Guest Lecture Series (GLS) in Department of Business Management ITS with Associate Professor Dr. Olga V. Makarova from HSE University St Petersburg, Russia

The Department of Business Management, Institut Teknologi Sepuluh Nopember (ITS), supported by the collaboration with the ITS International Office, successfully hosted a Guest Lecture Series (GLS) with Associate Professor Dr. Olga V. Makarova from the Finance Department, HSE University St. Petersburg, Russia. Held through a Collaborative Online International Learning (COIL) mechanism and a series of offline guest lectures, this program took place from 22 September to 2 October 2025, enriching both undergraduate and postgraduate students with valuable global academic insights.

Video recap of GLS with Associate Professor Dr. Olga V. Makarova can be accessed using the following link.

The program began with an online COIL session on Monday, 22 September 2025, delivered live from St. Petersburg to students in Surabaya via Zoom. She shared her expertise in the topic “From Business Modelling to Business Planning (from BMC by Osterwalder to Business Plans)”. The audience consists of First-semester students in Business Management and Digital Business, enrolled in Financial Accounting course.

In this session, Assoc. Prof. Olga Makarova introduced core concepts of business modelling and demonstrated how the Business Model Canvas (BMC) can evolve into comprehensive business plans. Students gained early exposure to practical frameworks widely used in startups and corporate strategy development worldwide.

Following the online COIL session, Assoc. Prof. Olga Makarova visited ITS and conducted three offline guest lectures from 29 September to 2 October 2025. Her on-campus presence gave students a unique opportunity to learn directly from an international scholar with extensive research and industry experience.

On Monday, 29 September 2025 at Room MB-219, Assoc. Prof. Olga Makarova delivered a lecture on the topic “From Business Modelling to Business Planning & Budgeting” for student of Master of Science in Management on Advanced Financial Management course. She elaborated on how financial managers can translate strategic business designs into structured budgets and financial plans. Master’s students gained deeper insights into how planning tools support managerial decision-making and long-term organizational performance.

On Wednesday, 1 October 2025 at Teater A Building, Assoc. Prof. Olga Makarova shared the topic of “Project Evaluation: Cash Flow versus Profit, Applying the Time Value of Money (TVM) Concept” for Business Valuation & Technology course enrolled by Bachelor of Business Management students. This session highlighted the importance of distinguishing between profit and cash flow when evaluating investment projects. By applying TVM principles, students learned to assess financial feasibility more accurately, an essential competency for financial analysts and business consultants.

At the same day at Room MB-219, Assoc. Prof. Olga Makarova delivers material regarding the topic of “Financial Management in Retail & Fast-Food Business: Marginal Approach as a Driver of Success” for student of Master of Science in Management on Advanced Financial Management course. Through real-world examples, she explained how retail and fast-food businesses rely heavily on marginal analysis for operational decisions. Her insights illustrated how financial tools can drive efficiency and profitability in highly competitive industries.

Beyond the student sessions, the Department of Business Management and ITS International Office also held a faculty meeting with Assoc. Prof. Olga Makarova. The discussion included an exchange of institutional profiles, ongoing research interests, and exploration of potential areas for collaboration. Both institutions expressed strong interest in developing joint academic activities such as expanded COIL modules, Joint research initiatives, collaborative curriculum development, and others. This exchange serves as an important step toward building a long-term partnership between ITS and HSE University St. Petersburg.

The Guest Lecture Series with Assoc. Prof. Olga Makarova has been an inspiring and valuable experience for both undergraduate and postgraduate students. Her expertise, combined with interactive discussions and practical case examples, helped broaden students’ global perspective on financial management, business modelling, and project evaluation.

The Department of Business Management ITS is grateful to Assoc. Prof. Olga Makarova for her contributions and looks forward to continuing and expanding collaboration with HSE University St. Petersburg in the coming future.