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Peter Madsen takes the admonition to turn lemons into lemonade quite seriously. In grad school Madsen, now a Marriott School organizational leadership and strategy professor, became fascinated with how organizations learn from catastrophes. “Most of my research focuses on how they deal with and try to prevent rare, bad events,” says Madsen, who earned his PhD at the University of California, Berkeley. “Whether mistakes happen internally or externally, companies can glean information that allows them to reduce their chances of being involved in accidents.”
When I arrived at BYU eight years ago, I was in my new office, organizing books and filing papers, when I received a telephone call informing me that there had been a glitch in payroll processing, and I would not be receiving a paycheck during the first two months of my employment. I said, “Thank you,” hung up the phone, and started thinking about how to break this news to my wife, Jan.
How Exchange Rates Affect Business and You