The concept of globalization is not new. It has a long history. Globalization can be defined as the process of worldwide integration that results from the exchange of world views, products, ideas, and other aspects of culture for money or something else in exchange. Globalization is a process that fosters global exchanges of national as well as cultural resources and crafts. Globalization is accelerating in most the world's developing countries, and advances in transportation and telecommunications infrastructure, including the rise of the Internet, are major key factors supporting the growth of the globalization culture, resulting in increased interdependence of economic and cultural activities.
The concept of globalization is simple, for example, if a farmer has a great orange production. His oranges are extremely juicy, red, delicious, and large. He understands that selling these in the local market would earn him a fair amount of money but selling his product in the international market would earn him considerably more money. So, the farmer would clearly go for better pricing and sell it in the international market somewhere where the yield of oranges is less. This is just a simple example of globalization.
Impact of Globalization on Management Education:
Globalization is having a significant impact on the world; it is fundamentally altering our way of life and the way we continue to do business. Unfortunately, most management programs in India were created before to the 1991 economic liberalization. Except for a few appendages, the curriculum changed relatively little. Following economic liberalization, multinational corporations began to invest heavily in India, and Indian enterprises are progressively going global.
As a result of globalization and the entry of multinational corporations, there is a sense of urgency in the air; we must reconsider how we educate, impart management education, and assist our students in becoming job ready in an altogether new, dynamic, and uncertain world. Every challenge presents an opportunity; now is an excellent time to redefine our curriculum in order to prepare the next generation of business leaders to face the challenges of a global economy.
Knowledge resources are as important as traditional resources in this whole new equation, and technology has become all-encompassing, touching every aspect of business. This necessitates a paradigm shift in education, and professional management education must quickly adapt to this transition in our environment. This can be accomplished in two ways: First, modify knowledge-based curriculum, and then introduce skills-based curriculum.
Knowledge Based Curriculum:
The content of knowledge-based curriculum must be updated to meet changing needs; globalization components must be introduced into all five areas of management, including fundamental courses, core functional courses, inter-functional courses, integrated courses, and value addition courses. Depending on the needs of the institutions, we can develop these courses as modules or as full-fledged courses.
Skill Based Curriculum:
The placement groups, which include prospective employers, provide inputs and job/skill set requirements, helping business schools to move beyond knowledge-based programs and giving students with a global perspective. To fit and work in a multinational environment, students need global exposure such as working knowledge of foreign languages, sensitivity to cross-cultural connections, and exposure to best practices in the industrialized world. This requirement will be met through improving students' skills that are not provided by knowledge-based curriculum.
Globalization is not a new topic in MBA or PGDM programs. Accurate Institute of Management and Technology (AIMT) Greater Noida has begun to include Globalization lessons and International Business as a Specialization in their curriculum, with certification program, Sboth knowledge and skill oriented. So, visit their website, complete the contact form, and learn more about their MBA/PGDM programs.