The Future Time Slack Phenomenon, and More – Boston News
Let’s review the most interesting stories to emerge from Boston business schools this week, including a Harvard professor’s explanation of what exactly “future time slack” is and why you may be dealing with it on a regular basis.
Time For Happiness: Why the Pursuit of Money Isn’t Bringing You Joy—And What Will – Harvard Business Review
New research shows that even if an employee receives a promotion or raise they covet, they may feel just as discontented. Regardless of the outcome of our efforts, we all feel increasingly strapped for time, and often the things that we believe will make us happy—and that we work so hard for—don’t.
Evidence shows that “time affluence” i.e. the feeling of having enough time is at a record low in the United States. Ironically, despite the perception that people today work longer and harder, data shows that most of us have more discretionary hours than ever before. Yet we still feel starved for time.
Harvard Business School Assistant Professor Ashley Whillans writes, “In a study of nearly 40,000 Americans, when people made time-saving purchases on Saturday or Sunday (versus those who did not), they spent about 30 minutes more socializing with friends and family. That in turn promoted greater end-of-day happiness. The people who made those purchases were happier not only because they socialized more but because they derived greater joy from doing it.”
Whillans notes the behavioral factors that affect our decisions to choose money or time. “We suffer from something called future time slack—the belief that we’ll have more time in the future than we do in the present. So, we decide to make some sacrifices now with the promise of enjoying more time later. Of course, when the future comes, we don’t have more time. We just repeat the same mistake.”
You can read more about Whillans’ research here.
Expert Witnesses: Accounting and MBA Students Testify in Court – Sawyer Business School
In the Suffolk Law School Moot Courtroom, lawyers deposed Accounting and MBA students in a simulated embezzlement case. This marked the culmination of a semester of students interviewing a plaintiff and a defendant, gathering evidence, writing memos and reports and crunching numbers to determine how much money had been stolen from a fictional company.
As one student after another took the witness stand, the plaintiff’s attorney, Accounting Professor Martino Coviello, BSBA ’97, MSCJ ’04, and the defense attorney, Walter Nelepa, JD ’12, put them through lines of questioning.
Professor Coviello described the reasoning behind this simulation:
“A forensic accountant needs to keep a mindset that everything he or she does will, at some point, be scrutinized in a courtroom. So students need to understand not only courtroom procedures, but also withstand the scrutiny of a defense attorney. It never really clicks until you’re actually in a courtroom.”
Coviello notes how the courtroom simulation has a recognizable impact on the students abilities to recall and stand by their investigation. “You might have missed a date on a memo or you might have misplaced your notes, and that doesn’t seem like a problem until you’re in a courtroom and a defense attorney makes a big deal out of it.”
“He’s trying to instill doubt in the minds of the jurors by asserting that if you made a mistake on that stuff, then you must have made a mistake elsewhere in your investigation,” Coviello says.
You can read more from the article here.
Why AirAsia Boosts Marketing During a Crisis – MIT Sloan Ideas That Matter
Tony Fernandes, CEO of AirAsia recently spoke at MIT Sloan to share lessons learned about finding opportunity in adversity and building a culture around people.
Fernandes purchased AirAsia back in 2001 when the airline was $11 million in debt, turning it around to become the world’s best low-cost airline. AirAsia has weathered a range of disasters since Fernandes took charge, from 9/11 to the severe acute respiratory syndrome (SARS) outbreak, bird flu, high oil prices, and a currency crisis. Instead of panicking, Fernandes pays a visit to his advertising department. In fact, during the SARS outbreak, Fernandes tripled AirAsia’s advertising.
Tony Fernandes, CEO of AirAsia, bucked traditional trends, increasing spending during times of financial crisis, often to the company benefit.
Fernandes remarked, “Most companies cut marketing during a crisis, which is actually a huge mistake. Adversity is a great time to build a business.”
Fernandes adds that it’s important to remember that it’s always people who are the key to a company’s success, and that he is working to create a culture that reflects that.
“I probably spend 50 percent of my time walking around the office, because I think management by walking around is critical. Never lose sight that your biggest asset is the people in your organization. It’s not all about you—it’s about the whole team.”
You can read more about Fernandes and his visit to MIT here.
MIT on the Problems with Twitter, and More – Boston News
Let’s explore some of the most interesting stories that have emerged from Boston business schools this week.
Marketers Take Note: When Too Many Choices are a Burden, Not a Benefit – Questrom School of Business News
BU Questrom School of Business Ph.D. alum Sarah Whitley recently co-authored a new Journal of Consumer Research paper with Associate Professor Remi Turdel and fellow Assistant Professor Didem Kurt, in which they discovered “that people typically want more choices when they’re buying for pleasure [and they want] fewer choices when they make a purchase for strictly utilitarian or functional reasons.”
The research dives into what is more commonly known as the Paradox of Choice. The idea crept into the market lexicon shortly after the release of the 2004 book The Paradox of Choice – Why More Is Less from psychologist Barry Schwartz, NYU alum and U. Penn Ph.D. The general idea Schwartz derived was that consumer anxiety could be caused by too many options. However, research from Whitley, Turdel, and Kurt reveal that it may only pertain to specific kinds of purchases, not simply overall.
Whitley says the major takeaway is that businesses can be more strategic if they know “what motivates the buying decisions of their customers.”
“For product categories where people feel that they have unique preferences, it may be worth it to have more variety. It may be fine to reduce the number of offered products where this is not the case.”
You can read the full article here.
Solving Twitter’s ‘Follow-Back’ Problem – MIT Sloan Newsroom
About four years ago, MIT Sloan Associate Professor of Operations Tauhid Zaman put together a social media experiment in which he used Taylor Swift’s friends on Twitter to “open the gates to her inner circle.”
Dubbed the “follow-back problem,” Zaman sought to understand “the underlying dynamics of follows on Twitter, [such as] what kinds of Twitter interactions matter the most when trying to get followers? And do overlapping social networks actually help build connections? If they do, then to what degree do they help?”
Zaman found that Twitters “who don’t follow many other people are unlikely to follow you back, while those who follow a lot of people are likely to follow you if you follow and retweet them.” He also found that if, for instance, “Swift follows somebody who, in turn, follows Zaman, then Zaman has a greater chance that Swift will follow him.”
The article notes that social media tools can “have a tremendous blast radius” in terms of their ability to powerfully influence the opinions of a whole country.
“In my opinion, this can be far more dangerous than conventional weapons which have a fixed blast radius. These are weapons, and I’m building efficient ways to use the weapons, so this has to be handled with care,” Zaman said.
Read the full article, the first in a three-part series examining new work about Twitter, influence, and bots, here.
How CEOs Manage Time – Harvard Business Review
Harvard Business School Professors Michael E. Porter and Nitin Nohria recently published a piece in the Harvard Business Review that examines how CEOs allocate their time.
According to the article, face-to-face interactions take up “61 percent of the work time of the CEOs we studied. Another 15 percent was spent on the phone or reading and replying to written correspondence. The final 24 percent was spent on electronic communications.”
The authors describe the CEO’s job as “relentless.” They write, “Given that work could consume every hour of their lives, CEOs have to set limits so that they can preserve their health and their relationships with family and friends. To sustain the intensity of the job, CEOs need to train—just as elite athletes do. That means allocating time for health, fitness, and rest.”
You can read the full article here.
How To Save Valuable GMAT Time
MetroMBA’s sister site Clear Admit recently offered up some essential tips about how to get an MBA, specifically when it comes to saving valuable GMAT time, which you can read below.
When working through GMAT Quantitative problems, at times some students will comment, “well, I solved this problem this way, so that’s fine right???”
Totally. As we’ve covered in quite a few posts, there are always several different ways to get to the correct answer for a problem solving or data sufficiency question. However, there are ways that are more efficient than others, and it’s all about what you do “inside” your work on the problem that makes a difference.
Reality: the GMAT is a timed test. With oodles of time, it’s likely that a lot of us could get to the right answer. But the GMAT expects that you complete quantitative questions without a couple minutes, on average. This means that each question CAN be done within that time frame, but it’s more likely that a savvy, high-scoring test taker will average out to two minutes a problem.
There are quite a few problems, particularly in the 500 range, that can be completed in just a spare few seconds if you understand the core concept being tested. There are others that require a few calculations, but once you see the pattern or where a problem is moving, the right answer becomes apparent. And, lastly, there are questions in this space that are best accomplished working backwards from the answer choices, because those answers choices show us where to get started.
Completing these questions as quickly as possible is essential to “saving up seconds” for higher order thinking questions.
But, once we get to the more complex questions, where we save time is all on a) recognizing when we’ve taken the wrong path and need to circle back and/or b) having efficient scratch work.
Many students are so used to “showing the work” that they waste time in scratch work writing out steps they already understand or manually doing calculations in their heads, on their fingers, or simply, more efficiently. Saving seconds allows us to apply time where it is needed (setting up the problem, double-checking the right answer) supporting a high score.
Over the next few posts we’ll highlight questions that fall into this category. In the meantime, as you approach your quantitative practice, think – where can I shave seconds?
Stay tuned to MetroMBA and Clear Admit for more valuable advice about admissions, GMAT tips, and more.
Top MBA Recruiters: Time Warner
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MBA Alumni Spotlight: Former Time CEO And Wharton Alum Laura Lang
Laura Lang, former CEO of Digitas and Time, Inc., is a top example of how far an MBA can take you. A graduate the Wharton School at the University of Pennsylvania, Lang has proven again and again the power of women and business and the strength of an MBA education. Continue reading…
Best Places to Intern in Houston
Most students pursuing an MBA in Houston already know that success comes from what happens both in and outside of a classroom. The value of networking, competitions and internships is almost immeasurable—but not quite.
