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An Application of Cost-Benefit Analysis to Management Education

This paper develops a theoretical framework for the application of costbenefit analysis to management education in developing countries. Social returns are estimated through a combination of the import substitution and income creation approaches, both of which are considered in the evaluation of investment. The cost-benefit analysis of a major national project in India within this framework shows that its educational program has a positive net present value even at a social discount rate as high as 13 percent. The net returns appear to be quite sensitive to the values assigned to the foreign exchange rate, discount rate, and price elasticity. The purpose of this paper is to report the results of the cost-benefit analysis of a specialized branch of education in India. The branch selected is management education, which, though relatively new to India, is likely to expand significantly, given the managerial and organizational problems facing the country. The first section of the paper presents a conceptual framework of the cost-benefit analysis appropriate to management education.1 The second section reports the results of the cost-benefit analysis of a national institution for management education in India. The conclusions of the study and its relevance for educational planning are summarized in Section III of the paper.