Title: Assessing Student Opinion About Industrial Visit and its Pricing.
Authors: Aarti Pal, Alifiya Kanchwala and Shraddha Pawar
Introduction: Industrial visits are essential for MBA students as they provide an opportunity for students to bridge the gap between theoretical knowledge and practical experience. It enables the student to relate their theoretical knowledge with practical aspects of their study covering the curriculum related to operations management of competitive industrial operations, capacity, process technology, design concepts, supply chain, and other operations management aspects of safety, health, environment, society, and its relations with operations performance.
Objective: The purpose of this inquiry is to understand the viewpoints of the students with regards to the pricing of the industrial visit and to ascertain whether the cost was reasonable and provided sufficient value.
Literature Review:
Budgeting and Managing Industrial Visits:
There are several best practices for budgeting and managing industrial visits, including:
Develop a Detailed Budget: It is important to develop a detailed budget that includes all the expenses associated with the visit. The budget should be realistic and should take into account all the possible contingencies.
Fundraising: Students can organize fundraising events to offset the cost of the visit. This can include selling merchandise, organizing bake sales, or soliciting donations from alumni and other supporters.
Partner with Industry: Some industries may be willing to sponsor or partially sponsor the visit, especially if they see the benefit in attracting potential employees from the MBA program.
Advance Planning: Advance planning can help to reduce the cost of the visit by booking transportation and accommodation well in advance to take advantage of early-bird discounts and promotions. (Gupta, 2016)
One cost-effective strategy is to organize visits to nearby industries. Visiting nearby industries can reduce transportation costs and make industrial visits more affordable. In addition, visiting local industries can help students understand the industrial landscape of their region and the challenges and opportunities specific to that area.
Another cost-effective strategy is to organize visits during non-peak seasons. Visiting industries during non-peak seasons can reduce the cost of transportation, lodging, and other expenses associated with industrial visits. It can also allow students to interact more effectively with industry professionals, who may have more time to engage with students during off-peak periods. (Agrawal & Goyal, 2018)
Data Collection:
The following five questions were prepared on Likert scale, and responses were collected using google form.
1) The Industrial visit (IV) price was reasonable
2) The IV price was Overpriced or Expensive
3) I would pay the same amount again for similar IV
4) Additional costs was clearly communicated prior to the trip
5) The itinerary provided justified the cost
Data Analysis:
The data so collected was then downloaded in excel. Mean, standard deviation, standard error, and z were calculated.
Questions Mean SD SE Z Result
1 The Industrial visit (IV) price was reasonable 2.90 1.14 0.13 -0.71 H0
2 The IV price was Overpriced or Expensive 3.26 1.09 0.12 2.03 H1
3 I would pay the same amount again for similar IV 2.57 1.24 0.14 -2.91 H1
4 Additional costs was clearly communicated prior to the trip. 3.12 1.06 0.12 0.98 H0
5 The itinerary provided justified the cost 2.89 1.12 0.13 -0.83 H0
Conclusion:
1) Students found the price was reasonable.
2) Students agreed that the IV price was overpriced or Expensive.
3) Students would not pay the same amount again for similar IV.
4) Students said that additional costs was clearly communicated prior to the trip.
5) Students found that the itinerary provided justified the cost.
References:
1) Agrawal, G., & Goyal, V. (2018). Cost-effective Strategies for Conducting Industrial Visits for Management Students. International Journal of Engineering & Technology, 7(2.29), 350-352.
2) Gupta, S. (2016). The effectiveness of industrial visits in management education: A case study. International Journal of Research in Management, Economics and Commerce, 6(2), 42-45.