Application of B&M Theories in Undergraduate Projects - Assignment Example

To What Extent would Business Students Apply Relevant Business & Management Theories in their Undergraduate Projects Abstract This paper investigates the extent to which business students apply relevant business and management theories in their undergraduate programs. Based on views collected from 198 third year students in a UK university who responded to a structured questionnaire, it was found that although a significant number of students are willing to ‘go the full hog’ in applying relevant B&M theories, their motivation is usually based on the need to attain good grades, rather than their conviction that the theories are relevant to real-world situations. Introduction Business and management theories have been blamed for some failures and successes witnessed in the corporate world. As far back as 1953, Keynes (1953, p. 306) [cited by Ghoshal 2005, p. 75)] observed that “it is ideas not vested interests, which are dangerous for good or evil”. In other words, Keynes was explicitly saying that theories have an impact on how businesses are run since the same business leaders acquire the theoretical knowledge during their course work in college. Away from the business world, it is worth noting that college education usually prepares students for the “real” corporate world by instilling in them knowledge that is meant to produce “active wisdom” (Tan, 2007, p. 205). This then means that a lot of theories are taught in school, and whether students apply them in future remains a positive guess to many; after all, and as Keynes (1953, p. 306), cited by Ghoshal (2005, p. 75) states, even “practical men, who believe themselves to be quite exempt from any intellectual influences are usually the slaves of some defunct economist...”. Such a statement could be interpreted to mean that whether knowingly or unknowingly, business and management graduates (among other graduates who acquire theoretical knowledge) usually apply the same theories learnt in school at work. Assuming that this assertion is true, and considering that the undergraduate research project is the first chance that students have to apply theoretical knowledge attained in class to real life situations, this research will seek to find out if indeed business students apply theories learnt in class in their research projects. This research will work on two hypotheses as indicated below: Hypothesis 1: A high application of relevant business and management theories in the undergraduate project is an indication that students have confidence in the same theories, and are therefore more likely to use them after graduation. Hypothesis 2: Low application of relevant business and management theories in the undergraduate project is an indication that students have little or no confidence in the same theories, and are therefore more likely to disregard them later in their careers. The value of this project is pegged on the fact that the findings will serve as an indication as to whether student consider B&M theories as being relevant in their future careers. Ideally, undergraduate projects are conducted for purposes of meeting four objectives as indicated by I’Anson and Smith (2004) and Hussey and Hussey (1997). They are: Equipping students with analytical problem-solving skills; Enhancing the students’ abilities to learn actively through identifying a problem exploring it, and finding or suggesting viable solutions; Developing the students’ skills to conduct independent research; and Applying academic knowledge to real-life experiences. This project will specifically focus on the application of strategic management theories in undergraduate projects. The choice of strategic management theories was done based on the increased emphasis placed on the importance of strategic management in literature. It has been argued that without a strategic management, most firms are bound to fail or register suboptimal performance (Ogden & Watson, 1999). Literature Review Strategic management theories have permeated different aspects of business and management theory. Notably, the theories make academic sense in all organisational aspects ranging from recruitment, hiring, planning, leadership and management, to accounting and finance. As indicated by Ogden and Watson (1999), a lack of a strategy is tantamount to committing business suicide since the firm lacks direction and hence cannot compete fully in the ever-challenging market. Simply put, strategic management theories imply that the management of a firm needs to consider the implications that current actions will have in future (Ogden & Watson, 1999). When undertaking undergraduate programs, students are required to make decisions, and such decision are naturally expected to balance their needs to score highly in their projects, and the needs presented by other stakeholder groups such as the tutors, and the focus subjects in the project (i.e. the respondents in case of field interviews) (Cavico & Mujtaba, 2009 p. 16; Gibbs & Simpson, 2004; and Tang, 2012). The need to prove that their decisions are strategic in nature is underscored by Jacobs (2009, p. A13) who argues that business schools nowadays have misaligned incentive programs in a manner that rewards short-term gains over long-term value creation. In other words, Jacobs (2009) is lamenting that although strategy is such a popular word in business and management literature, neither the faculty nor the students seem to consider its application as a value creation tool especially in knowledge management. For the same reason, students continue working with knowledge that was created years ago, and which may not be relevant in the contemporary workplace. It is for such reasons that Jacobs argues that business school graduates “have matured into executives and investment bankers who have failed American workers and retirees who have witnessed their jobs and savings vanish” (Jacobs, 2009, p. A13). Without mentioning it though, Jacobs is indirectly confirming that some of the business theories taught in class are actually practiced in the corporate world; he however seems to lament that that most of the theories practiced seem to be non-beneficial to all stakeholders, and most especially the shareholders. The blame on ineffective or selective application of business and management theories has not received much in literature; however, authors such as Celly (2007) and Balch and Borah (2009) have noted that the contemporary business environment is complex, volatile and dynamic and this means that teaching business strategies has become a more challenging task for the tutors. Specifically, the instructors have to “integrate the knowledge of theory and content with application and practice” (Giapponi & Scheraga, 2010, p. 3). Since students depend on their tutors to guide them in the different aspects of the undergraduate projects, Kachra and Schnietz (2008) proposes that the tutors have a responsibility to foster “theoretical, applied and practical” integration of theory into practice. Such views are supported by Greiner, Bhambri and Cummings (2003, p. 404), who state that since colleges do not encourage “learning by doing”, there is a gap in “thinking and acting” in most organisations that employ the graduates afterwards. Greiner et al. (2003, p. 406) specifically argue that too much emphasis is now being placed on “theory and analysis”, meaning that due attention is shifting away form “integration and practice”. Underscoring the need for instructors’ guidance to students who are undertaking their undergraduate projects, Kachra and Schhnietz (2008) state that the choice of a project is vital if the student is to have a sufficiently rich case on which to build vital integration skills. In regard to strategic management, Kachra and Schhnietz (2008) recommend that students should undertake projects that have a global perspective, since such will expose them to cultural, national, and regional differences and different ethical considerations. Melé and Sanchez-Runde (2011, p. 545) are also among authors who argue that the current crises facing business is partially because business management schools have “lost an integrative, holistic and humanizing approach to management and organisations”. On one hand, the two authors argue that how the curriculum is delivered affects whether or not students will apply theories in their careers later, while on the other hand they state that the students’ application of theory depends on the perceived usefulness or ease of application of the same in real life (Melé & Sanchez-Runde, 2011, p. 545). Methodology A questionnaire was circulated amongst 300 third year students who were at the time of the exercise conducting their undergraduate projects. Only 220 questionnaires were returned, and of these, 22 were partially complete hence making them invalid for the survey. Consequently, research findings are based on 198 respondents. No gendering was done, meaning that no difference in gender application of business and management theories were observed. Due to the nature of the research, only students pursuing business and management related courses were included in the study sample. It was assumed that such students had a clear understanding of what strategic management theories were, and were hence better placed to apply them during their undergraduate projects; and if not, they were also likely to provide good reasons for their non-application stance. Findings and Analysis From the survey findings, it is clear that a significant amount of student were willing to apply business and management theories in their projects. Notably however, pedagogical approaches and influences from instructors appeared to be the underlying reasons why most students wish to apply business and management theories in their projects, with 120/198 respondents stating that pedagogical approaches affected application of theories (see figure 1), and 150 out of the 198 respondents arguing that the instructors’ influences had affected their willingness to apply business and management theories during their project (see figure 2). Figure 1: A representation of student's believes about pedagogical influence on theory application Figure 2: A representation of those who think instructors influence how they apply B&M theories (Yes) against those who think that the instructor has no influence over how they chose to apply theories in their projects (No) The research also reveals that a significant number of respondents (120/198) believe that some theories used in business and management courses are irrelevant in the contemporary business environment, and only 50 respondents believe that the same theories are fully relevant in the contemporary business environment. Notably however, even those who thought that some theories were irrelevant responded affirmatively when asked whether they would consider applying business and management theories in future. In total, 140/198 respondents stated that they would consider applying the same theories in future, with only 10/198 respondents stating that they would not apply the theories. A further 48/198 said they would consider applying the theories depending on the situations they were in. Asked why they would consider applying business and management theories in their projects, an overwhelming (98/198) cited the need to have good grades and the convinction that the theories made sense in the ‘real’ word as the main reasons (See figure 3 below). Figure 3: reasons cited for applying B&M theories in projects Based on the research findings therefore, hypothesis 1 is invalidated by the fact that significant number of respondents cite the need to have good grades as one of the main reasons why they would apply the theories in their project. This then means that after graduation, they may not find the need to apply the same theories in their jobs. Hypothesis 2 is also invalidated by the fact that although a significant number of respondents indicate their willingness to apply the theories; their main motivation appears to be their quest to get good grades. However, one can posit that those who cite good grades as their reasons to apply theory in their projects, are likely to disregard applying the same theories in their jobs in future. Notably however, further research would need to be conducted in order to find out if such a position can be supported through findings. Conclusion From the research findings, it is evident that undergraduate students perceive the application of B&M theories as just an effective way of abiding by the ‘dictates’ of the instructor and hence getting good grades on projects. These findings are similar to others by Biggs, 1999; Maclellan 2001; and Zacharis, 2010 where it is indicated that assessments determine how much theory students apply in their projects. Ashcroft and Palacio (1996, p. 29) have summed up the observations quite aptly by stating that understanding and applying the business and management theories willingly would require intrinsic motivation, which most students often ignore and are instead motivated by extrinsic motivation (usually the good grades, an impressive certificate and the employment prospects). It is however interesting to note that although some respondents had indicated their willingness to disregard the same theories in future, a good percentage of them were willing to enrol for MBA classes. As such, it would be interesting to note what their perceptions about theories are during their MBA courses, and especially after gaining some work experience. That and the fact that this research is limited by the small respondent sample is an indication that further research on the same topic is needed. References Ashcroft, K, & Palacio, D 1996, Researching into assessment and evaluation, Kogan page, London. Balch, D & Borah, S 2009, ‘Teaching strategy and scepticism: a capstone approach,’ Proceedings of the Academy of Educational Leadership, vol. 14, no. 2. Biggs, J 1999, Teaching for quality learning at University, SRHE and Open University, Burkingham, Uk. Cavico, F J & Mujtaba, B G 2009, ‘the state of business schools, education, and business ethics’, Journal of Academic and Business Ethics, pp. 1-18, viewed April 20, 2012, Celly, K 2007, ‘Fostering critical thinking in business courses,’ The Cambridge Review, vol. 8, no. 1, pp. 148-153. Ghoshal, S 2005, ‘Bad management theories are destroying good management practices’, Academy of Management Learning & Education, vol. 4, no.4, pp. 75-91. Giapponi, C & Scheraga, I 2010, ‘Business strategy in a global environment: a capstone project that integrates ethical and cross-cultural considerations,’ viewed April 20, 2012, Gibbs, G & Simpson, C 2004, ‘conditions under which assessment supports students’ learning,’ Learning and Teaching in Higher Education, vol. 1, pp. 3-31. Greiner, L., Bhambri, A. & Cummings, T 2003, ‘Searching for a strategy to teach strategy’, Academy of Management Learning and Education, vol. 2, no. 4, pp. 402-420. Hand, L & Clewes, D 2002, ‘Making the difference: an investigation of the criteria used for assessing undergraduate dissertations in a business school’, assessment and Evaluation for Higher Education, vol.25, no.1, pp. 5-21. Hussey, J & Hussey, R 1997, Business research: a practical guide for undergraduate and postgraduate students, Macmillan Press, London. I’Anson, R A & Smith, K A 2004, ‘Undergraduate research projects and dissertations: issues of topic selection, access and data collections amongst tourism management students’, Journal of Hospitality, Leisure, Sport and Tourism Education, vol.3, no. 1, pp. 19-32. Jacobs, M 2009, ‘How business schools have failed business’, The Wall Street Journal, A13, Friday, viewed April 20, 2012, Kachra, A & Schhnietz, K 2008, ‘The capstone strategy course: what might real integration look like?’ Journal of Management Education, vol.32, no. 4, pp. 476-508. MacLellan, E 2001, ‘Assessment for Learning: the differing perceptions of tutors and students’, Assessment and Evaluation in Higher Education, vol.26, no.4, pp. 307-318 Melé, D & Sanchez-Runde, C J 2011, ‘Towards an holistic understanding of management’, Journal of Management Development, vol. 30, no. 6, pp. 544 – 547. Ogden, S & Watson, R 1999, ‘Corporate performance and stakeholder management: balancing shareholder and customer interests in the U.K. privatized water industry’, Academy of Management Journal, vol, 42, pp. 526-538. Tan, E B 2007, ‘Research experiences of undergraduate students at a comprehensive university’, International Journal of Teaching and Learning in Higher Education, vol. 19, no. 3, pp. 205-215. Tang, L 2012, ‘Engage in assessment for learning and feedback for undergraduate dissertations,’ The Higher Education Academy STEM, pp. 1-6, viewed April 20, 2012, Zacharis, N Z 2010, ‘Innovative assessment for learning enhancement: issues and practices’, Contemporary Issues in Education Research, vol, 3, no. 1, pp. 61-71. Appendix 1: Questionnaire 1. Do you think your course has equipped you with critical thinking skills? a. Yes b. No 2. Do you believe that the course you are enrolled in puts enough emphasis on problem-based learning? a. Yes b. No 3. Do you believe the pedagogical approach used in class has affected the way you choose to apply business and management theories in your undergraduate project? a. Yes, I do b. No, I Don’t 4. How so? (Answer if you chose option(a), skip to 5 below if you chose option (b) in 3 above) a. Because I have to abide by my instructor’s guidelines, otherwise I’ll loose points b. Because I believe the theories learnt in class are important if my project will have any significance in the scholarly circles c. Because of all two reasons above 5. Would you know some of the strategic management theories off head, i.e. without looking into literature a. Yes b. No 6. Khurana (2007) states that founders of business schools had envisioned them as training grounds for managers who would demand the same respect as lawyers and doctors. Do you think that you can apply business and management theories in your project (and perhaps later in your career) with the same strictness as lawyers and doctors apply theories in their respective practices? a. Yes b. No 7. Why? (answer if you chose (a) in 6 above) a. Because I believe what we learn in college will help me build a good career in future b. Because if I don’t, the instructor will deduct some points from my project c. My reasons are a combination of the two factors above 8. In your opinion, where does business and management fit? a. In the science category b. In the art category c. No idea 9. Are there business and management theories that you find irrelevant especially considering changes that have taken place in the corporate world in recent times? a. Yes b. No c. Perhaps/ I am not sure 10. Strategic management theories are wide depending on their area of application. Do you agree on their supposition wholly, or do you think some of them are outdated? a. I agree wholly b. Some of them need to be changed/updated/ done away with c. I am not sure 11. Does your instructor influence your willingness to apply business and management theories learnt in class in your project? a. Yes b. No 12. How so? (Answer if you chose (a) in 11 above) a. Because application of theory in the undergraduate project will affect my grades for the course b. Because I am convinced that the theories make sense in the real world c. None of the above d. Because of (a) and (b) above 13. Do you think you will need to use theories learnt in the business and management course later in your career? a. Yes b. No c. I might, depending with the different situations I encounter 14. Generally, do strategic management concepts make sense to you? a. Yes, they do b. No, they don’t c. Some do, while others don’t 15. (Answer if your answer is (b) in 14 above) What would you consider as a solution or replacement to the strategic management theories taught in colleges today? a. Newer concepts that consider the changes that have occurred in the business world b. They should not be taught in business and management literature since they are misleading c. I am not sure 16. Do you think you will enrol for further studies (say MBA) after your graduation? a. Yes b. No 17. (Answer If you chose (a) above) why would you want to acquire more theoretical knowledge in business and management? a. Because I believe the theoretical knowledge will prepare me for my career b. Because the job prospects are more promising with an MBA 18. How would you rate the relevance of business management theories in the contemporary business environment? a. Very important b. fairly important c. Not important Read More