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AY2024-T5 Unit 5 BUS 5411 Written Assignment - Transactional & Transformational Theories

A mandatory written assignment from the University of the People. AY2024-T5 Unit 5 BUS 5411 Written Assignment - Transactional & Transformational Theories

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63 views5 pages

AY2024-T5 Unit 5 BUS 5411 Written Assignment - Transactional & Transformational Theories

A mandatory written assignment from the University of the People. AY2024-T5 Unit 5 BUS 5411 Written Assignment - Transactional & Transformational Theories

Uploaded by

mrrohanmcleod
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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TURNAROUND AND TRANSFORMATION: LEADERSHIP AND RISK AT BOSTON’S

INSTITUTE OF CONTEMPORARY ART

Anonymous Student

Department of Business, The University of The People

BUS 5411: Leading in Today’s Dynamic Context

Dr. Farookh Shaikh

July 24, 2024


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Jill Medvedow took over the Institute of Contemporary Art (ICA) in Boston in 1998 when the

institution was struggling with a lack of visitors, funds, and a permanent collection. This case

study highlights her strategic leadership that transformed ICA from a struggling institution into a

vibrant, influential cultural hub. Her leadership journey showcases a blend of different leadership

styles tailored to fit the evolving challenges and opportunities the ICA faced (MIT Sloan, 2010).

KEY ISSUES AND LEADERSHIP STYLES

When Jill Medvedow assumed the directorship of the ICA, she encountered several critical

issues: lack of financial resources, minimal visitor engagement, and an absence of a permanent

collection. Underlying these challenges was the broader issue of establishing credibility and

relevance in the art world. Medvedow's leadership was pivotal in addressing these challenges

through a mix of transformational, transactional, and servant leadership styles (MIT Sloan, 2010;

The Case Centre, 2010). Transformational Leadership: Medvedow’s vision for the ICA

involved securing a $50 million grant to build a new facility at Fan Pier. This strategic move was

crucial for attracting more visitors and enhancing the museum’s appeal. Her ability to articulate a

compelling vision and inspire her team to work towards this common goal exemplified

transformational leadership (MIT Sloan, 2010). Transactional Leadership: On an operational

level, Medvedow employed transactional leadership to manage day-to-day activities effectively.

This style ensured that strategic plans were executed efficiently, maintaining the organization’s

focus on achieving its long-term objectives (The Case Centre, 2010). Servant Leadership:

Medvedow also demonstrated servant leadership by prioritizing the needs of artists and the

community. She ensured that the ICA served as a platform for diverse artistic expressions and

community engagement, thereby fostering a sense of ownership and participation among

stakeholders (MIT Sloan, 2010).


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STRATEGIC ACTIONS AND OUTCOMES

To sustain the momentum and continue the ICA’s growth, several strategic actions were

implemented. Medvedow’s focus on resource acquisition, such as securing financial support and

necessary approvals, was crucial. Her efforts in stakeholder convincing, including

communicating and engaging with city officials, donors, and the public, were instrumental in

building the museum's credibility (MIT Sloan, 2010; The Case Centre, 2010). Medvedow also

introduced innovative and diverse programming to attract a wider audience and foster

community engagement. These actions were successful in addressing the key issues and

positioning the ICA as a leading contemporary art museum.

PROPOSED SOLUTIONS AND IMPLEMENTATION

To continue the ICA’s growth, it is recommended to strengthen community engagement by

developing programs that involve the local community and make contemporary art more

accessible. Expanding funding sources by cultivating relationships with corporate sponsors,

philanthropic organizations, and individual donors is also crucial. Additionally, enhancing the

ICA’s digital presence can help reach a global audience and bolster educational and outreach

initiatives (MIT Sloan, 2010; The Case Centre, 2010).

FOLLOW-UP AND CONTINGENCY PLANS

Monitoring the effectiveness of these solutions involves regular assessments of visitor numbers,

community feedback, and financial performance. Engaging stakeholders through surveys and

forums can provide valuable feedback for necessary adjustments. Developing contingency plans
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for potential challenges, such as economic downturns or shifts in public interest, ensures the ICA

can adapt and remain resilient (MIT Sloan, 2010).

CONCLUSION

Jill Medvedow’s leadership at the ICA demonstrates the power of visionary and adaptable

leadership in transforming struggling institutions. By employing a mix of transformational,

transactional, and servant leadership styles, Medvedow successfully navigated the challenges and

positioned the ICA as a leading contemporary art museum.


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REFERENCES:

MIT Sloan School of Management. (2010). Turnaround and Transformation: Leadership and

Risk at Boston's Institute of Contemporary Art. MIT Sloan. Retrieved from

https://mitsloan.mit.edu/teaching-resources-library/turnaround-and-transformation-

leadership-and-risk-bostons-institute-contemporary-art

Odumeru, J. & Ifeanyi, G. (2013, June). Transformational vs. transactional leadership theories:

Evidence in literature. International Review of Management and Business Research (2)2.

http://www.irmbrjournal.com/papers/1371451049.pdf

The Case Centre. (2010). Turnaround and Transformation: Leadership and Risk at Boston's

Institute of Contemporary Art. The Case Centre. Retrieved from

https://www.thecasecentre.org/educators/products/view?id=102371

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