Like most teams, my project group has had some difficulty making some of our decisions over the last few months. To be fair, we've done a fairly good job of making smaller decisions regarding tasks or even individual roles. But coming to a consensus on bigger content-oriented questions has been difficult at times, and set us back on the project timeline. Last quarter we didn't pick our problem statement until about a month into the quarter, and we're still picking the organization we'll be auditing this quarter.
So what goes wrong to cause decision-making so difficult in teams, and what can be done to make these decisions easier?
We decided to read "when teams can't decide," an article by Frisch in the Harvard Business Review.
Frisch argues that one of the big problems is that many teams don't ask the right question when a decision needs to be made...
He also talks about the executive decision when an impasse is reached, and how it can lead to resentment and lack of buy-in.
So how can teams come to a decision that will be accepted and embraced by all the members? In a group of four like ours, this buy-in is extremely important.
I think we'll need to frame the question and desired outcome better. What exactly are we looking for from the organization we pick? Do we want an organization that is a leader in the field so we can build on what they're doing right? Maybe we want a company that is making good money? Maybe we want to look at an organization with the same mission statement as us but which is struggling so we can make some helpful recommendations? Or maybe we want someone who will be excited to work with us and share lots of information.
If we can agree on some criteria first, then I think that picking an organization will be much easier.
Monday, January 28, 2013
Sunday, January 13, 2013
Back at it with an interesting concept for student loans!
Hi everyone! After a nice long break it's time to get this thing going again.
Having learned last quarter about the current systems in place keeping so many low income students from finishing college, this quarter we will be looking at an organization that is currently working to address this problem. We will then recommend changes that would make that organization more effective.
Something my team discussed at a recent dinner was the idea of tying financial aid to personal and career counseling. As we found last quarter, two of the most important reasons for college graduation failure are finances and stress. What if we could kill wo birds with one stone? What if we required that, in order to receive a low-interest loan, a student must meet with a counselor twice a month to work on personal issues holding that student back? Could we assure financial stress relieve coupled with significant improvement in stress management and life skills? Could this significantly help with college graduation rates for low income students?
First, we need to answer a few important questions.
How do we sell the idea to investors?
Investors want to have reassurance that either their investment is low risk, or that their risks are balanced by a high potential payoff. I believe that the former would be the main argument we'd have on our side. Here's why: Most of the risk involved with student loans is the threat of missed repayment. Students who don't graduate have a hard time finding a good job. If they don't get a good job, then they can't repay their loans. If we can do something to significantly increase graduation rates and get good jobs, even if that costs more, we can increase repayment and potentially offer loans to students traditionally considered "riskier" and offer lower interest rates. I believe the costs of providing counseling would be minor and be offset by higher repayment rates. But even more importantly, this could make significant strides in lifting low-income students out of poverty.
What would the students be coached in?
Personal development, career development, study skills, stress management, relationship management, and financial management would be a few of the areas in which any student would greatly benefit, but especially a low-income student. The content would be similar to what we focus on in Leadership and Personal Development at BGI, but tailored to undergraduate students. Counselors would be trained in and focused on helping students to graduate and find a successful, fulfilling career. Upward bound might provide a useful model for coaching and counseling students.
Of course, there's still some research we'll need to do, such as the effect of counseling on student graduation, typical student loan rates, and the cost of providing counseling, but I believe this may be a great opportunity to greatly impact the lives of many students and begin to address income inequality in our country.
Having learned last quarter about the current systems in place keeping so many low income students from finishing college, this quarter we will be looking at an organization that is currently working to address this problem. We will then recommend changes that would make that organization more effective.
Something my team discussed at a recent dinner was the idea of tying financial aid to personal and career counseling. As we found last quarter, two of the most important reasons for college graduation failure are finances and stress. What if we could kill wo birds with one stone? What if we required that, in order to receive a low-interest loan, a student must meet with a counselor twice a month to work on personal issues holding that student back? Could we assure financial stress relieve coupled with significant improvement in stress management and life skills? Could this significantly help with college graduation rates for low income students?
First, we need to answer a few important questions.
How do we sell the idea to investors?
Investors want to have reassurance that either their investment is low risk, or that their risks are balanced by a high potential payoff. I believe that the former would be the main argument we'd have on our side. Here's why: Most of the risk involved with student loans is the threat of missed repayment. Students who don't graduate have a hard time finding a good job. If they don't get a good job, then they can't repay their loans. If we can do something to significantly increase graduation rates and get good jobs, even if that costs more, we can increase repayment and potentially offer loans to students traditionally considered "riskier" and offer lower interest rates. I believe the costs of providing counseling would be minor and be offset by higher repayment rates. But even more importantly, this could make significant strides in lifting low-income students out of poverty.
What would the students be coached in?
Personal development, career development, study skills, stress management, relationship management, and financial management would be a few of the areas in which any student would greatly benefit, but especially a low-income student. The content would be similar to what we focus on in Leadership and Personal Development at BGI, but tailored to undergraduate students. Counselors would be trained in and focused on helping students to graduate and find a successful, fulfilling career. Upward bound might provide a useful model for coaching and counseling students.
Of course, there's still some research we'll need to do, such as the effect of counseling on student graduation, typical student loan rates, and the cost of providing counseling, but I believe this may be a great opportunity to greatly impact the lives of many students and begin to address income inequality in our country.
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