THE RELEVANCE OF MANAGEMENT EDUCATION IN A

SHRINKING, DYNAMIC AND COMPLEX WORLD

1. Dr.D.S.Chaubey, Professor & Dean,Uttaranchal University, Dehradun

2. Prof. K. R. Subramanian

SYNOPSIS:

In recent times no other subject has gained so much international attention than Management education programs. Internationally famous Universities like Harward, Princeton and Stanford have started a re-thinking and questioning the relevance and pedagogy of the traditional forms of MBA programs. Though the complexity and scale of business has changed, ’Management’ still remains the soul of every business. It is essential for an individual to understand the essence of Management at least to the relative terms. Some major innovations of the past century – Antibiotics, Automobiles, Airplanes, Computers, Internet, and Mobiles – have really transformed the way we live and work. But underlying all such innovation is the ‘Discipline of Management’ which is an ever growing body of thought and practice. A basic characteristic of Humans has been their unique ability to organize themselves into groups small and big that can perform tasks which cannot be done by individuals.(Ex: Pyramids, Taj Mahal, Forts, Temples, etc) and this requires Management. The discipline of management can cover all fields including Education and Healthcare. ‘Whenever our needs exceed our resources we need management’. Management literature is full of books on Value creation, Business models, Competitive strategy, 80-20 rule, Fishbone diagram, Root cause analysis, Performance matrices, Decision trees etc. But it needs understanding - effectiveness is in creating organizations to achieve a range of purposes that none of us could achieve alone. That is why Management has become the choice of Organizational effectiveness. Technology, Self organizing work force, Leadership being every ones responsibility – may eliminate need for supervision, but management is not supervising others! Management’s real genius is turning complexity and specialization into performance. As World Economy becomes increasingly knowledge based and global, work will continue to grow more specialized and complex and not less! So management will play a larger role in our lives not smaller one. In the 21st Century life and work demands Computer literacy. What we will need now is Management Literacy – a working grasp of the Discipline of Management.

Key words: management literacy, discipline of management, relevance, pedagogy,

INTRODUCTION:

With industrialization bringing the entire world under one network, the need for ‘Managing’ such a huge complex and multidimensional world is felt which can’t be done without proper guidance and training. Having understood the needs of the upcoming

markets and their ‘trend’, management education has spread all over the world and is helping aspirant entrepreneurs and professionals to get the latest trends in knowledge and practice and to upgrade the skill sets as per the dynamic developments of business. The educational system in India is limited to theoretical knowledge which is confined to some degrees. But ‘Management education’ gives practical embossing over theoretical approach. This gives complete understanding of the activities of business and the role required to be played by individuals at a later stage. It is not as if business cannot run without management education. But now, with increasing competitiveness all over the world, to get a competitive advantage, the upcoming generations of professionals need to possess the qualities and skills to set their place by constant innovation and logical and analytical thinking. Management education adds up these to an individual’s personality. So, with the entire discussion and analysis it is found that Management is the backbone of business. Hence both ‘Management’ and ‘Business’ both, go hand in hand that contributes to development of business worldwide.

Sometimes, it has been seen that questions have been raised about the need of education citing successful entrepreneurs like Dhirubhai Ambani or others. This type of thinking and argument is fallacious and lacks the perspective to time period and the need of modern day internationalization business and the shrinking physical and psychological boundaries. Nobody will disagree that literacy has improved the quality of life all round the world. Yet, why is there so much argument about Management education? WE need to understand the type of education, the degrees and diplomas offered and the relevance to the needs of business and industry. Several Management programs lack an orientation towards the requirements of modern business and the short term programs offered by many institutions have served the purpose of money spinning and diluting the relevance of full time education. Judgments are pronounced on the basis of PERCEPTIONS whereas THE REALITY is different.

‘Management education is not necessary to be successful in business as shown in history’. Opponents of management education have named several businesses in which "bigwigs" did not have any formal management education or advanced degrees or diplomas. Some of these are: The founder of Dell, Michael Dell did not have any management education. In fact, Michael Dell did not excel academically but had great business instincts. Mukesh Ambani did not have any management education either. He went to college and graduated with a bachelor degree in chemical engineering. He did later pursue his MBA from Stanford but did not complete the course. Education is also not the key to success, great ideas are. Anyone can have education and a degree, but having great ideas is what separates people from the rest of the pack. Bill Gates dropped out of college,

technology was being released and Bill saw it as a great business opportunity. Luckily he had great support in his parents and a great idea. So Bill Gates, the richest man in the world is another person without any sort of management education.

It is the willpower, leadership qualities, honesty, sincerity, dedication, hard work, best foresight, best assessment of any given situation & problem, best give & take policy, time management, punctuality, all these and much more merits required to become a good manager. Most of the industrialists of the past were persons without a degree or qualification from any university, but still could become best businessmen of their times only because they were having above given merits in them. Such qualities cannot be attained by sudden flight, and so they need to have a good exposure to business or simulated situations in MBA programs to help them make the current generation of mangers better decision makers. Management education does not ensure success in business, but certainly gives an edge, preparedness and therefore the confidence in launching oneself in the business. Not everybody is privileged to have born into a successful business family, blessed with competent elders to impart the business acumen when needed!

MYTHS AND REALITY OF MANAGEMENT EDUCATION

There are examples of successful Managers and leaders who did not have a formal management education. Even today we have successful Managers who do not have a formal Management degree. Some of the points of view lack a depth of understanding. Following background information will help form our opinions or moderate them.

o Some of the great leaders and Managers quoted lived in an era where the

management education was not so formal or popular.o In the current business scenario, there are many competent managers who do not

have an MBA degree. Their success cannot be attributed to their lack of Management education – rather due to it only. Most of the current Managers regularly attend or are being sent to Management Training and orientation programs of shorter durations due to pressure of business etc. So, it is clear that Management education is useful and companies embrace it in one form or the other – shorter or longer versions as the necessities may dictate.

o But the comment that the current programs and educational pedagogy needs

comprehensive revision is endorsed. Management education should fulfill the basic purpose and the aspirations of the stake holders – students and corporate. The present programs lack relevance with respect to the needs of the consuming industrial organizations. Many a time such requirements are varied and the specific needs are to be addressed.

o The curriculum development procedure in Management institutions lack regular

interaction with industry and feedback and involvement on a real time continuous basis for improvement and relevance.

o The debate that or the point of view of questioning the utility of management education is rather frivolous. We need to address the course content, pedagogy and relevance for current and futuristic needs of ultimate business organizations, where MBAs are likely to use their talent and skill sets.

o Your goal when you start any business it to be successful. I don't think anyone

starts a business with the goal of losing their shirt, going into debt, and closing their doors. Some of the criticism against Management education lacks this perspective.

o One of the critics of Management Education learned a lot of management by

practice and interaction with practicing managers and aspiring MBAs as quoted by him after retirement. It is clear that an opportunity by way of management education and corresponding understanding of management practices, gives managers an advantage over others who are less fortunate to obtain such an input before the start of his managerial career!

o Getting an education is an important part of success in today's business world. It's

competitive out there, and the more educated you are, the better your chances are of landing a good job. That's why getting a Masters of Business Administration (MBA) is so important. Education leads to opportunities.

o There are only a select few in the world who can drop out of school and go on to

make a significant contribution to the world. For the rest of us, education is the key. Take a look at three real reasons why an MBA degree is important in the business world.

Increase in your hiring opportunities. Generally, the more education you have, the better your career opportunities and choices are. A MBA graduate is an extremely valuable asset to an organization. Because of the competition in today's business world, you may actually find that you need a MBA degree to even have a first interview. In school, MBA students learn different techniques and skills that can help businesses. Some companies plan to hire MBA students, maybe even paying for current employees to go back to school and get a MBA. You know that if a company is willing to pay for employees to get the degree, it's certainly an asset.

Get paid more. With a MBA degree in hand, you can actually demand a higher salary. According to a 2007 Corporate Recruiters Survey, employers are willing to pay significantly more for job candidates with an MBA degree. The survey suggests that companies will pay up to 84

percent more. It is hard work to earn a MBA degree and your salary certainly should reflect that.

Build your network. One of the really valuable parts of getting a MBA degree is the networking opportunities. When you are studying for a MBA, you are with people from all walks of life, all trying to accomplish the same goal. These are the future leaders in the business world. You can connect with people who may one day lead corporations. These relationships become very valuable for you, as a professional, but also for your future company. The relationships you forge in the MBA classroom will get you into groups and organizations that will certainly benefit your future employer.Going back to school, for any reason, is always a good idea. Getting a MBA will increase your chances of finding a great job with a solid company.

o Successful individuals in the business environment usually have a mix of education

and experience relating to business concepts and principles. Individuals may spend more time on earning a business education early in their career rather than honing their skills through practical experience. Education can be an invaluable tool for building a successful career or specializing in a specific industry or sector. Business education can be earned in a traditional school environment or through informal methods.

o Traditional business education is earned through a college or university. Common

business degrees include a bachelor’s in business administration or management, accounting, marketing or international business. Master’s degrees are also popular, including the Master of Business Administration, Master of Accountancy or Master of Finance. Informal business education can include certificates earned through trade organizations, reading business related magazines and books or attending a trade school.

CONSIDERATIONS FOR BUSINESS EDUCATION

Business education teaches individuals about traditional and current types of business methods or management techniques. This education helps individuals understand what business methods are successful and why others fail. Educated business owners and managers use this information so they do not repeat the failed attempts of previous businesses. Business education can also alert individuals to upcoming changes in the business environment. This information can then be translated to other individuals in the workplace. Hiring individuals with business degrees or extensive business education may cost the company more money. Companies may not be able to afford hiring multiple individuals with the same education or skill set. Many times, companies hire managers with business education and rely on them to transfer their knowledge to front-line employees. Companies may also hire educated business experts who can come in for a day and train employees on specific business tasks, thereby avoiding higher labor costs.

BENEFITS

Highly educated workforces often create competitive advantages for companies in the business environment. Educated employees can help companies improve operations and possibly find new or better ways to produce goods and services. Employees with a solid business education may also provide companies with internal managerial candidates, allowing companies to promote employees from within rather than conducting extensive recruiting searches for managers.

MISCONCEPTIONS

While an individual can be successful in business without a traditional education, earning a college degree does not mean individuals have forsaken business opportunities for a piece of paper. Many business owners and entrepreneurs may go back to college and earn a business degree or enroll in professional education courses that help them advance their business knowledge.

The greatest people in business have certain attributes in common. Several personal qualities are important, like a thirst for continuous education, personal drive and motivation, strong goals and ambition, clear vision, and always a great deal of passion. A business education addresses some of these aspects. MBA is not another academic degree as conceived my many, but it is a skill enhancement program and it needs the commitment of the institution and the student for acquiring such skills

SKILLS FOR SUCCESS IN BUSINESS

Beyond those personal qualities though, what makes a successful business person stand out from the crowd? One of the main objectives of MBA programs is to impart relevant skills for a successful career. Here are 21 business skills you need if you want to get ahead:

Communication

1. Written - Most people in business spend a lot of time communicating in writing. While the inter-office memo and the fax are old hat, you will spend a good few hours a day fighting your inbox. Add to this, reports, white papers, proposals and resumes. It’s certain you will need to sharpen your word power to succeed.

2. Social Networking – We are not all social instinctively, some of us struggle to make small talk. It is a key skill to learn though, it is true what they say, sometimes, it is more who you know than what!

3. Speaking – Public speaking ranks high amongst the world’s most popular fears. You must overcome it and the best way is to practice. It might feel more comfortable working from the safety of your desk but at some point you are going to have to present. Better to have some experience under your belt before being forced to perform unprepared when it really counts.

4. Sales – You might think you do not need to sell but we all sell every day. From even before your first day you will be selling, starting at your interview all the way to asking the boss for a raise. In normal life we sell, persuading your partner that you really need that new purchase, getting out of that parking ticket … persuasion skills can come in very handy indeed.

5. Negotiation – If you can’t sell perhaps you can negotiate. A lot of the skills are the same but you will find people who have been in business for a while can drive a hard bargain. If you do not have the skills you will lose out each and every time.

Planning

1. Strategic – A business that lurches from one crisis to another is not going to stay around very long. Obviously if you are in charge then you have to set the marching orders. Can you clearly see the road ahead?

2. Project – I know many people in business who see their role as the hot headed maverick that shoots from the hip and flies from the seat of their pants. Unfortunately most of them eventually crash and burn. Project management makes your life and that of your team less stressful and gets things done on time and on budget. It might not be the white knuckle ride that some enjoy but at least you will be able to clock off at a reasonable hour!

3. Financial – The top reason why businesses go out of business is bad financial planning. All the cash flows in the wrong direction. Having worked through the dotcom boom and bust I have seen firsthand what too big a budget in the wrong hands can do. Someone needs a firm grip on the numbers and it had better be you otherwise someone might just take a trip to a tropical island at your expense.

4. Risk – I’m a natural worrier which though it annoys my wife, does have the advantage in business that I tend to see the potential potholes and bear traps in any plan. If you can imagine a risk you can set about to mitigate it.

5. Logistics – Money is just one resource you need. Any business has inputs and outputs. You need to have the right people in the right jobs with what they need when they need it to get their work done. Logistics might not put you on the cover of Time magazine but it could make you a hero in your office.

Productivity

1. Time management – I once had a boss who could never get to a single meeting on time. He would always turn up ten minutes late, red-faced, unprepared, looking like he had slept in a bush. He had a growing collection of speeding tickets and a bigger collection of excuses and apologies. Time management reduces stress and increases your respect.

2. Meeting management - Most of us hate meeting but they are a fact of business life. There are always the few who love them as a way to avoid real work. There are many tricks from firmly sticking to the agenda through to holding meetings standing up just before lunch. Whatever works for you if you can get meetings to be productive and under control you will get ahead.

3. Leadership – In the Dilbert universe leadership might be something you step in, but in business it really helps to be able to take the lead. Can you get people to follow you? Are you able to get people to do things they don’t want to do for the good of the team?

4. Systems – If you are repeatedly re-inventing the wheel there is something seriously wrong. Effective systems bring consistency, efficiency and reduced costs. Learning how to create and implement both human and automated systems can go a long way to being more competitive.

5. Personal Productivity – What are your rhythms, when are you more sociable, detail-oriented, creative or lacking energy? Where do you excel and which areas are a struggle? Before you can lead anyone else you need to work out how to get the best out of yourself.

Creativity

1. Imagination – Many people neglect their creative side feeling that it is better to be all about the logic, but in fact some of the most successful business people are also the most imaginative.

2. Inventiveness – If you can imagine it you can create it, and if you create it then you can sell it! Look around you, think of the things you buy and use, someone had to have the idea before it was built and sold to you. You might be surprised how few mad inventors there are, more products are invented in a marketing office than a garage.

3. Problem Solving – A big part of surviving in business is about solving problems fast and effectively. An employee who is good at keeping their head in a crisis while fighting fires is a worthwhile asset to any business.

4. Brainstorming – Some people think brainstorming is all about having stupid ideas while ridiculing the contributions of everyone else while drinking coffee, eating cookies and flirting with the secretary from floor 2. Perhaps this is why brainstorms get a bad name? If you can brainstorm great ideas, fast then you will be one step ahead.

5. Making connections - Some of the best ideas have simply been about connecting two otherwise unconnected ideas together. Could you invent the next I-Phone ?

The sharp-eyed amongst you must have noticed there are only 20 points in this list. What is the number 21? Perhaps the most important skill of all; the ability to switch off! It is so easy for the stresses and strains of business life to burn people out so you must develop the ability to relax and unwind.

COMMON FACTORS IN SUCCCESSFUL BUSINESSES

How does a small company become successful? Despite the bad news we so often hear about the number of small businesses closing or shifting hands, the news really isn't all that bad: Thousands of small businesses startup every year, and a good percentage of those companies have learned what it really takes to survive the early startup years and become successful enterprises. After working with a number of small, medium and big companies, I discovered that the successful ones share some common traits. Here, then, are the 14 qualities I've witnessed in many of the thriving businesses I've worked with:

Company culture: Culture is defined as the "integrated pattern of human knowledge, belief and behavior that depends upon man's capacity for learning and transmitting knowledge to succeeding generations." For successful companies, culture is about

attracting and hiring the people who would be most successful in that specific organization. And it's about driving the behavior that makes the company successful.

Customer service: Simply defined, customer service means taking care of your customers. Many companies integrate customer service into their business culture through training and the design (and frequent redesign) of relevant business processes. In most cases, the business plan dictates how they will provide quality customer service.

Attitude: As a stake holder of the company, you must have a positive attitude and accept 100 percent of the responsibility for the results of your business. When you accept responsibility, you can act to make the necessary changes to accomplish the desired results. Then, when success is achieved, you're generous in giving credit to others within the organization. Without exception, the most successful business managers understand that it's all about people: hiring and retaining the right people, eliminating ineffective people and providing the necessary resources for employees to master their tasks.

Business strategy: A complex strategy or business plan isn't necessary to achieve success. A simple one-page document will do, but it should be well thought out and well executed. A poorly crafted business plan that's well executed is far superior to the well-crafted business plan that sits on the shelf collecting dust. A good business plan defines and drives the activities and behaviors of the entire organization. Without it, the business becomes a ship without a rudder; it simply can't be steered and ends up going around in circles. A sound strategy should include a financial plan, marketing differentiators, and product strategy as well as a plan for employee retention.

Discipline: Discipline is all about executing the strategies and then staying on course. It's about staying focused on your core markets and measuring success as defined by your business strategy. It's not about overreacting to market changes and adjusting your core strategy to keep up.

Risk: Successful business managers aren't afraid to take calculated risks with clear outcomes in mind. Most managers who take risks do so because they recognize the need to change as the economic climates changes, and they understand it's disastrous not to embrace change. Successful business leaders understand that being in business is about managing and responding to change. Companies that succeed embrace change and respond to challenges presented by the market, the competition or changes in general business conditions.

Financial roadmap: An important attribute is the creation of a financial roadmap and budget--and then having the discipline to follow it. A financial plan reminds managers

where and how to spend money, and it provides ways to measure progress or shortfalls. A sound financial plan is the cornerstone of a great business plan.

Business processes: Another frequently credited attribute of success is the streamlining of business processes. We call this "creating predictability." Unfortunately, this is probably the least understood task a small-business owner can take accomplish. Business processes are how things are done within a business. Every company has some processes; some are clearly defined, others are implicit. The intention here is to increase productivity and reduce costs while generating the same (or better) outcomes. Successful businesses understand the need to continuously improve their business processes: to become more efficient and productive, and to respond to market changes faster while providing better service to customers.

Information technology: While technology is important, it doesn't have to be complex or costly to be effective. Effective technology is probably the most important enabler for change that a company can introduce.

Marketing: Effective marketing efforts perform different functions around unique selling environments. For example, business-to-consumer enterprises have completely different marketing needs than business-to-business companies. Having a good understanding of the pains your clients are experiencing and how your product and services stop that pain can help you understand just how to market to your customers and that's critical to business success.

Sales: Every company's approach to sales is different. Some depend on building referral partnerships and strategic alliances, and this is the extent of their sales process. Others aggressively attack the market with direct-mail campaigns, cold calling and other forms of direct customer contact. The specific selling approach a company uses is usually defined by its marketing plan. Successful managers know that the concept of selling is a process that can be measured and improved, like all business processes. They talk about the importance of having a consistent, measurable and repeatable sales process, and they engage professional sales trainers (with flexibility to customize training to their selling environment) to help create consistency within their selling process.

Training: Because we live in a world of continuous change, it's more important than ever to implement a culture of continuous learning. For many successful owners, continuous investment in training is a major contributor to success. For training to be successful, however, there must a direct link back to the business plan and an understanding of how training supports the successful implementation of the business strategy.

Team of advisors: Without exception, every successful business manager has talked about how having trusted advisors is necessary for success. They know they can't know everything and they searched out advisors they could trust. They usually preferred to pay for this advice because they were looking for someone who would challenge them, hold them accountable, ask them important questions and introduce them to others who could help them when necessary.

Work/life balance: Successful business managers understand that every person has just 1,440 minutes in any given day and how they spend this time directly impacts how effective they'll be in growing their businesses. Smart entrepreneurs successfully integrate their social lives into their business lives: The client who purchases a product today gets invited to the lakeside cabin the next weekend. Clients become friends, and co-workers become like family. These entrepreneurs build their lives around their business, and it's almost impossible to distinguish between their social lives and their business lives.

LEADERSHIP: A NECESSARY SKILL IN TODAY'S BUSINESS WORLD

The ability to motivate groups of people towards a common goal, is an important skill in today's business world. Without strong leadership, many otherwise good businesses fail. Understanding the characteristics of strong leaders and cultivating those skills is useful for those pursuing a career in business. Many of the world's most respected leaders have several personality traits in common. Some of the most recognizable traits are the ability to initiate change and inspire a shared vision, as well as knowing how to "encourage the heart" and model the skills and behaviors that are necessary to achieve the stated objectives. Good leaders must also be confident

enough in themselves to enable others to contribute and succeed. The Ability to Initiate Change -- Franklin D. Roosevelt Good leaders are never satisfied with the status quo and usually take action to change it. In addition, strong leaders bring about change for the common good by involving others in the process. F.D.R. sought practical ways to help struggling men and women make a better world for themselves and their children. His philosophy was, "bold, persistent experimentation...Take a method and try it. If it fails, admit it frankly and try another. But above all, try something." Being willing to take risks by trying new ideas and involving others in the process of change is a key quality of strong leaders.

Model Leadership -- Mohandas K. Gandhi Strong leaders not only need to have a vision and the ability to initiate change, they must model the values, actions, and behaviors necessary to make the vision reality. Gandhi not only created and espoused the philosophies of passive resistance and constructive non-violence, he lived by these principles. According to Indira Gandhi, "More than his words, his life was his message." By choosing to consistently live and work in a manner that exemplified the values he believed in,

Gandhi engendered trust, becoming a role model for others looking to affect change without resorting to violence.

Encouraging the Heart -- The Leadership of Winston Churchill On December 29, 1940, London was hit by one of the largest aerial attacks of World War II. Somehow, St. Paul's Cathedral survived. Two days later a photo showing a silhouette of the dome of St. Paul's, surrounded by smoke and flames ran in the paper with a caption that read, "It symbolises the steadiness of London's stand against the enemy: the firmness of right against wrong." Churchill recognized the importance of St. Paul's as a morale booster. His instructions were clear on that December night, "At all costs, St. Paul's must be saved." Leaders must be able to encourage the hearts of those who share their vision, providing a sense of confident optimism even in the face of enormous difficulties

Leadership Training For Business Success

Leaders are rarely (if ever) born, which is why online leadership training can make a real difference if you are currently pursuing your bachelor's degree. By combining your business degree with leadership training classes, you will not only gain confidence, you'll learn the skills necessary to inspire others to success. Leadership training isn't just for those with business degrees or even bachelor's degrees. Training can be used to improve leadership skills regardless of a student's educational background or the type of industry he presently works in. After all, good leaders are always in demand.

CONCLUSION

Management education is here to stay and has a vital role to play in today's business environment, where everything changes so fast that it makes it difficult for survival due to the growing competition. The need of the hour is to make it relevant for students and industry. This has led to the realization of need for business schools in developing and imparting relevant education to students, which reflects the changes in society. Also, schools need to be in close contact with industry.

According to Steven Dekrey, Senior Associate Dean, Hong Kong University of Sciences and Technology, businesses in Asia are in need of management talent. While participating in the 7th annual conference of the Global Business School Network (GBSN), held in New Delhi on June 18,2012 he said, "it is very important for business schools to work with exceptional leaders, who are educated, successful, inspirational, encouraging and who are willing to give back to community," Delegates from international business schools, industry and development professionals who came together to discuss the issue of shortage of management talent in the developing world felt that Management Education was making a connection and Powering Development. Enase Okonedo, Dean, Lagos Business School and Director, Association of African

Business Schools, Nigeria, said, "We need more business schools, qualified managers, dynamic curriculum and qualified faculty."

The business education scenario in India is challenging. According to Pankaj Chandra, director, IIM-Bangalore, there are close to 3,000 management schools in India, but not all are able to provide quality education. They may improve in terms of providing quality education over a period of time, but those who fail would have to shut down. However, as far as research is concerned, Chandra added, "India is a research paradise, where students from all around the world can come and do fabulous research work. There's no dearth of resources for research here and the country provides an exciting environment too, where research topics are taken live from the industry."

The rising cost of management education is another concern for developing countries. The impact of a business school can be measured by reputation, quality of the faculty, student placements and rankings. "It is very important for an institution to know where its students have gone and what they are doing to make an impact."

REFRENCES:

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11. Management Education – Is it necessary to succeed in business? - Deepika Muralidhar on Twitter, July 22, 2010

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