This chapter focuses on developing and implementing an integrated and inclusive quality management framework in Management Education considering possible future changes. The chapter reviews existing global management education, major global quality standards and practices of management education such as AACSB, AMBA, EFMD, etc., and several existing quality management frameworks and models in management education proposed by research scholars from different parts of the world. The study found the gaps that exist through analyses of different leading accreditation standards such as AACSB, AMBA, EFMD, etc. and provides an all-inclusive quality framework for management education bridging the gaps found and considering the future requirements. The new framework would enable higher education institutions offering management education to achieve internal excellence and enable them to work on accreditation for any global standards which they choose to use.
TopReview Of Quality In Management Education System
Quality Management in higher education system has gained lot of importance in the recent past globally (Cornuel, 2007). Many regions of the world have taken lot of initiatives towards standardizing criteria related to Quality Management and Quality Assurance. Globalization and liberalization also have necessitated the focus towards increased quality standards in management education (Reddy, 2008). To get endorsed for the maintenance of quality standards and quality assurance, most of the management institutes focus on getting accredited by reputed national and global agencies. In the last two decades, there has been a rapid increase in the number of business schools seeking accreditation (Wilson and Thomas, 2012; Elliott and Goh, 2013).
Accreditation has been defined as ‘a status granted to an institution or a program within an institution that has been evaluated and found to meet or exceed stated criteria of education quality’ (Young et al., 1983). According to McFarlane (2010), the concept of Quality has become synonymous with accreditation. Accreditation serves many purposes for business schools, including quality assurance for schools and stakeholders, the ability to benchmark and network with their peers, marketing advantages. That is why international accrediting bodies have recently grown and became popular as a marker of distinction by business schools worldwide (Nelson, 2011).
Clark (1983) combines three important stakeholder groups (academic community, the market and state) with three approaches to quality in higher education (intrinsic quality, extrinsic quality, and politically correct quality). Harvey and Green (1993) identified five concepts of quality evident in higher education: exceptionality, perfection, fitness for purposes, value for money, and / or empowerment of students developing their knowledge. Academic Quality is also emphasized by Fuinlong (2000) in term of input criteria, output criteria, value-added criteria, process-oriented criteria.