Harvard Business School - Yearbook (Boston, MA)

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fldmzlzi frrzfizffz PRODLICTIO Production is an operating course, at the operating level. Too often the busi- ness executive has inadequate understand- ing of the shop to make sound higher level decisions. Production meets this Heed. The objective was not to make skill- ed machine operators of us, for example, but to give us a sense of the feel of the factory. We studied the shop in the light of the restrictions imposed by the product, by the process, and by the labor force. Many of the techniques learned, methods study, time study, employee train- ing, and wage administration, to name but a few, are applicable not only to the factory but to other areas of business, such as large scale retailing. Production further seeks to bridge the gap between the technical and non-tech- nical man in the industry-between the engineer and the administrator-both of whom are essential to the industrial pro- cess. Fl'r1ll,f?H1I Erlou Folly, A.B.,, M,B.A,,' of I 11d11.rl rin! llfl!1ll!Ig6llll:'lIf . Pr0fe,i',rm 2 , i y M, liffiifkfil ' m rim u -.ag . ' - r .sift fLeft to Rightj: Henry Edizwrzl llymjle, B.5.C., M.B.A.,' 1IlJ'fl'llL'l0I' in Bll.l'jIIt?.f,f Admin- iflmtiml. Reber! llVfzl,ro11 Merry, AB., D.C.5..' A-li-l'04'jIIf? Pmferrgr of BM,-j,,g,f.f Adnliflixlmliozz, Herberl Frezlz Slellfrirl, MA., M.B.A.,' A.f.l'f.l'flIl1f Pl'0!6.l'.l'0I' of lmffnrlrinl Mfzmzgemeul. 'ffl .sm

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It is a mistake to consider the subdivisions of the first year work as separate courses. They are all phases of one course , the Elements of Administration. There is no area labelled Marketing-Production men do not enter , or Administrative Practices only! . There is, rather, the business enterprise, a dynamic activity, the complex problems of which must be met with effective understanding and action. Our real study of the first year was the business situation. The case method, probably the single most important characteristic of the Business School, is the study of the business situation. There were no dogmatic principles to be memorized, no pedantics, no posted set of rules to follow. Our teacher was experience - the experience of hundreds of organizations, of thousands of men - gathered for us through case research. fLeft to Rightj Seated: George Kozmefrky, A.B., M.B.A.,' Izlrrlrlrrlor in B11,ri1ze.r.r Admin- i.fl1'11!f021. Herbert Frenz Slewarfz, MA., M.B,A,,' A.l'Jj,ffdl1f Profermr of Izldlzrlrial Mmzagemezzl. Charley lnrvo Gmgg, A.B., D.C.S'.,' Profeipmr of Bl1.fi11eJ.r Adnlizzirlraliorz. Cbnrler Marvin lViIliami', A.B., M.B.A.,' A.fJi.i'lanl Prafermr of Fizmzzre. Standing: Edward Robert Barlow, A.B., M.B,A.,' Anirfamf Proferfor of BllJ'jl16'J.l' AdI?1jIIi5fl'dlf0lI. Albert Howard Drum, A.B., M.B.A.,' Irzrfrlzcfor' in B1x.ri11ei1r Adnzizzirlrafiorl. Kemzefb Rirbmond Ar2d2'61UJ, Pb.D.,' Auirfafzf Profermr of BllJ'ilI6.f.f Adl1lflIi.l'fl'dfi0lI. IKIIIIEI Leflie Rollim, A.B.,' AJ.l'fJ'1r171l Dean.

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FINANC Finance got under way late in the year but amply made up for lost time. Fast moving, complex, but interesting, the purpose of the Finance section of the first year course is to confer skill in analysis of the financial aspects of business problems. The traditional study of Finance concerns itself with the problems of the investment banker or other investment specialist. At the School, where the cases illustrate the financial problems of small to medium-size firms, the emphasis is rather on the viewpoint of the managers of these enterprises. This method of opening up the subject, begun at the School in 1941, might be termed the working of capital approach . In the first term, the course considers the day-to-day hnancial aspects of a business operation. Almost the entire time is spent on the determination of working capital problems, the estimation of short term need, and various schemes which can be employed to raise money for short term purposes. To complete the understanding of the financial manager's problem, the second term's work deals with long term financial programs such as capitalization, valuation, and dividend policy. CI.cft to Rlgl1f,ZiP6!Il'.l'0I1 Hfnll, Pl1,B,, D.C,S..' fl.r.mr'if1le Prnfe.r.m1' of Fizlflllce. Rnbcrf Neuwzz flnllwuy, AB., M,B,A,,' fl.l'.l'f.l'f!lllf .P1ofe.r.i'w' of Bll.f'i1lL'.S'.l' !l1!111i11i.i'Imlim1. Clmrfex Mnrzfial lViflinn1.r, AB.. M.B.A.,' A.ri'i.i'lf111l Profwxrfn' of Fillllllflf. 3 fr. 3 f