DELLIGENCE & EXCELLENCE SINCE 1996 MAJOR RESEARCH PROJECT ON THE TOPIC
“A Study on the Challenges in Business Education in India”
Guided By Dr. Mona Tawar Dwivedi
Submitted By Gorakh Nath MBA 3rd Semester
BATCH-2011-2013 Roll No. - 11010074
DECLARATION
We hereby declare that the work presented in this project entitled “A Study on the Challenges in Business Education in India”. It is a record of independent work carried out by me, towards partial fulfilment of requirement for the award of degree of Master of Business Administration, submitted in the Pioneer Institute of Professional Studies; Indore is an authentic record of our work under the guidance of Prof. Mona Tawar.
Date: Place: -
Gorakh Nath Dwivedi
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ACKNOWLEDGEMENT
It is my proud privilege to release the feeling of my gratitude to several people who have helped me directly or indirectly to conduct this project work. I am greatly thankful and owe a deep sense of gratitude to my faculty guide Dr. Mona Tawar, for her sincere guidance, help and valuable suggestions in completing this project work. I would love to express my gratitude to respected Dr. P.K. Jain Chairman of pioneer institute of professional studies Indore to provide us such a very exciting opportunity & for his moral support and encouragement. I also thank all my seniors & friends to give me proper guideline & support for preparing Project. Last but not least my deepest sense of appreciation goes to my parents who were always there as a source of inspiration.
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Gorakh Nath Dwivedi
CERTIFICATE
This is to certified that the major research project work “A Study on the Challenges in Business Education in India” Which is being submitted by Gorakh Nath Dwivedi in the Fulfilment of the requirement for the award of the degree of MBA from PIPS is completed under my supervision & to my entire satisfaction this project report submitted embodies their genuine work. During this project I found them responsible sincere &hard working. I wish them all the best for their future endeavours
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Guided By
Dr. Mona Tawar Pioneer Institute of Professional Studies, Indore
INDEX
CONTENTS
Page No.
CHAPTER- I ? Introduction ? Defining variable
05-10
CHAPTER – II ? Review of literature ? Rationale ? Objective
11-14
CHAPTER – III ? Research methodology ? Tools for data collection & analysis
15-16
CHAPTER – IV ? Result, discussion & interpretation
17-26
CHAPTER – V ? Conclusion
27-29
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? Implications ? Limitations ? Scope for future work
REFERENCE WITH APA STYLE ANNEXURE(S)
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CHAPTER - I
(INTERODUCTION)
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INTRODUCTION
“Education is the manifestation of perfection already in man” –Swami Vivekananda In the modern economic scenario all over the world- “Management” – as a stream of education and training has acquired new dimensions. Management is an exciting field where you can have an immediate impact on the operations of any business. The field of Management is dynamic in nature. New tools and techniques are continually being introduced to improve the efficiency, productivity, and profitability of any organization. All organizations and their departments, functions, or groups use Management methodologies, which include problem solving techniques and guidelines for various related activities. There are several challenges of management education which require change in the character and structure of management education with corporate sector, up gradation of curriculum and course content, designing of different programs for executives, maintenance of an efficient and effective regulatory system to check mushrooming, and emphasis on research. Management education is in great demand especially after the change towards liberalization, privatization and globalization. India being the part of global linkage in the aftermath of WTO agreement is becoming a technology driven society. Nearly one lac management graduates pass out every year in India, providing a tremendous potential to contribute to the creation of a -knowledge society- There is also a need that our dependence on foreign literature and techniques should be minimized and management teaching and thinking should be based upon practical experiences deriving strength from Indian ethos. Management education need to be made value based, rather than money based. India is facing a crisis of quality management education. As compared to international standards the Indian management institutions (with a few exceptions) are far behind. There is a need to fill this gap. The Changing Scenario; Industry and Academia Interface; Teaching and Evaluation in Management Education; Developing Competence of Management Teachers: Management Education and Up gradation of Students Skills; Management Education and Indian Ethos. Presently there are more than 3000 management colleges exists across the India and many among them like Indian Institute of Management(IIM) are counted among the best of the world. India's entry in the globalization process also acted
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like a catalyst in this management education boom. Because of the increasing number of global and Indian multinationals, trained management graduates are in demand and this demand too actively fuelling the interest of more number of students every day. In response of this growing demand, private sector also entered in Indian management scenario and invested a hefty amount for this. A large number of private management colleges along with government aided management colleges came into the existence in last decade only. Management education across the globe is facing a unique crisis of relevance in the contemporary scenario. All the aspects of Business education such as quality of MBA aspirants, curriculum, business research, quality of research publications, industry-institute interface, management development programmes, faculty development programmes, placements, compensation packages of B-school graduates, career development trajectory of alumni, diversity among faculty as well as students, governance and accountability, etc. are under critical scanner. Indian B-schools are not untouched by the contextual compulsions of the Management education in the international arena. B-schools in India need to revitalize Management education in the country in order to meet the expectations of all the key stakeholders such as students, faculty, society, industry, government and global community at large. Hence it is imperative that the ever-growing crisis of relevance vis-à-vis Management education is addressed collectively, enabling keystakeholders to contribute their mite in the process and system improvements. A broadbased consultation with the stakeholders might help in developing a holistic framework for effective Management education while tackling fundamental issues of faculty shortage, lack of governance and accountability, absence of an effective regulatory body, poor quality of research and publications, lack of pedagogical innovations, lesser industry- institute interface, lower employability of B-school graduates among others. It is time to collectively reflect and take stock so that we are ready for next wave in Management education. Emerging Issues of Management Education in India
Dedicated Governmental Body for Management Education-In India governance of technical and management education is looked after by All India Council for Technical Education and its subsidiary the Board of Management Studies. Since both technical and management education have different requirement, so it definitely call for different body which could specifically look for issues related to improvement in management education which should be accountable for enabling independent institutional mechanism to specifically deal with management education that could lead to enhancement of standard of management education and give a new drive to management education. Quality of Faculty- AICTE and University Grant Commission has given sanctioning and affiliation to large number of institute, but were unable to produce competent faculty to teach in management courses, which created a demand supply gap and resulted in low standard quality of faculty. Institutes are engaged in appointing new faculty member on low salaries and heavy teaching load which further deteriorate their quality and they are left with no time for further development, and involving part time faculty which had little or no involvement with the institutes Generally, they give lecture prepared from textbooks or their
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company based experience The quality of management remained inferior in the sense that they paid not enough attention to application of knowledge, understanding of concepts, development of managerial skills institutions. Exposing to Real Business Issues- As stated earlier there is need for enhancing industry exposure which will lead to enhancement of experiential learning. Exposing students to real life situations which are more complex, demanding, critical, messy, will bring them closer to reality. When it comes to decision making, experience that lies with decision maker is detrimental. One of the issues that management education has to consider is the manner in which experiential learning elements could be enhanced.
Faculty Shortage- Shortage of qualified faculty in Indian B-Schools is major concern. Currently the institutions are facing 30% shortage of faculty and it might rise up to 50% by 2020 if the scenario does not improve.Deans and directors of business schools observe that the key challenges faced by any institute in EQUIS accreditation are international issues (71 per cent concluded that it is most challenging) and faculty shortage (54 per cent). Additionally, management graduates are generally not inclined to enter teaching profession due to lower pay packages as compared to industry offerings. There has been no significant effort on the part of the government or other agencies in the last five decades so far as faculty development is concerned. A few IIMs run short-term Faculty Development Programmes for incumbent faculty members. However, there are fewer programmes to prepare young professionals for career in teaching and research. Poor Regulatory Mechanism- All India Council for Technical Education (AICTE) regulates Management education in India. However, AICTE is better known for corrupt practices rather than regulation which happen to be its statutory role. Even the National Knowledge Commission has truthfully observed: ‘…there are several instances where an engineering college or a Business school is approved, promptly, in a small house of a metropolitan suburb without the requisite teachers, infrastructure or facilities, but established universities experience difficulties in obtaining similar approvals.’ (NKC: Report to the Nation, 2006: 54). Of late, the AICTE has started cleansing its regulatory mechanism by using a transparent online disclosure system. However, the regulatory mechanism remains inadequate due to misplaced focus on infrastructure and faculty-student ratio. Besides, AICTE does not have wherewithal to check the veracity of the mandatory disclosures although its team visits a few institutions in different regions randomly. A number of B-Schools especially in the muffosil bypass the regulatory norms regarding faculty and infrastructure. In the name of autonomy, many B-Schools overlook the dictates of AICTE. Hence, matters like fee, quality of faculty, quality of books and journals in the library etc. are at best at the discretion of the Trusts or Societies that run the B-Schools.
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Governance and Accountability- Most of the private B-Schools in India offering Post Graduate Diploma in Management are managed by charitable trusts registered under Indian Trust Act 1908 or educational societies registered under Societies Registration Act 1860. In case of charitable trusts, the trustees are generally from the same family having absolute powers to manage the affairs of the institutions. As a result, misappropriation of funds is not uncommon. The trustees hold the office for the whole life and hence cannot be removed for their indulgences or mis-governance or incompetence. So is the case of educational societies where majority of founding members belong to the same family. Thus the governing bodies of B-Schools have unlimited power and authority without concomitant responsibility. AICTE is concerned about compliance of the regulatory norms and hence governance and accountability do not feature in its relations with the B-Schools. Of course, the AICTE has introduced the norms regarding formation of governing body of B-Schools. But overemphasis on compliance makes room for manipulation by the trustees. A closer look at the mandatory disclosure of B-Schools reveal that they hold only bare minimum number of meetings of Governing Councils or Academic Councils. The institutions fulfil their duties just by mentioning the numbers of meetings as the norms are silent on the quality of output of such meetings.
Define Variables
? Adequate Textbooks ? Examination System ? Updated teaching methods ? Practical knowledge ? Faculty performance ? Facilities & Infrastructure ? Student Intake ? Control on entrance examination ? Dependency in university ? Technological Issues ? Industrial Exposure ? Student interest
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? Approval of authority to colleges ? Inappropriate funding ? Non professional student graduates
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CHAPTER - II
(Rationale, Objective & Review of literature)
Rationale
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Objectives
? To examine the current issues in management education system in India ? To find out implication of management Education of India on Industry and individuals
REVIEW OF LITERATURE
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? Gupta et.all (2003) has found on the basis of that the concept of quality business
education will be defined differently in different cultures. Indian culture is characterized by high power distance and consequently high quality may denote elitism, reflecting pre-eminent standing among peers, as ascribed by public beliefs, and reinforced by cultural media, rewards and rankings. On the other hand, in low power distance cultures, excellence could reflect action orientation, and be more a symbol of accomplishment, indicating the core mission and strategic commitment of the business school to all-round quality. The concept of quality as defined by low power distance cultures is what is useful to compete in the current global economy where success needs action orientation and team work. This suggests, that Indian business schools might need to change their culture and adapt to a new world economy by viewing quality more in terms of achievements than a reputation. Failure to do so will result in the top tier schools becoming increasingly elitist till they lose touch with the needs of Indian businesses. We recommend the
following as a way to further enhance business education in India:
• • • •
Standards of accreditation Top tier business schools have a responsibility to share their knowledge and skills with schools that might not have the same standards Executives need to be more concerned about the actual quality of business graduates they hire rather than be carried away by reputations Student
? Chaudhary et.all (2011) has found on the basis of that management education is struggle between maintaining the quality while satisfying the needs of masses. The research is an effort to examine the current issues in management education system in India and to find out ways for quality improvements in the present management education system so that business schools respond to current paradigms. In the research Key factors are Management Quality, Up gradation Innovations, Total Quality Management, Systematic Issues, Emerging Issues The researcher has work on committees report also like • The Nanda Committee • The Kurien Committee • The Ishwar Dayal committee • The Management Educational Review Committee
? Mathew et.all (2012) has found on the basis of that the business education market in India is about Rs.40 billion at present with an annual CAGR of 12%. There are more
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than 1,550 business schools producing over 100,000 management graduates annually. India needs managers with values that are achieved through continuous improvements. Colleges concentrate on efficiency without looking at values. Given the striking ethical failures of recent corporate leaders business schools are very keen in improving education. This paper examines the importance of ethics while imparting highest quality education. The ethical aspects have been analyzed so that practical value systems can be imparted in business education. These are some key factors are Ethics, Indian, Business, Education, System. This needs to be communicated clearly with consistency in expectations for integrity, ethical behavior, and improved performance had examined five common course components (cases, participation, textbook readings, a research paper, and exams) and the impact it has to determine the effectiveness of a professional responsibility course offered to accounting seniors. Excellence in teaching is a zero-sum game. Teachers feel threatened not only if they or their students do badly but also if other teachers and their students do well. ? Dash et..all (2011) has found on the basis of Management education is considered as elitist as it attracts young men and women which are usually motivated by the positive consequences associated with management education. In India higher education especially management education is witnessing an exponential growth in terms of number of institutes imparting management education which are usually termed as Business School .This paper tries to explore the present situation of management education in India after financial turbulence of USA and the case like Satyam in India. This paper also studies the trends prevailing in management education in India, and tries to find out implication of management education in India on Industry and individuals. Further it tries to study emerging issues of management education, and to find implementation of possible direction and policy towards improvement of management education in India. This paper will fill gap between existing literatures as not much of work has been done in this area. This paper Keywords Management Education, Management, Business School, India. The outcome of all this is that management education appears to be more relevant than ever in the “global era”. The ultimate challenge of management education approaches is to become more practical oriented and industry focus reason being theory-based developments and teachings are worthless, due to the fact that they will be of little use in concrete situations when a management issue arises. ? Shweta et.all (2010) has found on the basis of the aspects of Business education such as quality of MBA aspirants, curriculum, business research, quality of research publications, industry-institute interface, management development programmers, faculty development programmers, placements, compensation packages of B-school graduates, career development trajectory of alumni, diversity among faculty as well as students, governance and accountability, etc. are under critical scanner. Indian Bschools are not untouched by the contextual compulsions of the Management education in the international arena. Indeed, B-schools in India are facing multiple issues such as proliferation of B-Schools, quality of education, faculty shortage, poor regulatory mechanism and governance and accountability. This paper analyses the issues and challenges of Management education in India in the emerging scenario and provides remarkable insights into revitalizing B-schools that may benefit all the stakeholders. The Keywords terms of research are Management Education, BSchools, Regulatory Framework, B-School Governance B-Schools in the. A broad-
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based consultation with the stakeholders might help in developing a holistic framework for effective Management education while tackling fundamental issues of faculty shortage, lack of governance and accountability, absence of an effective regulatory body, poor quality of research and publications, lack of pedagogical innovations, lesser industry- institute interface, lower employability of B-school graduates among others. It is time to collectively reflect and take stock so that we are ready for next wave in Management education ? Mishra et.all (2012) has found on the basis of Globalization has redefined the constituents and drivers of economic progress over last two decades. The traditional contributors of economic development and economic power such as material resources and production capabilities have been replaced by knowledge and information. Globalization has resulted in significant changes in the knowledge economy and ushered new conditions for the provision of higher education to cater the skill requirement all across the globe. Higher educational services have emerged over the last few years as a major economic sector for trade worth several billion dollars. The key elements of globalization include the knowledge society, information and communication technologies, the market economy, trade liberalization and changes in governance structures. These elements of globalization have impacted significantly the education sector in general and higher education in particular. The study critically analyzes the growth of higher education sector in India and identifies the major concerns. It also evaluates the preparedness of the country for the opening up its border for foreign institutions. This studies Key Words are Globalization, Liberalization, Higher education, Knowledge economy, Trade in educational services and governance
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CHAPTER - III
(Research methodology)
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METHODOLOGY
Research type: ? The study is descriptive, Exploratory in nature.
Hypothesis: ? Ho: - There are no significant Challenges in business education. ? H1:- There are significant Challenges in business education.
Population:? Students and professor of Indore city who belongs to business education
Sample & Sample Size: ? 150 (75 Professor & 75 Student)
Research unit: -
Indore city
Sampling Method: ? Non probability convenience sampling method used for collecting sample.
Tools for data collection: ? Self structured Questionnaire used for collecting primary data.
Tools for data analysis: ? Z test used for analysis of challenges in Business Education. ? Pie chart, bar graphs, Percent analysis used for representing the data.
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CHAPTER - IV
(Result, Discussion & Interpretation)
RESULT, DISCUSSION & INTERPRETATION
PART - I 2. Which course do you belong to?
a. MBA
b. BBA
c. Other
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Interpretation: As per my research 68% of respondents of Professor and 97% of respondents of Student are belong to MBA. 12% of respondents are professor and 2% of respondents are student belong to BBA.20% of respondents are professor and 1% are student are belong to other group. Means Mostly Respondents are belong to MBA 2. Which stream do you belong to?
a. Finance
b. Marketing
c. HR
d. Other
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35 30 25 20 Professor 15 10 5 0 Finance Marketing HR Other Student
Interpretation:As per research 27% of respondents of Professor and 24% of respondents of student are belong to Finance, 25% of respondents of professor and 39% of respondents of student are belong to Marketing, 20% of respondents of professor and 32% of respondents of student are belong to HR.28% of respondent of professor and 5% of respondent are student are belong to other. Means most of the respondents belong to Marketing.
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4. Design of Co-Curricular activities should be according to? • • • • Industry requirement Job market trends Student development Curricular
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45 40 35 30 25 20 15 10 5 0 Industry requorem ent Job m arket trends Student Develpom ent curricular Professor Student
Interpretation: As per the research 23% of respondents of professor and 24% of respondents of student are want to Design of Co-Curricular activities should be according industry requirement, 37% of respondents professor of and 19% of student are want to design of Co-Curricular activities should be according to Job market, 29% of respondents of professor More Mega Store and 53% of respondents of student are want to design of Co-Curricular activities should be according to student development, and 11% of respondents of professor and 4% of respondents of student are want to design of Co-Curricular activities should be according to Curricular. Means Respondents want to design of Co-Curricular activities should be according to student development.
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Part - 2 Factors Professor X1 Adequate textbook Examination system Updated teaching method Practical knowledge Faculty Performance Facilities & infrastructure Student Intake Control on examination Dependency in university Technological issues Industry Exposure Lack of student interest Approval of authority to colleges Inappropriate funding Non professional student graduates 4.64 ?1 N1 Student X2 4.413 3 4.346 6 4.533 3 4.28 4.346 6 3.986 6 4.093 3 4.16 3.986 6 4.24 4.2 4.186 6 4.133 3 3.8 3.706 6 ?2 0.75 0.808 1 0.639 4 0.841 5 0.840 5 1.064 0.802 8 0.800 6 0.886 8 0.745 4 0.745 4 0.742 8 0.853 7 0.879 3 1.003 6 N2 75 75 75 75 75 75 75 75 75 75 75 75 75 75 75 0.076 6 The data collected with the help of questionnaire is subject to testing hypothesis i.e. Z-test for comparing the factors which are helpful to find which are the challenges in the Business Education. There are 15 common factors of individuals which are responsible for challenges in the Business Education and then subject to test in order to identify that hypothesis made
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Z
Accept Reject
0.6248 75
2.01 0.000 7 1.289 0.454 0.292 0.506 9 0.866 1.339 0.560 0.845 0.544 9 0.307 0.923 0.568 5 ? ? ? ? ? ? ? ? ? ? ? ? ? ?
?
4.346 0.8405 75 7 4.4 0.6325 75 4.213 3 4.306 7 4.066 7 4.2 0.9562 75 0.8322 75 0.8692 75 0.7118 75
3.973 0.9088 75 3 4.066 0.8692 75 6 4.12 0.9792 75 4.266 7 4.146 6 4.253 3 3.88 0.7542 75 0.8593 75 0.75 75
0.8479 75 75
3.72 1.138
would be accepted or rejected. Here the data which is get filled through respondents are of qualitative nature and here for testing the hypothesis we have to convert it into quantitative nature by giving rank to various factors on the scale of 1-5 on the basis of challenges factor and can be available for testing the hypothesis. The hypothesis made for the ten factors are as follows:Hypothesis-H01: There is no significant effect of Adequate textbook on the challenges of Business Education. Result: - On applying Z-test at 5% level of significance the value obtained are 2.01 which is more than standard value of acceptance i.e. 1.96. Hence null hypothesis H 01 gets rejected. And hence, it means that there is significant effect of Adequate Textbook in the Business Education. H02: There is no significant effect of Examination System in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.0007 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 02 gets accepted. And hence, it means that there is no significance effect of Examination System in the challenges in Business Education.
H03: There is no significant effect of updated teaching methods in the Challenges in Business Education. Result: - on applying Z-test at 5% level of significance the value obtained is 1.289 which less than standard value of acceptance i.e. 1.96 is. Hence null hypothesis H 03 gets accepted. And hence, it means that there is no significance effect of Examination System in the challenges in Business Education. H04: There is no significant effect of Practical Knowledge in the Challenges in Business Education. Result: - on applying Z-test at 5% level of significance the value obtained is 0.454 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 04 gets accepted. And hence, it means that there is no significance effect of practical knowledge in the challenges in Business Education. H05: There is no significant Faculty Performance in the Challenges in Business Education. Result: - on applying Z-test at 5% level of significance the value obtained is 0.292 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 05 gets accepted. And hence, it means that there is no significance effect of Faculty Performance in the challenges in Business Education.
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H06: There is no significant effect of Facilities & Infrastructure in the Challenges in Business Education. Result: - on applying Z-test at 5% level of significance the value obtained is 0.5069 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 06 gets accepted. And hence, it means that there is no significance effect of facilities & Infrastructure in the challenges in Business Education.
H07: There is no significant effect of Student Intake in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.866 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 07 gets accepted. And hence, it means that there is no significance effect of Student Intake in the challenges in Business Education. H08: There is no significant effect of Control over Examination in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 1.339 which less than standard value of acceptance i.e. 1.96 is. Hence null hypothesis H 08 gets accepted. And hence, it means that there is no significance effect of Control in Examination in the challenges in Business Education.
H09: There is no significant effect of Dependency in University in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained are 0.560 which are greater than standard value of acceptance i.e. 1.96. Hence null hypothesis H 09 gets Rejected. And hence, it means that there is no significance effect of Dependency in University in the challenges in Business Education. .
H010: There is no significant effect of Technological Issues in the Challenges in Business Education.
Result: - On applying Z-test at 5% level of significance the value obtained is 0.845 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H010 gets accepted.
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And hence, it means that there is no significance effect of Technological Issues in the challenges in Business Education. H011: There is no significant effect of Industry Exposure in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.5449 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 011 gets accepted. And hence, it means that there is no significance effect of Industry Exposure in the challenges in Business Education.
H012: There is no significant effect of Student Interest in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.307 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H012 gets accepted. And hence, it means that there is no significance effect of Student Interest in the challenges in Business Education.
H013: There is no significant effect of Approval of authority to colleges in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.923 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H013 gets accepted. And hence, it means that there is no significance effect of Approval of authority to colleges in the challenges in Business Education.
H014: There is no significant effect of Inappropriate funding in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.5685 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 014 gets accepted. And hence, it means that there is no significance effect of Inappropriate Funding in the challenges in Business Education.
H015: There is no significant effect of Non Professional student graduates in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.0766 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 015 gets accepted.
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And hence, it means that there is no significance effect of non professional student graduates in the challenges in Business Education.
.
CHAPTER - V
(Conclusion, Limitation & Scope for Future Work)
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CONCLUSION To focus on the Challenges in the Business Education, I found that the various factors that were Examination System, Updated teaching methods, Practical knowledge, Faculty performance, Student Intake, Technological Issues, Industrial Exposure, Student interest effects directly to the Business Education.
LIMITATIONS
1. The method of data collection through questionnaire is relatively more time consuming and slowest of all, specifically when the sample is large and recalls upon the respondent are necessary.
2. The method of data collection is an expensive method specifically when large and widely spread geographical location is taken.
3. Few respondents were reluctant while answering the questions.
4. Converting qualitative data into quantitative data may often lead to inaccurate results.
5. This study was confined to Indore city only. The result may differ for other cities due to different geographical, cultural & economical conditions.
6. There remains a possibility of bias of respondents.
7. The result would be based on the answer obtain from 150 respondents only.
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SCOPE FOR FUTURE WORK
? Researcher can cover more colleges in Indore city. ? Sample size can be more ? Some other factors can be added for the future study .
RECOMMENDATIONS
The factors Examination System, Updated teaching methods, Practical knowledge, Faculty performance, Student Intake, Technological Issues, Industrial Exposure, Student interest are directly effecting on the Business Education.
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The colleges and various societies who are belonging to Business Education should work to improve for betterment.
REFERENCES Bibliography Project & Reports ? Gupta et.all (2003) ( Quality in Business Education: A Study of the Indian Context )Business Education and Emerging Market Economies: Trends and Prospects Conference, Technology Square, Atlanta, Georgia, USA, November 7 ? Chaudhary (2011) (Emerging Issues in Management Education in), VSRD International Journal of Business & Management Research Vol. 1 (3), 2011 VSRDIJBMR, 164-176
? Vijay R. Kannan (2008) (Business Schools in India: Current Challenges, Future Opportunities) International issues John Davies feature editor
? Mathew (2012) (Role of Ethics in the Indian Business Education System) Ninth AIMS International Conference on Management 1 January 2012 1-4 ? Dash et..all (2011) (Management Education in India Trends, Issues and Implications) Research Journal of International Studies ? Issue 18 (January, 2011) ? Shweta (2011) (Management Education in India: Issues & Challenges) Journal of Management & Public Policy Vol. 3, No. 1, July-December 2011, pp. 5-14 ? Mishra et..all (2007) (Indian Higher Education: Global Challenges and Local Issues) JBS Working Paper Series W.P. No. JIITU/JBS/2008/01 Books
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? Kothari C.R.(2007), “Research Methodology”, Revised 2 nd edition, New Delhi Age International (P) Limited.
Websites:? ? ? ? http://en.wikipedia.org/wiki (18-04-2013 10:05pm) www.education.nic.in/stats/statpub.asp (19-04-13) www.aicte-india.org/misappgrowth.htm(18-04-13 11:20 pm) www.sooperarticles.com(20-04-13 10:40pm)
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doc_873027324.doc
“A Study on the Challenges in Business Education in India”
Guided By Dr. Mona Tawar Dwivedi
Submitted By Gorakh Nath MBA 3rd Semester
BATCH-2011-2013 Roll No. - 11010074
DECLARATION
We hereby declare that the work presented in this project entitled “A Study on the Challenges in Business Education in India”. It is a record of independent work carried out by me, towards partial fulfilment of requirement for the award of degree of Master of Business Administration, submitted in the Pioneer Institute of Professional Studies; Indore is an authentic record of our work under the guidance of Prof. Mona Tawar.
Date: Place: -
Gorakh Nath Dwivedi
2|Page
ACKNOWLEDGEMENT
It is my proud privilege to release the feeling of my gratitude to several people who have helped me directly or indirectly to conduct this project work. I am greatly thankful and owe a deep sense of gratitude to my faculty guide Dr. Mona Tawar, for her sincere guidance, help and valuable suggestions in completing this project work. I would love to express my gratitude to respected Dr. P.K. Jain Chairman of pioneer institute of professional studies Indore to provide us such a very exciting opportunity & for his moral support and encouragement. I also thank all my seniors & friends to give me proper guideline & support for preparing Project. Last but not least my deepest sense of appreciation goes to my parents who were always there as a source of inspiration.
3|Page
Gorakh Nath Dwivedi
CERTIFICATE
This is to certified that the major research project work “A Study on the Challenges in Business Education in India” Which is being submitted by Gorakh Nath Dwivedi in the Fulfilment of the requirement for the award of the degree of MBA from PIPS is completed under my supervision & to my entire satisfaction this project report submitted embodies their genuine work. During this project I found them responsible sincere &hard working. I wish them all the best for their future endeavours
4|Page
Guided By
Dr. Mona Tawar Pioneer Institute of Professional Studies, Indore
INDEX
CONTENTS
Page No.
CHAPTER- I ? Introduction ? Defining variable
05-10
CHAPTER – II ? Review of literature ? Rationale ? Objective
11-14
CHAPTER – III ? Research methodology ? Tools for data collection & analysis
15-16
CHAPTER – IV ? Result, discussion & interpretation
17-26
CHAPTER – V ? Conclusion
27-29
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? Implications ? Limitations ? Scope for future work
REFERENCE WITH APA STYLE ANNEXURE(S)
30
CHAPTER - I
(INTERODUCTION)
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INTRODUCTION
“Education is the manifestation of perfection already in man” –Swami Vivekananda In the modern economic scenario all over the world- “Management” – as a stream of education and training has acquired new dimensions. Management is an exciting field where you can have an immediate impact on the operations of any business. The field of Management is dynamic in nature. New tools and techniques are continually being introduced to improve the efficiency, productivity, and profitability of any organization. All organizations and their departments, functions, or groups use Management methodologies, which include problem solving techniques and guidelines for various related activities. There are several challenges of management education which require change in the character and structure of management education with corporate sector, up gradation of curriculum and course content, designing of different programs for executives, maintenance of an efficient and effective regulatory system to check mushrooming, and emphasis on research. Management education is in great demand especially after the change towards liberalization, privatization and globalization. India being the part of global linkage in the aftermath of WTO agreement is becoming a technology driven society. Nearly one lac management graduates pass out every year in India, providing a tremendous potential to contribute to the creation of a -knowledge society- There is also a need that our dependence on foreign literature and techniques should be minimized and management teaching and thinking should be based upon practical experiences deriving strength from Indian ethos. Management education need to be made value based, rather than money based. India is facing a crisis of quality management education. As compared to international standards the Indian management institutions (with a few exceptions) are far behind. There is a need to fill this gap. The Changing Scenario; Industry and Academia Interface; Teaching and Evaluation in Management Education; Developing Competence of Management Teachers: Management Education and Up gradation of Students Skills; Management Education and Indian Ethos. Presently there are more than 3000 management colleges exists across the India and many among them like Indian Institute of Management(IIM) are counted among the best of the world. India's entry in the globalization process also acted
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like a catalyst in this management education boom. Because of the increasing number of global and Indian multinationals, trained management graduates are in demand and this demand too actively fuelling the interest of more number of students every day. In response of this growing demand, private sector also entered in Indian management scenario and invested a hefty amount for this. A large number of private management colleges along with government aided management colleges came into the existence in last decade only. Management education across the globe is facing a unique crisis of relevance in the contemporary scenario. All the aspects of Business education such as quality of MBA aspirants, curriculum, business research, quality of research publications, industry-institute interface, management development programmes, faculty development programmes, placements, compensation packages of B-school graduates, career development trajectory of alumni, diversity among faculty as well as students, governance and accountability, etc. are under critical scanner. Indian B-schools are not untouched by the contextual compulsions of the Management education in the international arena. B-schools in India need to revitalize Management education in the country in order to meet the expectations of all the key stakeholders such as students, faculty, society, industry, government and global community at large. Hence it is imperative that the ever-growing crisis of relevance vis-à-vis Management education is addressed collectively, enabling keystakeholders to contribute their mite in the process and system improvements. A broadbased consultation with the stakeholders might help in developing a holistic framework for effective Management education while tackling fundamental issues of faculty shortage, lack of governance and accountability, absence of an effective regulatory body, poor quality of research and publications, lack of pedagogical innovations, lesser industry- institute interface, lower employability of B-school graduates among others. It is time to collectively reflect and take stock so that we are ready for next wave in Management education. Emerging Issues of Management Education in India
Dedicated Governmental Body for Management Education-In India governance of technical and management education is looked after by All India Council for Technical Education and its subsidiary the Board of Management Studies. Since both technical and management education have different requirement, so it definitely call for different body which could specifically look for issues related to improvement in management education which should be accountable for enabling independent institutional mechanism to specifically deal with management education that could lead to enhancement of standard of management education and give a new drive to management education. Quality of Faculty- AICTE and University Grant Commission has given sanctioning and affiliation to large number of institute, but were unable to produce competent faculty to teach in management courses, which created a demand supply gap and resulted in low standard quality of faculty. Institutes are engaged in appointing new faculty member on low salaries and heavy teaching load which further deteriorate their quality and they are left with no time for further development, and involving part time faculty which had little or no involvement with the institutes Generally, they give lecture prepared from textbooks or their
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company based experience The quality of management remained inferior in the sense that they paid not enough attention to application of knowledge, understanding of concepts, development of managerial skills institutions. Exposing to Real Business Issues- As stated earlier there is need for enhancing industry exposure which will lead to enhancement of experiential learning. Exposing students to real life situations which are more complex, demanding, critical, messy, will bring them closer to reality. When it comes to decision making, experience that lies with decision maker is detrimental. One of the issues that management education has to consider is the manner in which experiential learning elements could be enhanced.
Faculty Shortage- Shortage of qualified faculty in Indian B-Schools is major concern. Currently the institutions are facing 30% shortage of faculty and it might rise up to 50% by 2020 if the scenario does not improve.Deans and directors of business schools observe that the key challenges faced by any institute in EQUIS accreditation are international issues (71 per cent concluded that it is most challenging) and faculty shortage (54 per cent). Additionally, management graduates are generally not inclined to enter teaching profession due to lower pay packages as compared to industry offerings. There has been no significant effort on the part of the government or other agencies in the last five decades so far as faculty development is concerned. A few IIMs run short-term Faculty Development Programmes for incumbent faculty members. However, there are fewer programmes to prepare young professionals for career in teaching and research. Poor Regulatory Mechanism- All India Council for Technical Education (AICTE) regulates Management education in India. However, AICTE is better known for corrupt practices rather than regulation which happen to be its statutory role. Even the National Knowledge Commission has truthfully observed: ‘…there are several instances where an engineering college or a Business school is approved, promptly, in a small house of a metropolitan suburb without the requisite teachers, infrastructure or facilities, but established universities experience difficulties in obtaining similar approvals.’ (NKC: Report to the Nation, 2006: 54). Of late, the AICTE has started cleansing its regulatory mechanism by using a transparent online disclosure system. However, the regulatory mechanism remains inadequate due to misplaced focus on infrastructure and faculty-student ratio. Besides, AICTE does not have wherewithal to check the veracity of the mandatory disclosures although its team visits a few institutions in different regions randomly. A number of B-Schools especially in the muffosil bypass the regulatory norms regarding faculty and infrastructure. In the name of autonomy, many B-Schools overlook the dictates of AICTE. Hence, matters like fee, quality of faculty, quality of books and journals in the library etc. are at best at the discretion of the Trusts or Societies that run the B-Schools.
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Governance and Accountability- Most of the private B-Schools in India offering Post Graduate Diploma in Management are managed by charitable trusts registered under Indian Trust Act 1908 or educational societies registered under Societies Registration Act 1860. In case of charitable trusts, the trustees are generally from the same family having absolute powers to manage the affairs of the institutions. As a result, misappropriation of funds is not uncommon. The trustees hold the office for the whole life and hence cannot be removed for their indulgences or mis-governance or incompetence. So is the case of educational societies where majority of founding members belong to the same family. Thus the governing bodies of B-Schools have unlimited power and authority without concomitant responsibility. AICTE is concerned about compliance of the regulatory norms and hence governance and accountability do not feature in its relations with the B-Schools. Of course, the AICTE has introduced the norms regarding formation of governing body of B-Schools. But overemphasis on compliance makes room for manipulation by the trustees. A closer look at the mandatory disclosure of B-Schools reveal that they hold only bare minimum number of meetings of Governing Councils or Academic Councils. The institutions fulfil their duties just by mentioning the numbers of meetings as the norms are silent on the quality of output of such meetings.
Define Variables
? Adequate Textbooks ? Examination System ? Updated teaching methods ? Practical knowledge ? Faculty performance ? Facilities & Infrastructure ? Student Intake ? Control on entrance examination ? Dependency in university ? Technological Issues ? Industrial Exposure ? Student interest
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? Approval of authority to colleges ? Inappropriate funding ? Non professional student graduates
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CHAPTER - II
(Rationale, Objective & Review of literature)
Rationale
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Objectives
? To examine the current issues in management education system in India ? To find out implication of management Education of India on Industry and individuals
REVIEW OF LITERATURE
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? Gupta et.all (2003) has found on the basis of that the concept of quality business
education will be defined differently in different cultures. Indian culture is characterized by high power distance and consequently high quality may denote elitism, reflecting pre-eminent standing among peers, as ascribed by public beliefs, and reinforced by cultural media, rewards and rankings. On the other hand, in low power distance cultures, excellence could reflect action orientation, and be more a symbol of accomplishment, indicating the core mission and strategic commitment of the business school to all-round quality. The concept of quality as defined by low power distance cultures is what is useful to compete in the current global economy where success needs action orientation and team work. This suggests, that Indian business schools might need to change their culture and adapt to a new world economy by viewing quality more in terms of achievements than a reputation. Failure to do so will result in the top tier schools becoming increasingly elitist till they lose touch with the needs of Indian businesses. We recommend the
following as a way to further enhance business education in India:
• • • •
Standards of accreditation Top tier business schools have a responsibility to share their knowledge and skills with schools that might not have the same standards Executives need to be more concerned about the actual quality of business graduates they hire rather than be carried away by reputations Student
? Chaudhary et.all (2011) has found on the basis of that management education is struggle between maintaining the quality while satisfying the needs of masses. The research is an effort to examine the current issues in management education system in India and to find out ways for quality improvements in the present management education system so that business schools respond to current paradigms. In the research Key factors are Management Quality, Up gradation Innovations, Total Quality Management, Systematic Issues, Emerging Issues The researcher has work on committees report also like • The Nanda Committee • The Kurien Committee • The Ishwar Dayal committee • The Management Educational Review Committee
? Mathew et.all (2012) has found on the basis of that the business education market in India is about Rs.40 billion at present with an annual CAGR of 12%. There are more
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than 1,550 business schools producing over 100,000 management graduates annually. India needs managers with values that are achieved through continuous improvements. Colleges concentrate on efficiency without looking at values. Given the striking ethical failures of recent corporate leaders business schools are very keen in improving education. This paper examines the importance of ethics while imparting highest quality education. The ethical aspects have been analyzed so that practical value systems can be imparted in business education. These are some key factors are Ethics, Indian, Business, Education, System. This needs to be communicated clearly with consistency in expectations for integrity, ethical behavior, and improved performance had examined five common course components (cases, participation, textbook readings, a research paper, and exams) and the impact it has to determine the effectiveness of a professional responsibility course offered to accounting seniors. Excellence in teaching is a zero-sum game. Teachers feel threatened not only if they or their students do badly but also if other teachers and their students do well. ? Dash et..all (2011) has found on the basis of Management education is considered as elitist as it attracts young men and women which are usually motivated by the positive consequences associated with management education. In India higher education especially management education is witnessing an exponential growth in terms of number of institutes imparting management education which are usually termed as Business School .This paper tries to explore the present situation of management education in India after financial turbulence of USA and the case like Satyam in India. This paper also studies the trends prevailing in management education in India, and tries to find out implication of management education in India on Industry and individuals. Further it tries to study emerging issues of management education, and to find implementation of possible direction and policy towards improvement of management education in India. This paper will fill gap between existing literatures as not much of work has been done in this area. This paper Keywords Management Education, Management, Business School, India. The outcome of all this is that management education appears to be more relevant than ever in the “global era”. The ultimate challenge of management education approaches is to become more practical oriented and industry focus reason being theory-based developments and teachings are worthless, due to the fact that they will be of little use in concrete situations when a management issue arises. ? Shweta et.all (2010) has found on the basis of the aspects of Business education such as quality of MBA aspirants, curriculum, business research, quality of research publications, industry-institute interface, management development programmers, faculty development programmers, placements, compensation packages of B-school graduates, career development trajectory of alumni, diversity among faculty as well as students, governance and accountability, etc. are under critical scanner. Indian Bschools are not untouched by the contextual compulsions of the Management education in the international arena. Indeed, B-schools in India are facing multiple issues such as proliferation of B-Schools, quality of education, faculty shortage, poor regulatory mechanism and governance and accountability. This paper analyses the issues and challenges of Management education in India in the emerging scenario and provides remarkable insights into revitalizing B-schools that may benefit all the stakeholders. The Keywords terms of research are Management Education, BSchools, Regulatory Framework, B-School Governance B-Schools in the. A broad-
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based consultation with the stakeholders might help in developing a holistic framework for effective Management education while tackling fundamental issues of faculty shortage, lack of governance and accountability, absence of an effective regulatory body, poor quality of research and publications, lack of pedagogical innovations, lesser industry- institute interface, lower employability of B-school graduates among others. It is time to collectively reflect and take stock so that we are ready for next wave in Management education ? Mishra et.all (2012) has found on the basis of Globalization has redefined the constituents and drivers of economic progress over last two decades. The traditional contributors of economic development and economic power such as material resources and production capabilities have been replaced by knowledge and information. Globalization has resulted in significant changes in the knowledge economy and ushered new conditions for the provision of higher education to cater the skill requirement all across the globe. Higher educational services have emerged over the last few years as a major economic sector for trade worth several billion dollars. The key elements of globalization include the knowledge society, information and communication technologies, the market economy, trade liberalization and changes in governance structures. These elements of globalization have impacted significantly the education sector in general and higher education in particular. The study critically analyzes the growth of higher education sector in India and identifies the major concerns. It also evaluates the preparedness of the country for the opening up its border for foreign institutions. This studies Key Words are Globalization, Liberalization, Higher education, Knowledge economy, Trade in educational services and governance
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CHAPTER - III
(Research methodology)
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METHODOLOGY
Research type: ? The study is descriptive, Exploratory in nature.
Hypothesis: ? Ho: - There are no significant Challenges in business education. ? H1:- There are significant Challenges in business education.
Population:? Students and professor of Indore city who belongs to business education
Sample & Sample Size: ? 150 (75 Professor & 75 Student)
Research unit: -
Indore city
Sampling Method: ? Non probability convenience sampling method used for collecting sample.
Tools for data collection: ? Self structured Questionnaire used for collecting primary data.
Tools for data analysis: ? Z test used for analysis of challenges in Business Education. ? Pie chart, bar graphs, Percent analysis used for representing the data.
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CHAPTER - IV
(Result, Discussion & Interpretation)
RESULT, DISCUSSION & INTERPRETATION
PART - I 2. Which course do you belong to?
a. MBA
b. BBA
c. Other
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Interpretation: As per my research 68% of respondents of Professor and 97% of respondents of Student are belong to MBA. 12% of respondents are professor and 2% of respondents are student belong to BBA.20% of respondents are professor and 1% are student are belong to other group. Means Mostly Respondents are belong to MBA 2. Which stream do you belong to?
a. Finance
b. Marketing
c. HR
d. Other
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35 30 25 20 Professor 15 10 5 0 Finance Marketing HR Other Student
Interpretation:As per research 27% of respondents of Professor and 24% of respondents of student are belong to Finance, 25% of respondents of professor and 39% of respondents of student are belong to Marketing, 20% of respondents of professor and 32% of respondents of student are belong to HR.28% of respondent of professor and 5% of respondent are student are belong to other. Means most of the respondents belong to Marketing.
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4. Design of Co-Curricular activities should be according to? • • • • Industry requirement Job market trends Student development Curricular
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45 40 35 30 25 20 15 10 5 0 Industry requorem ent Job m arket trends Student Develpom ent curricular Professor Student
Interpretation: As per the research 23% of respondents of professor and 24% of respondents of student are want to Design of Co-Curricular activities should be according industry requirement, 37% of respondents professor of and 19% of student are want to design of Co-Curricular activities should be according to Job market, 29% of respondents of professor More Mega Store and 53% of respondents of student are want to design of Co-Curricular activities should be according to student development, and 11% of respondents of professor and 4% of respondents of student are want to design of Co-Curricular activities should be according to Curricular. Means Respondents want to design of Co-Curricular activities should be according to student development.
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Part - 2 Factors Professor X1 Adequate textbook Examination system Updated teaching method Practical knowledge Faculty Performance Facilities & infrastructure Student Intake Control on examination Dependency in university Technological issues Industry Exposure Lack of student interest Approval of authority to colleges Inappropriate funding Non professional student graduates 4.64 ?1 N1 Student X2 4.413 3 4.346 6 4.533 3 4.28 4.346 6 3.986 6 4.093 3 4.16 3.986 6 4.24 4.2 4.186 6 4.133 3 3.8 3.706 6 ?2 0.75 0.808 1 0.639 4 0.841 5 0.840 5 1.064 0.802 8 0.800 6 0.886 8 0.745 4 0.745 4 0.742 8 0.853 7 0.879 3 1.003 6 N2 75 75 75 75 75 75 75 75 75 75 75 75 75 75 75 0.076 6 The data collected with the help of questionnaire is subject to testing hypothesis i.e. Z-test for comparing the factors which are helpful to find which are the challenges in the Business Education. There are 15 common factors of individuals which are responsible for challenges in the Business Education and then subject to test in order to identify that hypothesis made
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Z
Accept Reject
0.6248 75
2.01 0.000 7 1.289 0.454 0.292 0.506 9 0.866 1.339 0.560 0.845 0.544 9 0.307 0.923 0.568 5 ? ? ? ? ? ? ? ? ? ? ? ? ? ?
?
4.346 0.8405 75 7 4.4 0.6325 75 4.213 3 4.306 7 4.066 7 4.2 0.9562 75 0.8322 75 0.8692 75 0.7118 75
3.973 0.9088 75 3 4.066 0.8692 75 6 4.12 0.9792 75 4.266 7 4.146 6 4.253 3 3.88 0.7542 75 0.8593 75 0.75 75
0.8479 75 75
3.72 1.138
would be accepted or rejected. Here the data which is get filled through respondents are of qualitative nature and here for testing the hypothesis we have to convert it into quantitative nature by giving rank to various factors on the scale of 1-5 on the basis of challenges factor and can be available for testing the hypothesis. The hypothesis made for the ten factors are as follows:Hypothesis-H01: There is no significant effect of Adequate textbook on the challenges of Business Education. Result: - On applying Z-test at 5% level of significance the value obtained are 2.01 which is more than standard value of acceptance i.e. 1.96. Hence null hypothesis H 01 gets rejected. And hence, it means that there is significant effect of Adequate Textbook in the Business Education. H02: There is no significant effect of Examination System in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.0007 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 02 gets accepted. And hence, it means that there is no significance effect of Examination System in the challenges in Business Education.
H03: There is no significant effect of updated teaching methods in the Challenges in Business Education. Result: - on applying Z-test at 5% level of significance the value obtained is 1.289 which less than standard value of acceptance i.e. 1.96 is. Hence null hypothesis H 03 gets accepted. And hence, it means that there is no significance effect of Examination System in the challenges in Business Education. H04: There is no significant effect of Practical Knowledge in the Challenges in Business Education. Result: - on applying Z-test at 5% level of significance the value obtained is 0.454 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 04 gets accepted. And hence, it means that there is no significance effect of practical knowledge in the challenges in Business Education. H05: There is no significant Faculty Performance in the Challenges in Business Education. Result: - on applying Z-test at 5% level of significance the value obtained is 0.292 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 05 gets accepted. And hence, it means that there is no significance effect of Faculty Performance in the challenges in Business Education.
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H06: There is no significant effect of Facilities & Infrastructure in the Challenges in Business Education. Result: - on applying Z-test at 5% level of significance the value obtained is 0.5069 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 06 gets accepted. And hence, it means that there is no significance effect of facilities & Infrastructure in the challenges in Business Education.
H07: There is no significant effect of Student Intake in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.866 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 07 gets accepted. And hence, it means that there is no significance effect of Student Intake in the challenges in Business Education. H08: There is no significant effect of Control over Examination in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 1.339 which less than standard value of acceptance i.e. 1.96 is. Hence null hypothesis H 08 gets accepted. And hence, it means that there is no significance effect of Control in Examination in the challenges in Business Education.
H09: There is no significant effect of Dependency in University in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained are 0.560 which are greater than standard value of acceptance i.e. 1.96. Hence null hypothesis H 09 gets Rejected. And hence, it means that there is no significance effect of Dependency in University in the challenges in Business Education. .
H010: There is no significant effect of Technological Issues in the Challenges in Business Education.
Result: - On applying Z-test at 5% level of significance the value obtained is 0.845 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H010 gets accepted.
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And hence, it means that there is no significance effect of Technological Issues in the challenges in Business Education. H011: There is no significant effect of Industry Exposure in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.5449 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 011 gets accepted. And hence, it means that there is no significance effect of Industry Exposure in the challenges in Business Education.
H012: There is no significant effect of Student Interest in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.307 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H012 gets accepted. And hence, it means that there is no significance effect of Student Interest in the challenges in Business Education.
H013: There is no significant effect of Approval of authority to colleges in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.923 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H013 gets accepted. And hence, it means that there is no significance effect of Approval of authority to colleges in the challenges in Business Education.
H014: There is no significant effect of Inappropriate funding in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.5685 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 014 gets accepted. And hence, it means that there is no significance effect of Inappropriate Funding in the challenges in Business Education.
H015: There is no significant effect of Non Professional student graduates in the Challenges in Business Education. Result: - On applying Z-test at 5% level of significance the value obtained is 0.0766 which is less than standard value of acceptance i.e. 1.96. Hence null hypothesis H 015 gets accepted.
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And hence, it means that there is no significance effect of non professional student graduates in the challenges in Business Education.
.
CHAPTER - V
(Conclusion, Limitation & Scope for Future Work)
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CONCLUSION To focus on the Challenges in the Business Education, I found that the various factors that were Examination System, Updated teaching methods, Practical knowledge, Faculty performance, Student Intake, Technological Issues, Industrial Exposure, Student interest effects directly to the Business Education.
LIMITATIONS
1. The method of data collection through questionnaire is relatively more time consuming and slowest of all, specifically when the sample is large and recalls upon the respondent are necessary.
2. The method of data collection is an expensive method specifically when large and widely spread geographical location is taken.
3. Few respondents were reluctant while answering the questions.
4. Converting qualitative data into quantitative data may often lead to inaccurate results.
5. This study was confined to Indore city only. The result may differ for other cities due to different geographical, cultural & economical conditions.
6. There remains a possibility of bias of respondents.
7. The result would be based on the answer obtain from 150 respondents only.
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SCOPE FOR FUTURE WORK
? Researcher can cover more colleges in Indore city. ? Sample size can be more ? Some other factors can be added for the future study .
RECOMMENDATIONS
The factors Examination System, Updated teaching methods, Practical knowledge, Faculty performance, Student Intake, Technological Issues, Industrial Exposure, Student interest are directly effecting on the Business Education.
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The colleges and various societies who are belonging to Business Education should work to improve for betterment.
REFERENCES Bibliography Project & Reports ? Gupta et.all (2003) ( Quality in Business Education: A Study of the Indian Context )Business Education and Emerging Market Economies: Trends and Prospects Conference, Technology Square, Atlanta, Georgia, USA, November 7 ? Chaudhary (2011) (Emerging Issues in Management Education in), VSRD International Journal of Business & Management Research Vol. 1 (3), 2011 VSRDIJBMR, 164-176
? Vijay R. Kannan (2008) (Business Schools in India: Current Challenges, Future Opportunities) International issues John Davies feature editor
? Mathew (2012) (Role of Ethics in the Indian Business Education System) Ninth AIMS International Conference on Management 1 January 2012 1-4 ? Dash et..all (2011) (Management Education in India Trends, Issues and Implications) Research Journal of International Studies ? Issue 18 (January, 2011) ? Shweta (2011) (Management Education in India: Issues & Challenges) Journal of Management & Public Policy Vol. 3, No. 1, July-December 2011, pp. 5-14 ? Mishra et..all (2007) (Indian Higher Education: Global Challenges and Local Issues) JBS Working Paper Series W.P. No. JIITU/JBS/2008/01 Books
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? Kothari C.R.(2007), “Research Methodology”, Revised 2 nd edition, New Delhi Age International (P) Limited.
Websites:? ? ? ? http://en.wikipedia.org/wiki (18-04-2013 10:05pm) www.education.nic.in/stats/statpub.asp (19-04-13) www.aicte-india.org/misappgrowth.htm(18-04-13 11:20 pm) www.sooperarticles.com(20-04-13 10:40pm)
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doc_873027324.doc