Two consultants at the elite New York-based Marakon Associates - Michael Mankins and Richard Steele - have concluded that strategic planning in the sense of a formal once-a-year program has been a disappointment. Managers make strategic decisions throughout the year, issue by issue. An annual plan is "a barrier to to good decision making," they argue. The Marakon consultants recommend that strategic planning be conducted throughout the year, issue by issue and that decisions be made on that basis. Their study was published in the January 2006 issue of the Harvard Busines Review. It was originally announced in a July 2005 press release.
Past work relating to strategic planning and financial reporting:
Financial Education. Founded and edited initial issues of The Journal of Fianncial Education. During the past five years, have taught MBA-level courses in (1) money, banking and capital markets and (2) business-plan development at the Pace University School of Business. Also teach an MBA-level course on corporate social responsibility, including a session on socially responsible investment, at the Stern School of Business at New York University.
Housing Prices. Review of New York City housing prices for the City Comptroller - do 2005 prices represent a "bubble"? Concluded that on the basis of three tests, the rate of increase of prices is not sustainable. (See www.comptroller.nyc.gov, economic report for second quarter of 2005.)
Corporate Governance and Socially Responsible Investing. Prepared briefing materials for the First Deputy NYC Comptroller on corporate governance issues. Prepared teaching materials on SRI for an on-line textbook for an MBA course at the NYU Stern School of Business starting March 20, 2006.
The NYSE and Electronification. Prepared background papers for successive NYC Comptrollers on decimalization and electronification of the NYSE, and the likely impact of these developments on Wall Street profits. Conducted a pilot survey of Wall Street bonuses by tax status of recipients for the Comptroller.
Quality of Bank Credit. Compared the quality of bank credit in different states using aggregates of the substandard, doubtful and loss ratios. An article derived from this work co-authored with George Benston was published in The Journal of Money, Credit and Banking.