Management is among the field of studies that relies heavily on the active application of the concepts that have been learned during education. That is why in most of the top quality business schools, a big focus is placed on the students developing the necessary insight to implement the various management principles. To facilitate this, one of the most helpful instruction methods that have been tried and tested with a high success rate is the case study method. Many amazing results are achievable due to the case study method, but some of the most notable can be seen in the areas where the management practices need to be fully understood and implemented in a business simulated scenario. This helps the students validate the learnings and demonstrate the utility of it in the real world. One of the prominent B-School in India that emphasizes the case study method and has developed dedicated case studies to strengthen the quality of its’ management education is the ICFAI Business School also known as IBS. Let us try to grasp, how the case studies contribute to the development of the students especially in the current times when the ICFAI Business School (IBS)classes are being conducted in the virtual mode.
- Enhanced Decision Making – There are many benefits of using case studies in modern education, but one of the top ones for the students is the ability to make better decisions in their work lives. The case studies provide excellent ground for the B school students to develop a perspective in various scenarios that translates into better business acumen when they enter the corporate world. The case studies used at ICFAI Business School (IBS)are equally useful in a virtual environment to challenge the students to apply their learnings in a well-defined context.
- Collaborative Approach – One of the key factors in the success of the virtual workplace has been a collaboration between individuals and teams. Many organizations have recognized it as one of the biggest determinants of success in the modern world. The case studies develop the collaborative working approach among students, requiring them to discuss, share ideas, respect different views, delegate responsibilities, exchange information, and manage conflict, all of which are important parts of working collaboratively.
- Concept Focus – The case studies of ICFAI Business School (IBS)are especially designed to provide the students with the opportunity to validate the things that have been taught in their classroom and syllabus. ICFAI Business School (IBS)is one of the top Indian business schools which has its own case development repository created through IBS Case Development Centre or IBSCDC. The IBSCDC has been credited with compiling over 5500 case studies which are extensively used in the ICFAI Business School (IBS)curriculum. These case studies require a clear understanding of the subjects to solve and challenges the students to clarify any doubts that they may face in these subjects.
- Realistic Scenarios – The scenarios that are covered in the case studies give a realistic scenario where the theories, principles, tools and techniques can be applied. Many of the case studies are influenced by the real problems and challenges that have come up in the corporate world and therefore the credibility of the case studies is beyond doubt. The best part about these case studies is that they also let us examine the management problems in their real environment instead of a hypothetical or imaginary setting.
- Perfect for Virtual Environment – Virtual learning which has been prevalent in the past year due to the pandemic situation has left the students and the academic experience devoid of the usual human contact that is part of a great B School experience. Activities such as a case study provide a welcome change to interact and share ideas with the faculty and their classmates. It also brings the practical application of their learning which is always an exciting opportunity to showcase your talent.
- Reinforcing the Lesson – The case studies are categorized according to the various management subjects and fields such as Business Strategy, Marketing, Finance, Human Resource Management, IT Systems, Operations, Economics, Leadership, Entrepreneurship and Business Ethics. This is why the case studies can be tied to the learning outcomes of the modules of these subjects and help in cementing the lessons learned in the course of studies.
These are some of the reasons which have made the case study method a hot favorite among the students as well as the faculty members of ICFAI Business School (IBS). The case study method also provides a fair evaluation of the academic performance of the students and the real-life value of the knowledge gained at the ICFAI Business School (IBS)campus. The IBS Case Research Centre has won many acclaims and international awards which speaks volumes about the high quality of case studies that are developed here. The case studies are also frequently included in notable international textbooks, as well as being mentioned in reputed management journals. Joining ICFAI Business School (IBS)provides an excellent opportunity for the business school aspirants to experience the world-class curriculum of ICFAI Business School (IBS)enriched with the case study method.