Overview
Fall 2026
Undergrad concentrations:
- None because it is a general business course.
Course code: MULT-UB 55. Registration is restricted to incoming freshmen. Upperclassmen are not allowed to register.
You will learn how to analyze a business and build practical scenarios using Excel and AI tools. You will gain hands-on business analysis experience integrating core business concepts across various disciplines. You will have a framework for introductory business analysis and a toolkit to implement it with Excel and the latest AI tools. Learning to translate your thoughts to spreadsheets helps you think clearly, sequentially, and logically. Employers highly value these skills and will help you with your internships.
The course assumes no prior business or Excel background. You will learn how to use the latest AI tools to access advanced Excel functions despite having zero background.
Grading
- There are no quizzes, midterm, final exams, or presentations.
- Please read about the penalty for missing classes below.
- Assignments: 40% [10 HW worth 4% each]. No group work.
- Midterm exam 30%
- Final exam 30%
Penalty for missing classes and unapproved use of devices in class
Paper and pencil
Please bring paper and pen/pencil to take notes in class.
Unapproved device usage
Most of us are now addicted to devices, which impedes learning. You are allowed to use devices only when I ask you to use your computer in class. Otherwise, ALL device use is strictly prohibited, unless you have a qualified disability which allows you to use devices in class. Students using devices when not approved will be asked to leave the classroom. Each time you are asked to leave the class, you will be marked absent. This is very painful, awkward, and disruptive, and I hope I never have to do this, but I will not hesitate to enforce this policy.
Reasons for requiring attendance
Attendance is required for several reasons. First, you incorrectly assume you can catch up on a missed class by watching a recording (if available). Videos do not engage your brain as much as a live class. Second, less than 20% of you watch the recording (if available). You are then lost in class, which provides the wrong signals to me as an instructor. Third, your absence hurts class discussions. Fourth, you miss out on feedback if you do not work through the questions I pose in class. Fifth, I lose the feedback since there are fewer questions.
Attendance policy enforced after the add/drop period
The attendance policy below will be in effect only after the add/drop period.
Attendance sheet
After entering the class, please mark yourself present on the OneDrive sheet within the first 20 minutes (link posted on Brightspace after the add/drop period). You will be marked absent if you are more than 20 minutes late, unless it is due to factors beyond your control (traffic, subway delays, or interviews running late). You will also be marked absent if you leave the class early unless you have my permission or get it afterward. You will get an F in the course if you are caught cheating on the attendance sheet.
Mark yourself excused on the attendance sheet for excused absences
Without mandatory attendance, attendance is often below 50%. Therefore, though I dislike doing this, I penalize absences. If you anticipate being absent for good reasons, please email me well in advance. Please enter Excused on the attendance sheet described below to avoid the penalty if approved. You must update it; I will not mark you excused. If you miss a class due to emergencies and cannot tell me in advance, do not panic. Take care of the emergency first, and then email me. I will permit you to change the Absent to Excused. But if you miss a class without a valid reason, there is a penalty, as stated below.
Penalty for missing classes
For sections meeting in 150-190 minute sessions, you will lose one grade (A to A-, A- to B+, B+ to B, B to B-, and so on) for EVERY missed session unless you were explicitly excused via email. Thus, if you miss two class sessions, you will lose two grades, and so on.
For sections meeting in 75-80 minute sessions, you will lose one grade (A to A-, A- to B+, B+ to B, B to B-, and so on) for EVERY TWO missed sessions unless you were explicitly excused via email. Thus, if you miss four class sessions, you will lose two grades, and so on.
Seating and name tags
Please sit in the same seat in every class and display your name tags. For Zoom classes, you must keep your video on AT ALL TIMES. You must also have a good working headset or mic, as it is extremely rude to be inaudible and force me to ask you to repeat yourself.
Almaris Assignments
- When and how to access the tests: After the first week of class, you can view the online assignments at https://www.almaris.com/assess/ using your official NYU email (no aliases) and the most recent password emailed to you by Almaris. The Almaris password is different from NYU or Stern passwords.
- Support: Almaris staff will reply to your emails only if they pertain to technical issues with the Almaris system, not deadline extensions. Please contact Stern IT for technical issues with your network.
- Password retrieval: To retrieve the password, use your full email with the domain name as it appears in Brightspace. The domain name could be @nyu.edu for some of you, while it could be @stern.nyu.edu for others. I do not control this mess.
- Length: Some assignments are short; others are long. Please manage your time.
- Deadlines: Almaris tests list the deadlines. I may update the deadlines as the course progresses.
- NO EXTENSIONS will be granted for any reason except medical or family emergencies. If you have religious or personal conflicts, please submit the assignments early. The related materials are covered well in advance of the assignments. Please do not email me to request extensions unless you have a medical or family emergency.
- Late: Assignments are marked LATE if you do not meet or exceed the passing score described below before the deadline. There is no additional penalty for lateness other than a low score.
-
Passing score: Assignments have a passing score of 100% or less.
- Passing score 100%: I set the passing score to 100% on an assignment if I want you to ace it. In reality, there is no passing score. Whatever score you get on your last attempt is your final score. You are graded on accuracy but not the number of attempts. There is a difference between passing a test and getting full credit. If you get 80/100 on your final attempt, you pass, but you do not score 100.
- Passing score less than 100%: I set the passing score to less than 100% on an assignment if I do not require you to ace it. Any score above that score is rounded up to 100%. For example, if the passing score is 90%, and you get 93%, your score is rounded up to 100%. I do the rounding up in a separate spreadsheet. You will see only the raw score online.
- Free to you and NYU: Almaris is not affiliated with Stern in any way. It is offering these tests to Stern at no charge.
- Data privacy and no marketing: Your data is not shared with any third party. It is not used for any promotion or marketing.
- No data retention: Your data is not retained. It is deleted in approximately two weeks after the end of the course.
Almaris Exams
- Please log in to Almaris as soon as you receive these instructions via email. You will see inactive links to your exams and instructions.
- Unless communicated to you differently in class, the midterm exam covers topics covered until the midterm, and the final exam covers the entire course.
- The instructions at the top of the login screen will tell you how many parts the exam has and their weights.
- Please report any problems such as wrong deadlines or missing parts of the exam to me immediately.
- Log in to Almaris right before your exam. Refresh your screen to see active links for the exam.
- Your final score on each part of the exam will be max(score1, score2 - 7, score3 - 14, score4 - 21, score5 - 28).
- You must answer all questions without help from another student or anyone else. Any such communication will be construed as cheating. If the exam is online, email your questions to the TA AND me. Whichever one of us reads the message first will respond. If the exam is held in class, you can ask the proctor.
- If the exam is online, please keep your email open during the exam and check it periodically. Any updates/corrections will be sent via email.
- Manage your time. Extra time will NOT be allowed.
- If you want us to grade your incomplete or incorrect spreadsheet manually, submit it within FIVE MINUTES of the end of the exam. Do not email it; look for Assignment on NYU Brightspace. If you submit the spreadsheet for manual grading, you will be considered to have used up your five attempts. Therefore, your maximum score on that spreadsheet can only be 72/100 due to the penalty for multiple attempts.
Important computer tips for the final
- DO NOT WORK ON A SPREADSHEET WITHIN A BROWSER. Save the spreadsheet to your computer, work on it, and save it periodically. If you navigate away from the spreadsheet in a browser, ALL YOUR WORK WILL BE LOST.
- Organize your computer files and designate a directory to save your exam files.
- Restart your computer before the exam to minimize problems.
- Bring an external mouse with a scroll wheel to speed up test-taking. Do not waste time using the trackpad or the internal mouse.
- Maximize screen space by hiding the Excel ribbon and browser menus. The more the screen you see, the faster and more accurate you are.
- Bring a computer with as big a screen as possible.
- Do not use an unfamiliar computer.
NYU Stern Policies
Please read the NYU Stern Policies for this course.
Help and Office
- Me: dgode@stern.nyu.edu, 212-998-0021, Office: KMC 10-86.
- Teaching assistant: Please check NYU Brightspace.
Administrative and System Requirements
Videotaping
Classes are normally not videotaped, except for EMBA classes. If the class is videotaped, the link is posted to Brightspace by NYU Stern IT within a day.
Registered Students Only
Only registered students can attend classes. I cannot override this NYU Stern rule. We do not allow unregistered students to "audit" a class.
Albert and NYU Brightspace
You must be in Albert and NYU Brightspace before starting the first class. If you register late, there might be a delay of a day before you appear in these systems. If you cannot access these systems after a day, please contact the relevant REGISTRAR. I cannot add you to these systems regardless of what someone in IT tells you.
Computer Requirements
You need to bring a computer to every class. If you have any technical questions, please contact Stern IT at (212-998-0180) or servicedesk@stern.nyu.edu, or NYU IT at +1 (212) 998-3333 or askit@nyu.edu. I cannot help you with your computer issues.
Excel 365 Desktop Version Required
The desktop version of Excel 365 is required. Excel Online and Google Sheets are NOT OK. Read this page regarding Excel 365 Desktop access for NYU students.
Materials
- I use my materials. Therefore, no textbook is required, and you need not purchase anything.
Topic 1: How are entities organized?
We will simulate these scenarios in Excel with the assistance of AI tools.
For-profit and nonprofit organizations
Why do nonprofit organizations perform some key economic activities? Why are nonprofit organizations treated differently when it comes to income, sales, and property taxes? Why does the private sector fail to provide public goods?
Excel
Build a simple Excel example showing how the financial statements of these organizations differ and how the three types of taxes affect their cash flows.
Limited liability
Why did the concept of limited liability emerge? How did it help create modern large corporations?
Excel
We will build scenarios showing how limited liability affects investors' losses.
Proprietorships, partnerships, and corporations
How do the tax rules interact with the legal form of business entities such as LLCs, partnerships, and corporations?
Excel
We will build a simple example of single versus double taxation.
Corporate governance
How do shareholders vote? What does a board of directors do? What do executive officers do?
Public versus private corporations
What is the difference between public and private corporations? Why are public corporations audited? Who regulates public corporations?
Topic 2: What are the key financial terms?
[Overview, not a detailed accounting treatment]
Sales, expenses, profits, and margins
What is an income statement? How does it help us analyze the three key metrics of size, growth, and margins? How do revenues differ from receipts? How do expenses differ from payments?
Excel
Simple examples of how income flows differ from cash flows. Common-size income statement. Computation of compounded annual sales growth and margins.
Assets, liabilities, and equity
What is a balance sheet? What events are and are not captured on the balance sheet? What are assets, liabilities, and equity?
Excel
Preparing a common-size balance sheet using total assets as well as total sales in the denominator.
Operating, investing, and financing cash flows
How are cash flows classified? Why is the cash flow classification useful?
Excel
Deriving cash flows from income statements and changes in the balance sheet.
Topic 3: How to prepare a simple budget and business plan?
[Overview, not a detailed modeling treatment]
Revenue drivers
Potential addressable market (PAM), Total addressable market (TAM), Serviceable addressable market (SAM), target market (TM), serviceable obtainable market (SOM), current market share (MS), pricing, and growth across these metrics.
Excel
Building a PAM-TAM-SAM-TM-SOM-MS waterfall. Modeling how changes in price and quantity affect total sales.
Cost drivers
Fixed versus variable costs, contribution margin, average versus marginal costs, and breakeven analysis
Excel
Simulating operating leverage via scenarios. Plotting breakeven points.
Balance sheet drivers: Revenues versus receipts
Timing differences between cash receipts and revenues: Receivables and deferred revenues
Excel
Simulating receivables and deferred revenues
Balance sheet drivers: Expenses versus payments
Timing differences between cash payments and expenses: Prepayments and payables
Excel
Simulating prepayments and payables
Topic 4: How do businesses market their products?
[Overview, not a detailed marketing treatment]
Segmentation, targeting, and positioning
How do businesses identify the target customer group and position their products for success? Why is positioning critical?
The 4Ps: Product, price, place, and promotion
How do businesses pick product attributes, set prices, distribute their products, and promote them?
Differentiation and cost leadership
How do businesses navigate the two strategic choices of differentiation and cost leadership?
Excel
Analyzing margins and simulating how pricing affects margins.
Topic 5: What are the sources of pricing power?
Superior products and services
How do companies sustain superior products and services?
Branding
How does branding address the problem of adverse selection? What is signaling? How are brands created? Which type of products do brands matter the most for?
Excel
Computing the ROI on brand spending.
Network effects and platforms
What gives rise to network effects? How do network effects lead to market dominance?
Excel
Simulating network effects
Switching costs
What factors give rise to switching costs?
Excel
Simulating switching costs
Control of scarce resources
How does control of scarce resources lead to monopolistic behavior?
Excel
Understanding how monopolistic pricing differs from competitive pricing
Topic 6: What are the sources of cost advantage?
Economies of scale
What are the benefits of economies of scale? Which types of industries benefit from economies of scale?
Excel
Simulating economies of scale
Economies of scope
What are the benefits of economies of scope? Which types of industries benefit from economies of scope?
Excel
Simulating synergies, bundling, and economies of scope
Efficient production and experience effects
How do companies sustain the corporate culture of efficient production?
Excel
Simulating the experience curve
Access to cheaper resources
What types of national and legal factors give rise to access to cheaper resources?
Regulatory protection
How does regulatory protection lead to lower costs or higher prices?
Topic 7: What is the key challenge in managing and growing a business?
[Overview, not a detailed management and economics treatment]
Recruiting
How do companies identify promising employees and convince them to join? How do start-ups address this challenge?
Delegation
Why is delegation critical to scaling a company?
Monitoring
Delegation creates the need to monitor and measure performance. What kind of performance measurement systems do companies use?
Aligning incentives
Self-interested behavior under asymmetric information leads to problems of adverse selection and moral hazard. How do companies use incentive pay to address these issues?
Excel
Simulating the adverse selection and the market for lemons problem.
Simulating job market signaling
Simulating moral hazard with risk aversion
Incentivizing cooperation
How are performance measurement and reward systems organized to encourage cooperation within a business entity?
Excel
Simulating the free rider problem, positive externalities, and negative externalities.
Topic 8: How to account for loans?
Time value of money
Simple versus compound interest
Excel
We will spend considerable time learning how to compute present value, future value, internal rate of return, and periodic payments.
Loans
Loan amortization, splitting payments between interest and principal repayments. A simple introduction to credit cards, leases, and mortgages.
Excel
We will spend considerable time building loan amortization tables.
Topic 9: How do auction markets work?
This topic will be taught via in-class market simulations rather than traditional theory.
Double auction markets versus open outcry markets
A classroom simulation of double auction markets and their crucial role in allocating resources efficiently. Showing students how markets converge to theoretical outcomes despite limited individual rationality.
Private value versus common value auctions
Understanding other auction formats, such as English, sealed-bid, and Dutch auctions. Demonstrating the winner's curse in common-value auctions.