Changing Role of Management Education
The greatest competitive challenge facing the Industry/Corporate today is how to embrace the dynamic changes. The business environment is in constant flux and Companies must accept the new realities. The backdrop of such changes has catalysed a reassessment of traditional management concepts and practices. Innovating the evolution of new management paradigm and identifying its main drivers has been the twin – challenges confronting the B-Schools
To ensure quality management education, the institutions should constantly endeavor to introduce innovative pedagogy and create a learning environment that- harnesses creative and entrepreneurial management potential. Design, methodology and approach have been thoroughly over hauled replacing the conventional methods of teaching. Re-orientation of programmes by paying emphasis on values, ethics and quality of management education has been another significant aspect of teaching methodologies.
Management Guru Peter Drucker 40 Years ago said “ To make knowledge work productive will be the great management task of this Century, just as to make manual work productive was the great management task of the last century”, This truly depicts the paradigm shift that we experience today.
There is a little doubt that business education is a huge industry across the world .It is estimated that the global corporate education and training market is around USD 72 billion. The global management education market is to be estimated to be USD 24 Billion. It is growing at the rate of 10-12% per annum .The United states is the largest market .Since the market is lucrative and entry costs are relatively low there is a continuous growth of new entries .With the increasing competition the reputes schools are now globalizing and branding their products .This is likely to see a reputation and brand driven growth. Although the general value chain of business schools has remained relatively unchanged over the past 50 years, business schools have created some unique characteristics in their value creation, branding and niche positioning. At the same time corporations are intensifying their efforts for management development and the number of corporate universities is on the increase.
When we talk about the management education, we are basically referring to the shaping up of the student to develop the competency and capability either as an intrapreneur (to join and help an organization to grow) or as an entrepreneur (to establish and grow one's own organization). This capability does not necessarily always come from possessing a piece of paper whether called "degree" or "diploma" in Management, but also by means of developing the will & skill to contribute for Self reliance and self nourishment in nation building.
The existing system of Management Education is alienated from real life. There is a gap between the subjects and the objectives and this cannot achieve such goals as national development, building ethical, religious and spiritual values in business etc.