Dr. Laura Leli Carmine is retiring after 41 years of dedicated service. In addition to her experience at Lewis, Dr. Carmine worked for international companies; including as a Certified Trainer for Accenture, PepsiCo, Frito-Lay, and as a senior manager at Arthur Andersen. Additionally, Dr. Carmine served as Chair of the College of Business Marketing department.
When former students were asked to describe what it was like to have Dr. Carmine as professor, many students described Dr. Carmine’s passion for marketing and helping others. Laura Hernandez stated, “Dr. Carmine is single handedly the most influential teacher I have had in my professional life. I really enjoyed that she could bring her work experiences into the classroom to help us better understand the ‘real work environment.’ She was instrumentally helpful with my class work, my marketing internship, and finally pointing me in the direction of my first job prior to graduation. I recently witnessed her helpful spirit again when she spent time with my son Zack, who is a Social Media Marketing major at Lewis this year. She spent time giving him ideas on what the right path would be for him as he finished up his freshman year at Lewis. I am very grateful to her for all she has done for me and feel extremely blessed to have had the opportunity to know her.” Mr. Rich Burke elaborated about Dr. Carmine’s caring spirit. In particular, she worked with finding students internship opportunitities. Mr. Burke landed his first job after college through his internship. In addition, Dr. Carmine helped keep Mr. Burke connected to the University, including teaching as an adjunct for the Marketing department. Lastly, Bryan and Mary Durkin stated, “Little did we know that Dr. Laura Carmine, our Marketing professor during our freshman year at Lewis University would turn out to be our mentor, advisor throughout school and life, and unwavering friend for over 35 years. Laura gave us the confidence and conviction to pursue a career in business and always make us feel like we could achieve any goals that we set for ourselves. We attribute our professional and personal accomplishments largely to her counsel. She is a brilliant educator, a compassionate friend, and truly an inspiration to all.”
Dr. Carmine will be greatly missed. Thank you, Dr. Carmine, for your dedication and commitment to Lewis University and the College of Business.
Adjunct College of Business Professor, Steve Garchow, recently released a new book entitled, Heads or Tails? Strategy Requires More Than a Coin Flip. The book provides a new approach to decision making. Mr. Garchow based his Lean Strategic Decision Model (LSDM) on his corporate experience. The model is intended to help leaders make effective and efficient decisions. According to Mr. Garchow, “For the majority of my corporate career I designed and implemented business activity that drove revenue and profit growth. But while carrying out these responsibilities, I noticed that strategic questions were rarely addressed. The result? Missed growth opportunities and failure to resolve threats.” He believes that organizations need to balance short-term financial commitments and strategic needs, rather than primarily focusing on the profits. LSDM allows senior executives to focus on meeting shareholders’ expectations and craft company strategy. Additionally, Mr. Garchow teaches the Entrepreneurship in Information Technology College of Business course and runs his own marketing consulting business.
Dr. Robert Atra recently contributed to the 2015’s The Most and Least Financially Literate States in America article. Wallet Hub interviewed Dr. Atra for an expert response. Specifically, Dr. Atra described how people of different ages can become more financially literate. Parents need to lead by example and explain why they make financial decisions. For example, parents could explain why they drive an older car, rather than buy a new car. Parents could also teach their children how to budget and save money. Dr. Atra gave the following example: “…my nine year old son wanted to purchase a wrestler figure for $10. I asked how much money he had saved and he said $40. He felt he had plenty of money since $40 was so much bigger than $10. I told him he needed to consider if he wanted to spend 25% of his net worth (all that he had) on one item. He decided against buying the figure until he saved more.” Dr. Atra suggested children around middle school age should be taught that it is good to save money, but money should do something and not just sit around. For instance, children could open a savings account where money can earn interest, or money could be used to buy stock in a company. Dr. Atra believes children should be introduced to long-term rates of return on savings accounts, bonds, and stocks. High school students should learn about retirement accounts, investing, and Social Security. Math classes could introduce the idea of compounding. Social Studies classes could also incorporate financial literacy. In addition, financial professionals could give basic presentations that are informational (not for sales purposes) and educate people about financial literacy. Wallet Hub offers financial tools and information for consumers and small business owners. According to the website, “Wallet Hub is leading the industry thanks to a unique combination of social features, expert insights, and a vast amount of constantly-updating information.” The article can be found using the following link:
Dr. Faisal Abdullah presented “How to calculate the true cost of a cybersecurity incident” at the Cybersecurity Seminar Series hosted by Argonne National Laboratory’s Cyber Operations and Analysis Research (COAR) over the summer. Dr. Abdullah’s presentation focused on: why determine the cost of a cybersecurity incident; identify costs that make up the value of an asset; identify the true value of existing defense-in-depth controls; and identify deferred costs associated with compliance risks, litigation, and negative brand image. It is essential to determine the cost of a data breach when conducting a risk assessment and a cost-benefit analysis for implementing controls. In addition, Dr. Abdullah explained that with increasing threats and limited resources, information security managers are required to conduct a cost-benefit analysis (CBA) to prioritize and justify expenditure on cybersecurity controls.
Dr. James Krejci’s spring Strategic Management class competed in the GLO-BUS business simulation. Students were assigned to run a digital camera company that produces and markets entry-level upscale, multi-featured cameras in head-to-head competition against companies run by other members of the class. The companies compete in a global market arena, selling to camera retailers in four geographic regions – Europe-Africa, North America, Asia-Pacific, and Latin America. GLO-BUS is modeled to mirror the real-world character of the digital camera industry, a contemporary “high tech” business that class members can readily identify with and understand. Throughout the semester 2,758 teams from 134 colleges/universities participated in the simulation world-wide. One week during the competition, five out of the eight teams in Dr. Krejci’s Strategic Management class scored in the top 100 of at least one category. Dr. Krejci stated, “I believe this software has enhanced the learning experience of the class.” In the future Dr. Krejci plans to continue using the business simulation to enrich student learning.
Adam Smith Week took place the week of March 10, 2015. Some students from Dr. Wei Chen’s class acted as historical figures including: Plato, Gandhi, Queen Elizabeth I, Marie Curie, Martin Luther King Jr., Leonardo Da Vinci, Stalin, Joan of Arc, and Franklin D. Roosevelt for the Historical Quiz Bowl. The students that acted as the historical figures quizzed the audience on important historical and economic events that occurred during the figures’ lifetime. At the end of the night the audience tried to stump the historical figures, by quizzing the figures. In addition, the Great Debate gave students an opportunity to hear from key economic figures including: Adam Smith, Theodore Roosevelt, John Maynard Keynes, and Karl Marx. Faculty members acted as the economic figures and then debated each other. Adam Smith Week is devoted to bringing economics and history to life.
Dr. Robert Atra is organizing a Finance alumni get-together at Jimmy B’s Ale House on Thursday, March 26. All Finance alumni are invited to attend. Please come casual to connect with old friends and meet new people. Appetizers and soft drinks will be provided, and a cash bar will be available. To RSVP, please email Dr. Atra by March 19th at email@example.com. For complete event details, please visit www.alumni.lewisu.edu/Events.
March 26, 2015
6:30 – 8:30 p.m.
Jimmy B’s Ale House in Naperville
916 S. Rt. 59, Naperville, IL 60540
The College of Business recently launched a new student organization. ISACA (Information Systems Audit and Control Association)-Lewis University student organization is geared for students interested in protecting Information Security. Information Security students requested a student organization. Dr. Faisal Abdullah guided the students through the development of the organization. The Lewis chapter is recognized by ISACA International and supported by the local ISACA Chicago chapter. Specifically, this organization was established to enhance classroom learning, as well as provide opportunities to network with professionals. Since the chapter is supported by the Chicago chapter, participants have the opportunity to connect with local professionals. In addition, ISACA has approximately 110,000 members worldwide. There are many objectives for the chapter, however students are primarily interested in honing their critical thinking and defense skills. The Lewis chapter will compete in the Illinois State CSSIA State Competition at Moraine Valley Community College on February 21, 2015.
Mr. Bartley J. Madden was a guest speaker at Dr. Atra’s Critical Thinking in Business seminar on Friday night, January 30th. He spoke to the attendees about his recently published book, Reconstructing Your Worldview, which explores techniques for solving complex business problems. The book has been described by Dr. Edmund Phelps, Nobel Laureate in Economics, as a “primer on what every businessperson in a dynamic economy needs to know about modern knowledge in economics, psychology and philosophy.”
Mr. Madden is a pioneer in the field of financial valuation having created the Cash Flow Return on Investment (CFROI) method of valuing firms. His valuation work is explained in numerous books and articles he has written including CFROI Valuation – A Total System Approach to Valuing the Firm, published by Butterworth-Heinemann. Mr. Madden’s other research is wide ranging, covering topics from business process improvement to expediting drug approval for critically ill patients. His work on “free to choose medicine” has received praise from another Nobel Laureate in Economics, Dr. Vernon L. Smith.