Harvard Business School - Yearbook (Boston, MA)

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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

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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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MARKETING The goods and services of business enterprises must somehow reach the ulti- mate consumer. The how and the how much of the distribution process is the concern of the first year work in Market- ing. In our marketing studies we were given an opportunity to look into the mer- chandising, distribution, and promotion problems of a great variety of firms - of manufacturers and retailers, wholesalers and agents, and the many forms of busi- ness which fit in between. Their prod- ucts and their problems are widely dif- ferent - almost as widely divergent as their marketing practices. Free of the daily entanglements of the actual business managers, we were able to look at spe- cific situations and develop a method of analysis - to learn some means by which an effective integration could be achieved between the producer of a good or service and the ultimate consumer. fLcft to Rightj: William Knrbel, 1lI.5., M.B.A.,' Research A.l1f'f.l'lf1llf. Mrzfmlfzl Perriue McNair, A.M.,' Profe.r,rm' of Markelizlg. fLeft to Righty: fame: William Clzllilon, A.B., D.C.S.,' Armriale Profeffor of Bll.l'fll6J'.I' Adfzlizzixlmliou. Eduvzrd Roberl Barlow, A.B., M.B.A,,' A.l'.l'iJ'fdl1l Pr0fe.r,r0r of B11,riz1e.i1f Adminirlmfiozz. Harry L0llfJ' I-lmuezl, S,B.,, D.C.5.,' Afxorifzle PI'0f6.l'J'0l' of Bllyizzeu AtJlllfIIf.l'fI'!lfi0Il. A