Dean, Sloan School of Management

This year, the MIT Sloan School of Management refined its strategic direction and focused more tightly on offering the premier programs for shaping innovative leaders who will create, redefine, and build cutting-edge products, markets, and organizations. This focus was adopted as we prepared for our th anniversary, which was celebrated in the fall of 2002. This anniversary brought some reflection during the 2001–2002 academic year and this reflection has come to bear on many of our pursuits.

The attacks of September 11, 2001, also deeply affected our year. One of our Management of Technology alumni, David Berray '00, was lost that day, and many members of our community had family, friends, or colleagues who were directly affected. Many efforts were made for and by the students to reach out in that difficult time. The student senate set up a web-based community outreach board. Teach-ins were organized by Professor Richard Locke to explore the lessons of good management in helping to deal with the aftermath of crisis. The memory and affects of that day remain with us as we enter the new academic year.

Educational Programs

Sloan continues to expand and develop innovative programs both within the School and across the Institute.

In cooperation with the Harvard-MIT Division of Health Sciences and Technology, the Biomedical Enterprise Program was launched in June 2002 to enable students to work on product development and commercialization. In two years program graduates will get degrees in health sciences and technology and in management of technology. This program works closely with the MIT Program on the Pharmaceutical Industry.

The Financial Technology Option program is a new graduate minor developed by Sloan and the Department of Electrical Engineering and Computer Science to provide financial engineering training to graduate students in computer science and computer science training relevant to financial services to Sloan graduate students.

In the undergraduate program's new Faculty Advisor Lunch series, several of Sloan's 25 faculty advisors were brought together with a group of students for lunch at the faculty club—allowing for interesting, wide-ranging discussions from management theory to career advice to social topics. The new Lunch with the Dean Program also helped to increase social interaction between faculty and this group of students.

The Leaders for Manufacturing and the System Design and Management programs set up monthly e‑seminars to connect alumni via webcast and keep them up to date on trends and strategies. These sessions were presented by LFM and SDM alumni.

Medical Innovations, a new elective, is charting new ground in connecting students and medical specialists to help define solutions to nagging problems in medicine. This program, a joint effort between Sloan, Courses VI and II, and Massachusetts General Hospital, brings a physician into class every other week to talk about their area of specialty and problems they are having in their work. A student team develops solutions and then presents them during class two to three weeks later.

One of the seven MBA management tracks has changed its name from eBusiness to Digital Business Strategy.

The LFM and SDM programs have set up a Systems Engineering Certificate Program for United Technologies Corporation (UTC) to strengthen the expertise of key employees and their managers, to keep UTC competitive.

The Executive Education office continues to expand its offerings to individual companies; for example, the successful innovative Advanced Investments course delivered to Merrill Lynch traders around the world has now completed its second year.

The PhD program had a tremendous year for admissions with a 40 percent increase in applications from the previous year. Twenty-one very promising students were enrolled.

The SDM alumni held their first conference in October 2001, with over 15 percent of the alumni returning to campus for the meeting. The conference theme was Leadership in a Complex and Changing Business Environment.

The Institute approved the use of two Sloan classes (15.279 Management Communication for Undergraduates and 15.301 Managerial Psychology Laboratory) to replace the current undergraduate writing requirement, beginning with the Class of 2005.

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Student Programs

This year's four international trips for MBA students to study the business and cultural issues of a particular region included Russia and Poland; United Kingdom, Germany, and Switzerland; West Africa; and China.

Thirty-five students independently organized a spring break trip to Japan to provide opportunities for students to enrich their academic learning by interacting with Japanese business organizations and environments, both in private and public sectors

On April 17, students conducted the 2002 MIT Sloan eBAs (eBusiness Awards), which recognize companies and individuals that have successfully achieved excellence in technology innovation. Out of 784 nominees, 14 winners were announced in various categories. In conjunction with the eBAs and eBusiness Day@MIT, April 17th was decreed eBusiness Day in Massachusetts by Acting Governor Jane Swift.

The winning team of this year's MIT $50K Entrepreneurship Competition, Ancora Pharmaceuticals, included two Sloanies, Jeremy Bender '02 and Carmichael Roberts '00. Runner–up team GreenFuel also had several Sloan students (Nathaniel Harrison '02, Suparna Kadam '02, and Jason Seay '03). The lead organizer was Sloan student Michael Parduhn '02. We're very pleased at the hard work and success of these students and the large number of other Sloan students involved in participating in the competition and running it. It's been a valuable learning experience and a good chance to make connections across the Institute for those involved.

This year's Tech Trek 2002 included 200 students who traveled out to Silicon Valley to visit a variety of public and private firms, network, and learn more about the region. For the first time, this year's Tech Trek offered students the opportunity to interview with a number of companies. 

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Alumni Involvement

The number of alumni participating in Sloan-sponsored activities grew significantly again this year. Geographic activities doubled with 38 events planned and 3,000 alumni engaged. Alumni weekend drew 28 percent of those invited and included two new features, a career workshop and a family event. Alumni events that bring current students and alumni together continue to be extremely popular and there was significant increase in the number of programs locally and globally. The down economy created an unfortunate and dramatic jump in the number of alumni seeking the services of Sloan's career support office. The number of students and alumni engaged through the alumni advisor program grew again this year. Additionally, Sloan has added a corporate alumni program, taking Sloan to the workplace. This past year the quality of Sloan alumni data was vastly improved through the shared strategy of the alumni relations and alumni giving staff.

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New Faculty and Honors

John S. Reed, SM '65, retired chairman and co-CEO of Citigroup, was in residence at Sloan during the month of February. His lectures and discussions provided students and faculty alike with his perspectives on leadership and management.

Arnie Barnett received the INFORMS Expository Writing Award. This award recognizes an author whose publications in operations research and management science have set an exemplary standard of exposition.

Ed Roberts has been honored with the Distinguished Speaker Award of the INFORMS Technology Management Section.

Andrew Lo has been appointed to the Economic Advisory Board of the National Association of Securities Dealers (NASD). The board advises the NASD on its initiative to modernize its rules and on ways that the NASD can maximize the benefits of its regulation while minimizing its costs.

Nelson P. Repenning and John D. Sterman recently won the 2001 California Management Review's annual Accenture Award for their article "Nobody Ever Gets Credit for Fixing Problems That Never Happened: Creating and Sustaining Process Improvement."

Thomas Allen has been awarded an honorary doctorate by the Ramon Llull University in Barcelona, Spain.

Andrew Lo was chosen from thousands of candidates to receive a Guggenheim Fellowship. Lo was one of only two economists to be awarded a fellowship this year for their distinguished record of achievement. He will study the mental processes by which financial risk perceptions and preferences are formed.

Georgia Perakis was the recipient of Sloan's Graduate Teaching Award. These awards are given each year to one professor from each school, for excellence in teaching a graduate level course.

Stewart C. Myers and his co-author James A. Read, Jr., have won an award from the Casualty Actuarial Society for their paper "Capital Allocation for Insurance Companies." The American Risk and Insurance Association voted "Capital Allocation" the most valuable 2001 paper for the casualty actuarial profession.

John D. C. Little, generally considered the father of marketing science, received the Honorary Doctor of Science in Economics degree from the London Business School for his contributions to management sciences and marketing.

"Understanding Fire Fighting in New Product Development," a paper by Nelson Repenning, won the Thomas P. Hustad Award for the best paper to appear in Journal of Product Innovation Management in 2001.

Pablo Boczkowski won an award for his analysis of how the US newspaper industry has extended its print franchise into consumer-oriented electronic publishing.

Donald Lessard was elected dean of the fellows of the Academy of International Business (AIB). AIB is the leading association of scholars and specialists in the field of international business, and publisher of the leading journal in the field.

John Sterman received the Jay W. Forrester Award for the best contribution to the field of system dynamics published in the preceding five years. It is the second time Sterman has received the award.

Steven Eppinger received the ASME International Design Theory and Methodology Best Paper Award at the ASME Design Engineering Conference for his paper entitled "Product Development Process Modeling Using Advanced Simulation." This was the second time he received the award.

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Research Centers

With few major structural changes this year, it was a productive year of research at Sloan's centers and programs. These centers have provided detailed summaries which follow this letter. A couple of highlights:

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International Initiatives

Lingnan (University) College of Zhongshan University in Guangzhou, South China, graduated its first class of 65 students from its new International MBA (IMBA) program on June 29. Dean Schmalensee participated in the ceremony. The MIT-China Management Education Project's goal is to establish a common ground of understanding that would lead to the successful integration of China into the world economy. The project began in 1996 and now includes three universities: Lingnan, Tsinghua University in Beijing, and Fudan University in Shanghai.

MIT Sloan and the International Institute for Management Development in Lausanne, Switzerland, formed an alliance to offer a series of jointly developed, run and marketed non-degree executive programs. The first joint program, a five-day offering to be held in spring 2003, will be "Leadership Dilemmas for Profitable Growth: A Top Executive Forum." At least two other similar offerings are planned.

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Organizational Changes

The Resource Development Department underwent a reorganization and now has two main groups: Principal/Major Gifts headed by Margaret Keller and Alumni Giving headed by Lori Correale. Associate Director for Major Gifts Nina Bohn was also hired.

GM LFM Professor of Management Steven Eppinger was named co-director of the LFM-SDM programs. Steven replaces Stephen Graves, who took the position of chair of the MIT Faculty.

New Assistant Director Maggie Devine-Sullivan joined the undergraduate program.

Robert Greenly was hired as director of leadership in August 2001. His appointment ends August 2002.

At the MIT Sloan Management Review, Christine Leamon was promoted to publisher, Christopher Bergonzi joined the group as editorial director, and Professor Arnoldo C. Hax has moved into the role of faculty advisor and chairman of the board.

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New Campus Development

Development of our new campus complex is moving forward. In fall 2001 we selected the site, between Memorial Drive and Main Street, adjacent to Building E52. Since then studies were done on how to best use the site. From those studies it was concluded that it would be best to take down the current Dewey Library building and incorporate the library into the new buildings. The concept design stage began in June 2002. The architects are looking at how the School's different needs can be fitted together within the scope of the building to be designed, including what areas should be adjacent to each other. They are also verifying the size of the different building components and doing mechanical and engineering studies. We look forward to more exciting work that should include design over the next year.

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Capital Campaign and Fundraising

In Sloan's capital campaign, over $12 million was raised during this academic year with an additional $17 million generated in pledges. With two more years remaining in the campaign, a total of more than $132 million has been raised to support Sloan activities.

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Sloan Management Review won the 2002 Emerald (formerly Anbar) Golden Page Awards for General Readability and Managerial Application. The Golden Page Awards are presented annually to those few, outstanding management periodicals that consistently deliver excellent articles throughout a calendar year.

Applications for the MBA program hit an all-time high this year with 4,120 students applying. The new application process features competency-based questions designed to get at how applicants think and have behaved, not just why they would like to apply.

The Career Development Office (CDO) struggled with a very tough economy. To combat the economy and a large decrease in corporate presentations, the CDO attracted 40 new companies to recruit, increased by 25 percent the seminars offered to help students in their searches, and expanded their hours. While there was a drop in job offers at the time of graduation, Sloan students seemed to do well compared to competing business schools.

Industry rankings continue to be favorable. In Forbes's ranking on "return on investment," Sloan was rated eighth out of 25 schools. In other ratings, Sloan was fourth in BusinessWeek and in U.S. News & World Report, and sixth in Financial Times. U.S. News & World Report once again gave Sloan's undergraduate program the number two slot in their ranking, with number 1 slots in several sub-categories. Our program has been in the top three for three years now. In addition, Sloan was ranked number one this year in four undergraduate specialties: information systems, quantitative analysis, operations management, and e-commerce.

Corporate Relations has started a new program called the Sloan Alliance for Sloan's corporate sponsors. They also began a Distinguished Speaker Series to bring prominent CEOs to campus.

A highlight of Leadership Week 2002 was Warren Buffet, who discussed his thoughts on business and his life.

Sloan Technology Services launched the second version of SloanSpace, the School's online portal. They also put a help desk in place to streamline calls for support.

The Sloan admissions web site received a Bronze Horizon Interactive Award for "innovative achievement in interactive media."

In a special note, the United Nations and UN Secretary-General Kofi Annan, Sloan Fellow '72, were awarded the Nobel Peace Prize for striving to create "a better organized and more peaceful world" in the post–cold war era.

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2002 Priorities

Our curriculum redesign and the development of our new campus will be two of our biggest priorities this coming year. The occasion of our th anniversary brings a stronger historical perspective to this year's curriculum assessment and challenges us to think critically as we did many years ago in forming the School. We look forward to the final recommendations that will come out of the curriculum committee.

We're moving into an exciting stage in our campus development as we start to see concrete design possibilities. Fundraising for our building construction will be challenging, though, in the current economic and business climate. We have found that our alumni have been able to be extremely generous and we remain hopeful that progress will continue on schedule.

A possible educational program change may come from the Sloan Fellows Program and the Management of Technology Program, which will be exploring integration of their programs this year, to evaluate whether a combined relationship would be beneficial.

Richard Schmalensee
John C Head III Dean, Sloan School of Management
Professor of Management and Economics

More information about the Sloan School of Management and its programs can be found online at

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Undergraduate Program in Management Science

Again this year, U.S. News & World Report ranked the Sloan undergraduate program second (tied with the University of Michigan) for the Best Undergraduate Business Program. The program ranked first in the areas of management information systems, quantitative analysis/methods, and production/operations management.

We remain the second largest undergraduate major at MIT—after Electrical Engineering and Computer Science—with over 330 students. Enrollment continues to increase, although at a more gradual level. We also continue to see large numbers of undergraduates from other MIT degree programs enrolling in our management subjects, and we continue to receive many inquiries from students about a Sloan undergraduate minor.

Sloan awarded 154 SB degrees in Management Science this year, an increase of more than 15 percent over last year. The most popular concentration was Finance (66), followed by Information Technologies (17), Marketing Science (15), and Operations Research (six).

Thirty-five percent of our graduates received simultaneous degrees in other MIT departments, compared with 24 percent last year: nineteen received SB degrees in Electrical Engineering and Computer Science, six received SB degrees in Economics, five in Mathematics, two in Biology, and one each in Mechanical Engineering, Brain and Cognitive Sciences, and Physics. One student received an MEng degree in Electrical Engineering and Computer Science. Three other students received two additional degrees: SB and MEng degrees in Electrical Engineering and Computer Science.

Thirty-five of our seniors graduated with at least one minor. The majority were in economics; the others were in the areas of music, political science, comparative media studies, mathematics, and biomedical engineering.

New Communication Requirement

During the year the Sloan undergraduate program proposed, and the Institute approved, the use of 15.279 Management Communication for Undergraduates and 15.301 Managerial Psychology Laboratory to fulfill the new MIT undergraduate Communication Requirement, which will replace the current writing requirement beginning with the Class of 2005. Although these two subjects are already part of Sloan's required undergraduate curriculum, an additional communication project is being developed for 15.301.

Cambridge-MIT Institute

Several MIT departments have established undergraduate student exchanges with their corresponding departments at Cambridge University as part of the Cambridge-MIT Institute (CMI). Although Sloan has not established a direct exchange program, we hosted several CMI undergraduates from other departments in Sloan classes. In the fall of 2001, three CMI students took 15.390 New Enterprises, and in the spring three students took 15.301, three took 15.401 Finance Theory I, and one took 15.665 Power and Negotiation.

Sloan Undergraduate Advising and Committee Assignments

Faculty serving as undergraduate advisors were Professors Thomas Allen, Lotte Bailyn, Dimitris J. Bertsimas, Gabriel Bitran, Paul Carlile, John Carroll, John de Figueiredo, Shane Frederick, Stephen Graves, Leigh Hafrey, Neal Hartman, Starling Hunter III, Jin Gyo Kim, S. P. Kothari, John Little, Stuart Madnick, Fiona Murray, Stewart Myers, James Orlin, Jun Pan, Nelson Repenning, Anjali Sastri, John Van Maanen, Dimitris Vayanos, Yashan Wang, and Roy Welsch. Also serving as advisors were Dr. Jeffrey Meldman, director of undergraduate programs, Maggie Devine-Sullivan, assistant director of undergraduate programs, and Stephanie Karkut, program coordinator.

In an attempt to increase social interaction between advisors and their advisees, the program office hosted a series of advisor/advisee lunches at the MIT Faculty Club. In addition we had a Lunch with the Dean this past spring, also at the Faculty Club. Both events were quite successful and we plan to hold similar events next year. Another project undertaken by our office this year was the production of a new departmental brochure. The brochure—which includes color photos and an insert of the department's current curriculum requirements—is a marked improvement over our previous brochure.

The Undergraduate and Interdepartmental Policy Committee was chaired by Professor John Little and included Professors Allen, Carroll, Eppinger, Graves, Madnick, Vayanos together with Dr. Meldman, Ms. Debbie Berechman, and Ms. Devine-Sullivan. Dean Bitran and Professor Wanda Orlikowski served as ex-officio members. Dr. Meldman served as chair of the Undergraduate Advisors Committee.

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MBA Program

The MBA Program at the MIT Sloan School of Management includes three offices: Admissions, Student Affairs, and the Career Development Office. The MBA Program has had a busy and productive year. We hired new people, revamped and enhanced many of our offerings, and created new programs. We've also made strides in terms of student satisfaction and have been recognized with outside rankings (fourth in BusinessWeek, fourth in U.S. News & World Report, sixth in Financial Times). The program's continued high rankings are recognition of our student selectivity, high graduation rate, employment success, and academic reputation.

In keeping with the MIT Sloan School mission statement, we are dedicated to developing effective, innovative, and principled leaders who advance the global economy. We will work toward aligning our offerings with what students need to be successful in their time at Sloan and in their lives after Sloan. We also will refine our marketing message content and delivery, as well as create new offerings and ways of working together to create a more differentiated, successful program.

MBA Admissions

Academic year 2001–2002 was a high-water mark for the MBA Program. This is the first time in our 50-year history that we surpassed the 4,000-application mark. A total of 4,120 applications were received for the MIT Sloan MBA and LFM Classes of 2004. This is also the first time that we have interviewed more than 1,000 candidates. These unprecedented increases in applications (40 percent) and interviews (26 percent) occurred while we transitioned to a new competency-based evaluation and behavioral-event interviewing and worked under the same timeline.

This increase is in line with similar increases experienced by some of our peer schools. The percentage of international applications continued to rise while the percentage of female applicants has remained at 19 percent and underrepresented US minorities (African Americans, Hispanic Americans, and Native Americans) fell to two percent. The mean GMAT score of our applicants is 692.

Several initiatives were launched during AY2002 to increase awareness of the Sloan MBA brand and to expand our pool of qualified candidates. Among them were:

MBA Student Affairs Office

The MBA Student Affairs Office staff had an eventful and productive year. Overall full-time MBA student enrollment at Sloan, including Leaders for Manufacturing, is 780 (686 MBAs and 94 LFMs). The MBA Core 2001 included an introductory marketing elective, 15.800, and an introductory finance elective, 15.401. The finance and marketing electives were popular options for the first-year MBAs; 94 percent of the overall MBA Class of 2003 (including first-year Leaders for Manufacturing students) chose to take an elective in their core term, with 27 percent of this group enrolling in marketing and 67 percent taking finance.

After students complete their required fall core requirements, they then choose a specific management track or self-managed track. All tracks require the completion of a sequence of extended spring core electives, in addition to track-specific electives. At the request of the Dean's Office, the MBA curriculum is currently undergoing an extensive review by Sloan faculty and student committees; their decisions about curricular changes for the School's flagship two-year MBA program are expected to be implemented on a pilot basis in AY2004. In the meanwhile, the program's academic and extracurricular policies and direction will be coordinated on an ongoing basis by the School's Master's Program Committee.

The MBA Program currently has a roster of seven management track offerings (financial engineering, financial management, strategic management and consulting, information technology and business transformation, manufacturing and operations, digital business strategy, and new product and venture development). Fifty-eight percent of graduating MBA students completed a management track in AY002, with an especially strong enrollment in the new product and venture development and the financial management track. Forty-two percent of the students opted for the self-managed track, which provides them with maximum flexibility of course selection and the ability to customize their program following completion of the fall core.

MBA students, faculty, and staff participated in four School-sponsored international trips last year. The international trips continued to be an important part of the MBA Program student experience; students, the MBA Student Affairs Office, and Sloan faculty worked collaboratively to organize the trips. An academic seminar that examines the relevant management, social, and cultural issues of the countries precedes the trip. The trip destinations were Russia and Poland; United Kingdom, Germany, and Switzerland; West Africa, and China. More than 92 MBA students participated.

MBA Career Development Office

Academic year 2002 was a challenging but successful one for Sloan students in the MBA job marketplace and for the Career Development Office (CDO) staff assisting them with this process. The rapid downturn in the economy created a significantly less positive employment picture for our students, and increased their need for support. In particular, the lack of opportunity in the management consulting sector led many students to re-evaluate their career goals. In response, the CDO offered over 80 seminars on 54 different topics, created daily walk-in advising hours, invited industry representatives to campus to advise students, created a job matching program, and staffed the Resource Center on Saturdays. The number of seminars offered was an increase from 65 seminars on 31 different topics from the previous year.

Seminar subjects ranged from an overview of effective career management to self-assessment, resume development, networking, conducting a proactive job search, managing relationships with employers, interviewing, negotiating, evaluating offers and making final career decisions. Twenty-three new seminar topics were introduced to address special search issues, including finding a great job in a tough economy, MBA charm school, CDO resources tour, discovering hidden job leads, repositioning yourself after on-campus recruiting, exploratory and networking interview scripts for US and non-US students, job search strategies: alternatives for consultants and Wall Street finance, building a successful career (presented by John Reed '68, former chairman of Citigroup), advanced interviewing skills, and making the most of your summer internship.

The MBA Career Development Office coordinated the logistics for 69 corporate presentations (a decrease of 43 percent from AY2001) and 283 (a 17 percent decrease from AY2001) interviewing companies. The CDO attracted 40 new firms to recruit students during the year; these firms participated in traditional recruiting processes as well as a spring semester career fair.

At graduation, 77 percent of the Class of 2002 reported receiving a job offer. This is a decrease of 13 percent from AY2002, but at the high end of the range of offer rates from peer institutions (72 percent to 80 percent offer rates were reported by competitor institutions). The median starting salary for accepted positions decreased to $86,000 from $95,000 in 2001 due to the marked decrease in hiring by strategy consulting firms and the leveling off of starting salaries across other sectors. Nineteen percent of the Class of 2002 accepted a position in the consulting industry; this is a 26 percent decrease from the previous year.

Top hiring companies for the year include McKinsey, Goldman Sachs, Merrill Lynch, Siebel Systems, and Boston Consulting Group.

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Doctoral Program

Sloan's doctoral program aims to provide institutions in the United States and abroad with outstanding management faculty and researchers. In 2002, we graduated 16 PhDs who have taken positions at UCLA, University of Pennsylvania, Yale University, Universidad de Catolica de Chile, New York University, Boston University, Case Western Reserve, and the University of Maryland. While we would like to see more Sloan graduates at the top 20 schools, Sloan PhDs chose their positions based on the strengths of the departments within the schools and the opportunities this presents to influence their futures. A smaller number of graduates chose industry positions with small companies rather than consulting firms and investment banks, which is contrary to the trends of the last few years.

AY2002 was the best year ever for admissions, with 724 applications (a 40 percent increase over 2001) from 55 countries (33 percent alone from China), due in part to the ease of access to our web site and the application form being available via this method. This was accomplished within the same timetable as last year and no increase in staffing levels or loss of quality control. We made 29 offers and got 21 acceptances (72 percent yield) and believe that the faculty groups offering more competitive financial packages combined with active recruiting, was the reason. This supports last years' assumption that maintaining our competitiveness with other top schools relies on competitive financial offers.

Total enrollment now stands at 91 students (65 international and 26 US; 26 women). The number of under-represented minority students has remained level with two active students.  Our participation in the KPMG PhD Project of the past four years has yielded disappointing results (no successful admits or accepts) and we are considering other means to increase our diversity. We also continue to explore other means to increase the participation of minority students in PhD studies here. It is not clear if other schools are doing better, but we are hosting a meeting between the heads of seven major PhD Programs (MIT, Harvard, Wharton, Columbia, Chicago, Northwestern, Stanford) in early September 2002 and hope to learn more about how other schools try to recruit minorities and students in general.

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Executive Education

Sloan's Office of Executive Education has continued its efforts to provide superior executive programs to those companies strategically driven by innovation, emerging technologies, entrepreneurship, and global reach. Drawing on Sloan's research depth and expertise, executive education seeks to provide frameworks, concepts, and tools to assist executives in solving critical business problems.

A downturned economy and the aftermath of September 11 negatively affected open-enrollment programs this year. Hardest affected was the two-week program on Latin American business, which had to be cancelled. Fortunately, both the Sloan Fellows and Management of Technology programs, flagship programs for executive education at Sloan, successfully recruited full classes for 2002–2003, indicating a continuing strong demand for these mid-career management degrees. Five executive short courses of five days each were successfully presented in May and June. The portfolio of open-enrollment two-day courses, while suffering a downturn in enrollment from October through March, showed gains through the spring and summer.

Responding to market demand for more customized programs, Sloan increased its offerings of executive education programs for individual companies. Topics of particular interest are strategic management of technology, the impact of emerging technologies on current business models, and the challenges of organization transformation. The Office of Executive Education continues to leverage new learning technologies in both its custom and on-campus programs.

Following on last year's initial offering, a second successful program was delivered to Merrill Lynch, a MIT partnership company. Using distance-learning technology, Professor Andrew Lo's advanced investments course was offered to Merrill Lynch traders around the world. Being at the forefront of new learning technologies allows Sloan's Office of Executive Education to meet the needs of its corporate partners for cutting-edge knowledge on a global basis.

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Sloan Fellows

The Sloan Fellows program is the senior degree-granting executive education program in the world. Begun in 1931 with the backing of several industrialists, it was designed as an innovative 12-month graduate program covering the fundamentals of management and managerial decision-making. Now in its 70th year, the program has evolved over the years to keep abreast of a changing world and has remained the leading choice among the world's top corporations to prepare today's managers to be tomorrow's leaders. The individuals designated as Sloan Fellows are fully sponsored by their organizations during their year at MIT.

The program continues to make a significant contribution toward achieving the Sloan School's strategic objectives: to develop effective, innovative, and principled leaders who advance the global economy; and to conduct rigorous and innovative research that improves management theory and practice.

In support of the first objective, the program attracts and educates individuals from corporations that are industry leaders from around the world. The class of 2002 came from 17 US and 37 foreign organizations, many of which have long associations with MIT. They represented 22 different nations spanning six continents and numerous industries, including automotive, energy, telecommunications, and financial services. This profile provided an excellent opportunity for cross-cultural and cross-industry exchange, a hallmark of the Sloan Fellows Program. The class formed a diverse, mutual-learning community from which individuals took away not only the analytical tools necessary to perform, but also the intellectual confidence to help them to make the right decisions in the complex environments they face. Addressing the second objective, through an active alumni network, strong partnerships with sponsoring organizations, and the Sloan Fellows' thesis work, Sloan faculty have enjoyed many opportunities to conduct research in which to improve management theory and practice.

Active participation by Sloan Fellows alumni in program and MIT events continued. The Seminar in Leadership series and the annual Sloan Fellow Field Trips to New York, Washington, and an international trip to France, Switzerland, and Italy all provided opportunities for alumni to take an active role as speakers and hosts.

A major initiative begun during the year was a comprehensive redesign of the Sloan Fellows Program that will explore the integration of the program with the Management of Technology Program at the Sloan School. The primary objective of the redesign, which will continue through 2003 and include discussions with key stakeholders of the program, is to create an innovative and progressive course of study that meets the management development needs of strategically important sponsors and the professional and personal needs of the Sloan Fellows themselves.

More information about the Sloan Fellows Program can be found at

Sloan Visiting Fellows Program

The MIT Sloan Visiting Fellows Program provides the opportunity to pursue full-time, non-degree studies tailored to individual goals and interests. Each fellow follows a program of study, usually for one or two semesters, that is designed in consultation with a faculty adviser to meet individual professional needs and interests.

Sloan Visiting Fellows is a small program. Participants usually have an existing relationship with Sloan through their company, their school or a member of the Sloan faculty. Enrollment per semester averages around twelve. Seventeen participants were enrolled in fall 2001 and nine in spring 2002.

The 2001–2002 academic year included both self-sponsored and company-sponsored participants as well as visiting students from Ghent University/ Vlerick Leuven Ghent Management School and the Norwegian University of Sciences and Technology (NTNU). The participants from NTNU (14 in the fall and eight in the spring) joined the Management of Technology participants in the Seminar in Management of Technology—a required class for both groups. Since the programs use similar selection criteria, the groups were able to form an excellent cohort through this class and benefited greatly from the exchange of cultures and knowledge.

Sponsors of participants included Samsung Electronics, Hydro Aluminium, AS, Norwegian Defense Communication and Data Services Administration, KPMG Stavenger Norway, Elopak, GE Energy, Skretting AS, Telenor Networks, Norske Hydro, AKSO Nobel Permascand AB, Think Nordic, Nera Networks, Det Norske Veritas (DNV), Telenor Telecom Solutions, Norwegian Institute for Air Research, and Winrich Investment and Co., Inc.

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Leaders for Manufacturing

The Leaders for Manufacturing (LFM) program is a partnership between MIT and over 25 global manufacturing firms to discover and translate into teaching and practice principles that produce world-class manufacturing and manufacturing leaders. This partnership is motivated by our shared belief that excellence in manufacturing is critical to meeting the economic and social needs of individuals, firms, and society, and that the health of companies operating in global markets is essential to society's well-being.

Now in its 13th year of operation, LFM is a partnership between the School of Engineering, the Sloan School of Management, and leading manufacturers. Launched in 1988 with significant industry funding, the program emphasizes collaboration and knowledge sharing with its partner companies across the entire spectrum of "Big-M" manufacturing enterprise issues. LFM supports students as program fellows with fully paid tuition. The largest component of the educational effort is the Fellows Program, a 24-month dual master's degree (SM in engineering and MBA or SM in management) experience, involving a single integrative research project carried out on-site in partner firms.

Academic Programs

Forty-seven students in the class of 2002 completed the Fellows Program and approximately 80 percent have taken positions in manufacturing firms. Each of the 47 graduates completed an internship at a partner company during the summer and fall of 2001. Internships are focused projects of concern to the partners, accomplished by interns with company support and MIT faculty guidance. Representative projects this past year included the use of modeling and critical operations data to optimize plant performance, applying lean manufacturing techniques for the design of an aircraft assembly line, and supply chain performance through forecasting.

Another 48 students (Class of 2003) completed their first year of on-campus studies and are starting their six-month internships. Fifty-seven new students (Class of 2004) were admitted and have begun an intensive summer session. The Class of 2004 has an average of 5.5 years of work experience, representing the highest average since the program's inception. Don Rosenfield continues to serve as the director of LFM. Codirectors for the program include Paul Lagace, Bill Hanson, and Steve Eppinger.

Research and Knowledge Transfer Program

As part of LFM and SDM's commitment to lifelong learning, an initiative begun last year was continued to encourage LFM and SDM alumni to stay connected with MIT by sharing relevant information. Paul Gallagher, research associate for LFM and SDM, scheduled monthly webcasts presented by MIT faculty and various LFM and SDM alumni. The content of each webcast, also called e-seminars, provides valuable information on the latest trends, cutting-edge developments and innovative strategies, all of which pertain to manufacturing and/or systems design. The presentations are given in real time, via the Internet and telephone, which allowed participants to follow along visually and audibly as well as ask questions.

Presenters have included Dan Whitney, describing a theory for designing mechanical assemblies to meet top-level customer requirements on key dimensions; Steve Eppinger on product development interaction patterns; and Steve Graves on supply chain modeling and optimization.

Due to the positive feedback, the webcasts will continue into the next academic semester.


LFM continues its leadership role in the National Coalition of Manufacturing Leadership (NCML), a partnership of 15 universities with joint management and engineering manufacturing programs. In conjunction with the NCML, MIT, University of Michigan, and Penn State University once again sponsored a recruiting forum, the National Manufacturing Recruiting Forum (NMRF), which was hosted this past year by the University of Michigan. More than 300 students and 20 companies participated in last year's event, in which LFM made a significant contribution by providing a robust, web-based interview scheduling system that increased interview-scheduling efficiency. The number of companies dropped from the previous year's record high of 50 because of the economic downturn. The NCML meets twice a year to share curriculum, research, and program best practices.


LFM students, sponsored and non-sponsored, continue to be highly sought once they have completed the program. Partner companies as well as other organizations take a special interest in LFM students as proven by their commitment to speak to the class on various issues during the Pro Seminar session. About 80 percent of each class accepts positions within the manufacturing industry while the percentage of students accepting positions within partner companies has remained at about 50 percent.

More information about the Leaders for Manufacturing Program can be found on the web at

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Management of Technology Program

The MIT Management of Technology Program (MOT), the first joint program between the Sloan School and the School of Engineering, was established in 1981 to develop leaders who can create the linkages between their organizations' underlying technology and overall strategy. This 12-month intensive program provides executive development for strong technical leaders who are taking on senior leadership positions in their firms, and has also attracted an increasing number of participants who are involved in technology-based entrepreneurial opportunities.

The MOT Class of 2002 included 56 participants from nearly 20 countries. They averaged 11 years of work experience, representing a wide variety of industries and functional expertise. More than half of the class had advanced degrees prior to joining the MOT Program, most in technical disciplines.

This past year, domestic field trips provided the MOT class an opportunity to visit leading high-technology firms on both coasts of the United States. In November, the annual trip to New York included visits to telecommunications, financial services, media, electronic commerce, and technical consulting organizations. In January, the group spent a great week in Silicon Valley, visiting a wide array of large and small technology-based firms, venture capitalists, and intellectual property consultants. While large firms such as Intel, Cisco, Sun Microsystems, Hewlett-Packard, ChevronTexaco, and Oracle provided great insights into how technological innovation is implemented, much was also gleaned from visits to smaller firms, particularly those involved in wireless applications and web services. A visit to the well-known product design firm IDEO was particularly interesting.

In March 2002 the MOT class headed for Asia, visiting Hong Kong, Taiwan, China, and Japan. Drawing on the many MIT relationships with Asian organizations, very productive visits were hosted by such firms as SONY, NTT DoCoMo, NEC, Quanta Computers, Delta Electronics, TSMC, and Pacific Century Cyberworks. Cultural highlights included a trek to the Great Wall of China and tours of the Forbidden City.

In June 2002 the new Biomedical Enterprise Program was launched after more than two years of preparation. This new program, a result of the unique collaboration between the Harvard-MIT Division of Health Sciences and Technology and the MIT Sloan School of Management, exposes students to an integrated curriculum focused on the complex process of product development and commercialization in the health care industry. The goal of the new dual-degree program is to create a new generation of leaders for tomorrow's leading biomedical enterprises.

The MOT community was saddened to learn of the death of David Berray, MOT '00, in the terrorist attack on the World Trade Center in NYC. David was attending a financial technology conference at Windows on the World along with another MIT alum, Michael Packer, who also perished in the attack. Both David and Michael had been active contributors to the MOT Program over the years, and both will be missed dearly.

More information about the Management of Technology Program can be found on the web at

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System Design and Management

The mission of the System Design and Management (SDM) program is to educate future technical leaders in the architecture, engineering, and design of complex products and systems, preparing them for careers as the technically grounded senior managers of their enterprises. SDM intends to set the standards for delivering career-compatible professional education using advanced information and communication technologies. SDM was one of MIT's early entries into the field of distance education and remains the only degree-granting program at MIT that can be earned primarily from a remote location.

The SDM program is a joint offering of the School of Engineering and the Sloan School of Management, leading to a Master of Science degree in engineering and management. Targeted for professional engineers with three or more years of experience, the program centers on a 13-course curriculum in systems, engineering, and management, including a project-based thesis. It offers three curricular options: a 13-month in-residence format; a 24-month distance education for company-sponsored students, requiring one academic semester in residence at MIT; and a 24-month on-campus program for self-supporting students who can obtain a research assistantship in one of MIT's labs or centers. The program was conceived as an alternative to the MBA for professional engineers, allowing working professionals to pursue a degree without interrupting their careers and relocating themselves and their families.

Denny Mahoney, director of the SDM Fellows Program, completed his third year in that position, providing a much-needed stability to program leadership. Co-directors for the program include Paul Lagace, Bill Hanson, and Steve Eppinger.

Student Statistics

In January 2002, SDM admitted its fifth class, enrolling 27 students—a drop from previous enrollments. A team led by Professor Paul Lagace, Denny Mahoney, and Jon Griffith, director of partner relations for LFM-SDM, have been engaged for the past few months in an admissions effort for the January 2003 cohort. Final statistics won't be available until the application deadline closes, but numbers of applications have increased significantly with this effort. For the first time, SDM put on an informational evening for local MIT alumni and others interested in SDM. This successful event brought in more than 30 prospective students.

System Design and Management Admissions Statistics

Research Assistant
Distance Education

System Integration Project

This past year, LFM-SDM and United Technologies Corporation (UTC) embarked on a new educational venture. UTC has identified 11 core capabilities that the corporation believes must be strengthened across all the business units for UTC to remain competitive in the next century. For each capability, UTC will partner with a university that can deliver the highest quality education to its workforce in each of these areas. UTC proposed that LFM-SDM serve as its partner for one of these competencies—systems engineering. UTC believes that much of the current SDM curriculum addresses many of the required capabilities needed for the systems engineering they have identified as important across the UTC business units.

The project team has segmented the educational process into three target populations—a group of experts enrolled in the SDM program, a second group of experts enrolled in UTC-MIT's Systems Engineering Certificate Program, and the managers/facilitators of those experts. The pilot year was very successful, with 11 students completing the certificating program and more than 35 managers/supervisors completing the six days of content in the Manager/Supervisor Workshop. Because of the success of the program, the effort has been extended another year. The next cohort of certificate students numbers 18.

Distance Education Delivery

As MIT's premier degree program offered at a distance, SDM has recognized its leadership role at the Institute regarding the practice of distance education and is evaluating its delivery with the goal of increasing the quality of the remote-learning experience while reducing costs.

Specific distance education accomplishments include:

SDM facilitated the purchase of a new videoconference bridge for MIT, which is now housed at the Academic Media Production Services (AMPS). This purchase has moved a critical component of the distance education program—videobridging of classes—from an outside vendor to inside MIT at a substantial savings to our corporate sponsors. The advantages of the MIT videobridge include:

SDM will continue to explore effective ways of making course materials available to distance students.

William C. Hanson

More information about the System Design and Management Program can be found on the web at

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System Dynamics Group

The System Dynamics Group was founded by Professor Jay W. Forrester in the early 1960s. The group was created to pursue research in the area of understanding the importance of structure in the behavior of complex systems, particularly corporate structure. Currently, the group is studying three areas.

The National Model Project, a large computer model, strives for a better understanding of how the US economy works, and is used to help analyze the effects of proposed economic policies. The group uses the National Model to capture the interactions of local structures and decision-making policies, building a bridge that joins microstructure with macrobehavior. Corporations and private individuals fund this research, which is directed by Professor Forrester.

The System Dynamics in Education Project was established in 1990 with private funding. Writing the Road Maps series is the main area of activity. Road Maps is a self-study guide for learning system dynamics and is available free at The series of self-study chapters use modeling exercises and selected literature to provide a way of learning about the principles of system dynamics and its many uses. More recently, a distance learning course in system dynamics called The Guided Study Program has been offered using Road Maps as the core text. This is a large UROP effort involving approximately ten students per term. The educational work of the System Dynamics in Education Project is also headed by Professor Forrester.

The Improvement Paradox: Designing Sustainable Quality Improvement Programs is directed by Professor John D. Sterman. With initial funding in the mid-1990s from an NSF grant, the project studies the design of sustainable quality improvement programs. In the past, many firms abandoned TQM programs due to lack of perceived impact on profitability, even after they experienced a significant increase in performance. Through the development of formal models and original case histories, the project seeks to identify the critical interactions between quality programs and a company's other organizational structures. A number of papers on this work are available from Corporate sponsors have contributed additional support.

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Center for Coordination Science

The MIT Center for Coordination Science conducts multidisciplinary research to help understand how information technology can provide new ways of organizing human activity and help people work together better. Primary funding comes from a variety of government sources, including DARPA and NSF. The center also has corporate sponsorship from Fuji Xerox, Intel, British Telecom, and France Telecom.

The past year has brought significant progress on the three major projects in the center continued from previous years. The NSF project on "Social and Economic Implications of Information Technology" developed a taxonomy of six basic business models for all companies in the economy and completed the classification of over 500 companies according to this taxonomy. The Process Handbook research area completed the second phase of a collaborative project focused on supply chain visualization. This project is integrating the process knowledge management functionality of the Process Handbook with tangible user interfaces (from the MIT Media Lab) and process simulation tools (from the MIT Systems Dynamics Group). A significantly enhanced prototype was demonstrated in the middle of the year, and a final version is expected by the end of next year. The Adaptive Systems and Evolutionary Software research area made significant progress in the area of exception handling and norms for multi-agent systems.

In addition, center researchers completed the preparation of two edited volumes to be published by MIT Press next year. The working titles of the two volumes are Inventing the Organizations of the 21st Century and Toward a Global Repository for Organizing Business Knowledge: The MIT Process Handbook.

More information about the Center for Coordination Science can be found on the web at

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Center for eBusiness

The Center for eBusiness, created by the MIT Sloan School of Management, has taken as its mission to be the leading academic source of innovation in management theory and practice for eBusiness. The center engages in research, education, and interaction with industry on all aspects of digital business.

In its third year of existence, the center has been fortunate to maintain its tremendous enthusiasm and support from industry, faculty, and students. This has enabled the center to make some substantial accomplishments, including:

As we enter FY2003, we are heartened by the fact that most of our sponsors report an expanded commitment to eBusiness practices, technology, and strategies in their operations. The center plans to continue the activities listed above. We plan to grow by giving our faculty and students more visibility in the business and academic worlds, and by strengthening collaboration with other parts of MIT, including the Media Lab, the Schools of Engineering and Science, and several other research centers at MIT.

While the center has been affected by the recent economic downturn, our FY2003 plans and financing are well positioned with banked funds from fiscal years 2000–2002. While we have projects planned for these funds, we intend to move forward with them cautiously, as we carefully watch the financial fortunes of our corporate sponsors who provide our funding.

More information on the Center for eBusiness@MIT can be found on the web at

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Center for Energy and Environmental Policy Research

The Center for Energy and Environmental Policy Research (CEEPR) has been the locus of research at MIT on energy economics since the mid-1970s and on environmental economics since the late 1980s. This research draws on resources from the Sloan School, the Department of Economics, and the Laboratory for Energy and the Environment, and it receives financial support from corporations and government agencies. In conjunction with MIT's Center for Global Change Science, CEEPR co-sponsors the Joint Program on the Science and Policy of Global Change, which conducts interdisciplinary research to inform global climate policy.

Activities and Publications

Academic year 2002 was marked by a significant increase in research activity on emissions trading, as a result of increased funding from earlier EPA grants and four visitors from Chile, India, Austria, and Finland, who participated in the emissions trading research. This year was also the first under the three-year Cambridge-MIT Institute Electricity Project during which CEEPR enjoyed short visits from Professors David Newbery and Michael Pollitt of Cambridge University to coordinate research activities with CEEPR.

During the academic year, eight working papers and five article reprints reporting CEEPR-sponsored research were published, distributed, and posted on the CEEPR web site. In December 2001 and May 2002, CEEPR convened its usual Energy and Environmental Policy Workshop in Cambridge to present research results to corporate and government sponsors and other interested parties. In addition, the first CMI Workshop was held in July 2002 in Spain with the logistical and financial support of HidroCantabrico. Finally, the director and executive director of CEEPR were invited to give numerous lectures and seminar presentations of CEEPR's research concerning electric utility restructuring and emissions trading, including to committees of the US Congress.

Grants and Research Program

In AY2002, CEEPR sponsored research on the topics of emissions trading, new electricity markets, and energy futures, forwards, and arbitrage. Contributions totaling $555,000 were received from fifteen corporate sponsors and earlier multi-year awards from the US Environmental Protection Agency and the Cambridge-MIT Institute provided another $345,000 in funding. During AY2003, CEEPR will continue to focus its research on electric utility restructuring and emissions trading, and we will welcome Professor Michael Pollitt as a visitor during the spring semester.

More information about the Center for Energy and Environmental Policy Research can be found on the web at

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MIT Entrepreneurship Center

The mission of the MIT Entrepreneurship Center is to train and develop leaders who will make high-tech ventures successful. To that end, we offer educational programs to inspire, educate, and coach new generations of entrepreneurs from all parts of MIT. To support this mission, MIT's entrepreneurship professors, practitioners, and staff teach 20 courses and conduct basic research to enhance our fundamental understanding of the dynamic process of high-tech venture development in the United States and around the world.

The MIT Entrepreneurship Center was launched as an Institute-wide initiative in 1996. At that time, President Vest said, "We must not only be the best. We must also serve as a model for others and ensure that, together, we all make a significant global impact in this vital field." To achieve these objectives set out by our president, we established two goals: to recruit 10 leading professors and practitioners and to raise $60 million in endowment to fund their teaching and research.

Since then, our ranks have grown as we continue to recruit world-class educators. In FY2002 we had 10 professors and 12 practitioners teaching our courses. From 1996 to 2002, student enrollment in entrepreneurship courses steadily grew from 288 to over 1,360 students in each of the last two years. We have added at least one or two new courses every year, frequently featuring co-teaching with two or more departments and schools. Enrollment by engineering students has grown steadily.

During FY2002, Simon Johnson, the Ronald A. Kurtz associate professor of entrepreneurship, was granted tenure for his outstanding record of research and teaching. Professor Johnson is the first of our tenure track professors to be so recognized.

Courses offered in FY2002 included the following: 15.986 Building a Biomedical Business, 15.392 Business Plans That Raise Money, 15.369 Corporate Entrepreneurship, 15.394 Designing and Leading the Entrepreneurial Organization, 15.431 Entrepreneurial Finance, 15.835 Entrepreneurial Marketing, 15.399 Entrepreneurship Lab, 15.395 Entrepreneurship/ Venture Capital Without Borders, 15.389 Global Entrepreneurship Lab, 15.615 Law for the Entrepreneur and Manager, 15.390 New Enterprises, 15.974 Personal Entrepreneurial Strategy and Preliminary Venture Analysis, 15.398 Proseminar in New Product and Venture Development, 15.391 Raising Early Stage Capital, 15.976 Starting and Building a Successful Technology-Based Company, 15.393 Technology and Entrepreneurial Strategy, 15.975 The Nuts and Bolts of Business Plans, 15.971/MAS 967 Developmental Entrepreneurship, and Marketing: An Introduction for Entrepreneurs.

During FY2002, Professors Diane Burton, Fiona Murray, and Antoinette Schoar launched a major research initiative, and early results will be available for next year's annual report.

Student organizations supported by and housed in the MIT Entrepreneurship Center continued to be recognized as world leaders. The MIT $50K Entrepreneurship Competition celebrated its 13th anniversary with over 100 business plan entries and a new summer breakfast series for start-ups. The student-run MIT Sloan Venture Capital Conference attracted 500 attendees from over 20 countries.

We continued to engage our alumni community. In addition to regular Entrepreneurship Society functions, the center hosted major networking galas in Boston, London, UK, Tokyo, Toronto, Istanbul, and Munich. The events drew over 1,000 members of the center's network, including MIT graduates engaged in entrepreneurial activity.

Our partnership with the University of Cambridge and the Scientific Enterprise Centers (SECs) in the UK continued to expand. Our second gala dinner was held in London in June. Over 30 representatives of UK SECs attended our 5th annual Entrepreneurship Development Program in January.

We launched a major program to overhaul our web site, managed by Program Coordinator Christie Yih. The center's programs and activities received significant favorable press coverage in The Economist, The Financial Times, Boston Globe, and other European and Japanese newspapers and magazines.

On the financial side, endowment pledges of support from entrepreneurial alumni since 1996 have provided $24 million in seed capital toward our goal of $60 million. During FY2002, 10 corporate sponsors were selected for their ability to add to our educational programs and assist our students and alumni in starting new technology ventures.

Kenneth P. Morse
Managing Director

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Laboratory for Financial Engineering

The focus of the Laboratory for Financial Engineering (LFE) is the quantitative analysis of financial markets using state-of-the-art mathematical, statistical, and computational models. The LFE's goals are to spur advances in financial engineering and computational finance, and to support curriculum development for financial technology in undergraduate, graduate, and executive educational programs.

The LFE has continued to receive major funding support for its activities from Merrill Lynch this year as part of the five-year MIT/Merrill Lynch partnership announced in March 1999. As a result, several new research initiatives have been launched in each of the three program areas of the LFE: capital markets, risk management, and financial technology.

The capital markets program area focuses on the mainstream of financial engineering: the pricing and hedging of financial securities, the determinants of capital-market equilibrium, and the empirical and econometric analysis of financial market data. LFE projects in this area include traditional topics such as risk/reward relations for stocks and bonds, asset-allocation strategies, tax optimization, the dynamics of trading volume, derivatives pricing and hedging models, and the impact of transactions costs on portfolio management and trading. However, LFE projects involving nontraditional topics are also supported (e.g., the foundations of technical analysis, agent-based modeling of financial markets, and social-network-analysis models of global financial crises).

The risk management program area focuses on the entire spectrum of issues surrounding the process of rational decision making under risk. This spectrum can be characterized by the so-called Three Ps of total risk management: probabilities, prices, and preferences. Probabilities refers to the statistical laws that describe the evolution of market opportunities and business conditions through time (e.g., "What is the chance of a 20 percent decline in the S&P 500 next month?''). Prices refers to the economic valuation of these market opportunities and business conditions (e.g., "How much will it cost to insure my portfolio against a 20 percent decline in the S&P 500 next month?''). Preferences refers to the ultimate factors that determine how much risk an individual investor or organization is willing to bear (e.g., "How much insurance should I buy?''). Any complete risk-management protocol must integrate these Three Ps into its analysis, and the LFE research projects in this program area will involve all three aspects—statistical models, pricing models, and cognitive and behavioral models.

The financial technology program area focuses on various methodological aspects of financial engineering: mathematical, statistical, computational, and visual. Because financial engineering is naturally interdisciplinary, the tools of financial engineering span a wide range and the opportunities for "intellectual arbitrage'' across fields are tremendous. LFE projects in this area will include new methods for nonlinear time series analysis such as wavelet transforms, nonparametric estimation, and support-vector machines; new methods for optimization such as approximate dynamic programming, genetic algorithms, and simulated annealing; computationally intensive methods for Bayesian inference such as Markov Chain Monte Carlo algorithms and Gibbs sampling techniques; computationally intensive methods for quantifying the statistical biases inherent in large-scale data mining such as bootstrap resampling techniques; and new software/hardware platforms for real-time high-bandwidth financial visualization.

The MIT/Merrill Lynch partnership also includes two important educational components: a distance-learning initiative for Merrill Lynch executives and the Financial Technology Option (FTO), a new graduate minor in financial technology that has been jointly developed by the Sloan School of Management and the Department of Electrical Engineering and Computer Sciences in the School of Engineering. The distance-learning program involves the electronic delivery of Professor Andrew Lo's investments course, 15.433, to a select group of Merrill Lynch executives over a 12-week period, along with live chat sessions and group projects developed by Merrill Lynch teams. The MIT FTO program's intent is to provide training in financial engineering for MIT graduate students from technology fields such as engineering, math, computer science and media studies. The minor will increase financial applications within the School of Engineering's technology courses and boost the number of technology courses available to MBA students in Sloan's Track in Financial Engineering. This is the second year of the FTO and approximately 35 students have signed up for the option.

Research support for the LFE has been generously provided by a number of industry sponsors and donors, including the following: Gifford Fong Associates, Lehman Brothers, Merrill Lynch, National Science Foundation, Putnam Investments, Silicon Graphics, Sun Microsystems, Harris and Harris Group, and Morgan Stanley Dean Witter.

Andrew W. Lo

Research summaries for each of the LFE projects and their corresponding preprints and reprints, along with LFE staff and affiliated faculty, are described in more detail at the Laboratory for Financial Engineering's web site at

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Program on the Pharmaceutical Industry

The MIT Program on the Pharmaceutical Industry (POPI) was founded in 1991 as a research and education program for understanding the structure and dynamics of the global pharmaceutical industry, including the firms and their suppliers, customers, and regulators.

Currently, more than 15 MIT faculty and numerous outside collaborators from other universities, industry, and government are participating in the research program. Since POPI's inception, some 30 MIT graduate students have completed doctoral work with support from POPI. More than 20 pharmaceutical, biotechnology, or other healthcare firms have contributed funding and/or data for POPI's research or educational activities. As of June 30, 2002, more than 100 articles and working papers have reported on research conducted by POPI faculty and students.

In 2001–2002, faculty associated with POPI continued research on a number of the managerial and policy issues associated with drug discovery and development, the use of new tools to systematize key aspects of drug discovery, pharmacoeconomics, and many other topics.

Recently, the program has positioned itself to work closely with the Institute's new Computational and Systems Biology Initiative. POPI faculty and students are actively focusing on the manner in which science and technology are driving change in drug discovery, development, manufacturing, and the business of pharmaceuticals. These issues form the basis for the content of the Institute's multidisciplinary academic subject 15.136J Principles and Practice of Drug Development, taught in conjunction with five POPI-affiliated faculty members. Of particular interest will be how technological changes are impacting the availability of new drugs and the delivery of health care.

POPI faculty are also working closely with the new Biomedical Enterprise Master's Degree curriculum, offered jointly by the Sloan School of Management and the Harvard-MIT Division of Health Sciences and Technology.

More information about the Program on the Pharmaceutical Industry can be found on the web at

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Productivity from Information Technology

The Productivity from Information Technology Initiative (PROFIT) explores how information technology can enhance productivity in both the private and public sectors. Its research spans diverse areas from finance to transportation, and from manufacturing to telecommunications. Current research efforts include knowledge acquisition (including the extraction of information from paper-based media as well as semi-structured web sources); knowledge discovery (which includes the use of neural network-based data mining techniques); knowledge management and integration (which includes the mapping and assembling of information across departmental, corporate, and national boundaries to suit new conditions and requirements); and knowledge dissemination.

Under the aegis of a broad multiyear agreement with MITRE, significant research was conducted during the year in a number of areas, including data mining, knowledge discovery, and knowledge abstraction and dissemination from a future corporate-wide knowledge infrastructure (

Merrill Lynch, Banco Santander Central Hispano, Suruga, and Fleet Bank are supporting research on the development of Universal Financial Aggregation (UFA) that utilizes work on web wrapper and context mediation. See the project web site at for more information.

During the year, members of PROFIT Initiative continued to serve as founding members of the SSPARC Consortium organized by the MIT Department of Aeronautics and Astronautics. The work at PROFIT was in the areas of design rationale, collaborative design, data mining, and knowledge repositories to enable quicker, better, and cheaper design, development, and manufacture of spacecrafts. See the project web site at for more information.

Researchers of PROFIT also worked on a project funded by the US Department of Transportation, via the MIT Center for Transportation Studies, that involves the use of neural network-based data mining and knowledge discovery techniques to gain new insights into data of the Federal Aviation Administration.

More information about the Productivity from Information Technology Initiative can be found on the web at

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Sloan Management Review

Sloan Management Review (SMR) is a quarterly journal providing senior managers with the best current management theory and practice. Selected submissions of research from academia, consulting, and industry are peer reviewed, and cover a range of management disciplines with particular focus on corporate strategy, leadership, and management of technology and innovation.

In a difficult economic year for magazines, SMR held revenues flat over fiscal year 2001. On a bright note, the permissions revenue stream grew 20 percent, where operating agreements with a number of third party distributors and/or partners became productive. Some of these partners include the Los Angeles Times Syndicate International, the European Case Clearinghouse, and EBSCO.

SMR has also implemented cooperative relationships with other Sloan units, providing service of SMR to Sloan alumni, Sloan executive education attendees, and corporate members of the Industrial Liaison Program.

The journal continues to enjoy a healthy stream of manuscript submissions, of which fewer than 10 percent are selected for publication. Nearly 85 percent of lead authors published were from academic institutions, with the remaining 15 percent from consulting or industry. Of academic lead authors, including Sloan faculty, 62 percent were from top-ten-rated US and international business schools. Of all authors, 18 percent were from international institutions.

A listing of major authors published in issues during FY2002 includes Deborah Ancona, MIT/Sloan; Christopher Bartlett, HBS; David R. Bell, Wharton; Clayton M. Christensen, HBS; Michael Cusmano, MIT/Sloan; Richard A. D'Aveni, Tuck; Thomas Davenport, Accenture and Babson; Kathleen Eisenhardt, Stanford; Charles H. Fine, MIT/Sloan; Jeffrey Garten, Yale; Sumantra Ghoshal, London Business School; Ranjay Gulati, Kellog (Northwestern); Amar Gupta, MIT/Sloan; Michael Hammer, Hammer and Co.; Rosabeth Moss Kanter, HBS; Stuart Hart, Kenan-Flagler (UNC); Christopher Meyer, Cap Gemini Ernst & Young; Henry Mintzberg, McGill; Francesco Modigliani, MIT/Sloan; Nitin Nohria, HBS; C.K. Prahalad, U. Michigan; James Brian Quinn, Tuck; Edward B. Roberts, MIT/Sloan; Jeanne W. Ross, MIT/Sloan; Mohanbir Sawnhey, Kellog (Northwestern); Richard Schmalensee, MIT/Sloan; and Peter Weill, MIT/Sloan.

A number of SMR articles were cited in the press this year. Citation sources included the BBC News web site, Computerworld, Harvard Management Update, The Economist, Boston Globe, Baseline magazine and web site, and the Australian Financial Review.

FY2002 was a year of management changes for SMR. Christopher Bergonzi joined as editorial director. Publisher Susan Petrie left in February to pursue a consulting opportunity, succeeded by Christine Leamon, SMR's former business director. Arnoldo C. Hax, Alfred P. Sloan professor of management, succeeded Michael Cusumano as SMR's faculty advisor and chairman of the board. Professor Cusumano remains active on the editorial advisory board.

Looking ahead to FY2003, the journal plans to continue to refine and deepen its editorial positioning, a process begun with the winter 2001 relaunch. It also plans to expand electronic accessibility to and distribution of its content, through partnerships with a variety of commercial and nonprofit organizations.

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Alumni Relations

The past year in Sloan Alumni Relations has been one with marked growth, successful implementation of a new approach to alumni programming as a key component of Sloan's overall development and advancement strategy, a significant increase in numbers of alumni who have been engaged, and improvement in the quality of our data.

A program to recognize Sloan's th Anniversary has been fully planned and marketed to alumni. The program has evolved into a stunning program based in new research, constructed with activity designed to showcase Sloan, and comprised of a star-studded list of speakers.

The quality of our data has been dramatically improved through careful planning and implementation. The th Save the Date card mailed to 15,411 alumni asked for address updates, resulting in thousands of changes. A phonation program for the annual fund included as part of the script an address correction section which resulted in improved data. In addition, the Sloan Peoplefinder system and the Advance Database systems were synchronized.

Our "emailable" population is now at 78 percent of our "mailable" population—up from 51 percent. This is the highest percentage of emailable alumni among our peer institutions.

There has been continued improvement in our efforts to track alumni activity and volunteer activity by introducing and training colleagues from across Sloan on the use of the advanced database.

Improved relations between the Sloan and MIT Alumni offices have resulted in better alumni programming both on and off campus through shared resources and enhanced communication. The director for alumni relations is now a permanently included participant at all MIT Alumni Association board meetings helping to facilitate further improvement in both programming, communication, and enhancements to alumni programming. There has been progress made toward sharing resources to improve event-tracking capabilities, which will further enable us to track Sloan's alumni engagement.

Another highlight is the Alumni Admissions Program, a strategy for engaging alumni in the Sloan MBA admissions effort that we have begun to implement.

On the career front, Ken White was hired as a permanent part-time employee to support the career transitional needs of Sloan's alumni. In addition to the ongoing one-on-one meetings that he had been conducting, we have added "alumnet," a weekly gathering of alumni who are currently in the search process. This activity is beginning to take hold throughout the country. Additionally, we have added considerably to the electronic career services that we provide.

The Regional Program, under Lynne Vellante, saw alumni participation in geographic programs more than doubled in 2002. More programming was planned with the specific goal of creating value-added events (faculty presentations, dean's visits). We also implemented a plan of corporate regional alumni programming, with the first such event held at Fidelity with Lester Thurow as speaker.

Year Number of events Number of alumni attendees

Sloan's Reunion Program, under the leadership of Leanne Schnitzer, showed, once again, improvement in percentage of alumni attending. We continue to work closely and strategically with the Reunion Giving staff in order to create a reunion program that both encourages and showcases reunion giving. Two new events (a Career Workshop and Family BBQ) were added and both were well received by alumni. This year we began a new effort to engage alumni by inviting all local alumni to attend the non-class specific events (Back to the Classroom, Career Workshop, C-function, and the Family BBQ).

Alumni and guests
*Special effort to engage MOTs recognizing the program's 20th.

Student Activities

During FY2002 the Sloan Student Alumni Committee, a subgroup of the Sloan Student Senate, worked on several projects. This committee, lead by Dana Cole, MBA '02, consisted of 46 student members. The students were first- and second-year MBAs, LFMs, MOTs, and Sloan Fellows. The function of this group is to work on initiatives that bring current students and the alumni population together. Students also gain an understanding of what the Alumni office does and helps build relationships before they become alumni. Most of the initiatives were suggested by the students and are kept running by each year's group.

Admission Alumni Caller Program

This program was started in FY2001 and with the help of the student committee has showed continual growth. The committee has helped create the materials given to alumni when they call admitted students. These materials prep alumni to answer any questions prospective students may have and encourage them to attend Sloan. The committee also helps to identify and solicit alumni volunteers.

Distinguished Alumni Speaker Series

Once or twice a year a noted Sloan alum is invited back to campus to speak to current MBA students about how Sloan has impacted their professional and personal lives. In April, the speaker was Dan Hesse, SF'89, CEO, Terabeam. More then 100 students attended this lunchtime event. The alumni committee works to identify possible speakers and strategize to get them to campus. The committee is also in charge of marketing these events.

Sloan Club of Boston

One member of this committee is selected to sit on the Sloan Club of Boston's Planning Board. This year's student representative was Matthew Rhoden, MBA '02. Part of Matthew's duties as a board member was to serve as the board's secretary. He would report back to the student alumni committee what the club was doing and the events the student population was invited to attend.


The program was started this year for returning students with the goal that they begin to understand their life-long relationship with MIT. The project was put together with help from the MBA Program Office and the CDO. Alumni were asked to speak to returning students to help prepare them for their job search and the current market and to discuss their ongoing connection with the School. Alumni who participated this year were Tony Parham, MBA ‘90, Charlie Tillett, MBA ‘91 and Diana Frazier, MBA '81. All second year students attended this fall event. Following the presentation was the Alumni C-Function for all students and all local alumni. Over 100 local alumni attended.


The student committee works each year to put together a program for all graduating Sloan students. They work on the speakers and the C-function that follows. The agenda is to disseminate information to the graduating class about what the School has to offer alumni and the importance of contributing back to Sloan in both time and money. The keynote speaker was Kenan Sahin, PhD '69, who addressed this issue beautifully. An alumni panel was put together to address the student's questions about the alumni network, job search, alumni clubs, and their thoughts of life after Sloan. The panel participants were Ken Armstead, MBA '82, Sean Brown, MBA '94, Carlo Cadet, MBA '97, Jack Langworthy, MBA '90, Tony Parham, MBA '90 and Alex Wang, MBA '99. There was also a staff panel to address students' questions on what the School offers them as alumni (clubs, reunion, career services, etc.).

Who's Who after Sloan

This program was born out of the Student Alumni Committee. The students were not aware of who the Sloan alumni were and were amazed when they began to hear through different channels who was on the alumni list. They wanted a way to see and be proud of the family they have joined. The group came up with the idea of a Who's Who at Sloan web page on the Sloan site in 2001. The committee set out to make it happen. In 2002 the committee agreed upon the selection criteria and the students set about to identify the alumni who fit this criteria. The list of alumni has been broken up and each student on the Who's Who committee has sent a letter to five alumni letting them know they have been selected and requesting a photo and a bio for the web. To date 34 alumni have agreed to be on the site. We have chosen to wait until we have at least 100 alumni on the site before making the site live.

Sloan Phone-a-thon

The Student Alumni Committee took charge of recruiting fellow students to participate in the annual fall Phone-a-thon. Twenty-two students and 27 alumni participated.

Class Gift

The Student Alumni Committee led the efforts to raise the class gift from the graduating students. This year is the first to accept pledges. So far the class of 2002 has raised more than $66,000, and pledges are still coming in. This amount is more than double the amounts raised in the programs eight-year history.

Alumni Advisor Program

Formally the Mentor Program, this program has been around for more than 10 years. It allows first-year MBA students to select an alumnus to begin building their networks with. Many students say they chose to attend Sloan because we offered this program. Alumni from our major areas (MA, NY, CA, and all foreign alumni with email addresses) are asked to volunteer.

Past statistics for the Alumni Advisor Program


Alumni Class Leaders

The first class to elect alumni class officers was the class of 2001. This proved extremely helpful with the planning of the class's first reunion. The Student Alumni Committee runs the election process. The Class of 2002 officers are Julia Abramovich, vice president; Nisa Bradley, secretary; and Keith Waxleman, president.


This continues to be an area of great excitement and frustration. The past year was no exception. While alumni data is vastly improved, the resources to provide electronic products continue to be limited.

That said, much of the promotion for reunion was electronic and done with great success. The vast majority of alumni who sign up for reunion and club events do so online. This year we look enthusiastically for improvement in all of these functions. These areas of technological tracking and information gathering and dissemination will provide Sloan with greater and more accurate data regarding the nature and degree of its alumni activity and interest.

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Alumni Giving

The Sloan Annual Fund, Dean's Fund for Innovation, and Reunion Giving programs—which make up our overall alumni giving effort—continue to drive our unrestricted gift revenue growth. We raised close to $2 million in unrestricted funds from all sources in FY2002 with the majority of these gifts coming from alumni through the Sloan Annual Fund and the Dean's Fund for Innovation. We continued to expand our Annual Fund program of direct mail, telemarketing, and personal solicitation. Following the lead of the MIT Alumni/ae Association, we used a professional telemarketing consultant to implement a paid caller program in order to solicit a much greater number of our graduates for an annual gift with outstanding results. Our fall volunteer phonathon program continues to bring in a large portion of our unrestricted dollars and the number of students and alumni who participate as volunteer callers increased this year. We made good use of MIT's paid student caller program (Tech Caller) to make in-roads into our population of nondonors. We also continued our Dean's Fund for Innovation program, which markets unrestricted needs to potential leadership donors ($1,000+).

We conducted reunion class gift campaigns with the Sloan Master's Classes of 1997, 1992, 1987, 1982, 1977, 1972, 1967, and 1962. Each of these classes increased their dollars contributed and donors participating over what each of these classes normally gives to the Sloan School in a given fiscal year. The standout this year was the Sloan Master's Class of 1977. This class increased its overall dollars contributed by 225 percent and increased their overall number of donors by 26 percent. We will continue our strategy of focusing on approximately 10 reunion class gift campaigns per year as a means to systematically increase the annual contributions of our graduates to the Sloan School. However, since we only began truly focusing our efforts on reunion giving with appropriate staff and resources in FY1999, we must go through a full five-year cycle (which will be achieved in FY2004) to truly see the impact of our efforts.

Principal and Major Gifts

This was a very good year for growth in the Principal and Major Gifts Program. The dean had a very busy year with travel to Northern California, Southern California, New York, Florida, Madrid, London, Paris, Lebanon, Mexico, Chicago, and Houston to engage alumni and friends in the School's priorities, and to cultivate and solicit financial support for both restricted and unrestricted priorities. Most notably, we solicited and closed on a $5 million gift to support the new Sloan Facility, and worked with senior officers in support of the solicitation of a $10.2 million gift for research and curriculum development. Additionally, we held cultivation dinners in six cities, engaging MBA alumni with the dean, to cultivate them for support of the new facilities. We continued to work with the Sloan Alumni Building Committee, which provided valuable feedback on the new facility as MIT was considering siting and fundraising issues. Much of the last quarter of FY2002 was spent preparing for FY2003. We identified the 50 or so prospects who will be solicited in FY2003 for contributions to support the new facility. We developed a strategy and timeline for each prospect and began the solicitation of those ready to be solicited.

While we have focused on the new facility, we have also been working to build the long-term strength of the major gift group at Sloan. We hired a new associate director for major gifts and have partnered with staff in Alumni Giving and the MIT Office of Campaign Giving to create a resource development program that is based on strategic cultivation and solicitation and is reinforced by annual support and reunion giving.

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Corporate Relations

The second year of the MIT Sloan School of Management's Office of Corporate Relations (OCR) focused on building a corporate relations program to broaden and strengthen relationships with Sloan's top corporate sponsors. We began by making contact with senior executives in each of Sloan's top 20+ corporate sponsors and providing them with information about options for broadening their engagement with the School.

Some of the initiatives of the past year serve as the foundation for next year's activities including:

The OCR provides staff support for the Dean's Advisory Council, which meets twice a year to review the School's strategic direction and new initiatives being considered. On a related matter, the director of OCR played a role in securing corporate funding to support Sloan's th anniversary celebration in October 2002.

In addition to continuing to build on each of the elements of the corporate relations program, next year will place increased emphasis on soliciting gifts from—and presenting naming opportunities to—corporate sponsors to support the new Sloan Building complex.

For more information on the Office of Corporate Relations, see the web site at

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Resource Development

The MIT Sloan Office of Resource Development has undergone significant change this year, both in structure and in leadership. As a group, the office continues to focus on building both the unrestricted support for MIT Sloan and laying the groundwork for a capital campaign for new facilities. As part of the overall MIT Capital Campaign, MIT Sloan has raised gifts and pledges toward projects, facilities, research fellowships, curriculum development, and unrestricted funds. This year the group raised $12.5 million in cash and $17 million in pledges. Included among these gifts and pledges is a pledge of $10 million to support research and curriculum development and a $5 million gift to support the new facility.

More than $132 million has been raised to support MIT Sloan's priorities and projects in MIT's $1.5 billion Capital Campaign, with two full years remaining in the drive. The Resource Development team has been focused to work directly with the dean and associate dean on key fundraising projects. The group now has two interrelated groups: Principal/Major Gifts, headed by Margaret Keller; and Alumni Giving, led by Lori Correale. During FY2002, the dean increased staffing in this joint Resource Development group by two, with additional plans for FY2003 to meet the growing needs of alumni constituencies and fundraising.

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Sloan Educational Services

Sloan Educational Services (SES) manages the School's academic infrastructure, supporting all Sloan programs, faculty, and students in the educational process. The SES team is responsible for preparing the physical landscape (facilities maintenance and space renovations), the academic foundation (Bulletin updates, course scheduling, student registration, and student advising), and oversight of information flow (internal communications, liaison with MIT Registrar, grades, evaluations).

Our team monitors all registration-related services provided to over 1,200 Sloan students and manages the web-based course prioritization system used by more than 2,000 MIT students; equitably resolves difficult supply and demand issues in a department with increasingly popular classes and already high enrollments; handles scheduling of the more than 200 class sections and recitations offered each term; maintains Sloan facilities; and produces both online and paper resource materials for the School (including the PhotoBook, student directory, student biocards, and weekly News@Sloan newsletter).

Organizational restructuring over the last few years has focused on improvement of SES processes and systems toward excellence in customer service. With an emphasis on enhanced advising and support to the MBA team and students, we are now also strengthening assistance to executive education students, teaching assistants and faculty. The MBA core courses continue to undergo modification, affecting course scheduling, registration, and advising. Continuous improvement and curricular reform initiatives throughout Sloan will, undoubtedly, impose the same challenges in the coming year. SES staff participated in the Dean's Office student revenue project this past year to integrate data from the Sloan course prioritization system. As in previous years, Sloan Educational Services continues to refine its analysis of bidding data to assist Sloan's deans and faculty on issues of demand regarding course and section offerings and teaching load plans.

Facilities management remained a high priority. Sloan Educational Services staff oversaw the renovation of multiple Sloan spaces and the moves of our faculty and staff. Provision of additional student study space, especially for team-based projects, posed a great challenge this past year. SES staff continues to work collaboratively with the Sloan New Building Committee, participating on teams and providing necessary data as a central source of Sloan operations.

Sloan enrollment remains high and Sloan classes continue to attract record numbers of students across all MIT departments. The School continues to explore ways to forecast and meet demand, including additional sections of classes, videotaped sessions, special seminars, and new joint agreements with other MIT departments. It is the role of SES to assist in balancing precious resources such as classroom space and faculty teaching time across all programs. Finding new ways to track and analyze data is vital in this Sloan-wide effort. SES staff aim to daily provide the highest possible levels of service to all constituents while striving to implement continuous improvement.

Goals for 2002–2003 include ongoing initiatives to revise the class scheduling process; automation of the teaching/course evaluation process; design of an auditing database for student record maintenance; bringing student publications online; building a strong SloanSpace web presence to better support Sloan students, faculty and TAs; evaluation of the course prioritization system; enhanced integration of systems and processes; renovating the Building E52 lobby and enhancing current facilities while we plan for those of the future; and, as already mentioned, constantly improving customer service. As always, we will continue our work with students to explore their changing needs and collaborate on creative methods of meeting them.

More information about Sloan Educational Services can be found under the students tab on the Sloan web site at

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Sloan Technology Services

Sloan Technology Services supports the information technology needs of faculty, staff, and students at the Sloan School. During the past year we focused on building core capability in IT by solidifying the base infrastructure, strengthening staff knowledge, improving service delivery, exercising project discipline, and enhancing the SloanSpace platform.

We completed the following major initiatives:

During the coming year we will establish metrics to assess performance and service delivery. We will also undertake a number of strategic initiatives based on the following principles:


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