Westmont College Economics and Business 6 Year Program Review Fall 2010 table of contents

As indicated in Section 4, we have been assessing our major’s progress in the areas of research and written/oral communication. The rubrics in these two areas has been valuable in application to the courses satisfying the thinking historically and writing-intensive requirements.

Two of the 32 courses typically offered annually in our department specifically support another department. Political Science majors are required to take Principles of Macroeconomics for the International Studies in that major. Conversations with the Political Science department over the years indicate satisfaction with this course serving their majors well.
Assessment discussions over the past 6 years lead us to think that our GE courses in general are working well in addressing the relevant expectations for Understanding Society, Thinking Globally, Thinking Historically, and Productions and Presentations. Where we have part-time faculty teaching courses that are writing-intensive and/or offer credit to students for the Serving Society requirement, we need to be more proactive in ensuring that the course assignments more closely adhere to the GE requirements. We also will be providing feedback to the GE Committee as it continues to develop more specific student learning outcomes for each of the areas in which EB courses satisfy GE requirements.
6. PROGRAM RESOURCES

A. Financial Resources

The annual budgeted financial resources available within the E+B department remain grossly inadequate to meet the needs of a department with on average over 170 student majors on campus. It has typically remained under $10,000 to cover: supplies, journals and other periodicals, outside speakers, student research assistants, student teaching assistants, travel, hospitality/receptions for various clubs and groups within the department, marketing/promotions for events such as speakers, the annual fall entrepreneurship business plan competition, the annual spring change + innovation industry symposium, and related.

The de facto financial policy that has evolved over 20-30 years is either:

a) make due with the allocated small amount available, or

b) raise funds outside of the college to cover costs of various events, research initiatives, and related programs.
In the former case, it translates into either doing much less than should be and could be done within the department for students and faculty, or it results in skimping significantly on the monetary allocations related to events, research, and programs. In the latter case, it translates into significant additional time and effort from the faculty’s already over-worked schedules to prospect, approach, nurture relationships, secure, and then maintain relationships with outside individual and business donors and supporters. Newton has consistently done outside fund-raising/support for the annual business plan competition, the annual change and innovation symposium, outside research projects (e.g.: The Westmont Small Business Barometer 1990-1994; The S.E.E.D. National Collegiate Venture Forum 2004-present).

B. Program Resources

The EB department partners with many of other campus-wide resources in support of the EB program. On the general scope, we work with Student Life in providing the breadth of the college experience for students, balancing residence living and dozens of extra-curricular student programs with the academic program within our major. We also work closely with the Office of Intercollegiate Athletics in also providing a complement of additional breadth for student experiences representing Westmont in NAIA competition. Within the academic facets of the college, the EB department works closely with these resources:

Each of Dr.Noell’s courses (EB 011, 102, 103, 120, 135, 150, 184, 195) requires students to make use of library materials either through readings on reserve, books for which students do reviews, periodical usage, and/or research papers making use of the economics and business collection, reference works, and periodical literature. Additional assignments make use of the resources on the Economics and Business page on the library website. In addition, Professor Noell serves as the primary person making decisions on the allocation of our department's library funds for purchases to add to the EB collection. As such he works directly with the library liaison assigned to our department by Deborah Quast. Each of Dr.Newton’s courses (EB 017/018, 131, 132, 150, 190, 191, 192, 195) require students to make use of library materials, either through readings on reserve, books for which students do reviews, journals and other periodical usage, and/or research papers making use of the economics and business collection of traditional books, reference works, and periodical literature, and online databases. Additional assignments make use of the resources on the Economics and Business page on the library website. The library hard copy collection is increasingly becoming the secondary choice of students for their own research, after the primary choices of online resources. The program challenge for the EB department and the Library is to advocate and nurture a balance between great hard copy books, reference guides, industry compilations, and research reports, as well as the more laptop-online accessible web-based resources.

The library staff continues to be very helpful to our department over the past 6 years in getting books for research and classes through inter- library loan. Staff, specifically Diane Ziliotto, also provides formal and informal student training opportunities about library databases, electronic support, research and reference processes, and inter-library loan. The department also works very closely with Doug Conrad and the Office of Academic and Institutional Technology to provide a wide range of electronic, online, presentation, and related support for classes, seminars, symposiums, forums, outside speakers, and other special events. In addition, Doug has worked closely with Newton in putting in place various technology innovations that enhance student learning and interaction, including: 1) smartboard electronic notes for EB 131, EB 138, and EB 150; and 2) iTunesU podcast modules for EB 17, 18, EB 131, EB 138, EB 191, and EB 150.

Dr.Newton continues to work closely with Jennifer Taylor in cross-referencing existing student intern positions and new opportunities that are developed, providing assistance to students in location several prospective positions to pursue, often starting the process prior to the first week of the semester so students have maximum lead times for interviews and negotiations. Professor Taylor sponsors various workshops and other programs for students and outside employers, and always does a great job in working closely with Newton on these. She also has EB faculty speak to her own internship class about matters related to business ethics and values in the workplace.

Dr.Newton continues to work closely with Dana Alexander to assist students with professional advising about research, prospecting, interviewing, and resume writing. In addition, OLP has regularly sponsored seminars by Newton every Spring term for graduating seniors to learn about all aspects of personal finance, including: tax planning, savings, investments, financing cars and homes, car loans, school loans, salaries vs. hourly wages, and tithing. Students get a solid overview of these crucial topics and work through case study scenarios of student profiles after graduation, re: these same topics and decision making, savings and investment strategies, and how to set a long-term objective with various near and intermediate term goals to that end.

Professor Noell continues to serve as the campus representative for the summer International Business Institute (IBI). Barb Pointer has always been co-operative in helping to promote this program. In addition, Noell has participated as a faculty co-leader on a Westmont in China program for Mayterm 2008. Both Morgan and Noell have taught dozens of times on both IBI and Asia/China Mayterm courses. For these programs, the department has found the off-campus programs office very helpful in helping with travel arrangements and in providing specific information to students regarding shots and other specific needs for travel in China. Dr.Newton continues to serve as the department liaison for semester programs at King’s College London and The American University of Paris. Barb Pointer does a great job in assisting students with all the logistics re: forms, recommendations, transcripts, and related and is an excellent resource for students, helping with questions about finances and course requirements.

The department works closely with Michelle Hardley to accommodate specific student disabilities, and her office does a great job in assisting with a wide range of student learning and physical disabilities, providing plenty of lead time each semester to put in place necessary adjustments/accommodations while providing appropriate discretion related to students’ privacy. Michelle is an excellent problem-solver in working with our dept and student requests/needs, and we always find a good solution that is agreeable and works well for all parties.

The EB department is now in its third consecutive year of functioning with two full-time faculty economists and one full-time faculty in business. One of the two economists has voluntarily scaled back to a 5/6^th load. The full complement of courses needed and expressed in our mission and curriculum to be effective in serving each year an average of 170 E+B student majors (plus a dozen or so EB minors) is suffering as adjunct business professors have gradually become the norm for meeting minimum course offerings, both required and electives.
7. CONCLUSION AND VISION

A. Accomplishments (2004-2010)

The EB Department has consistently been the largest major, by student count, on campus for the last 20 years, with on average 170 student-majors, representing about 1 in every 7 students on campus each term. EB students have distinguished themselves on many fronts, as the EB dept continues to garner national recognition among its peers, and opens up more study programs and opportunities for its students.

This program on The Chinese Economy and Microfinance offers students the opportunity to earn 4-8 units credit through coursework on campus and an academic program involving university, business, and nonprofit visits in Beijing, Shanghai, and Hong Kong among other locations in China. It was first offered in MayTerm 2008 and will be offered again in MayTerm 2011. Included among the scheduled sites are visits to observe microfinance projects, nonprofit relief organizations, Chinese universities, Chinese export firms, and foreign joint ventures.

During Spring 2008 the EB department entered into formal agreements with The School of Management at King’s College London, and the Dept. of International Business and Economics at The American University of Paris for Westmont students to student abroad during either the Fall or Spring semesters, where they earn 12 units (3 courses) of upper division EB required and/or elective courses, and another 4 units of foreign language study.

In order to balance out more fully the business portion of the curriculum, the department initiated changes in the upper-division course requirements for the major. Currently students are required to choose a. between a course in either Intermediate Microeconomics and Intermediate Macroeconomics; and b. between a course in Applied Management Science and Principles of Management.

Newton launched the Spirit of Entrepreneurship and Enterprise Development (S.E.E.D.) forum during Fall 2003 in order to open up a wider national audience for Westmont students to engage actively in all aspects of entrepreneurship, new venture development, and the role of capital funding for start-up firms. The forum has attracted and brought student venture teams to Santa Barbara from the following institutions: Boston University, Wake Forest University, Rice University, University of Texas at Austin, University of Georgia, UC-Santa Barbara, UC-Berkeley, University of Florida, University of Louisville, Duke University, Washington State University, University of Illinois, Embry-Riddle Aeronautical University, Carnegie-Mellon University, Johns Hopkins University, Univeristy of Virginia, University of Houston, Loyola Marymount University, Babson College, Yale University. Westmont student venture teams have qualified three times for the SEED Forum’s national line-up of 9-10 ventures to present at the 2-day forum.

During 2003, 2004, 2005, and 2006 the entrepreneurship program was ranked in the Top-10 in the U.S. by Entrepreneur magazine in its annual March rankings, when there was a category specifically designated for “focus curriculum programs at small schools”. Westmont was ranked in the national Top-10 along with: New Jersey Institute of Technology, Embry-Riddle, University of San Diego, and John Carroll University.

Since 1990, eighteen student venture teams from Westmont have been selected to present their business plans at national competitions around the country, including the NASDAQ Venture Challenge at San Diego State University (three times), University of Oregon Business Plan Competition, Boise State University, and the Business Plan Challenge Midwest Enterprise Creation Competition, sponsored by the University of Indiana-Bloomington and Ball State University (five times), the Nebraska Enterprise Forum at the University of Nebraska-Lincoln (twice), the Loyola Marymount ENDEC Forum, and the Page Center Venture Challenge at Miami University of Ohio.

The EB faculty have built solid momentum in regularly bringing outside speakers to campus, once in the Fall and once in the Spring, to engage students in contemporary topics. A $10,000 one-time grant helped launch this series during 2004-2009 when we brought in 1-2 outside speakers each academic year. Speakers addressed such topics as the recent success of the Irish economy in the EU; the challenges of being a Christian and a capitalist; and the impact of globalization on lesser-developed economies. Once the funding was used up in 2009, the department has continued to invite colleagues from other institutions who typically require a much smaller honorarium and only require travel expenses paid. Others are invited from within California to further reduce costs of travel/accommodations. The speaker series has consistently provided an excellent forum for students to be exposed to pertinent topics, have question and answer engagement afterward, and a smaller group of students usually join the speaker and EB faculty for dinner and more discussion later that same day.

Thanks to funding from an anonymous donor, our annual Economics Essay contest invites Westmont students to write an original 2,000 word essay addressing a current economic problem such as “the best measures to address the current financial crisis” or “the best policies to rebuild the Haitian economy for the long run.” Essay entries are judged on the basis of organization of ideas, writing skills, depth and breadth of research (with proper citation), and clarity. Two EB faculty members and a third scholar outside the department serve as judges. The winning entries have received $1,000 for first place; $500 for second place; $200 for third place respectively. One of the recent winners has entered a PhD program in economics at UC-Irvine.

The EB department now offers a specifically designed course sequence (on two year rolling cycles) of upper division elective courses in accounting, to provide a solid cache of industry-recommended topics normally completed in advance of sitting for the examination to be designated a Certified Public Accountant (CPA). This initiative grew out of the strategic planning the EB department completed in November 2005 and November 2007 in consultation with the Westmont Board of Advisors to offer EB students this highly demand option for directed study in accounting. Presently, Professor Coby Harmon teaches all these courses while only a part-time/adjunct faculty member (one section each term of Principles of Accounting, then Fall-Spring sequences of Managerial Cost Accounting and Intermediate Accounting I in one year, followed by Fall-Spring sequence of Intermediate Accounting and Auditing in the next year. This entire offering continues to hinge on one part-time individual, even as it gains strong forward momentum with increased student demand/enrollment in these sequences. It is imperative that the EB department secure a full-time faculty member (Mr. Harmon or someone else in the future) to insure that this new strategic component of the dept’s offerings remains sustainable as it gains in popularity.