The use of learning management systems (LMS), such as Yahoo Groups (YG), intends to reinforce student engagement in learning and collaboration beyond the face-to-face class environment. An LMS has two-fold functions: as a common access point where students and teachers access a dedicated online space and as a tool for collaboration. Using methodological triangulation, this study investigated students‘ and instructor‘s perceptions on the use and limitations of Yahoo Groups in fostering greater collaboration and learning in a management course. Moreover, the study determined the synchronous and asynchronous tools that address the limitations of Yahoo Groups, and lastly, utilizing DiBaise (2000) criteria, it determined the value of Yahoo Group as an LMS in promoting collaboration and learning. These are as follows: message board, photo album, file storage, where an online portfolio may be created, member list, database, links, and poll. On the other hand, constraints that emerged in the use of Yahoo Groups are real-time chats, video conferencing, and concurrent file exchanges. Synchronous tools identified for real-time chats, video conference, and concurrent file exchanges are Yahoo Messenger and Skype; while asynchronous tools for file sharing pictures and videos are Postimage and Photobucket, and YouTube respectively. The value of Yahoo Groups as an LMS in promoting learning effectiveness, student satisfaction, cost satisfaction, and accessibility ranged from 3.7–3.95 with an equivalent description of highly effective/highly satisfied/highly accessible; while instructor satisfaction generated a mean equivalent of 3 corresponding to a descriptive equivalent of effective/ satisfied/ accessible. The researcher concludes that Yahoo Groups can significantly contribute to the quality of teaching and learning through a cost-effective and highly accessible path of providing supplemental online instruction.