commited to engage Business Leadership center • Develop a proposal for and launch the Center for the Future of Business Education
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INCREASE DIVERSITY, INCLUSION, & BELONGING
Questrom will build capacities, evolve curriculum, and develop community & communities to foster a diverse and inclusive learning and work environment.
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INCREASE DIVERSITY, INCLUSION, & BELONGING
GOAL 1: BUILD DIVERSITY, EQUITY, & INCLUSION (DEI) CAPACITIES AT QUESTROM Ensure every constituency in Questrom has the awareness, tools, knowledge, and skill sets to be inclusive community members OBJECTIVES • All students, faculty, and staff have the opportunity to participate in Diversity, Equity, & Inclusion (DEI) continuing education offerings • Increase the number of events that highlight diverse business leaders and inclusion in the business world • Provide forums for faculty and staff discussion on current social and DEI issues, challenges, and opportunities • Diversify sources of funding to build out and support DEI initiatives INITIATIVES • Establish an annual calendar of ongoing DEI education opportunities • Conduct systematic program orientation review to evaluate and implement recommended improvements • Implement the myQuestrom Speaker Series highlighting diverse business leaders and topics on DEI in the business world • Implement faculty and staff “DEI Discourse” series • Deploy targeted development activities to fund DEI initiatives • Submit funding proposals with grant agencies and foundations
GOAL 2: STRENGTHEN INCLUSIVE CURRICULUM AND PEDAGOGY Advance the inclusiveness of our curricula and intentionality of our teaching pedagogy
OBJECTIVES
• All Questrom courses evaluated for inclusivity • Each of the core programs provides viable elective(s) that deepen understanding of DEI issues, e.g., identity, gender, ethnicity, or diversity influence on business, leadership, and the workplace • Cultivate an inclusive classroom environment for student learning
INITIATIVES
• Develop and implement systematic course review to measure inclusiveness, including content and classroom guests, and identify recommendations for improvements • Implement the recommendations of the Team Learning report, including continual measurement of bias in Team Learning • Develop reliable and valid instruments and metrics to measure diversity, inclusivity, and classroom climate for open discourse in our courses • Develop women in business course elective • Develop and offer the “Managing the Inclusive Classroom” training program 32
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GOAL 3: FOSTER A COMMUNITY OF BELONGING Engage people throughout our school and extended community to advance belonging and connectedness OBJECTIVES • Students, faculty, and staff rate their sense of belonging and shared community as high INITIATIVES • Develop a reliable and valid instrument to evaluate belonging and shared community • Develop new affinity group programming for all constituents: first generation, Asian, and women GOAL 4: DIVERSIFY THE COMPOSITION OF QUESTROM Enable the diversification of key stakeholder groups, including students, faculty, staff, and employers OBJECTIVES • Improve the compostion of our students, faculty, and staff to broaden the diversity of our demographics and lived experiences • Continue to enhance the diversity in leadership roles INITIATIVES • Implement high school relationship strategy to support a diverse pipeline of applicants • Implement new initiatives to foster greater engagement of UG students in the yield process • Pilot Business School for a Day program • Implement a comprehensive DEI dashboard, including mechanisms for data capture, across all constituencies • Collaborate with department chairs, Senior Associate Dean for Faculty, recruitment committees, and BU D&I to implement diversity recruitment strategy • Develop and implement the PhD pipeline program • Develop and implement the expanded Questrom multi-cultural weekend yield event GOAL 5: ENSURE ALL STUDENTS HAVE ACCESS TO OPPORTUNITIES TO THRIVE Reduce barriers, financial and otherwise, to learning experiences and provide access to professionals for mentorship OBJECTIVES • Reduce financial barriers to Questrom educational experiences • Provide historically at-risk groups the academic, professional, and career development to succeed • Increase student access to diverse alumni and employers for personal and professional growth INITIATIVES • Investigate the financial burdens of courses and career journey and provide recommendations • Launch minority-led start-up business pitch competition for seed money • Evolve the Questrom Ascend program to expand to additional cohorts and grad programs • Design and implement DEI mentor program QUESTROM2030.BU.EDU
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INCREASE DIVERSITY, INCLUSION, & BELONGING
SUMMARY OF 2021-2025 PRIORITY 5 GOALS, OBJECTIVES, INITIATIVES, AND MEASURES OF SUCCESS GOALS
OBJECTIVES
5.1 Build Diversity, Equity, & Inclusion (DEI) capacities at Questrom
5.1.1
All students, faculty, and staff have the opportunity to participate in DEI continuing education offerings
5.1.2 Increase the number of events that highlight diverse business leaders and inclusion in the business world 5.1.3 Provide forums for faculty and staff discussion on current social and DEI issues, challenges, and opportunities 5.1.4 Diversify sources of funding to build out and support DEI initiatives
5.2 Strengthen inclusive curriculum 5.2.1 All Questrom courses evaluated for inclusivity and pedagogy 5.2.2 Each of the core programs provides viable elective(s) that deepen understanding of DEI issues, e.g., identity, gender, ethnicity, or diversity influence on business, leadership, and the workplace 5.2.3 Cultivate an inclusive classroom environment for student learning
5.3 Foster a community of belonging
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5.3.1 Students, faculty, and staff rate their sense of belonging and shared community as high
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INITIATIVES
MEASURES OF SUCCESS
• Establish an annual calendar of ongoing DEI education opportunities • Conduct systematic program orientation review to evaluate and implement recommended improvements • Implement the myQuestrom Speaker Series highlighting diverse business leaders and topics on DEI in the business world • Implement faculty and staff “DEI Discourse” series • Deploy targeted development activities to fund DEI initiatives • Submit funding proposals with grant agencies and foundations • Develop and implement systematic course review to measure inclusiveness, including content and classroom guests, and identify recommendations for improvements • Implement the recommendations of the Team Learning report, including continual measurement of bias in Team Learning • Develop reliable and valid instruments and metrics to measure diversity, inclusivity, and classroom climate for open discourse in our courses • Develop women in business course elective • Develop and offer the “Managing the Inclusive Classroom” training program • Develop a reliable and valid instrument to evaluate belonging and shared community • Develop new affinity group programming for all constituents: first generation, Asian, and women
• % of constituents participating in DEI continuing education • # of events highlight diverse business leaders and inclusion in the business world • # of development propsals • # of grant proposals submitted
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• School-wide average course inclusivity score • Free speech in Questrom metric • Bias rating in Team Learning • % of faculty completing inclusive classroom training
• Constituent belonging score
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INCREASE DIVERSITY, INCLUSION, & BELONGING
SUMMARY OF 2021-2025 PRIORITY 5 GOALS, OBJECTIVES, INITIATIVES, AND MEASURES OF SUCCESS (CONTINUED) GOALS
OBJECTIVES
5.4 Diversify the composition of Questrom
5.4.1 Improve the compostion of our students, faculty, and staff to broaden the diversity of our demographics and lived experiences 5.4.2 Continue to enhance the diversity in leadership roles
5.5 Ensure all students have access to opportunities to thrive
5.5.1 Reduce financial barriers to Questrom educational experiences 5.5.2 Provide historically at-risk groups the academic, professional, and career development to succeed 5.5.3 Increase student access to diverse alumni and employers for personal and professional growth
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INITIATIVES
MEASURES OF SUCCESS
• Implement high school relationship strategy to support a diverse pipeline of applicants • Implement new initiatives to foster greater engagement of UG students in the yield process • Pilot Business School for a Day program • Implement a comprehensive DEI dashboard, including mechanisms for data capture, across all constituencies • Collaborate with department chairs, Senior Associate Dean for Faculty, recruitment committees, and BU D&I to implement diversity recruitment strategy • Develop and implement the PhD pipeline program • Develop and implement the expanded Questrom multi-cultural weekend yield event • Investigate the financial burdens of courses and career journey and provide recommendations • Launch minority-led start-up business pitch competition for seed money • Evolve the Questrom Ascend program to expand to additional cohorts and grad programs • Design and implement DEI mentor program
• # of students participating in pipeline programs • DEI dashboard by constituency vs. 2021 base
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• Total $ awarded to support minority-led startups • # of students participating in the Ascend program
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ENHANCE THE QUESTROM CULTURE
Questrom will embody a culture that advances the mission and vision of the school and fosters an exceptional learning and work environment.
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ENHANCE THE QUESTROM CULTURE
GOAL 1: ESTABLISH A CULTURE THAT ADVANCES QUESTROM’S MISSION AND VISION Define the Questrom culture and implement change management processes to steward school-wide adoption of the culture OBJECTIVES • Each member of the Questrom faculty and staff will exhibit behaviors consistent with the defined culture INITIATIVES • Complete listening sessions with constituents to understand the current culture and identify attributes of the desired culture • Articulate and communicate to all members of the Questrom community a clear and compelling statement of the desired culture • Develop and implement leadership training to better embody the culture on a daily basis, implement culture change, build the habits of mind of cultural influence in hiring and retention, and gain the skills to coach others to embody the culture • Develop and implement performance assessments, metrics, development plans, compensation decisions and other forms of rewards and recognition for those embodying the culture GOAL 2: SUPPORT THE DEVELOPMENT OF LEADERSHIP AND STAFF Provide opportunities and resources that enable the professional development of Questrom leadership and staff OBJECTIVES • Develop a high-performing leadership and staff team to advance our mission INITIATIVES • Launch the Global Advisory Board Leadership Mentor program • Implement and fund the staff professional development program • Implement service mindset training and development initiative
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ENHANCE THE QUESTROM CULTURE
SUMMARY OF 2021-2025 PRIORITY 6 GOALS, OBJECTIVES, INITIATIVES, AND MEASURES OF SUCCESS GOALS
OBJECTIVES
6.1 Establish a culture that advances 6.1.1 Questrom’s mission and values
6.2 Support the development of leadership and staff
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Each member of the Questrom faculty and staff will exhibit behaviors consistent with the defined culture
6.2.1 Develop a high-performing leadership and staff team to advance our mission
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INITIATIVES
MEASURES OF SUCCESS
• Complete listening sessions with constituents to understand the current culture and identify attributes of the desired culture • Articulate and communicate to all members of the Questrom community a clear and compelling statement of the desired culture • Develop and implement leadership training to better embody the culture on a daily basis, implement culture change, build the habits of mind of cultural influence in hiring and retention, and gain the skills to coach others to embody the culture • Develop and implement performance assessments, metrics, development plans, compensation decisions and other forms of rewards and recognition for those embodying the culture • Launch the Global Advisory Board Leadership Mentor program • Implement and fund the staff professional development program • Implement service mindset training and development initiative
• Embededness of culture discussions within departments, units, and school-wide meetings • # of staff participating in the leadership training • Measures of Questrom culture on various surveys • Staff and faculty performance assessments
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• Percieved value of leadership mentor program • # of staff participating in professional development • Measures of Questrom culture on various surveys • Staff performance assessments
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OUR OPERATIONAL KEY PERFORMANCE INDICATORS INCOMING STUDENT QUALITY
• High School/College GPA/Rank percentile • Mean of entrance exams (SAT/GMAT/GRE) • Acceptance rate
STUDENT EXPERIENCE
• Average course evaluation scores • Poets & Quants (P&Q) Alumni Student Experience Survey (faculty availability, career and academic advising, business skills, extra curriculars, program prepares for world of work, degree worth its cost)
STUDENT OUTCOMES
• Average starting total compensation • % employed at 3 and 6 months • % with internship • P&Q Alumni Survey (quality and accessibility of alumni network for career)
ENROLLMENT
• Total booked tuition revenue • Total enrolled students by program
RESEARCH REPUTATION
• Research ranking: SciVal, FWCI, UT Dallas, FT, CFAR (Fin & Econ) • # of journal articles published • # of faculty holding editorial, association leadership and fellow positions • # of faculty as keynote speakers • Total Google Scholar citations • Average citations per paper • Average h-index by rank • Average g-index by rank • # of publications in top-tier journals • Media mentions (faculty and/or their research)
ALUMNI & PARTNER ENGAGEMENT
• # of participants in lifelong learning • % of alumni making donation • # of alumni volunteering time, talent and connections • Desireability of companies recruiting at Questrom (P&Q Alumni Survey) • # of companies engaged in job, internships, class and research projects, institutes • Satisfaction with student quality, experiential learning projects, research engagement • # of Insights@Questrom subscribers
BRAND STRENGTH
• # Early decision applications for undergraduate program • Total # applications overall and by program • Net Promoter Score (recommend program/Questrom as an employer to a friend) • Brand tracker results • Program rankings • US News UG peer score • Earned media $ and impressions
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OUR NEXT STEPS ESTABLISH QUESTROM 2030 STRATEGY IMPLEMENTATION GROUP (SIG)
The Questrom 2030 steering committee and the strategic initiatives team in the Office of the Dean comprise the SIG and serve as stewards of the ongoing planning, implementation, and reporting process.
IDENTIFY STRATEGIC PRIORITY SPONSORS Each strategic priority will have a sponsor responsible for ensuring that the initiatives within the priority are making progress toward their stated objectives and are on budget. The sponsor will represent the priority to the SIG and provide regular reports on progress.
IDENTIFY WAVE 1 INITIATIVES
The SIG and Strategic Priority Sponsors will review each of the initiatives within the respective Strategic Priorities to determine which initiatives will begin implementation planning in wave 1.
IDENTIFY WAVE 1 INITIATIVE OWNERS
Based on the wave 1 initiatives, the SIG and Strategic Priority Sponsors will identify initiative owners. These individuals are responsible for guiding the work on the specific initiative, including the oversight of the implementation planning, sub-initiative planning, identified task forces, and budgeting.
WAVE 1 IMPLEMENTATION PLANNING
Each initiative will provide a detailed implementation plan for approval by the SIG. Each plan will include: an initiative charter, key performance indicators, a resource plan, milestones, and a risk assessment. Upon approval, implementation of the initiative will commence.
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IMPLEMENT INITIATIVES
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STRATEGIC PLAN LEADERSHIP TEAM QUESTROM 2030 CO-CHAIRS SUSAN FOURNIER Allen Questrom Professor and Dean, Chair J.P. MATYCHAK Associate Dean for Strategic Strategic Initiatives & Chief of Staff, Planning & Implementation Lead QUESTROM 2030 CONTRIBUTORS PAUL ALEXANDER Chief Marketing Officer BARBARA BICKART Senior Associate Dean for Graduate Programs, Associate Professor of Marketing FRÉDÉRIC BRUNEL Associate Dean for Undergraduate Programs, Associate Professor of Marketing PAUL CARLILE Senior Associate Dean for Online Learning, Professor of Information Systems KABRINA CHANG Associate Dean for Diversity, Equity, & Inclusion, Clinical Associate Professor of Markets, Public Policy, & Law
DAVID FREW Assistant Dean for Development & Alumni Relations JAMES HEXTER Philip Van Horn Gerdine Professor in Global Business, Professor of the Practice of Strategy & Innovation MARCEL RINDISBACHER Senior Associate Dean for Faculty & Research, Professor of Finance CHARLES THARP Associate Director of Human Resources Policy Institute, Professor of the Practice of Management & Organizations ADMINISTRATIVE SUPPORT TEAM PATRICK CURTIS Executive Assistant to the Dean GINA FORD Assistant Project and Operations Manager, Marketing & Communications MATTHEW REGAN Manager of Questrom Events & Conferences
STEVEN DAVIDSON Associate Dean for Decision Support & Strategic Analysis ELIZABETH DIONNE Associate Dean for Finance & Administration 46
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Office of the Dean Boston University Questrom School of Business 595 Commonwealth Avenue Boston, Massachusetts 02215 ©2021 by the Trustees of Boston University All rights reserved. Boston University’s policies provide for equal opportunity and affirmative action in employment and admission to all programs of the University. In keeping with Boston University’s commitment to sustainability, this publication is printed on FSC-certified paper containing 10% postconsumer waste.
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