What Tools to Use to Make the Right Decisions?
What is the basis for good business decision making? What should IT managers know about corporate finance? These are the questions that the new participants of MS in Technology Management tried to answer during the first module that was held from February 24 until February 27.
Module 1startedwiththecourse “SeminarinBusiness” from Professor of Sales Management, Mykhaylo Vynnytsky. The course resembled an interactive platform with the lecturer moderating the discussion and helping the participants come to the right conclusions. “Business owners and top managers are faced with continuous decision making. Their right or wrong decisions later transform into results used for performance assessment. Hence, the most important skill of a manager is to understand ‘the anatomy of decisions’ and properly evaluate information that is the basis for decision making. It’s essential to understand that business is an organization – a term that is derived from the word ‘organism’, not ‘mechanism’. An organization has different development stages, each with its distinctive decision-making model,” pointed out Mykhaylo Vynnytsky.
Themodulecontinuedwiththecourse “BasicsofFinancialManagement” from Mykhaylo Salo, CFO of Lviv Business School. The participants gained a profound understanding of finance and the key tools that help evaluate a company’s financial state of affairs, effectiveness of investments, financial reporting, etc. “Corporate success or failures, expected results and forecasts are always expressed as numbers. A manager’s task is to understand corporate finance without digging deep into figures and indicators, which is possible only when you understand the logic of finance.”
By the end of the course, the participants were quite fluent in international financial terminology and were able to calculate specific indicators such as the time value of money or required sales to cover fixed and variable costs.