PRESS RELEASE
CONTACT: Carrie Gray FOR IMMEDIATE RELEASE
PHONE: (212) 355-5049 April 1, 2003
E-MAIL: carrieg@hwhpr.com
PROBLEM: the AEROSPACE INDUSTRY IS IN crisis
SOLUTION: ENHANCED EDUCATION VIA The nation's first dedicated Aerospace Executive MBA PROGRAM
New University of Tennessee, Knoxville One-Year Aerospace
Executive MBA Is The Only U.S. Fully Accredited Program Of Its Kind
Knoxville, TN – The aerospace industry is in deep crisis, faced with increased global competition, difficult regulatory processes, below normal risk-adjusted returns and high capital investment. This complex industry represents 15 percent of our gross domestic product, employs 15 million people and generates a $32 million trade surplus. However, since September 11, 2001, sales have declined significantly, over 100,000 jobs have been lost, and our aerospace capabilities have diminished due to aging fleets, drastic cuts in research and development, loss of tribal knowledge in the workforce and a shrinking talent pipeline.
To help solve this problem, The University of Tennessee College of Business Administration announces the introduction of the nation's first dedicated Aerospace Executive MBA Program, fully accredited by AACSB International - The Association to Advance Collegiate Schools of Business. It is the only accredited MBA program in the United States that is exclusively focused on the aerospace industry.
“The University of Tennessee created its one-year Aerospace Executive MBA program to help combat some of the industry challenges,” says Alex Miller, Ph.D., Program Director. “The new Aerospace Executive MBA curriculum is a 40/40/20 blend of: 40 percent classic MBA material, 40 percent classic MBA material taught in an aerospace context, and 20 percent business content unique to the issues facing the aerospace industry such as defense acquisition, systems engineering and integration, and program management.”
Taking only one year with just six short-but-intense residency periods to complete, the University of Tennessee’s Aerospace Executive MBA curriculum is problem-based and solutions-oriented and emphasizes both domestic and international issues. Each student completes a series of projects for his organization, whose bottom line paybacks should significantly exceed program costs.
"The aerospace industry finds itself under tremendous pressure,” says Ralph Heath, Executive Vice President, Lockheed Martin Aeronautics Company. “Past practices will not suffice in addressing today's aerospace issues. We are looking for universities to help develop the required response to today's challenges and to shape the aerospace industry of tomorrow."
“The University of Tennessee recognized that some of the crisis being felt in the industry stems from management’s failure to adjust to the changing business environment. The unique challenges faced by this important industry are significant enough to merit a specialized MBA program designed to combat aerospace’s financial issues,” notes Miller. “As a world leader in competitive strategies that are essential and fundamental to aerospace industry, the University of Tennessee is uniquely qualified to put this program together. Not only do we have over 20 years of aerospace experience, but we are renowned for our programs in lean manufacturing, supply chain management and six sigma — concepts critical to the success of this industry.”
The University of Tennessee Aerospace Executive MBA program is team-taught by business and engineering Ph.D. faculty, as well as aerospace industry and government experts. Its high-compression learning consists of five, nine-day residency periods at the university’s facility in Knoxville and one slightly longer, highly focused European residency period. Students receive a comprehensive managerial assessment, one-on-one executive coaching and unmatched value chain networking opportunities.
“The program is designed from the ground up around the pressing needs of the industry and its managers,” says Miller. “Our goal is to provide a year-long program that will create leaders who can provide industry solutions for a lifetime.”
For more information on the University of Tennessee’s Aerospace Executive MBA program, please visit aemba.utk.edu.
About The University of Tennessee College of Business Administration
The mission of the University of Tennessee College of Business Administration in Knoxville, Tennessee is to provide innovative leadership in management education and practice. The College consistently breaks new ground with both its scholarship and award-winning, integrated curriculum that is taught within its undergraduate, graduate and nationally recognized executive education programs. The College is fully accredited by AACSB International - The Association to Advance Collegiate Schools of Business. For more information about the University of Tennessee College of Business Administration, visit www.bus.utk.edu.
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