For an MBA institute, it has become an integral part of the curriculum to get students exposed to the real world here, real-world means corporates.
We all know that the best MBA colleges in India strive to provide maximum exposure to their management graduate to perform better along their career path.
Let us discuss about live projects.
So, what is actually a live project?
In a live project, students get an opportunity to work with the company in real-time for a particular period during their studies at a management school closely. Live projects help students to enhance their employability while studying. Further, this will add value to their CV and provide industry experience and insights.
Here are the 10 Things Everyone Must know About the Importance of Live Projects.
- Mutually beneficial relationship: We all know that only those relationships persist which, carry an element of mutual benefit. Similarly, industries will involve students only when they find substantial abilities in a candidate and his capabilities to learn and perform. On the other hand, students would like to associate with the company when they can learn and participate.
- Ability to develop real-life experience: By doing live projects, students got exposure to real-life situations. While going through the live project phase, they can learn the importance of making the right decision at the right time in the real world.
- Develop an ability to tackle business challenges: As an intern at the company, the student will develop the ability to handle business challenges.
- Easy entry to corporates after MBA: We all know that the biggest hurdle is to get the first break for a fresh graduate. Companies entertain experienced people, and fresher do not possess it. Due to which we find the problem in getting a breakthrough. The live project makes it happen; it adds value to the CV and gives an edge over our competitors.
- Easy to connect classroom teaching with the natural world: While studying in the class, we can imagine the real world or simulate the situation with the case studies published in the books, making the scope of learning limited. On the other hand, live projects make it easy to understand classroom teaching. Students also get the answer to the questions; why are we studying this topic? What will be the applicability of this concept?
- Chance to work with dynamic teams: Not only this, the student will get an opportunity to work with the dynamic team of energetic enthusiasts who has the power to turn around the industry.
- Early way to choose career path: Another vital point that disturbs the student is; how to choose specialization? Which career path to follow? The student usually gets confused to take such important life decisions because they are not sure about the career perspective of the chosen specialization. Live projects somehow solve the puzzle of career path.
- Facilitates cracking job interviews: Industrial exposure through live projects helps students in many ways. One of them is a cracking job interview. While working closely with the corporate teams, students learn about the recruiter’s expectations from the fresher?
- The advantage to the companies: Companies are also mutually benefitted as they get solutions to their problems. It is evident that while doing the same thing again, it becomes monotonous, and the thought process also becomes limited with a limited number of probable solutions. Young management graduates may provide an innovative solution to the problem.
- Bridge gap between industry expectations: While talking to the industry people, it is often heard that the academic institute’s stuff is not at par with the industry standard. They need to train them before induction. The live project may be the noble solution to match the expectations and save time and money for corporates.
Today we can see a change in the pattern of job seekers and job providers. Not only students but corporates have also moved one step ahead. They have started connecting with the academic institutions and are establishing their training house, designing labs where corporate trainers visit the campus, and providing hands-on experience to the young graduates. They give live problems to the students and seek their solutions. By doing so, corporates are developing their future managers and, on the other hand, reducing their research and development costs by outsourcing their knowledge process to the academic institution.
Mr. Sunil Kumar
Assistant Professor, RDIAS
