Role of stakeholders in delivering quality management education

Along with the traditional courses like financial management, marketing management and human resource management, new functional areas like Operations Management, Supply Chain Management, Rural Management, International Business Management, Digital Marketing, Data Analytics, Financial Analytics and HR Analytics are also covered in management education to meet the industry demand for highly efficient management people.

The development of management education can be traced back to 18th century. Since 18th century, there are tremendous changes are found in management education. In India, though, management education was derived from the western management thought and practice, Indian management scholars and practitioners are drawing some extrapolations from epics like, MahaBharatha, Ramayana, Bhagavad Geetha and other Puranas and Shastras. Management education was evaluated with emerging trends in industrial engineering and closely related with the disciplines like psychology, philosophy, sociology, economics, accounting statistics and mathematics.In India, management education is seen as special and superior discipline.

Students select management education not because for sake but for exposure, experience to create something innovative which useful to the society and motivated by the consequences associated with management education.

In India the government announced its new Industrial Policy in 1991 with the process of Liberalization, Privatization and Globalization (LPG). These reforms in the economy led to replace the traditional approach of education to more efficient professional education and introduced advance courses in education to bond with the industry requirement which have more economic value in present time. Management education got a special recognition with the changing of time. Along with the traditional courses like financial management, marketing management and human resource management, new functional areas like Operations Management, Supply Chain Management, Rural Management, International Business Management, Digital Marketing, Data Analytics, Financial Analytics and HR Analytics are also covered in management education to meet the industry demand for highly efficient management people.

As a result of this, management education became one of the most trending courses which provide a good career to the youth. With this, in India, private eduprenuers are entering in management education and investing an enormous amount of funds by establishing business schools.

Management education in India

Management education in India is barely 70 years old. It has begun in 1950s as part time education for practicing executives. and full time management degrees offered by some universities. This was the of period of starting and slow growth of management education and was marked for searching for direction and content development of management programs should be offered to fresh graduates. The formation of the first Board of Management Studies in 1955 under the dynamic leadership of Sir Jahangir Ghandy of TISO, who is rightly described asthe Father of management education in this country, gave considerable impetus to management education.

The first management institute Indian Institute of Management Calcutta (IIM – C) was established on 13th November, 1961. In the following month Indian Institute of Management Ahmedabad (IIM- A) was also established. On the recommendation of Ravi John Matthai committee in 1972, two more IIMs at Bangalor and Luknow were established by the Indian government. Two more IIMs, the fifth and sixth, were established at Kozhikode and Indore in 1996. The Seventh, IIM Shillong, was established in 2007. Since 2007, fourteen new IIMs have been set up, bringing the total number of IIMs to 20, IIM-Jammu being the latest one, started in 2016.

During the last 4-5 years the country has witnessed a tremendous growth in the management institutions (most of them in private sector) offering management program in different functional areas. Concurrently, there is mushrooming of B-Schools in the country. There are around 6932 Management colleges in India including 1214 government and 5577 private colleges, leading to deliver management education.

Management education as a career option

In today's dynamic business/corporate environment, management education plays a very vital role and became the most attractive career option to the youth out of other various available courses. Globalization and the rapid changes in technology have made the organizations very difficult to survive in the competition world. This increases the importance of efficient mangers in many fields.

There are many reasons for becoming management education an attractive career option to the youth.

♦    Management is a universal phenomenon that creates value in any area.

♦    Management education helps in timely utilization of resources to achieve the pre-determined goals which provide the significant benefits to the stakeholders of an organization.

♦    Management education enhances the managerial capabilities of an individual to innovate and initiate.

♦    Management education improves the ability to access the larger sections of society and

♦    Management education significantly enhances the opportunities of employment in high paying jobs.

Stakeholders in Management Education

A manager should able to manage not only routine problems but also complexities and unpredictable situations of the business firm as business world filled with challenges and risks. The main objective of the management education is to prepare students thoroughly to face challenges and accept and manage the risks by the horn. In short, management education became a diagnostic tool for all business problems in the globalized world.

Institutions which are offering management education should emphasize on imparting quality education to students. For, this teachers should be trained and redesign the curriculum to meet the challenges of dynamic business world. The teaching community of the management education not only prepares students to meet the challenges of the changing world but also help students to opt best career option which is suitable to their knowledge, skills and attitude.

Quality management education depends on the collective efforts of education system, institutions, faculties of management discipline and the most important in this process i.e. students. Education system run by government, institutions which are offering management program, faculties who are delivering the inputs of management and the students (beneficiaries) who are seeking management knowledge are the stakeholders in the process of quality management education. Quality of management education can be achieved only when all these four stakeholders contribute their efforts equally.

VignaOza and SwatyParab, in their paper titled "Three Pillars of Quality Management Education in India in the 21st Century" were developed 7-14-21 Model for quality management. They were mentioned education system, institution and faculty are the three pillars of quality management education.

By adopting the above model, 7-14-21-28 model is developed which adds various qualitative aspects those are required to students who are seeking management education. By collective efforts of these four stakeholders (education system, institution, faculty and students) are essential in imparting quality management education to meet the current demand of corporate world.

7-14-21-28 model shows various attributes needed to stakeholders to ensure quality management education. The implementation of the model should start from the education system level and penetrate down to the student level.