‘Master of Business Administration’ aka MBA is
considered as a professional degree which equips professionals to successfully
run businesses. Most of the companies recruit huge number of MBAs across
different functions like operations, finance, marketing, etc. This degree is
considered to be a gate-pass for the corporate world.
However,
MBA is more than just a degree. It is a training which equips you to diagnose,
analyze and solve any problem. The lessons taught in this course go beyond
business corridors and impact our daily life. We can apply MBA lessons in
various situations of our life. Let’s explore applications of some concepts in
our daily lives:
Time
Value of Money: This is basic finance concept which states that ‘Rs. 1 today is
more valuable than Rs. 1 tomorrow’. Value of money is also linked to time and
it decreases with time. This concept also applies on our attitude of
procrastination towards our work. It means ‘Work done today is more beneficial
than work done tomorrow’. Delaying things decreases its value. Working hard
helps only if done on time.
Marketing
Concepts: Kotler states various marketing strategies for products. It states
that marketing of product is very important for commercial success of the
product. It also holds true for human beings. We as a person have to market
ourselves in society. Our way of communicating, dressing, walking, behaving,
etc. impacts our brand value in society. We can enhance our impact and respect
in society by improving our conduct and presentation before others.
Maslow’s
Hierarchy of Needs: This theory of HR states that human beings have different
categories of needs and they fulfil them in order. Basic needs, safety,
self-esteem, self-actualization, etc. are needs to be fulfilled. It helps us
understand people and their state of mind. While dealing with our children,
friends, clients, family members, etc. we can use this learning to customize
our behaviour.
Resource
planning, budgeting, fore-casting, scheduling, inventory management, etc are
numerous concepts of MBA which can be directly applied in making our daily
lives better. These concepts sharpen our logical thinking and scientific
temper. It gives rationale to our decisions.
The basic
idea is to do things in a systematic and scientific way. Using these techniques
makes our decisions robust, efficient and fruitful.
Pawan
Kumar
Executive Director
