An Analysis of Values, Mission and Vision Statements Browning, Michelle C.

Proceedings of ASBBS
Volume 16 Number 1
An Analysis of Values, Mission and Vision Statements
Within AACSB Accredited Schools of Business
Browning, Michelle C.
National University
[email protected]
ABSTRACT
Core values are defined as things of value and serve as guideposts for organizations with regard to
leadership and decision making. Core values represent the core priorities of an organization’s culture.
At its most basic, a mission statement describes the overall purpose of the organization. It sheds light on
an organization’s products, services, values, concern for public image and activities for survival. An
organization’s vision statement clearly defines its ideal future and is an attractive image toward which
the organization is guided. The vision statement is a compelling description of the state and function of
the organization once it has realized its strategic plan. Values, mission, and vision are essential elements
for schools of business and should be communicated to stakeholders toward effective marketing and
strategic business operations. The American Association of Collegiate Schools of Business (AACSB
International) grants national accreditation to undergraduate and graduate business administration and
accounting degree programs. AACSB International accreditation is widely regarded as the highest level
of accreditation for business schools, as only 25% of U.S. business schools achieve AACSB International
accreditation – the hallmark of excellence in management education (AACSB International Website,
2008). This paper reviews the websites of the top ten AACSB graduate business schools ranked in 2008
by U.S. News and world Report to determine the presence of business school values, mission, and vision
statements. Specific focus is placed on clarity of communications as evidenced through website
information and common themes across schools with the overarching goal of presenting best practices
for future schools seeking AACSB accreditation.
METHODOLOGY
Business school rankings provided by U.S. News and World Report were utilized as a basis for analysis
in the present research. In the Fall of 2007 and early 2008, U.S. News and World Report surveyed all 425
master’s programs in business accredited by AACSB International. There were 383 responses, of which
127 provided the data needed to calculate rankings based on weighted average of the indicators described
below. The following methodological description is a summary provided by U.S. News and World
Report (2008) as to how rankings were determined.
Quality Assessment (weighted by .40)
Peer Assessment Score (.25) In the Fall of 2007, business school deans and directors of accredited
master’s programs in business were asked to rate programs on a scale from “marginal” (1) to
“outstanding” (5). Those individuals who did not know enough about a school to evaluate it fairly were
asked to mark “don’t know.” A school’s score is the average of all the respondents who rated it.
Responses of “don’t’ know” counted neither for nor against a school. About 45 percent of those surveyed
responded.
Recruiter Assessment Score (.15) In the Fall of 2007, corporate recruiters and company contacts who hire
from previously ranked programs were asked to rate programs on a scale from “marginal” (1) to
“outstanding” (5). Those individuals who did not know enough about a school to evaluate it fairly were
asked to mark “don’t know.” A school’s score is the average of all the respondents who rated it.
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February 2009
Proceedings of ASBBS
Volume 16 Number 1
Responses of “don’t know” counted neither for nor against a school. About 27 percent of those surveyed
responded.
Placement Success (weighted by .35)
Mean Starting Salary and Bonus (.14) This is the average starting salary and bonus of 2008 graduates of a
full-time master’s program in business. Salary figures are based on the number of graduates who reported
data. The mean signing bonus is weighted by the proportion of those graduates that reported a bonus,
since not everyone who reported a base salary figure reported a signing bonus.
Employment Rates for Full-time Master’s Program in Business Graduates. This is the employment rate
for 2007 graduates of a full-time master’s program in business. Those not seeking jobs or for whom no
job-seeking information is available are excluded. If the proportions of graduates for whom no jobseeking information is available and who are not seeking jobs are high, then the information is not used in
calculating the rankings. Employment rates at graduation (.07) and three months after graduation (.14)
are used in the ranking model.
Student Selectivity (weighted by .25)
Mean GMAT Scores (.1625) This is the average Graduate Management Admission Test score of students
entering the full-time program in the Fall of 2007. Scores on the test range from 200 to 800.
Mean Undergraduate GPA (.075) This is the average undergraduate grade-point average of those students
entering the full-time program in fall 2007.
Acceptance Rate (.0125) This is the percent of applicants to the full-time program in the Fall of 2007 who
were accepted.
Overall Rank. Data were standardized about their means, and standardized scores were weighted, totaled,
and rescaled so that the top school received 100; others received their percentage of the top score. In
order to be ranked, a full-time MBA Program had to have 20 or more graduates who were seeking
employment in 2007. For a school to have its employment data considered in the ranking model, at least
50 percent of its 2007 full-time MBA graduates needed to be seeking work.
In the present research, websites of the top ten business schools were reviewed for evidence of core
values, mission statements, and visions statements.
TOP 10 GRADUATE BUSINESS SCHOOLS
Score
Name of School
Location
100
Harvard University
Boston, MA
100
Stanford University
Stanford, CA
95
University of Pennsylvania (Wharton)
Philadelphia, PA
93
Massachusetts Institute of Technology (Sloan)
Cambridge, MA
93
Northwestern University (Kellogg)
Evanston, IL
93
University of Chicago (Booth)
Chicago, IL
89
Dartmouth College (Tuck)
Hanover, NH
89
University of California - Berkeley (Haas)
Berkeley, CA
88
Columbia University
New York, NY
84
New York University (Stern)
New York, NY
Source: Summarized from U.S. News and World 2008 Report
VALUES
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Proceedings of ASBBS
Volume 16 Number 1
Blanchard and O’Connor (1997) explain that one of the most essential steps in operating effectively by
values is in communicating core values to customers and other organizational stakeholders. Balderston
(1995) offers insight into values as they relate to colleges and universities. Balderston asserts that the
stated values of a university are drawn from the surrounding society and from academic traditions.
Balderston further explains that values condition important aspects of individuals’ behavior in the
university community, stimulating them toward the hard effort of learning, and binding them together in
subtle ways.
In the current research, the presence of core values in the top ten schools of business, as evidenced
through each of the business school websites, was difficult to discern. Only the top two business schools
communicated clarity with regard to core values within the body of the website. The Harvard Business
School (HBS) community values of mutual respect, honesty, integrity, and personal accountability are
described as supporting the HBS learning environment and are at the heart of the school-wide aspiration
to make HBS a model of the highest standards essential to responsible leadership in the modern business
(HBS website, 2008). The website offers additional insight by explaining that the values are a set of
guiding principles for all that they do wherever they are and with everyone they meet.
The Stanford Graduate School of Business website (2008) also provides clarity in defining its core values.
According to the website, their values are widely shared in the Stanford Graduate School of Business
community and provide the context within which the School strives for excellence in achieving its goals.
They are as follows: Believing in the power of ideas and intellect; Striving for excellence in that they do;
Acting with integrity; Exhibiting compassion and respect for others; and Taking ownership of one’s
actions.
Despite the fact that only two of the top 10 business schools offer clarity through the website in the area
of core values, the information shared can serve as a solid guidepost for institutions seeking excellence
and AACSB accreditation. First, each of the two schools stresses the importance of community within
the discussion of values. Harvard explains that they have a community of values and Stanford
emphasizes the fact that the values are widely shared in the community. Additionally, each of the two
schools underscores the importance of integrity. Certainly integrity, like excellence, is a common value
within the educational community and is often found as a core value of the overall institution. Yet, the
focus of the present research is on the values as stated within the actual schools of business. Clarity was
lacking with the exception of Harvard and Stanford schools of business website information. A final
common thread within the two schools is that of personal accountability. Stanford highlights the
importance of taking ownership of one’s actions. Similarly, Harvard emphasizes personal accountability.
These are outstanding best practices not only for schools seeking AACSB accreditation but for leaders
and managers aiming toward greater organizational and personal effectiveness.
MISSION
Scott, et al (1993) explain that a mission is the core purpose for which an organization is created. They
offer solid guidance for the development of a well structured mission statement detailing that it should be
clear, short, and inspiring. Hesselbein et al (1996) assert that coordination around the mission generates a
force that transforms the workplace into one in which workers and teams can express themselves in their
work and find significance beyond the task. The same holds true for institutions of higher learning. As
detailed in the table below, the top ten schools of business offer clarity of purpose. The common themes
amongst the top schools include leadership and management education, a global focus, and innovation.
Schools seeking AACSB accreditation should ensure that the mission of the business school is clearly
communicated and easily located within the school’s website. More importantly, to remain competitive,
schools seeking enhanced effectiveness and AACSB accreditation should consider assessing the quality
of their management and leadership curriculum and training to ensure that the focus is one that embraces
an innovative, global focus while retaining those qualities unique to their institution.
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SUMMARY OF MISSION STATEMENTS
Name of School
Harvard University
Statement of Mission/Purpose
We educate leaders who make a difference in
the world.
Stanford University
Our mission is to create ideas that deepen and
advance our understanding of management and
with those ideas to develop innovative,
principled, and insightful leaders who change
the world.
University of Pennsylvania (Wharton)
Prepare business leaders to fuel the growth of
industries and economies on a global scale.
Massachusetts Institute of Technology (Sloan)
Our mission is to develop principled,
innovative leaders who improve the world and
to generate ideas that advance management
practice.
Northwestern University (Kellogg)
Socially responsible global leaders
University of Chicago (Booth)
Transform students into confident, effective,
respected business leaders prepared o face the
toughest challenges.
Dartmouth College (Tuck)
To offer the world’s best business leadership
education and to have a faculty of thought
leaders.
University of California – Berkeley (Hass)
Offers a superb management education to
outstanding men and women from around the
world.
Columbia University
Pioneer active learning, entrepreneurial training
and bridge research and practice.
New York University (Stern)
To deliver the highest quality management
education to the brightest business students in a
dynamic environment of mutual learning,
teamwork and support.
Source: 2009 Website information from schools listed above and as detailed in reference page of current
paper.
VISION
In the review of the top 10 schools of business websites, surprisingly, there are is no finding of a
statement of vision for any of the schools. Vision statements are seldom evident in college and university
websites and absent completely from the top ten schools of business websites studied in the current paper.
The importance of a vision statement is clear. Kouzes and Posner ((1995) explain that vision derives
from a word literally meaning “see.” Additionally, vision is an image or picture of what could be. Scott,
et al (1993) discuss visioning as a journey from the known to the unknown, which helps create the future
from a montage of facts, hopes, dreams, dangers and opportunities. There is a clear link between values,
mission, and vision. Visioning refers to the process of clarifying values, focusing a mission and
stretching the horizon with vision (Scott, et al, 1993). This process, although taught in the country’s most
prestigious schools of business, is clearly missing from the websites of the top ten business schools.
CONCLUSIONS AND RECOMMENDATIONS
Schools seeking AACSB accreditation can certainly learn from the image of leadership and excellence
evidenced in the top schools of business statements of mission. However, Balderston (1995) explains that
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February 2009
Proceedings of ASBBS
Volume 16 Number 1
a university benefits by cultivating good communication and positive organizational commitment. He
further asserts that their absence bodes ill for administrative morale and productivity. Values are the
principles, the standards, and the actions that people in an organization respect and consider inherently
worthwhile (Scott et al, 1993). The vision is an image of a desired future. While the top ten schools of
business offer clarity of mission, what is missing is evidence of core values and vision communicated
with clarity and with ease of location. Further research is recommended with regard to regional and
demographic characteristics of students and stakeholders to determine qualities unique to the top ten
schools of business. Findings may ultimately serve as additional guideposts and best practices for schools
of business seeking AACSB accreditation.
REFERENCES
AACSB International Website. 2008
Balderston, F. E. Managing today’s universities: Strategies for viability, change, and excellence. 1995.
San Francisco: Jossey-Bass.
Blanchard, K. & O’Connor, M. (1997). Managing by values. San Francisco: Berrett-Koehler.
Columbia University website. 2008.
Dartmouth College (Tuck). Website. 2008
Harvard University website. 2008.
Hesselbeign, F., Goldsmith, M., Beckhard, R. (1996). Leaders of the future. San Francisco: Jossey-Bass.
Kouzes, J.M., & Posner, B.Z. (1995). The leadership challenge: How to keep getting extraordinary
things done in organizations (2nd ed.). San Francisco: Jossey-Bass.
Massachusetts Institute of Technology (Sloan) website. 2008.
New York University (Stern) website. 2008.
Northwestern University (Kellogg) website. 2008.
Scott, S., Jaffe, D., Tobe, G. (1993). Organizational vision, values, and mission: Building the
organizations of tomorrow. Thomson Crisp Learning.
Stanford University website. 2008.
University of California-Berkeley (Hass) website. 2008
University of Chicago website. 2008.
University of Pennsylvania (Wharton) website. 2008.
U.S. News and World Report. 2008.
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