Management Education

Management Education in 21st Century
Dr. Ratnakar Gedam
Introduction:

21st Century belongs to managers. Because globalization has and will continue to posed more challenges, because domestics and trans-border transactions are growing at unprecedented growth. ICT revolution has made access to and flow of as well diffusion of information across the world at the speed of light. Together with rapid flow of information, increase in economies of scale, economies of scope, advent of smart and multimodal transports, innovation in logistics and ability to reduce time for deliveries of goods and service across the globe, hub and spoke type approach to not only manufacturing and development etc. will not only help industry, business and services to grow further but also would continue to change external environment in perpetuity. The theories hitherto taught though may be basis for management studies but advent of new theories, new concepts, innovation advent of technologies, changing policy prescriptions, emphasis on rules based trading through WTO agreements etc. Would make not only technology life cycle span low but also would make obsolete theories, practices, knowledge, etc. Thus keeping pace with the ever changing managerial world, business environment, competitive pressure etc. would be obviously challenging task. Thus obvious would be need on perpetual basis imparting timely an high quality managerial education for not only novice and career seekers but also for executives and CEOs. Thus management education in 21st century would be high priority area for both developing and developed countries. The financing the management education either through personal savings or through institutional loans would restrain institution in developed world for their high cost but easy access and low cost of managerial education would make India a preferred destination. Further, management education at IIMs are likely to loose shine for obvious reason thereby providing a opportunity for private management educational institutions those which may have or would create world class educational infrastructure, teaching aid, use of ICT technologies in imparting on-line world class knowledge.

Scope and coverage of management education:

Today management embraces large number of areas. Thus its scope is very wide from small businesses to large businesses as well as multinationals, transnational or international business organizations. Those managerial personnel have specialization in one branch (say finance, HR, sales, marketing, etc.) may be obliged to seek multiple specialization. Even today several candidates is found to have multiple qualifications even before start of their management career. Management thus could be project management to strategic management, human resources to outsourcing, inbound to outbound logistic management, resource management to environment management, quality control to quality audit, etc. In other words, scope and coverage of management education is open wide and not a closed system. With the advent of new technologies or with expansion or diversification of business firms’ activities both the scope and coverage of managerial expertise would be changes to not only to keep pace with changes to sustain business activities but also to remain competitive. Thus, education must take into account the inculcating qualities in management student for analysis of changes, preparedness for acceptance of managerial changes and even for implementing management of change.

The “management” often found as suffix to several business functions like marketing management or sales management. It is also found as prefix to various activities like management of ICT, management of economy, management of water supply, electrify distribution etc. Management embraces all economic activities such financial management, traffic management, farming and agriculture management, etc. That is every organised activity needs management. The value of first bachelors degree is enhanced when masters in management is accompanied with it. In short, management covers wide areas of studies and assimilation of new knowledge is another quality that management education must impart to aspirant candidates.


India as Hub for Management education:

Management education in India is placed in high growth trajectory. The market for management education is very high and from presently about Rs. 30 billion years it will touch Rs. 50 billion within next 6 years. India is poised to be largest supplier of managerial manpower. Though leadership of providing management theories may continue to rest with US, but leadership in management education in terms of understanding theories generated elsewhere and teach to new generation young student would rest with India. Thus scope for India to emerge as for management education and with opening of campus abroad as their spokes or developing counties such as in South Asia, Far East, Africa, South Pacific. Indeed share of premier management educational institutions is likely to either remain same or increase marginally but as the admissions process will create frustration among management education aspirants due to rising of success ratio of 1:500, and would provide opportunity to other private institutions.

There is tremendous growth for managerial talent. A Report titled as “Industry Insight Business Education in India” by Hyderabad based firm Cygnus estimated business education market in India at about Rs.30 billion in 2008 (including both on campus and distance education together) and growing at a rate of 12% CAGR in last 3 years. In India there are about 1,550 business schools producing over 100,000 management graduates every year. But this supply is not adequate to meet the growing demand for management education in India. Every year over 300,000 students appears for CAT examination to seek admission in IIMs. The overall intake capacity of IIMs (Ahmadabad, Bangalore, Kolkata, Lucknow, Kozhikode, and Indore) is 1,700. That is huge gap between demand–supply. The quality of management education except in IIMs and some universities in the country is a matter of anyone’s guess. In 1960, success rate of applicant to IIMs was about 1:30, however, trend has changed recently to 1:500 applications from aspirants. That is, in the name of admission test the process of rejection causes frustration in management aspirants thereby creating an opportunity to other management and business schools. Six major management educational hub cities with combined intake capacities over 70000 nos. are: Bangalore (7500 nos), Chennai (7500 nos), Delhi (1290 nos.), Hyderabad (6900 nos.) Kolkata (6000 nos.), Mumbai (8100 nos.), and other non-metro cities (10200 nos.). There are over 25 fastest growing cities in India where spread of management education centres are increasing.

India’s educational infrastructure comprises of 16 Central Universities, 124 deemed universities, 320 state level universities, 131 education institutions affiliated to universities, and over 15500 colleges. Despite existence of such a vast educational infrastructure it is still considered as inadequate. There is still scope for growth of management education bodies. Despite the fact that India hold perhaps second largest management manpower and having created a vast educational infrastructure as stated above, there is huge gap in demand-supply for managerial talent. Thus management education is likely to be sought after education in years to come.


Mangers are creations of education system!

In 1950s management education in India was restricted to very few institutions and it was said that entrepreneurs are born to manage family business and managers are not made. Today it is founded to be un-true. Because several business organizations (like ITC, TCS, PSEs, etc.) are managed by management professionals . Talent could be hired and deployed to manage its activities. If not performed well manger could be fired and another talent is acquired from the competitive market. India has both entrepreneurs who have created an empire during their own life time and also professional managers who have demonstrated of managing empires created by the government (like PSEs, departments, industries like ordnance factories, printing press, textile mills etc.) as well as private individuals. But basically best managers are creation of educational system no matter whether the management education is imparted by the business schools, universities or autonomous institutions, or deemed universities.

With the proliferation of education in India which has been able to supply highest young managerial talent triumph of management theories is obvious and it led to cease of old debate that managers are made (in contrast to old belief that managers are born and not made, as was then signified from successful management of business houses by family members like Ratan Tata manages empire of TATA Group of companies with 80 companies in seven sectors namely materials, chemicals, energy, and engineering products are product-driven; engineering services, automotive, communications and IT, services and consumer goods brand-driven; Kumar Mangalam Birla who manages an empire of 40 companies over 18 countries with cumulative revenues are in excess of US$ 10 billion and it has a market capitalization of US$ 10 billion, with 75,000 committed employees and over 700,000 shareholders; Mukesh and Anil Ambanis, Bajaj, etc.). If one look at success stories of profit making 150 PSUs the public sector companies like ONGC etc. those in oil and gas sector, steel sector, minerals sector, etc. it will be very clear that these companies are managed by talented management graduates from IIMs, IITs and from engineering institutions. Today, Airports, Railways, shipping, highways, waterways, automotives, metros, manufacturing, services, export-import of commodities etc. are excellent managed by the management graduates. New breeds of entrepreneurs-cum-managers have created within span of 10 to 15 years new empires like Infosys, Wipro, and many more. This indicates that sky is the limit for pursuit of excellence in management and years to come will see increasingly demand for managerial talent in the country. As the management experts are most sought manpower, the talent hunt activity in the knowledge economy would also grow commensurately. With the globalization strategies, demand for managerial personnel has increased at global level. The demand for management graduates is growing in sectors like IT, BPO, BFSI, Engineering, FMCG, Healthcare, Retail, Manufacturing, Public Sector Units and Education, ABB, Accenture, Aricent, Cholamandalam DBS, Cognizant, EDS-Mphasis, Google, HAL, HP, HSBC GLT, ICICI Bank, ICICI Prudential, ITC, Foods, Microsoft, MindTree, NSE, SAP Labs, Satyam, TESCO, Wipro and Wockhardt etc. needs over 100000 management graduates per month.

The growth of management education has ben very slow and gradual, till it gained popularity, acceptance and surge in demand. The oldest three management schools are XLRI, Bajaj Institute and IISWBM. Xavier Labour Relations Institute, widely known as XLRI was born out of the vision of a Jesuit Priest, father Quinn Enright. It was founded in 1949 in the Steel city of Jamshedpur, Bihar. The Indian Institute of Social Welfare and Business Management (IISWBM) set up by West Bengal government in 1953 is anothe oldest graduate business school of the University of Calcutta, in Kolkata, India. IISWBM is the first B-School of India, Jamnalal Bajaj Institute of Management Studies - also referred to as JBIMS or just Bajaj – was founded in 1965 and is the Department of Management Studies of the University of Mumbai (Bombay) and is the third oldest business school in India]. It is known for its financial management programme. The seven IIMs were set up after 1960. IIM Ahmedabad and IIM Kolkata were set up in 1961. IIM Bangalore was set up in 1973. IIM Lucknow was set up in 1984. Kozhikode(calicut – Kerala ) was set up in 1996. IIM Indore came in 1998. IIM Shillong was set up in 2005. Together these seven IIMs have 1700 nos of seats for PG Diploma considered to be at par with MBA. The IIMs cannot award university type degrees like MBA.

Management means “getting work done” through people of different caliber and talents. Therefore, Managerial excellence implies combination of certain values such as: (a) Integrity and Honesty, (b) Respect for Individuals, (c) Transparency and Accountability, (d) Commitment and Dedication, (e) Concern for Quality, (f) Passion for Innovation and Performance, and (g) Social, Ecological and Ethical Sensitivity. However, as most of IIMs have collaborations with US institutes like Harvard Business School, the demand for graduates of IIM has very high as second best option for hiring talent. However, intake capacity of 1700 seats is not adequate for India where large business entities are directing their investments.

 
What is management?

Management means “getting work done”. Generically, managment refers to both art and science of “getting work done”. Art denotes ample scope of perfection, improvement and is unique to each manager, whereas science denotes “why” things are so. Further science could be demonstrated and could be reproduced under same conditions. Management as science refers to great debate of what is the best way of getting work done. Taylor and Ford were the main theorist and practitioner of scientific management / managerial control based in deskilling / decomposition. Taylorism / scientific management: an attempt to transform the organisation of work to enhance profitability and to reduce work control based in craft skills. Fordism is the organisation of work which extends the dynamics of Taylorism and in particular is centred on the use of the assembly-line. More broadly Fordism can be thought of as operating at the social level and centres on state efforts to harmonise mass production and mass consumption.

The main elements of the Scientific Management are: time studies (e.g., screw on each bolt in 15.2 seconds), standardization of tools and implements, the use of "slide-rules and similar time-saving devices", instruction cards for workmen (detailing exactly what they should do), task allocation, etc.
Ford pioneered the modern model of mass production which bears his name, and which is often said to date from the development of the first moving assembly lines, put into operation at Ford's Model T plant at Highland Park, Michigan in 1914. Frederic Taylor (1856-1915) has indeed introduced concept of “scientific management” and demonstrated that in shovelling of pig iron productivity per labour could be increased from 12 tons to 47 tonnes. Antonio Gramsci called Fordism "an ultra-modern form of production and of working methods such as is offered by the most advanced American variety, the industry of Henry Ford."

There are two necessary components for a science of managing: (1) Precise description of managerial work, and (2) Systematic improvement of it. Frederick Taylor, the father of “scientific management,” provided the first expression of this process in the field of management. Taylor first described precisely the procedures (or programs) actually used in performing a task and then he “re-programmed” the procedures, that is he systematically redesigned them. Once the procedures were made explicit, a necessary first step had been taken toward automating them. There are seven areas where managers and analyst can cooperate: (1) opportunity and problem finding, (2) cost-benefit analysis, (3) model building, (4) contingency planning, (5) real time analysis, (6) project monitoring, and (7) adaptive planning. Other areas like industrial engineering particularly, work study, time study, motion study etc. also goes as scientific management.

Extension of simplified definition namely “management as getting work done” could be easily possible by adding word like “through utilization of resources employed by the business entity with regards to standards of corporate governance, social corporate responsibility, meeting quality and environmental standards, optimal efficiency and highest ethics). Education refers to process of imparting knowledge, skill, and expertise through accepted theories and practice of relevant academic branch. Management, when used in generic sense, it is skill required to get work done through use of enterprise resources. In other words, education in management has aim to impart knowledge related to industrial and business organizations, different activities related to business, specialized areas such as finance, accounting, human resources, quality control, industrial disputes, flow of information, etc. In specific term it refers to expertise of management systems, theory of firms, organizational theory, etc. Today, all disciplines invariably requires managerial talent. Thus by definition management education refers to imparting knowledge to novice about how to get work done. Management studies which treat management as an art takes into account the fact that managerial skills are capable of being manipulated depending upon skill, leadership, personality, trait, etc. Those which believe management as science takes into account scientific facts of behavioural science, cognitive skill, motivational theories (e. g. Alderfer's ERG Theory, the Hawthorne Effect, Maslow's theory of Hierarchy of Needs, McGregor’s Theory X and Theory Y, Prisoner's Dilemma, Herzberg Motivational theory etc.). It will be safe to conclude that Management is both science and art.

From functional point of view the management studies have grown in all direction and embraces to all traditional course such as management of hospital, management of engineering industries, management of business houses, management of export and import, management of logistics etc. One come across courses offering specialization in supply chain management content management system knowledge management total quality management risk management change management content management configuration management digital rights management asset management etc.

Business Schools:

Often the phrase of “school of management” and “business school” are used synonymously. The usage of the term “Business Administration” emanated from growth in “business schools” and was inspired from usage of other terms like “public administration” and “administration of justice” etc. In contrast to university system of education which had several demerits (such as changing syllabus and preparing new curricula to meet emerging needs of business organizations), institutions and schools of higher learning were conceived. Though traditionally, schools referred to up to secondary level educations, the schools of higher learning came in several educational streams such as arts and music, economics, law, management etc. Normally term “business school” indicate university-level institution that teaches topics such as accounting, finance, marketing, organizational behaviour, strategic planning, quantitative methods, etc. These include schools of "business", "business administration", and "management". In advanced countries like US most of the business schools and universities offer dual degree programme aims at to train students in two inter related streams such as law and business administration, or public administration and management, graduate business degree with a law degree (MBA/JD), etc. With the advent of Information and Communication Technology (ICT) management students are provided with hands on experience of computers, different computer systems, data base management, as well as application software such as ERP, POS, Simulation, SCM & logistics. Aim is also to inculcate confidence to start new enterprise or learn to actual running of an enterprise with thousands of employees and in-house expertise. A business School is an entity by itself and cannot be run as a department of a technical school now. Business school must have a branding and that can come from the quality of teaching and their richness. The alumni bring prestige to the school. Placement is a sequel to quality of teaching staff and education provided in the school. With the favourable global environment provides a great opportunity for business schools, particularly those located in high-growth economies, as well as India which has highest youth population and stock of managerial manpower.

Business Schools also refers to Business Thoughts as to what is a manager’s job. The school of thoughts are (1) The Classic School, (2) The Great Man School, (3) The Entrepreneurship School, (4) The Decision Theory School, (5) The Leader Effectiveness School, (6) The Leader Power School, (7) The Leader Behavior School, and (8) The Work Activity School. In economics too such schools exist such as: Delhi School of Economics, London School of Economics, or Australian School of Economics etc.

Management education has invariably emphasis on courses like: Finance, Human Resource, Marketing, Systems, Production Management, etc. Also business school offers courses in Logistics, Small and Medium Industry or Business Management, Agriculture Management, Co-operative Management, Bank/Insurance management, Public administration, etc. to mention few.

However, attention needs to be given for device suitable degree structures, ensure optimum size of classroom and overall growth of personality of students during studies, student mobility from studentship to manager-ship, diversification, suitable funding pattern to attract poor families’ students and autonomy as well as improvement in Business School Faculty.


Challenges and opportunities:

There are a number of pressing issues facing business schools. They include:

(a) the effects of globalization on business education and how to respond to this phenomenon;
(b) the shortage of highly qualified faculty and what to do to make up for the shortfall
(c) the need to introduce softer skills into the curriculum while preserving the more analytical and concept-based courses;
(d) the effects of information and communication technologies on teaching and learning methods;
(e) the need to achieve financial balance and whether current or alternative funding models are sustainable;
(f) the need to adopt more effective governance structures and to make the appropriate strategic choices that will allow the school to better cope with competitive pressures; and
(g) the need to strengthen reputation and build up the school brand in order to secure its long term competitive position.

Following are some of the things that can be done while setting up such an Institute:
• There has to be participation of the corporate in the institute
• The Institute must be visible to the corporate
• Institute will have to organize seminars inviting Industry participation
• Regular interaction with Industry in terms of lectures will have to be organized
• There has to be separate identity for the Institute
• Campus will have to be 24x7 open for the students
• It has to be located in an area where some of the teachers can stay in the same campus along with the students who will stay in the hostels.
• Appointment of professors should be done with care. People who have had industrial experience are needed so that they can bring in projects from Industry
• Regular participation of professors in TV show to be encouraged and that also increases visibility.

What do managers do?

Major management theories came from the top 10 management gurus such as Henri Fayol (role of manager), Peter Drucker (Management by objective), Michael Porter (Strategic Management, Porter’s Five Forces of Competitive Position),

Theodore Levitt (importance of marketing and what business we are in?), Abraham Maslow (Hierarchy of needs), Fredrick Taylor (Scientific Management), Elton Mayo (Human Relation movement and the Hawthorne effect is a form of reactivity whereby subjects improve an aspect of their behaviour being experimentally measured simply in response to the fact that they are being studied, not in response to any particular experimental manipulation. Douglas McGregor (behavioural psychology) Herzberg introduced (motivators and hygiene factors), and W. Edward Demming


Henri Fayol, (1841-1925), French Mining Engineer and Manager was First to ask “What is management?” Fayol’s teaching shows that the Role of Manager is to Plan – examining the future and drawing up a plan of action, Organize – building up human and material resources and putting plan into action, Command – maintaining worker activity, Co-ordinate – unifying effort between departments, and Control – checks on efficiency of plan. Henri Fayol is considered as the father of classical school of thought. He identified five basic managerial functions: namely planning, organizing, coordinating, commanding, and controlling. In other words, the classic school of what a manager does is explained in acrimony POSCORB, which is an acronym developed by Luther Gulick, which stands for: P – planning; O – organizing; S – staffing; D – directing; C –coordinating; R – reporting; B – budgeting.

Peter Drucker (1909 –) Vienna born introduced the theory of Management by Objectives (MbO). His theory believes in establishing measurements of performance and advocate of decentralisation. Management by Objectives (MbO) refers to Concentrates on results achieved rather than processes (Goal setting), Clear definition of individual’s roles & responsibilities, Clear definition of key tasks and targets expressed in terms of results, Participative goals setting, Measurable, Contains reviews and appraisals linked to results. Michael Porter (b. 1947) Harvard Business School’s star professor is considered as the strategy guru. Porter’s Competitive Strategy made popular concept of COST LEADERSHIP – keep production & distribution costs as low as possible, so it can offer goods/services lower than rivals if it wishes and DIFFERENTIATION – give emphasis to one element (quality, service, branding or technology) in the customer’s perception. Deming has introduced Total Quality Management (TQM).

Carnegie theorists (Carnegie Institute of Technology, now Carnegie- Mellon University) describe the manager as an un-programmed decision maker who programs the work of others.


Henry Mintzberg's research led him to identify ten key managerial roles split into three categories. The ten managerial roles are: Figurehead, Leader, Liaison, Monitor, Disseminator, Spokesman, Entrepreneur, Disturbance handler, Resource allocator, and Negotiator. The three groups are: Interpersonal, Informational, and Decisional as explained below:

1. Interpersonal: (a) the figurehead role where the manager performs symbolic duties as head of the organization; (b) the leader role where he/she establishes the work atmosphere and motivates subordinates to act; (c) the liaison role where the manager develops and maintains webs of contacts outside the organization.

2. Informational: (a) the monitor role where the manager collects all types of information relevant and useful to the organization; (b) the disseminator role where the manager gives other people the information they need to make decisions; (c) the spokesman role where the manager transmits information to the outside world.

3. Decisional: (a) the entrepreneur role where the manager initiates controlled change in the organization to adapt to the changing environment; (b) the disturbance handler where the manager deals with the unexpected changes; (c) the resource allocator role where the manager makes decisions on the use of organizational resources;(d) the negotiator role where the manager deals with other organizations and individuals.

In short manager does all the ten functions. Besides, manager has to undertake analysis of SWOT, PEST and EVR congruence etc. Business environment poses threat to performance of business entities which must be met though internal environment of the business firms.

In 1966, Roethlisberger and William Dickson published Counseling in an Organization, which revisited lessons gained from the experiments. Roethlisberger described “the Hawthorne effect” as the phenomenon in which subjects in behavioral studies change their performance in response to being observed. Many critics have re-examined the studies from methodological and ideological perspectives; others find the overarching questions and theories of the time have new relevance in light of the current focus on collaborative management. The experiments remain a telling case study of researchers and subsequent scholars who interpret the data through the lens of their own times and particular biases. Hawthorne experiments brought to light ideas concerning motivational influences, job satisfaction, resistance to change, group norms, worker participation, and effective leadership.

Aim of Management Education:

Primarily, aim of management education is to produce management graduates to meet demand of domestic or international or global industries, businesses, services, etc. That is business has to keep it in mind that their students are likely to face competitive pressure not only from domestic management graduates but also from international business graduates. The FDI either in domestic company or establishment of TNCs in the country means advent of new management techniques and managerial practices, thus locally produced managerial talent must be able to assimilate new managerial tools and techniques.

Stacey makes distinction between ordinary and extraordinary management. Ordinary management, as Stacy explains, is required in order to carry out day-to-day problem solving to achieve the organisation’s established objectives. It employs a logical analytic process involving data analysis, goal setting, evaluating options against goals, rational choice, implementation through the hierarchy, monitoring. This is planning and management based on a shared ideological consensus, with control at its centre. Competent ordinary management is necessary if the organisation is to deliver cost-effective performance. Extraordinary management, by contrast, is what is required if the organisation is to be able to transform itself in situations of open-ended change. Here rationalistic forms of decision making are largely inoperative, since these require as their starting point precisely those ‘givens’ which must now be disputed. Thus management education must empower students for both ordinary and extraordinary management techniques.


Education of management has at least two aims. Firstly, enhance the understanding of the external and internal business environment and other factors which influence the performance of organizations. Secondly, impart students the modern knowledge with the related tools and techniques that they may use to influence organizational life. Influence the economy in general.

Mr. Drucker divided the job of the manager into five basic tasks. The five tasks accomplished by the managers are: (1) Sets objectives. The manager sets goals for the group, and decides what work needs to be done to meet those goals. (2) Organizes. The manager divides the work into manageable activities, and selects people to accomplish the tasks that need to be done. (3) Motivates and communicates. The manager creates a team out of his people, through decisions on pay, placement, promotion, and through his communications with the team. Drucker also referred to this as the “integrating” function of the manager. (4) Measures. The manager establishes appropriate targets and yardsticks, and analyzes, appraises and interprets performance. (5) Develops people. With the rise of the knowledge worker, this task has taken on added importance. In a knowledge economy, people are the company’s most important asset, and it is up to the manager to develop that asset.


Why managers are needed:

Business organizations operate under very complex business environment. The external environment is constantly undergoing changes due to not only domestic market forces but also globalization forces and changing business rules, taxes, inflow of funds and obligation of repayment of debts and other liabilities as they fall due. While internal environment of organization is influenced by motivational factors if firm has to meet challenges posed by market forces and competitive forces. The motivational factors influence internal environment of the firm namely based on the factors such as: achievement, recognition, work itself, responsibility, advancement, personal growth, company policy and administration, supervision, relationship with supervisor, work conditions, salary, relationship with peers, personal life, relationship with subordinates, status and security. Therefore, managers have to ensure balance between external challenges and internal response to attain level of profitability intended.

Basic reasons why business organizations need managers can be explained from the theory of Henry Mintzberg's as follows:

1. The prime purpose of the manager is to ensure that his organization serves its basic purpose and maintains efficient production of its specific goods or services.

2) The manager must design and maintain the stability of their organizational operations. (leader)

3) The manager must take charge of their organization’s strategy making system, and therein adapt his organization in a controlled way to its changing environment. (monitor, entrepreneur, leader)

4) The manager must ensure that his organization serves the ends of those persons who control it.

5) The manager must serve as the key informational link between his organization and its environment. (liaison, monitor, disseminator, spokesman, negotiator)

6) As a formal authority, the manager is responsible for the operating of his organization’s status system. (figurehead, spokesman, negotiator)

In short, managers are needed to steer business organizations from storms of changing market and business environment by making suitable changes in internal environment of the business they head.

Conclusion:

Education is lifelong learning process more so management education is a lifelong process as business scenario and business environment is fast changing due to free movement of factors of production, financial and natural resources, principles of non-discrimination treatment and increasing access to global markets. Those who believed education as once an affair would soon be loose competitive edge. The management education for domestic market and international market The retrospection of life cycle of technologies (like the early invention of landline telephone versus currently used mobile phones, or radio of 1950s versus FM on mobile presently used or comparison of a modern 3G mobile with multimedia, camera, video camera, sound recording, numerous ring tonnes, Bluetooth, internet etc. with dozens of tradition system) will prove that the advent of new technology makes obsolete the previously denoted as modern technology. The same happen in management implies double standards of education which does not exist. Domestic management practice has to be invariably same as international management practices. Therefore, management process has to meet double challenges. Firstly to impart management education of world standard or knowledge par excellence to management career aspirant. Secondly to empower new knowledge and decision making tool to those who have acquired management education say a decade back. Therefore, there is huge demand for management education in India. Irrespective, of nature of institution, if teaching standards are maintained then India could be preferred destination for developing countries. Several cities could be management education hub soon. Business programs, too, will become more specialized and focused, as education and research become as open to global sourcing as other services have become