Management is a set of practices that are required to define objectives of an organization and planning, strategizing, allocating resources and measuring the results to achieve those objectives. Management is and abstract and wide term and is required in every aspect of our lives today. It is hard to precisely define the scope of management in one definition.
Management is closely related to leadership in fundamentals behind both are the same that includes guiding others to achievement of particular objectives through inspired methods. Still, there are number of significant Differences in both terms relating to the ways of inspiration and amount of formal vs. Informal credibility accounted to the two(Management and leadership).
Management education is the pathway for graduates in any field to attain a life-long benefits portfolio that provides various sorts of benefits including economic, respect and social status etc.
Proper Management education's contribution to the overall well being of graduates including al sorts of satisfaction factors is a dynamic Success story. Management has been a need for us from the very beginning of our evolution. Only faces and forms of the required management practices have been changed.
A recent research report on the economic value of management education for the overall economical well being of the country revealed the measurable value of the proper management education.
The survey was conducted by the Australian Business Deans Council concluded that the average business undergraduate degree generates an economic benefit of $498,794 per graduate as compared to $183,513 for the average undergraduate degree. The benefit for a graduate degree recipient was $659,726 as compared to that of the average graduate degree recipient with a value of $254,085.
Another family of facts will demonstrate the fact even more. It says that more than 200,000 diplomas are awarded annually, out of which the MBA is the world's most popular graduate degree that moist of the people crave to attain as they quite clearly know the benefits it can draw to the person. And the economic benefit of achieving this graduate level management education is crystal clear.
A recent study specified four specific benefits of an MBA degree. These benefits included higher starting salary, greater compensation growth, more stable long term employment and a higher likelihood of participating in the workforce. The risk is minimized by practicing the situations that may arise. The authors use three measures to show that the average MBA degree is an extraordinary investment.
Thus an MBA is surveyed and proved to be the most promising and valuable investment in Education for a person.