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Review Article

JCR. 2019; 6(6): 59-66


IMPACT OF COGNITIVE BIASES ON INVESTMENT DECISION MAKING

V. RAMALAKSHMI*, VIVEK KUMAR PATHAK, CHRISTEENA MARY JOS, ELWIN BAIJU.

Abstract
Purpose: The purpose of the present study is to identify the challenges for management education in Indian Universities and to discuss their essence, gravity and precedence over each other using RIDIT analysis.
Methodology: The present study used extensive literature reviews to prepare a preliminary set of 21 challenges faced by management education which were relevant in Indian context. A mean ranking was performed on the identified challenges which was further verified by a different individual mathematical ranking method – Grey Relational Analysis. Both the rankings were compared for establishing the priority of the challenges for the Universities in conclusion.
Findings: The paper concludes that the major challenge of the management Institutions in India are non-clarity in the students for management programmes followed by poor organizational structure and practices and inefficient innovation motivation. Other challenges do also have significant influence on the poor performances of the Institutions in India but these form the top list. The study proposes the decision makers to follow the influential strengths of the challenges for a better solution to improve Institutional performance.
Practical Implications: The study suggests a roadmap to determine which challenges are perceived on higher or lower level by the management graduates’ which can be immediately worked upon. Second, the study put forward a direction for the university managers/decision makers to formulate an effective strategy to gain competitive advantage over others.

Key words: Challenges, Management Education, India, GRA, Management Institutions.



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