Management Education, Step to Sustainable Development of the Economy
Abstract
"Education is the most powerful weapon which you can use to change the world."
-Nelson Mandela
The competitive business Environment of the 21st century will be characterized by factors such as dynamic workforce, extensive use of technology, increasing global competition in almost every sector of the economy.
Such strategies not only require Innovation, quality enhancement, optimum utilization of funds and resources but at a larger end a sustainable model to gain competitive advantage.
As every economy becomes global, a nation's most important competitive asset becomes the knowledge, skill and ability of its workforce- the intellectual capital. The society has entrusted the present system of developing managers to management education. The management education is not just a social function but a competitive tertiary industry in its own right which in turn fuels the growth and development of other sectors of the world.
To date, management education has been largely pre-occupied and fascinated by 'past' experiences and orientation rather than the concerns for the 'present' or a vision of the 'future'. The conceptualization of the past experiences reflects the Enlightenment Tradition in management that promotes the belief and reliance on 'rationality'. Ironically, though management practices themselves perpetuate vision, planning, forecasting etc when it comes to planning and decision making for management education itself, the emphasis has always been on objectivity that is one desirable outcome that can be scientifically researched. This cannot be the right approach since there are so many intangibles and variables in management education that cannot be quantified.
This leads to a wider perspective on management education which preaches to acquire an understanding of areas beyond the definable and quantifiable. Management needs to adopt a more holistic stance which imparts values, intuitions, emotions, rationality, passion, logical thinking and a good physical and mental health all woven in a single thread of ethics.
This demand can only be promoted and fulfilled by program which promotes reflection and wisdom as well as intellectual bhiliance among its products. Students who are not only the future managers but also who will be the leaders with greater sense of commitment, dedication and innovativeness which will lead us towards sustainable development for the economy.
This paper shall focus on growth of management education, SCOT (Strengths, Constraints, Opportunities, and Threats) analysis of the present system and a 91' model to make management education as a driving force for a sustainable economy.
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