Emerging Issues and Innovations In Management Education

Paper On-

Knowledge and Value Based Management Education

Submitted By
Ms. Vijayalakshmi.S
Faculty of Commerce
PES Degree College
Hanumanthnagar
Bangalore-50
Communication Address:
#1235, No, 1, 3rd Floor, 14th Mainroad
Kavijanna Road, Srinagar
Bangalore-50
Ph No. 8105318412
Email Id. vijaya.2010@gmail.com

KNOWLEDGE AND VALUE BASED MANGEMENT EDUCATION

(WITH SPECIAL REFERENCE TO INDIA)
By Ms. VIJAYALAKSHMI.S
ABSTRACT
Education without values and knowledge, as useful as it is, seems rather to make man a more
clever devil. C.S. Lewis
Management education offers all necessary tools to equip one with the necessary
techniques of successfully handling various business and management related issues. Basic tools
which will enable you to make contributions to global economy. The globalised markets, the
technical and technological revolution are transferring the modern economy into a knowledge
based society. Introducing the knowledge and value based educational system of new learning
and teaching technique is a prerequisite of national cultural success, as much as it is also a prerequisite of economic competitiveness. In this paper, I tried to look upon the education system of
our country and its relevance today. Indias educational system has changed a lot from its
traditional method due to globalization. Today we are trying to address the new emerging issues
and try to find our innovative method in management education.
Key words: Knowledge and Value Based Education, Innovation, Management Education

1. Introduction:
India has evolved as the Global hub for management Education in the recent times. With
new Courses coming up in the management field in India that suit needs and availability of
almost every person pursuing advanced education the management.
Management education is an activity of growing significance and influence which has
recently attracted extensive attention and criticism. There is already a well-established debate
about management education which has focused on the extent to which it contributes to the
development of effective managers.
An efficient management education framework is becoming a need for every country
now as the skilled managers are needed to manage the complexities of corporate world. The
country that arranges for such flexible and wide Management education for its young students
will gain an edge over other countries and will progress much in future on the behalf of its more
talented and practically trained managers.

India has a lot of world class management institutes including IIMs, JNU etc. This is the
reason behind more and more students from other countries being attracted towards pursuing a
specialized management course in any of India world-class management institutes.

2. THE CHALLENGES FACING MANAGEMENT EDUCATION IN INDIA: The success stories of green revolution', space technology', nuclear energy' and
information technology superiority India has achieved' - we owe these all to the higher
education system as it evolved during 60 years of India's independence. It cannot be denied that
it is Indian higher education system that to a significant extent has contributed to India rising to
become the World's second fastest growing economy, the World's third largest economy
Ensuring quality education demands structural and institutional reforms in addition to
committing enhanced financial resources. Imparting quality education would entail better
infrastructure; greater use of ICT; teaching and learning in smaller groups; granting autonomy to
the faculty, department and individual teachers. But more than that, imparting quality education
requires faculty development' or what many call faculty recharge programmes' so that the
faculty does not go stale, it retains its vibrancy and dynamism in doing research, in learning, and
innovating and in devising new methods of teaching.
In the modern technological world quality education has become a necessity.
Governments all over the world are appointing committees and commissions to bring in
excellence in education. Curricular are being revised and improved to include more and more
relevant knowledge in the curricula of schools and colleges.
The

recommendations about credit system, semester system, more of international

assessment and less written examination component, teachers evaluation by students, interinstitutional mobility etc have been generally accepted, quite a few of them have not been
implemented and operationalised as yet. Some of these have been tried and failed while some
others have been implemented on selective basis.
Effective regulatory mechanism is required to ensure quality higher education with equity
and accountability. It was also felt that Indian universities and colleges should be permitted to
form strategic alliances with international universities and other institutions of repute and that

universities in India should be permitted to take up collaborative research with foreign

universities but the arrangements should be such where Indian counter parts share Pattern Rights
and copyrights.

3. KNOWLEDGE AND VALUE BASED MANGEMENT EDUCATION

Knowledge and value education becomes the main component of the economic and social
growth. The development of knowledge based society is dependent on the creation of
knowledge, on its spreading through education and on its dissemination via communication and
on its involvement in technological innovation.
Todays knowledge economy has brought to the forefront the importance of human
capital. While finance and operation, marketing remain critical to management learning, there is
growing recognition that people skills are becoming paramount in management education.
Leadership, team work, entrepreneurship, risk taking and conflict management, service
orientation and change in mindset are emerging as a centre piece of curriculum of management
education.
Management education has grown quantitatively, but not qualitatively, and contributed
too little to the labour-rich but skill-poor economy. Too many attractive, lucrative and competent
jobs are chasing very few individuals, who are highly talented, skilled and dynamic. An average
student finds it difficult to sail through the acid tests of the corporate sector.
In India, management institutions have been mushrooming in a fast pace, however,
quality imparted by these institutes has become the focus of investigation/critique in academiaindustry parlance. Management education has become a fad in a virtually connected universe.
Post 2000, the acclaimed MBA programme has witnessed unprecedented heights in the form of
pluralism across academics, industries and think tanks in India. Management education in India
is hardly 50 years old. It began as a part-time education for practicing executives. Later in 1962,
IIM at Calcutta & Ahmadabad were established. Since 1991, MBA program has registered 800%
growth, BBA 19% and PhD in management is just 4% in country. Is management education too
important to be left to management/B-schools? Is it time for rethinking the MBA programme?
Critical assessment of quality management education by addressing these questions raised

would definitely provide some checks and balances on the part of management
institutes/universities to upgrade the standard of the programme
The role of the regulator to preserve or to enhance quality cannot be wished away. The
regulator must be fully aware about the approach of a programme. For instance, All-India India
Council for Technical Education (AICTE), one of the regulators of management programmes in
India must evaluate the programme run by odd 4,000 B-schools (under the banner of institutes,
universities and colleges) with respect to well-accepted yardsticks such as number of
courses/credits offered by the programme, quality of teaching through adopted pedagogy,
aptitude of learning by participants, quality of interaction between facilitators and participants,
nature of jobs opted by participants, diversity of industry-in-campus-participation during the
placement season to name a few.

3.1 Objectives Of Knowledge And Value Based Management Education

Aimed at creating professionals for the services sector who are productive from day 1 of
employment

Curriculum to embrace mindset, skill set, and knowledge ethos to the optimal degree

Targeted at potential/fresh graduates, as well as employees with less than two years of
experience, aspiring to build careers in the booming Services Sector

To enable students to succeed through industry vertical specialization

To apply the science of customer experience to address the challenges of growth &
profitability for the organizations in the services sector

To groom outstanding operating managers with strategic insights in their respective

business verticals
Brand value of any B-school depends on positioning its product, that is, rigour and

relevance of the imparting programme. Astoundingly, these two words are not very profound in
the existing B-school course curricula. In the given context, product is simply the MBA degree
or the PGDM diploma based on affiliation of B-schools with institutes/universities. University

confers the degree whereas AICTE-regulated institute offers the diploma. However, commonality
between diploma and degree is well understood subject to two years full-time residential
programme.

3.2 Knowledge based management education

Knowledge based management is not "A technology thing" or a "Computer thing" if we
accept the premise that Knowledge management is concerned with the entire process of
discovery and creation of knowledge then we are strongly driven to accept that Knowledge
management is much more than a "Technology thing" and that elements of it exist in each of one
Jobs. Knowledge based management comprises a range of practices used by organizations to
identify, create, represent and distribute knowledge.
Definition
Knowledge based management education is the process of constructively using the
information and knowledge that is inherent to any organization be it a school, university or
multinational company.

3.3 Value-Based Management Education

Education is built upon a shared set of core values. This new system would combine
principles of equity (justice and ownership) with principles of efficiency, to raise the
performance of an enterprise and its workers to their highest potential, in order to better serve
their customers and other stakeholders. Instead of tapping into the wisdom, knowledge and
creativity of only a few, the new system would recognize the advantages of drawing out and
combining the wisdom, knowledge and creativity of every worker.
Value based education - three components of value are realized in:
1. A foundation of universal moral values, starting with the intrinsic value of each person-each
employee, customer and supplier.
2. Success in the marketplace based on delivering maximum value-higher quality at lower pricesto the customer.
3. Rewards based on the value people contribute to the company-as individuals and as a team, as
workers and as owners.

These aspects of value can be implemented in a business by:

1. Creating structures of corporate governance and management based on shared moral values, as
expressed in a written set of:
a. company core values (ethical principles which define the culture and clarify the social
purposes and mission of the organization); and
b. a code of ethics (describing a set of virtues or "habits" to be encouraged, which guide
individual behavior toward strengthening the company's culture and interpersonal harmony).
The key management areas affected by the VBM transformation process include:

Corporate values and vision

Leadership style and skills

Corporate governance

Open Book Management

Communications and information sharing

Training and education

Grievances and adjudication

Collective bargaining with labor unions

Employee shareholder education and participation

Future planning
By moving from an autocratic to a more participatory, value-based management

education gives the students more time to focus on the company's long-range, strategic needs,
rather than spending most of their time putting out brush fires.

4. INNOVATIONS IN KNOWLEDGE MANAGEMENT IN CURRENT EDUCATION

SCENARIO: B-schools create leaders, revolutionary thinkers in the business world but have not been
thinking or taking any innovative steps as far as their own brand building is concerned until now.
The wish list that one might want from B-Schools may be endless. But as a bench mark Bschools should strive to provide an infrastructure that will incorporate the state-of-the-art
facilities aimed at strengthening the conceptual, technical and human skills of the managers that
emerge from the institute. The overall set up should be futuristic with features of intelligence
building that will be cumulative effect of Technology with knowledge partners (faculties from

India and abroad) from across the globe. Thanks to rapid progress of technology for this will be
a systems driven set up in the age of digital era. These facilities should include Plug and Play
classrooms equipped with videoconferencing, video data LCD projectors, audio playback
facilities with high speed internet connectivity; Centre for Global Networking; E-centre and
Entrepreneurship Guidance Cell; Hi-tech Management development centre; Case Study
discussion hall, State-of-the-art CD ROM based library and the likes.
B-Schools have to look at the concept of building quality students, transferring them to
the corporate world, as well as support managers in their future endeavors. Learning an ongoing
process by providing students with facilities and the opportunity to upgrade their skills at the
various stages of their lives, hence, Pursuit is a second act of victory, in many cases more
important than the first!

5. ISSUES IN MANAGEMENT EDUCATIONS IN INDIA

Following are six opportunities India has to reinvent management education in a way that
can catapult it to the forefront of leadership and management training worldwide.
1. Skip the academic silos phase.
The world-class Indian engineering education system, the business education sector, and private
enterprise can join forces as part of a national initiative to mine the rich intellectual capital of
Indiaand harness the palpable entrepreneurial energy of the massive Indian population. Crossdisciplinary educational programs will foster new levels of innovation and opportunity.
2. Serve locally but train globally.
Leaders of Indian management education are quickly realizing that they must look outward as
they train business leaders. They can't be provincial. It will not be enough to focus on educating
Indians for India. Business schools in India can design themselves as global institutions, building
globally distributed educational programs and deep partnerships around the world right from the
start.
3. Establish deep partnership with business.
India's corporations must become true partners in building the management education programs
by supplying ideas, knowledge, capital, financial investment, and on-site experience for students,
enabling them to learn in real-world situations. They must also understand that to build truly

world-class institutions, academic institutions must have the independence to "speak truth to
power" (or funders) to unlock the deep value they are able to bring to Indian society.
4. The world is the campus.
Distributed, online, distance, hybrid learningwhatever term you chooseIndia has the
opportunity to use technology to reach massive numbers of people over incredible distances and
to bring together new ideas, cultures, and thought-leaders like never before. The Western world
is struggling with this approach and many schools discount its effectiveness and credibility.
Building on its world-class IT knowledge, India has the opportunity to show the world the true
potential of technology-based learning.
5. Ignore the rankings.
The business school establishment in the West has been hamstrung by the popular rankings
forcing institutions to look and act the same to fit the established concepts of what it means to be
"top-tier," stifling innovation. Institutions should be encouraged and incentivized to focus on
their strengths, to represent themselves accurately to students and employers, and to let a diverse
and vital system of institutions emerge. Government policy, rankings, and accrediting systems
that inevitably will emerge should reflect and support this approach.
Using knowledge management techniques and technologies in higher education is as vital
as it is in the corporate sector. If done effectively, it can lead to better decision-making
capabilities, reduced "product" development cycle time (for example, curriculum development
and research), improved academic and administrative services, and reduced costs. Consider the
number of faculty and staff who possess institutional knowledge. For example, what institution
does not have a faculty member who has led successful curriculum revision task forces? Or a
departmental secretary who knows how to navigate the complex proposal development or
procurement processes? Or a researcher who has informal connections to the National Science
Foundation? Or a special assistant to the president who has uncovered (or generated) useful
reports that individual deans or department chairs could use to develop their own strategic plans?
Relying on the institutional knowledge of unique individuals can hamper the flexibility
and responsiveness of any organization. The challenge is to convert the information that
currently resides in those individuals and make it widely and easily available to any faculty
member, staff person, or other constituent. An institution wide approach to knowledge

management can lead to exponential improvements in sharing knowledgeboth explicit and

tacitand the subsequent surge benefits.
Is higher education ready to embrace knowledge based management? A key ingredient in
an institution's readiness to embrace knowledge management is its culturethe beliefs, values,
norms, and behaviors that are unique to an organization. Informally, it is the unwritten rules or
"how things really get done." Higher education is moving from the old culture that considers,
whats in it for me?" to a new culture that says, "What's in it for our peoples?" And it is
developing a culture that is ready to embrace knowledge based management.

6. CONCLUSION: Innovations in knowledge management will improve the standards of all the institutions
develop the performance of students in all faculties and by which the progress of a nation can be
viewed nakedly. Knowledge management refers to a range of practices used by organizations to
identify the higher levels of innovations in education. The sharing of knowledge in industry,
colleges, universities and, almost any institution in this country will make reference to the
capturing of knowledge. By developing the knowledge management, the nation's economy
increases and can compete in the global scenario.
There is a big push in the West to reinvent its business schools, converting a system that
has been vilified for promoting selfishness, greed, and lack of ethics to one that recognizes the
value of sustainability and social responsibility as a moral and strategic imperative. India is in the
remarkable position of skipping over the mistakes of the past and building a management
training system that will incorporate these values and strategies from the start. Schools in the
West would do well to watch and participate in what is happening in the subcontinent.

7. Reference:

Article on Knowledge based education by Arthur

Arrow.dit.ie/cgi/viewcontent.cgi

Business-standard.com>Home>Mgmt & mktg

Cesj.org/vbm/vbmsummary/htm

Mckinseyquarterly.com

Times.ac.in/

The hindu.com>education>issues