Application of MBA in Daily Life

‘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

Sagar Group of Institution