Wednesday 29 November 2017

THE WEEK THAT WAS 20.11.2017 – 24.11.2017

Author : Prof. Tamal Dutta Chaudhuri, Principal, Calcutta Business School
The stock market has been recently trading at quite high levels and the NIFTY closed at 10389 levels on Friday, November 24, 2017. There is talk that it will cross 11000 levels by the year end. The issue is, is this plausible?
Figure 1 shows that, broadly NIFTY (blue) and India VIX (red) are inversely related. India VIX has been experiencing an overall downward trend since 2011, although there have been volatility spikes and marker corrections. Figure 2 shows upward trend in India VIX from May 2017 and a cup and handle formation during February to August 2017. After that India VIX has seen a double bottom, and subsequently it has refused to fall further
Figure 1
In Figure 3, the Andrew’s Pitchfork formation and the Fibonacci Fan do not indicate a strong downward movement in the India VIX. Thus, overall market apprehension remains and market corrections are being factored in, in decision making.
Figure 2
Figure 3
Nifty started at a level of 7963 on 1st. January, 2017. To keep the ratio of Market Capitalization to GDP to be constant, and assuming a rate of GDP growth of around 7.5% in 2017-18, we should see NIFTY touch 8560 levels in the next 4 months. We can have two scenarios. First, Nifty falls from 10389 levels to 8560 levels, a drop of around 1800 points in the next 4 months. Second, the ratio market capitalization to GDP rises to say .90 levels or more. The latter can only happen with significant FII inflow, as domestic savings growth alone cannot support this, without huge portfolio reallocation from debt to equity. Already interest rates in banks have gone down significantly, and hence this increased interest in stock market, both direct, and through mutual funds. If interest rates do not fall further, I do not see the possibility of a further significant rise in NIFTY in the next 4 months. This probably is reflected in the increase in the trend gradient of India VIX in Figure 2.

From Pedagogy to Andragogy & Heutagogy: Transforming Higher Education through Student-Centric Learning

Author : Prof. Sanjib Biswas, Assistant Professor, Calcutta Business School
Broadly, learning is defined as a change in an individual’s behavior caused by experiences or selfactivity. Over the last two decades, changing nature of global operations and added dimensions of competitive advantage have influenced significantly the relationship between management education and business. Management education is not only saddled with the responsibility of catering to needs of industry by developing industry-ready students through quality education, but also to fulfill the requirements of the society. Thus, management education has a holistic perspective emphasizing on academics, socio- political, economic, institutional, and cultural aspects. It needs to build a portfolio of capabilities in the students that includes functional knowledge, interpersonal skills, creativity, spirit of entrepreneurship, administrative, and other non-cognitive skills. The learners are required to play a role of an analyst for deriving meaningful actionable insight from the information they receive and accordingly disseminate the same. The definition of employability has undergone a radical change, as it demands employees who are innovators, complex problem-solvers, and good communicators, and who are adept to changes in real-life scenarios through application of what they learnt. In essence, coming decade requires industry ready graduates having inquisitiveness about new things, creativity, self-directedness, innovativeness, and knowledge of how they learn. Because of that, focus has been shifted to learner-centric, outcome based education. There is a growing need to organizational inputs into design of the curriculum.
The conventional leaning models rely predominantly on classroom teaching wherein the teachers play central role by designing and delivering the courses. The students play roles of passive receptors of information without being actively involved in the course. In effect, the courses do not result into desired outcome. Motivation level of the students goes down and the scope of innovativeness and independent thinking gets ceased. This in turn generates qualified graduates instead of industry ready professionals and leaders. However, question is “Can a lecture make students learn?” “Can we remember everything delivered through lectures?” Research has shown that it is impossible for students to absorb all of the information in a lecture (limited short-term memory). Eminent American educator Edgar Dale contended that, selection of instructional method is very important for enabling students to retain knowledge. He introduced the Cone of Experience concept (1946) which shows the progression of experiences from the most concrete (at the bottom of the cone) to the most abstract (at the top of the cone).
Figure 1: Cone of learning
The cone suggests that practicing action learning, the students can retain 90% of what they learnt. Therefore, it is imperative to design and deliver the curriculum with greater emphasis on sensory-based perceptual learning centered on students. Student-Centric Learning (SCL) allows students to shape their own learning paths and places upon them the responsibility to actively participate in making their educational process a meaningful one. SCL method facilitates how to learn. Instead of being a passive vessel filled by faculty member’s knowledge, a student is required to relate and apply the knowledge. In SCL mode, the role of an instructor is just to facilitate the learning process while igniting interests of students for leaning and helping them to build capabilities.
Figure 2: Conventional vs Student centered learning
In other words, higher education calls for student centric adult education in lieu of conventional pedagogy. Malcolm Knowles (1980) espoused the concept of ‘Andragogy’ wherein he argued for considering learner’s interest in designing and delivering courses instead of focusing on what instructors believe. According to him, educational process must be cooperative and based on guided interactions Furthermore, within SCL there is an intrinsic motivation for learning, with the emphasis being on cooperation, rather than competition, between students. As part of this approach, students are given the opportunity to compare their ideas with their peers and their teachers. between the instructors and students where the instructors help students to discover and develop their own potential. Knowles propounded that adults are self-directed learners who bring wealth of experience in educational settings. The adults are motivated by activity-based learning instead of being dependent on teachers only as in the concept of pedagogy. Knowels proposed a seven-step process for practicing andragogy, which includes following steps:
i. Create cooperative learning environment
ii. Mutual planning for setting goals
iii. Identification of learners’ needs and interests
iv. Formulation of learning objectives by the learners based on their needs and individual interests
v. Design of sequential activities directed towards established goals
vi. Selection of methods, materials, and resources
vii. Evaluation of quality of the learning experience for the learner continuously while focusing on outcome.
Extending the concept of andragogy, Hase and Kenyon (2000) advocated for advanced self-determined learning concept known as “Heutagogy”. In this method, learners acquire both competencies and capabilities. In effect, the students develop the ability “to take appropriate and effective action to formulate and solve problems in both familiar and unfamiliar and changing settings” (Cairns, 2000, p. 1, as cited in Gardner, Hase, Gardner, Dunn, & Carryer, 2007, p. 252). The learner is seen as, “the major agent in their own learning, which occurs as a result of personal experiences” (Hase and Kenyon 2007). The learner decides on what to learn and how to learn. Advancing from the concept of andragogy, heutagogy puts emphasis on developing capability, self-reflection, and metacognition or an understanding of one’s own learning process, double-loop learning, and nonlinear learning and teaching processes.
In essence, the point is to focus on learner-centric, outcome-based education. Outcome based education focuses on result-oriented thinking wherein the curriculum is designed and delivered to enable the students to acquire requisite knowledge for developing skills and right mind-set. At the end of the programme, the students are required to deliver outcomes i.e. performances using their competencies. In India, there is an emerging need to design and execute the programmes in tune with the global standards like Washington Accord, for imparting quality education. India, being a signatory nation in Washington Accord has entrusted National Board of Accreditation (NBA) with the responsibility to evaluate quality and effectiveness of the programmes offered by the academic institutions across the country. The central idea is to evaluate the programmes based on outcomes to satisfy the needs of the stakeholders such as students, faculty members, staff members, industry and employers, parents, the Government, and society.
Calcutta Business School being a progressive b-school in the eastern region is focused on meeting the changing needs of the stakeholders since its inception. Like other top b-schools, Calcutta Business School emphasizes on developing all-round capabilities in students by imparting learner-centric quality education. The curriculum at Calcutta Business School caters to the need of industry as well as society. As a continuously evolving curriculum, Calcutta Business School has incorporated initiatives like Outbound Leadership Practicum, Industry Practicum, International Student Exchange Programme, Rural Immersion Programme etc. for building all round capabilities of its students. Over the years, the students of Calcutta Business School have successfully demonstrated their abilities in leading roles in industries as well as an entrepreneur. Among the top b-schools in the eastern region, Calcutta Business School is committed towards continuous development of the quality of the PGDM programme at par with the global standards.
References
1. Blaschke, L.M. (2012). Heutagogy and lifelong learning: A review of heutagogical practice and self-determined learning. International Review of Research in Open and Distance Learning, 13(1), 56-71.
2. Blaschke, L. M. (2013). E-learning and self-determined learning skills. In S. Hase & C. Kenyon (Eds.), Self-determined learning: Heutagogy in action. Bloomsbury Academic: London, United Kingdom.
3. Blaschke, L. M. (2014). Moving students forward in the PAH continuum: Maximizing the power of the social web. In L. M. Blaschke, C. Kenyon, & S. Hase (Eds.), Experiences in selfdetermined learning. United States: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & more Publishing.
4. Gardner, A., Hase, S., Gardner, G., Dunn, S.V., & Carryer, J. (2008). From competence to capability: A study of nurse practitioners in clinical practice. Journal of Clinical Nursing, 17(2), 250-258.
5. Hase, S. and Kenyon, C. (2000). From andragogy to heutagogy. Ultibase, RMIT.
6. Hase, S. (2009). Heutagogy and e-learning in the workplace: Some challenges and opportunities. Impact: Journal of Applied Research in Workplace E-learning, 1(1), 43-52.
7. Hase, S, & Kenyon, C. (2007). Heutagogy: a child of complexity theory. Complicity: an International Journal of Complexity and Education, 4 (1), 111-118.
8. Knowles, M. S. (1980). The modern practice of adult education: From pedagogy to andragogy. Chicago: Follett.
9. Knowles, M. S. (1984). Andragogy in action. San Francisco: Jossey-Bass.
10. Kenyon, C., & Hase, S. (2010). Andragogy and heutagogy in postgraduate work. In T. Kerry (Ed.), Meeting the challenges of change in postgraduate education. London: Continuum Press.
11. Maclellan, E. and Soden, R. (2007) ‘The Significance of Knowledge in Learning: a Psychologically Informed Analysis of Higher Education Students’ Perceptions’. In: International Journal for the Scholarship of Teaching & Learning, 1(1), 1-18.
12. Machemer, P.L. and Crawford, P. (2007) ‘Student Perceptions of Active Learning in a Large Cross-Disciplinary Classroom’. In: Active Learning in Higher Education, 8(1), 9-30.
13. Rust, C. (2002) ‘The Impact of Assessment on Active Learning’. In: Active Learning in Higher Education, 3(2), 145-158.
14. Tsui, L. (2002) ‘Fostering Critical Thinking through Effective Pedagogy: Evidence from Four Institutional Case Studies’. In: The Journal of Higher Education, 73(6), 740- 763.

Tuesday 28 November 2017

Challenges for B-schools in India: Some Thoughts

Author : Prof. Shekhar Chaudhuri
Director and Chair Professor in Strategic Management, Calcutta Business School
Former Director, IIM Calcutta; Former Professor of Business Policy, IIM Ahmedabad
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Management Education, across the world has experienced phenomenal success over the years. The growth of B-schools in India also has been very significant from the early nineties till the beginning of the second decade of the 21st century. However, since the beginning of the global recession in 2008 management education has been facing difficulties. Over the last several years the placement scenario for MBAs from less known private B-schools and even the newer IIMs has not been very encouraging. As a result many B-schools have had pull down their shutters.
B-schools in India are currently facing several challenges among which are; (a) need to create and maintain excellent infrastructure; (b) need to recruit, motivate and retain high quality faculty; (c) need to make the teaching-learning process more case – based; (e) need to provide international exposure; (f) need to provide opportunities to students to develop special skills in several new areas where the B-school may not have faculty members, etc. The MBA Programme, worldwide, has become very standardized, and, as a result, B-Schools finds it difficult to differentiate their programmes. If one looks at the course outlines of similar courses offered by different B-Schools one would find it difficult to locate any significant differences. In order to provide the students an excellent learning experience B-Schools are trying out various methods. All this requires money and as a consequence the cost of MBA education has been rising. For those schools which have already created a strong brand name the higher fee charged to students may perhaps be justified; however, other schools that are still in the development stage have to make up front investments. Therefore B-Schools require deep pockets.
Another development on the horizon is the much awaited IIM Bill. The passing of the IIM Bill by Parliament is likely to pose an existential challenge to the not so well known private B-Schools. So far these schools did not face any problem in offering PGDM programmes as the oldest B-Schools, the IIMs at Ahmedabad, Bangalore and Calcutta were also offering PG Diploma programmes. However the smaller private B-Schools are likely to face difficulties in marketing diploma programmes. Many may decide to get affiliated with existing universities.
In this context I would like to briefly mention the initiatives taken by Calcutta Business School in response to the challenges discussed above. We have designed our PGDM curriculum so that our students become “industry ready”. We also want our students to develop an “entrepreneurial mindset” with a “global perspective”. Given the enormous spread of internet usage and other technologies students know a smattering of various management subjects which becomes an obstacle to the learning process in the class, faculty members have to continuously innovate to not only remain abreast of the developments in their fields but also have to experiment with different methods to hold the attention of the class.Therefore at CBS we give considerable importance to “experiential learning” which helps to keep the students engaged with the learning process. In many courses “projects” are given to students to help in development of application orientation and a managerial focus.
Some of the initiatives that have been or are being implemented at Calcutta Business School are:-
  • Dual Specialization
  • Institute sponsored International Study Tour
  • Outbound Leadership Practicum in the Himalayas
  • Rural Immersion Programme
  • Compulsory course on “Creating and Managing New Ventures”
  • Case Method of Teaching
  • Three “for credit” courses for developing communication and soft skills.
  • Industry Practicum
  • Foreign Language
Our objective is to provide a learning environment that helps our students develop analytical and problem solving skills, action orientation and leadership capabilities.