The Three Pillar Model for Business Decisions: Strategy, Law & Ethics

About this course: Prominent business school researchers have identified a powerful model for making business decisions that is based on economics, law and ethics. The Three Pillar model in this course expands this model by adding strategy in place of economics. With this change, the model becomes a practical framework that you can use to make all types of decisions—business, leadership and personal. This course uses business decision making to show you how to use the model. In essence, to achieve business and career success, you must manage risk (the Law Pillar) and create value (the Strategy Pillar) in a responsible manner (the Ethics Pillar). Because the Law Pillar is especially important and challenging, the course provides legal briefings (with many examples) on the key elements of business success, such as (1) attracting the best employees, (2) developing successful products, (3) creating new business models, (4) protecting intellectual property, (5) creating contracts that achieve business goals, and (6) using dispute resolution processes that improve business relationships. In taking a global perspective in covering these elements, the course provides an introduction to the global business culture to learners from the United States, and an introduction to the US business culture to learners from outside the US. With this background on the Law Pillar, after completing this course you should be able to: - Manage the key risks you face in business. - Create value for your business by linking the Law Pillar to the Strategy Pillar. - Use the Ethics Pillar to become a leader in creating or managing a business that serves the interests of society while creating profits for its shareholders. After you master the Three Pillar model for business decisions, you can easily apply the model to your personal decisions and to leadership decisions in non-business settings. How to successfully complete this course (4 steps): (1) Watch the short videos for each module. The videos are interactive and include questions to test your understanding of the Three Pillars model. You can watch them week-by-week or you can binge watch them. Someone who binge-watched my first MOOC (“Successful Negotiation: Essential Strategies and Skills”) concluded “It’s as good as ‘Breaking Bad.’” (2) Do the readings. The readings are short and designed to help you use the Three Pillar model in making everyday business decisions. They reinforce the videos and add additional coverage. (3) “Show what you know” by taking the practice quizzes at the end of each module. (4) Take the final examination. The exam is a Mastery Exam, which means that you can take it as many times as you want until you master the material. You have the option of earning a Course Certificate through the verification of your identity and successful completion of the course. A Certificate provides formal recognition of your achievements in the course and includes the University of Michigan logo. If you're considering getting a Course Certificate, you should complete the verification process before taking the Final Exam. You can choose to pay the associated fee before or after the exam.

Created by:  University of Michigan

• Taught by:  George Siedel, Williamson Family Professor of Business Administration and Thurnau Professor of Business Law

Level Beginner Commitment 10 weeks of study, 1-3 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.8 stars Average User Rating 4.8See what learners said Coursework

Each course is like an interactive textbook, featuring pre-recorded videos, quizzes and projects.

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Connect with thousands of other learners and debate ideas, discuss course material, and get help mastering concepts.

Certificates

Earn official recognition for your work, and share your success with friends, colleagues, and employers.

University of Michigan The mission of the University of Michigan is to serve the people of Michigan and the world through preeminence in creating, communicating, preserving and applying knowledge, art, and academic values, and in developing leaders and citizens who will challenge the present and enrich the future.

Syllabus


WEEK 1


Welcome to The Three Pillar Model for Business Decisions!



This course will enable you to use the Three Pillar model to manage business risk and create value in an ethical manner. You will also be able to use the model when making personal decisions. After completing this introductory module, you will understand the course goal and game plan.


2 videos, 6 readings expand

1. Video: Course Goal and Game Plan
2. Reading: How to Succeed in this Course
3. Reading: Help us learn more about you!
4. Reading: Earning a Course Certificate
5. Video: Introduction to the University of Michigan
6. Reading: About the Professor
7. Reading: Syllabus
8. Reading: Suggested Readings

WEEK 2


Use the Three Pillar Model for Personal, Leadership and Business Decisions



In this module you will learn the basic structure of the Three Pillar model and the importance of thinking globally in today’s business world. You will also learn a practical decision making tool that you can begin to use immediately for personal and business decisions. Suggestion: The videos are viewed by learners from around the world. English is not the primary language for many of these learners. As a result, when shooting the videos I have attempted to speak in a slow and deliberate manner. If English is your native language, I recommend that you increase the speed to at least 1.25x.


8 videos, 2 readings, 1 practice quiz expand

1. Reading: After completing this module, you will be able to:
2. Reading: Suggested Readings
3. Practice Quiz: Show What You Know
4. Video: Use the Three Pillars for Personal and Leadership Decisions
5. Video: Use the Three Pillars for Business Decisions
6. Video: Recognize the Gap Between the Strategy Pillar and the Law Pillar
7. Video: Close the Gap: Become a Legally Savvy Leader
8. Video: Course Organization and a Practical Decision-Making Tool
9. Video: Develop a Global Mindset
10. Video: Understand Litigation from a Global Perspective
11. Video: Beware of the Impact of “Discovery” on Your Daily Work

WEEK 3


Use Employment Law to Attract and Retain the Best Business Talent



Your ability to attract and retain the best employees is essential to business success. This requires an understanding of employment law. The videos in this module cover two of the most important and controversial areas of employment law: the ability of a business to fire employees and sex discrimination. After watching the videos, you will be able to manage employment risks in these areas, while also attracting the best talent to your business.


8 videos, 2 readings, 1 practice quiz expand

1. Reading: After completing this module, you will be able to:
2. Reading: Suggested Readings
3. Practice Quiz: Show What You Know
4. Video: Employee Legal Rights: The Big Picture
5. Video: Understand Wrongful Discharge Law: US vs Other Countries
6. Video: Beware of Exceptions to the Employment at Will Rule
7. Video: Manage Your Wrongful Discharge Risks
8. Video: Manage Your Defamation Risks
9. Video: Understand Anti-Discrimination Laws and Sexual Harassment
10. Video: Manage Sex Discrimination Risks: A Case Study
11. Video: Value Creation: Attract and Retain the Best Talent

WEEK 4


Meet Your Customers’ Needs: Transform Product Liability into Product Innovation



In a fast-changing world, your ability to develop new products is an important source of competitive advantage. The videos in this module provide you with methods for managing product liability risks. You can use these same methods for consumer research and new product development.


12 videos, 2 readings, 1 practice quiz expand

1. Reading: After completing this module, you will be able to:
2. Reading: Suggested Readings
3. Practice Quiz: Show What You Know
4. Video: Understand the Intentional Tort “Baggage” that Can Destroy a Business
5. Video: Understand Your Risks from Negligence and Strict Liability
6. Video: Recognize the Business Liability Risks That Arise From Actions of Employees
7. Video: Manage Your Risks Caused by Employee Torts: A Cell Phone Example
8. Video: The “Two Hats” You Wear When Dealing with Product Liability
9. Video: Exercise Care When Giving Warranties
10. Video: Override the Implied Warranties That Accompany Your Products
11. Video: Understand the Dramatic Impact of Strict Liability on Your Business
12. Video: Balance Risk and Benefits When You Design Products
13. Video: Create a Corporate Veil to Manage Your Product Liability Risks
14. Video: Use a Product Safety Team to Minimize Your Product Liability
15. Video: Use Your Product Liability Process to Create Value Through New Product Development

WEEK 5


Create Business Opportunities Through Government Regulation



Government regulation plays an important role in determining the success of businesses around the world. In this module you will learn how to manage government regulatory risk by shaping the law and through compliance. You will also learn how to create business opportunities by anticipating regulation (the Regulatory Frontier Strategy) and by developing business models based on gaps in regulation (the Regulatory Gap Strategy).


5 videos, 2 readings, 1 practice quiz expand

1. Reading: After completing this module, you will be able to:
2. Reading: Suggested Readings
3. Practice Quiz: Show What You Know
4. Video: Understand These Fundamentals of Government Regulation
5. Video: Beware of the Government’s Administrative Process
6. Video: Use These Strategies and Tactics to Influence Development of the Law
7. Video: Focus on Compliance and the Fifth “P” of Marketing to Manage Regulatory Risk
8. Video: Value Creation: Use the Regulatory Frontier Strategy and the Regulatory Gap Strategy to Develop New Products and New Business Models

WEEK 6


Use Your Intellectual Property to Create Shareholder Value



Whether you are an entrepreneur starting your own business or a manager in a major international corporation, intellectual property is one of your key business assets. In this module, guest lecturer Susan Kornfield, a leading intellectual property lawyer, will explain how to create, protect and use your intellectual property in the US and internationally. The module is divided into the four key areas of intellectual property: trademarks, copyrights, trade secrets, and patents. Although these areas can be technical and complex, she brings them to life with many fascinating examples. Each of the four sections concludes with a summary of a lawyer’s perspective on intellectual property (which tends to focus on risk management) and a business perspective (which focuses on value creation).


12 videos, 2 readings, 1 practice quiz expand

1. Reading: After completing this module, you will be able to:
2. Reading: Suggested Readings
3. Practice Quiz: Show What You Know
4. Video: Understand the Value of Intellectual Property in Your Business
5. Video: Understand How Trademarks Affect Your Business Success
6. Video: Build Your Brand with These Types of Marks
7. Video: Avoid These Trademark Problems
8. Video: Decide When to Use Copyright Protection
9. Video: Use Lessons from “The Social Network” and Other Examples
10. Video: Know When Your “Fair Use” of Copyrighted Works is Allowed
11. Video: Use This Checklist of “Reasonable” Efforts to Protect Your Trade Secrets
12. Video: Understand How Trade Secret Rights Arise
13. Video: Use These Key Lessons to Create and Protect Your Trade Secrets
14. Video: Use the Power of Patents to Protect Your Discoveries and Inventions
15. Video: Understand the Seven Step Process Before Deciding to Obtain a Patent

WEEK 7


Develop Contracts that Create Value for Both Sides



Successful contracts are the key to value creation for businesses. This module provides a contracting checklist of the key elements anyone in business should understand when negotiating contracts. These elements are necessary to minimize risk by creating a “perfect” contract. However, because a legally perfect contract can also be harmful to business success, the module also covers how to focus your contracts on business objectives and how to visualize contract terms to increase your understanding.


7 videos, 2 readings, 1 practice quiz expand

1. Reading: After completing this module, you will be able to:
2. Reading: Suggested Readings
3. Practice Quiz: Show What You Know
4. Video: Introduction to the Contract Module
5. Video: Understand International, Business, and Personal Perspectives on Contracting
6. Video: Know the Sources of Contract Law
7. Video: Enter into an Agreement
8. Video: Include Consideration and Determine Legality
9. Video: Avoid Traps from Contract Writing Requirements
10. Video: Focus Your Contracts on Business Objectives for Value Creation

WEEK 8


Use Dispute Resolution Processes for Value Creation



This module focuses on the processes that you will use to resolve disputes and build relationships that are key to business success. Short videos demonstrate arbitration and mediation processes. The module includes discussion of practical management tools you can use immediately to manage risks relating to business disputes: a corporate pledge, screens, contract clauses, and online resources. The module also shows you how to dispute resolution for value creation, including using the power of apology and a life goals analysis.


9 videos, 2 readings, 1 practice quiz expand

1. Reading: After completing this module, you will be able to:
2. Reading: Suggested Readings
3. Practice Quiz: Show What You Know
4. Video: Understand Why Dispute Resolution Is Important to Business Success
5. Video: Prevent Business Disputes
6. Video: Understand ADR Concepts
7. Video: Use These ADR Management Tools
8. Video: Resolve Your Disputes Through Arbitration
9. Video: Resolve Your Disputes Through Arbitration (Conclusion)
10. Video: Resolve Your Disputes Through Mediation
11. Video: Resolve Your Disputes Through Mediation (Conclusion)
12. Video: Closing Thoughts: Create Value and Build Relationships through the Power of Apology and a Life Goals Analysis

WEEK 9


Create and Lead an Ethical Business



This module focuses on the Ethics Pillar of decision making by addressing three questions that are important to your career success: (1) What decision-making process should you use when facing an ethical dilemma? (2) What guidelines should you consider when analyzing the dilemma? (3) How can your best serve as an ethical leader in you organization? In answering these questions, the module shows how you can use the Law Pillar and the Strategy Pillar to embed ethical standards into your business and create an ethical organization.


4 videos, 2 readings, 1 practice quiz expand

1. Reading: After completing this module, you will be able to:
2. Reading: Suggested Readings
3. Practice Quiz: Show What You Know
4. Video: Do Your Ethical Decisions Depend on Your Situation or on Character?
5. Video: Use This Process When Making Ethical Decisions
6. Video: Consider This Checklist of Guidelines When You Face Ethical Dilemmas
7. Video: “Walk the Talk”: How to Lead an Ethical Organization

WEEK 10


Final Examination
This module includes the final examination, including both the relevant instructions and honor code.


2 readings expand

1. Reading: Final Examination: Instructions and Honor Code
2. Reading: Post-course Survey

Graded: Final Exam