Accreditation consulting is a service provided to educational institutions, particularly colleges, universities, and schools. Accreditation firms guide educational institutions through the process of obtaining accreditation from recognized accrediting bodies or agencies. Typically, accreditation consulting firms or consultants offer expertise, guidance, and support to institutions seeking accreditation in the following areas:
Assessment and Readiness Evaluation: Consultants evaluate the institution’s current practices, policies, and procedures to determine its readiness for the accreditation process. They identify areas of improvement and develop action plans to meet accreditation standards.
Compliance Review: Accreditation consultants help institutions ensure compliance with the accreditation requirements and standards set by accrediting bodies.
Documentation and Report Preparation: Consultants assist in compiling the necessary documentation and preparing reports required for the accreditation application.
Strategic Planning: Consultants help institutions develop long-term strategic plans to align their objectives with the accreditation requirements and enhance their educational programs and services.
Business Process Reengineering. Accreditation consultants help institutions create new processes or revamp existing ones in compliance with accreditation requirements. These processes may include tenure, promotion, assurance of learning, faculty mentoring, etc.
Training and Workshops: Accreditation consultants may conduct training sessions and workshops for faculty and staff to familiarize them with accreditation standards and best practices.
Mock Visits: Some consultants organize mock accreditation visits to simulate the actual review process and identify areas that need improvement.
Continuous Improvement: Accreditation consultants work with institutions to develop a culture of continuous improvement, encouraging ongoing assessment and enhancement of educational quality.
Data Gathering and Analysis: Accreditation consultants help institutions gather and analyze data about students, faculty, and employers. An educational institution often performs this to demonstrate compliance with specific standards and requirements.
Communication and Liaison: Consultants may act as liaisons between the institution and the accrediting body, ensuring effective communication and addressing any queries or concerns.
Although accreditation consultants can be quite useful, institutions should not rely solely on them to get them through accreditation processes. Colleges and universities should actively engage in internal self-assessment and improvement efforts to ensure long-term compliance with accreditation standards. Accreditation is not a snapshot of a particular moment in time when a college or school excelled in meeting accreditation standards, but rather a continuous self-improvement journey. Additionally, when seeking accreditation consulting services, institutions should choose reputable firms or individuals with expertise in their specific accreditation requirements and a track record of successful outcomes.
Tenure is a system in academia where after a probationary period, typically six years, a faculty member is granted permanent employment in his or her academic unit. Dismissal of a tenured faculty member can only occur for just cause (e.g. a serious misconduct) or other exceptional circumstances (e.g. budget cuts leading to closure of his or her academic unit).
Standards for tenure are usually quite high and difficult to attain, since an institution is making a large, long-term investment into a faculty member who is offered tenure. It has been estimated that a single tenured, senior professor costs an institution millions of dollars over his or her entire career span at the university.
Academic tenure is a coveted dream for every aspiring academic. It is well known that tenure is one of the main benefits of being a professor. Many successful business professionals are drawn to academia because they are able to obtain well-paying jobs that are locked in “for life”.
Tenure has come under intense scrutiny in recent years. According to some critics of tenure, the system no longer serves its primary purpose of protecting academic freedom. In most cases, tenure protects complacent and unmotivated academics rather than those with controversial views.
Indeed, tenure can have both positive and negative effects on the quality of education within an academic institution. Here’s how tenure can potentially benefit the quality of education:
Academic Freedom: Tenure provides professors with job security, which allows them to express controversial or unconventional ideas without fear of retribution. This academic freedom can lead to more diverse and intellectually stimulating discussions and research.
Long-Term Commitment: Tenured faculty members have a long-term commitment to the institution. This stability can lead to greater dedication to teaching and research, as they are invested in the success and reputation of the school.
Research and Scholarship: Tenured professors have the freedom to dedicate significant time to research and scholarship. This can lead to advancements in knowledge and expertise, which can enhance the quality of education through up-to-date and cutting-edge teaching materials.
Mentorship and Experience: Tenured faculty members often have more experience in academia. They can serve as mentors to junior faculty and bring valuable expertise and perspectives to the classroom.
Institutional Reputation: Tenure can attract high-caliber faculty who seek job security and academic freedom. This, in turn, can enhance the institution’s reputation and attract top students.
Focus on Student Learning: With job security, tenured faculty may have less concern about pleasing administrators or short-term outcomes, allowing them to prioritize student learning and development.
However, that tenure can also present challenges and potential drawbacks:
Lack of Accountability: Tenure can create a sense of job security that might lead to complacency or reduced effort in teaching and research. Some argue that the lack of accountability may negatively impact the quality of education.
Resistance to Change: Tenured faculty may be less willing to adopt new teaching methodologies or adapt to changing educational needs since they are protected from dismissal based on performance.
Difficulty Removing Ineffective Professors: In some cases, the tenure system can make it challenging to remove underperforming faculty members, which may negatively impact the overall quality of education.
Cost: Tenured faculty members, especially those with extensive experience, tend to have higher salaries. This can put financial strain on institutions and limit their ability to hire new faculty or invest in other resources.
In conclusion, tenure can positively impact the quality of education through academic freedom, research focus, mentorship, and long-term commitment. However, it also poses potential challenges that institutions need to address through effective performance evaluation, professional development opportunities, and a balanced approach to faculty hiring.
It should be noted that a business school is not required to have a tenure system in order to become accredited. Leading accreditation agencies, such as AACSB, have accredited numerous business schools and universities that do not grant tenure to their faculty members. Accreditation agencies do require an accredited school to have a formal and effective appraisal and promotion system that aligns with their mission and goals.
Our consultants at Accreditation.Biz, a leading accreditation consultancy, have extensive experience managing the tenure process in accordance with international accreditation standards. Our Online Tenure and Promotion Processing System (TAPPS) is a simple, easy-to-use online application for collecting, processing, and managing faculty tenure and promotion data. We will help your business school build a tenure system that is transparent, fair, efficient, and supportive of the goals of your academic unit. With our process knowledge and technical solutions, you can maximize the chances that your tenure systems retain quality education and enhance student learning.
A business school’s strategic planning begins with a good mission statement. Having a formal and sustainable strategic planning process is a formal requirement of all major accreditation agencies for business schools. For example, EQUIS standards require every accredited business school to “define the School’s mission and explain how it relates to its identity.” (EQUIS Standards & Criteria, Chapter 1, 2023). Similarly, AACSB requires that every accredited business school should “articulate a clear and focused mission for the school” as a part of its strategic planning process (AACSB Guiding Principles and Standards for Business Accreditation, Standard 1, 2023).
A good mission statement is essential for every business school’s survival and success in the face of growing competition in business education. A mission statement serves as a concise and impactful declaration of a school’s purpose and core values. It should effectively communicate the organization’s reason for existence, its target audience, and its guiding principles.
In order to succeed, a business school needs to be known for something. Almost everything that the school does and everyone that the school is affiliated with should contribute to this reputation. Without this focus and distinctiveness, your business schools will be lost among numerous other “me too” schools, eventually suffering declining enrollment and shortages of essential resources.
Here are some characteristics of a good mission statement for a business school:
Clear and Concise: A good mission statement is clear, straightforward, and concise. All stakeholders should be able to understand it, including students, faculty, staff, and employers. A mission statement should not more than a few sentences.
Specific and Focused: The mission statement should clearly outline the school’s primary purpose and focus. It should avoid being overly broad, generic, or vague. Being “everything to everyone” is one of the worst strategies a business school can pursue.
Inspiring and Motivating: A mission statement should motivate and inspire all stakeholders. It should create a sense of purpose and passion among students, faculty, and staff.
Timeless: Business “buzzwords”, educational technologies, and pedagogical “fads” come and go. Strategies and goals of a business school may change over time too. In spite of all the changes in the external and internal environment, a good mission statement should remain relevant and timeless. It should provide a sense of continuity and stability for the school and serve as the most important foundation for all strategic decisions.
Unique and Differentiating: The mission statement should clearly highlight what sets your business school apart from thousands of other business schools across the globe. It should emphasize the organization’s unique value proposition to students. Being a “me too” business school is a sure path to mediocrity and declining enrollments.
Realistic and Achievable: While the mission statement should be aspirational, it should also be grounded in reality. Not everybody can be a Harvard Business School, serving the needs of executives from Fortune 500 companies. This is okay. Not everybody wants to commute in a Mercedes or Ferrari. People also need affordable and reliable Toyotas and Fords that get them where they want to be.
Aligned the Mission of the University: The mission statement should align with the university’s vision, mission, values, and goals. It should reflect the principles that guide decision-making and actions within the broader organization that the business school is a part of.
Student-Centric: A good mission statement should focus on delivering value to the school’s target audience. It should emphasize the impact the school aims to have on its students and the broader community that it serves.
Memorable: A memorable mission statement is more likely to be embraced by all the stakeholders. A creative statement with strong language and imagery can make it more memorable. Business schools should stay away from confusing “academic talk” or business jargon. The mission of the business school should be recited or explained by every faculty member in his or her own words. Reviewers from accreditation agencies often ask faculty whether they can explain the mission of their business schools.
Inclusive: The mission statement should be inclusive, embracing all the relevant stakeholders: students, faculty, staff, alumni, and employers.
Communicable: A good mission statement should be easily communicated across all levels of the business school. It should be accessible and relatable to everyone involved with the school. Each business school should invest time and resources in spreading awareness of its mission statement.
Measurable: Although a mission statement is not a strategic plan, it should be possible to evaluate the organization’s progress and alignment with its mission over time. Lengthy, broad, generic, and vague mission statements make such evaluation difficult.
Crafting a compelling and effective mission statement often involves lengthy collaboration and reflection among key stakeholders to ensure that it accurately represents the organization’s identity, aspirations, and principles. Unfortunately, many business schools do not have anyone formally in charge of the strategic planning process. Mission statements are often drafted or revised just before accreditation or reaccreditation report submission deadlines.
Triple crown accreditation refers to a prestigious recognition awarded to business schools that have achieved accreditation from three prominent international accreditation bodies for business education. These three major accrediting organizations are:
Association to Advance Collegiate Schools of Business (AACSB): AACSB accreditation is widely regarded as the most rigorous and prestigious accreditation for business schools. It focuses on evaluating the quality of a business school’s faculty, curriculum, teaching methods, and research output.
European Quality Improvement System (EQUIS): EQUIS is a European-based accreditation body that assesses the overall quality and internationalization of business schools. It evaluates aspects such as governance, programs, student body, research, and engagement with the corporate world.
Association of MBAs (AMBA): AMBA is a global accreditation body specifically focused on MBA programs. It assesses the curriculum, faculty, student diversity, and career services of MBA programs offered by business schools.
Achieving triple crown accreditation signifies that the school has met stringent international standards of excellence in business education and is recognized for delivering high-quality programs with global relevance. Triple crown accreditation is a mark of distinction and can enhance a business school’s reputation and attractiveness to prospective students and employers. It is estimated that only one percent (approximately 120) of business schools have achieved triple crown accreditation. Even so, triple crown accreditation does not imply that the school is among the top one percent of business schools worldwide.
Achieving triple crown accreditation is a challenging and lengthy process that requires a strong commitment to continuous improvement and academic excellence. As a result, only a select number of business schools around the world have earned this distinguished status. Furthermore, business schools in Europe and Asia are more likely to pursue triple crown accreditation than those in the United States.
Business education has been under a lot of scrutiny in recent years. There have been criticisms of business programs over their high costs, outdated curriculum, and inadequate opportunities for meaningful careers after graduation.
Still, many students choose business as their undergraduate major. In fact, in many universities, business majors comprise the largest or one of the largest groups of students. Students choose to major in business for a variety of reasons, as it offers several attractive advantages and opportunities. Some of the common reasons why students opt to major in business include:
Versatility: A business degree provides a broad foundation of knowledge and skills that can be applied to various industries and job roles. Graduates can pursue careers in finance, marketing, human resources, operations, entrepreneurship, and more.
Job opportunities: The business field offers a wide range of job opportunities with potential for growth and advancement. Graduates can enter diverse sectors, including corporate, nonprofit, government, and startup environments.
High earning potential: Business-related professions often come with competitive salaries and attractive benefits, especially as individuals progress in their careers and take on leadership roles.
Entrepreneurial aspirations: Some students with entrepreneurial ambitions choose to major in business to gain the necessary knowledge and skills to start and manage their own businesses.
Practical skills: Business programs typically focus on real-world problem-solving, decision-making, and critical thinking, which are highly valuable in various professional settings.
Networking opportunities: Business programs often provide ample networking opportunities, enabling students to connect with industry professionals, potential employers, and like-minded peers.
Flexibility: Business degrees can be flexible in terms of study options, allowing students to choose from various specializations and tailor their education to align with their interests and career goals.
Global perspective: Business programs often emphasize international business practices, helping students develop a broader understanding of the global economy and cultural diversity.
Influence and impact: Business leaders have the potential to drive significant change and make a positive impact on their organizations and communities.
Interdisciplinary nature: Business intersects with many other fields, such as economics, psychology, technology, and law, providing opportunities for cross-disciplinary learning and application.
It’s important to note that while a business degree can offer numerous benefits, students should also consider their personal interests, strengths, and long-term career goals when choosing a major. The decision should be based on a thoughtful consideration of individual aspirations and alignment with one’s passions and abilities.
In addition, students should always choose to study business at an accredited business school. Business programs that are accredited by well-known accreditation agencies such as AACSB, EQUIS, ACBSP, or AMBA are more likely to deliver on all these promises.
Certain business accreditations are granted at the program level, so a business school may have programs that are not accredited. The prospective student should always check whether the program that he or she is interested in is accredited by AACSB, EQUIS, ACBSP, or AMBA.
Obtaining an international accreditation for a business school usually requires extensive revisions of existing curriculum in order to meet the requirements of curriculum-specific accreditation standards. For example, Standard 4 of the Association to Advance Collegiate Schools of Business (AACSB) requires that “the school delivers content that is current, relevant, forward-looking, globally oriented, aligned with program competency goals, and consistent with its mission, strategies, and expected outcomes” (AACSB International, 2022). Similarly, Standard 6 of the Accreditation Council for Business Schools and Programs (ACBSP) requires that “the curriculum must be comprised of appropriate business and professional content to prepare graduates for success” and that the business school “must have a systematic process to ensure continuous improvement of curriculum and program delivery” (ACBSP, 2022). In this article, we talk about the most important elements of a business curriculum and how these elements can be aligned in order to meet the accreditation requirements and build an effective, self-sustaining quality assurance system in relation to business curriculum.
Curriculum Elements
In short, curriculum describes what is taught at a business school and how it is taught (Squires, 2012). A curriculum is usually formalized using a document or a plan that spells out the following:
Program learning outcomes (PLOs) that graduates must master
Course learning outcomes (CLOs) or goals that outline smaller and specific learning objectives to be achieved within each course comprising the program
Alignment of program learning outcomes (PLOs) and course learning outcomes (CLOs); this alignment is usually provided with the help of a course alignment matrix (CAM) that shows how individual courses and their CLOs support PLOs
Appropriate assessment tools that can be used to measure CLOs and/or PLOs
The content or material to be taught within each course comprising the program in the form of course syllabi
There are many other elements that comprise a curriculum (see Table 1). All these elements must be properly aligned to ensure effective development of the desired competencies among students.
Curriculum Element
Description
College Mission
Defines the aim of a college, its main reason for existence
Market Conditions
Economic marketplaces often dictate which professions or competencies are in demand in the workplace
Compliance Standards
Accreditation and governing bodies often mandate competencies that a particular program needs to develop
Program Learning Outcomes (PLOs)
High-level goals (or competencies) that students are expected to attain as a result of completing a particular program of study
Course Learning Outcomes (CLOs)
Specific course-level objectives (or competencies) that students are expected to attain as a result of completing a specific course
Course Materials
Training materials used as part of a course: textbooks, books, journals and journal articles, electronic and multimedia materials, etc.
Pedagogy
Various theories, methods, or tools employed to develop competencies among students
Technology
Information and Communication Technologies (ICTs) used to deliver course content
Physical Resources
Physical facilities (e.g., classrooms, labs, specialized equipment, etc.) allocated to a course or program
Credit Hours
Amount of face-to-face or online interaction between a student and an instructor devoted to a particular course or program
Assurance of Learning (AoL)
How attainment of particular learning outcomes (or competencies) is assessed and reported at the course and program level
Table 1. Curriculum Elements (Camba & Krotov, 2015)
Curriculum Alignment
Curriculum alignment can be viewed as a triangle with the following three cornerstones: curriculum, teacher, and test (see Figure 1).
Figure 1. Curriculum Alignment Model (English, 2000)
The model shows the need for the three elements to be connected or aligned. Educational goals that are targeted by the curriculum become the basis of defining the work to be done by teachers. Formal testing (or assessment) is used to evaluate the degree to which teachers further deliver the educational goals set forth by the curriculum. Thus, a well-aligned curriculum can also be viewed as a self-sufficient quality control system.
The model shows the need for the three elements to be connected or aligned. Educational goals that are targeted by the curriculum become the basis of defining the work to be done by teachers. Formal testing (or assessment) is used to evaluate the degree to which teachers further deliver the educational goals set forth by the curriculum. Thus, a well-aligned curriculum can also be viewed as a self-sufficient quality control system.
Managing Curriculum Alignment
Lewin’s process-based change management model (see Figure 2) can be used as a guiding framework for an effective curriculum alignment initiative.
Figure 2. Lewin’s Change Management Model (Kaminski, 2011)
Figure 2. Lewin’s Change Management Model (Kaminski, 2011)
The first stage of the curriculum alignment process is the so-called “unfreeze” stage. This stage aims to prepare for the desired changes in the curriculum by having clear and open communication with all the relevant stakeholders in relation to the desired changes in the curriculum. In this stage, people involved in delivering and managing the curriculum analyze the current curriculum and identify the changes that are necessary in order to meet the accreditation standards or achieve the desired improvements in relation to the curriculum. All the stakeholders participating in the “unfreeze” stage need to be convinced that new materials, structures, and processes must be adopted in order to achieve desired improvements. In the second stage called “change,” the stakeholders implement the intended changes to the curriculum. This phase is time-consuming, confusing, and costly. The third stage of the curriculum alignment process is the “refreeze” stage. During this stage, changes to the curriculum are stabilized. The main concern in this phase is to ensure that change becomes a permanent part of the normal process and the system does not revert to the old ways and habits.
Camba, P., & Krotov, V. (2015). Critical success factors in the curriculum alignment process: The case of the college of business at Abu Dhabi University. Journal of Education for Business, 90(8), 451-457.
English, F. W. (2000). Deciding What to Teach and Test: Developing, Aligning, and Auditing the Curriculum. California: Corwin Press, Inc.
Glatthorn, A. A. (1999). Curriculum alignment revisited. Journal of Curriculum and Supervision, 15(1), 26.
Kaminski, J. (2011). Theory applied to informatics-Lewin’s change theory. Canadian Journal of Nursing Informatics, 6(1).
Squires, D. (2012). Curriculum alignment research suggests that alignment can improve student achievement. Clearing House, 85(4), 129-135.
Whether we’re talking about regional or professional accreditation, there is always work to be done to ensure that the institution is progressing toward the next accreditation visit (the so-called “accreditation reaffirmation”). It is all too common that once an accreditation visit has taken place and all of the recommendations emanating from the visit have been addressed, an institution will essentially relax until the next visit is imminent. Then, the scramble begins again to ensure that the institution is in compliance with the accreditation requirements. Inevitably, the institution will at the very least receive recommendations from the next accreditation visit because accreditation standards have not been addressed in between accreditation visits.
The point is that institutions should never relax when it comes to accreditation requirements. It is useful to think about accreditation as a process by which institutions can ensure that they are always doing the right things. For example, it is a good thing for students that institutions constantly assess learning outcomes, and that is why accrediting bodies require continuous assessment of learning outcomes. Therefore, even without the looming threat of accreditation, institutions should continuously address accreditation standards on an ongoing basis.
One strategy that you can use to ensure that you are always paying attention to your accreditation standards is to maintain skeletons of the self-study teams even during periods when an accreditation visit is not imminent. The skeleton self-study teams would continuously monitor the institution’s compliance with accreditation standards, and if any “relaxing” does occur, the teams can bring concomitant issues to your attention for remediation. The point is that if the institution operates as if an accreditation visit is always on the horizon, then the issues that come up at an actual accreditation visit will be relatively minor and will be straightforward to deal with.
Being put simply, a teaching case is a real or fictional story about an organization, its employees, and the issues they are facing. The value of the case study method comes from two broad areas. First, using case studies in class allows students to learn more about real companies – their successes and challenges. This has significant practical value: students can apply what they learn about real companies and managers in their workplace. From a pedagogical standpoint, case studies provide illustrations of class concepts within a real-life context. Second, using case studies allows an instructor to facilitate the development of higher-order cognitive skills among students. These higher-order skills are developed by asking students to apply class material to real-world situations. The material can be applied by finding an instance of a class concept in the case to clarify a situation that the company is facing. Alternatively, management frameworks can be used for analyzing or evaluating the current state of the company, and creating recommendations based on the more prescriptive theories that students learn in class. Each of these valuable dimensions of the case study method is expanded upon in the subsequent paragraphs.
Business is more of a professional field, rather than a hard science like Physics. In professional fields, idiosyncratic knowledge about individuals and organizations is arguably more valuable than knowledge of theoretical generalizations. If this is the case, then business professionals should benefit greatly from past stories of successful (or unsuccessful) companies or managers – just like doctors can benefit from studying prior medical cases and pondering over their patients’ medical histories. Case studies often provide fairly detailed, multi-point accounts of organizations and their employees. This knowledge can help students identify problems and create solutions for their own specific organizations, just like knowledge of prior medical cases helps doctors treat their current patients.
Moreover, these idiosyncratic accounts of people and organizations are often told with the level of detail, complexity, and ambiguity that is close to real-life business scenarios. Anyone with experience working in an organization understands that important organizational problems have many contributing factors and related issues. It is often hard to narrow down a problem to a single factor and suggest a simple solution that targets that factor only. Moreover, the way various factors contribute to an important problem is often not deterministic and highly intertwined with other issues and factors. Thus, it is hard to tell with certainty which factors contribute to the problem, in what way, and to what extent. All these issues make case studies a valuable vehicle for exposing students to the real-world complexity that is often present when dealing with various organizational issues within the real world.
As mentioned earlier, addressing these highly complex and often ambiguous organizational problems requires higher-order cognitive skills, such as the ability to apply, analyze, evaluate, and create (see Figure 1). For example, answering the question of why a particular company is experiencing a decrease in market share may require performing an analysis of the industry that the company is in, using the Five Industry Forces Framework. Similarly, evaluating the company’s current situation may require organizing a number of internal and external factors. Creating and recommending a potential solution requires the ability to understand and contextualize various prescriptive management theories (e.g. pursuing strategies that utilize internal strengths for neutralizing external threats or taking advantage of external opportunities is likely to improve organizational performance). To analyze, to evaluate, and to recommend are all higher-order cognitive skills as outlined by Bloom’s Taxonomy. Case studies provide a fruitful platform for practicing and developing these important cognitive skills among students.
Figure 1. Learning Goals under Bloom’s Taxonomy
Finally, case studies give students an opportunity to learn how to apply what they learn in class to a real-world situation. Business is largely an applied field. Basic, fundamental theories in Psychology are often applied to manage people within an organization. Fundamental theories of micro and macroeconomics are applied to an organization or industry to formulate long-term strategies for an organization. Basic mathematical models are used in Accounting and Finance. Thus, being able to apply concepts or theories within real organizations for the purpose of addressing organizational problems or pursuing opportunities is an essential skill for any business professionals. Case studies allow students to do precisely that: to practice applying abstract concepts, frameworks, and theories to complex, ambiguous organizational context for the purpose of attaining positive results for the organization.
It should be noted that these important learning goals can hardly be achieved with what seems to be a more common approach to higher education: in-class lectures delivered using PowerPoint slides followed by multiple-choice exams. Multiple choice questions largely test one’s ability to remember discrete facts and not necessarily to understand a complex organizational problem in a holistic fashion. Moreover, multiple choice questions, while capable of assessing one’s ability to apply concepts, often do so in isolation from the complexity and ambiguity of the context within which these concepts are applied. Finally, there is an inherent determinism in multiple choice questions. Only one answer is the correct one. This stands in sharp contrast to the case study approach, where there is no such thing as a “hundred percent correct answer”.
But this is not to say that multiple choice questions are an inherently inferior assessment based on a case study. Multiple choice questions serve a different purpose: to assess lower level cognitive skills, such as the ability to remember facts or understand basic concepts. That is why multiple-choice assessment is so common in lower level, undergraduate, and introductory courses. Also, with some ingenuity, one can create multiple choice questions that tap into the higher-order cognitive skills. For example, calculating the current cash position of a company and selecting the right answer from the list of several choices may require performing a complex analysis of other financial statements. Similarly, case study question may test the ability of a student to remember simple facts about the company described in the case. Thus, there is a considerable overlap between the educational goals of case-based assessment and other, more basic forms of assessment.
Krotov, V., & Silva, L. (2005). Case study research: Science or a literary genre?. AMCIS 2005 Proceedings, 50.
Bloom, B. S., Engelhart, M. D., Furst, E. J., Hill, W. H. & Krathwohl, D. R. (1956). Taxonomy of educational objectives: The classification of educational goals. Handbook I: Cognitive domain. New York: David McKay Company.
A variety of terms have been used to describe Assurance of Learning (AoL): assessment, assessment of learning outcomes, outcomes assessment, and many others. AoL or assessment can be defined as a systematic and evidence-based approach for assessing the degree to which students meet the stated learning outcomes by devising changes that improve student learning.
An effective and sustainable AoL system is an important requirement of many accreditation standards, such as the Association to Advance Collegiate Schools of Business (AACSB) and the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC). For example, Standard 5 (p. 41) of the 2020 Guiding Principles and Standards for Business Accreditation published by AACSB requires that each school:
… uses well-documented assurance of learning (AoL) processes that include direct and indirect measures for ensuring the quality of all degree programs that are deemed in scope for accreditation purposes. The results of the school’s AoL work leads to curricular and process improvements.
Similarly, Section 8 of the Principles of Accreditation: Foundations for Quality Enhancement published by SACSCOC requires that each educational institution:
…identifies, evaluates, and publishes goals and outcomes for student achievement appropriate to the institution’s mission, the nature of the students it serves, and the kinds of programs offered. The institution uses multiple measures to document student success.
Different Ways to Fail in AoL
Despite the importance of AoL for continuous quality improvement in relation to student learning and attaining and reaffirming accreditation, this is also the area where, based on the comments from many reviewers, many business schools struggle or simply fail. While each successful AoL system has characteristics that are unique to the institutional mission and the context where the system is implemented, it can be argued that an unsuccessful AoL system usually fails in one or more of the four areas listed below:
The AoL system is not designed in accordance with best practices or requirements of major accreditation agencies
The AoL system is not fully aligned with the institutional mission and goals
The AoL system does not produce any traceable changes that result in improvement in student learning
The AoL system is not sustainable; it is quickly abandoned after one or more cycles of assessment
Components of a Successful AoL System
In order to comply with the accreditation requirements and produce specific, traceable changes that improve student learning and help the institution achieve its mission and goals, an AoL system must rely on the following components:
Clear, collectively developed institutional mission and goals
A list of Institutional Learning Outcomes (ILOs)
A list of Program Learning Outcomes (PLOs) for each program included in assessment
A list of specific, measurable Course Learning Objectives (CLOs)
Alignment of ILOs, PLOs, and CLOs with institutional mission and goals
Alignment of mission, goals, and learning outcomes with appropriate accreditation standards or industry requirements
An AoL committee or task force comprised of representatives from various academic and nonacademic units and levels of an HEI
Templates outlining the general approach and technicalities of assessment and reporting
A clear, collectively developed and mutually agreed upon assessment plan
Alignment of assessment planning and reporting
Templates for assessment maps or matrices
A simple yet robust system for gathering, analyzing, and distributing AoL data
Availability of Assessment Coordinators to carry out assessment for individual programs, departments, and colleges
A variety of formative and summative measures appropriate for the stated learning outcomes
Clear assignment of responsibilities in relation to AoL
Clear deadlines for various AoL events and deliverables
A formal approach to assessment data analysis
A template for assessment reports
Dissemination of assessment data to all the relevant stakeholders
Decision making, recommendations, and changes driven by assessment data
Continuous improvement in student learning and success based on AoL
Contribution to broader societal goals through improved teaching and student learning
As one can see from the list, an effective AoL system requires many components and a holistic approach based on the collaboration of all the important stakeholders in education, such as faculty, administrators, staff, students, employers, HEIs, accreditation agencies, and society as a whole.
The 2020 Business Accreditation Standards by AACSB require a business to “maintain an ongoing risk analysis, identifying potential risks that could significantly impair its ability to fulfill the school’s mission, as well as a contingency plan for mitigating these risks.” With the recent events surrounding the COVID-19 pandemic and its impact on educational institutions around the globe, there is a growing realization among business schools and their leaders of the importance and usefulness of Risk Management in their organizations. In this article, we briefly discuss the Risk Management Process and offer simple, practical guidelines on how to identify, analyze, and mitigate risks with the help of a formal Risk Management Plan that is aligned with a broader Strategic Management Plan devised by a business school.
Simplifying Assumptions
In this article, we make a number of assumptions in relation to Risk Management (see Figure 1). We believe that these assumptions will simplify the Risk Management Process and make it more effective in mitigating the identified future risk events.
Figure 1. Risk Management Assumptions
Figure 1. Risk Management Assumptions
First, we believe that Risk Management is not a “bulletproof shield” for protecting a business school against all possible risks. It is rather a tool or a method that, if used effectively, can reduce the negative impact of risk on the organization. Risk Management can also be misused and turn into a vain exercise. This usually happens when the Risk Management process is (a) based on flawed analysis that does not properly identify and analyze important risks, (b) too complex and, thus, impractical, or (c) not backed by adequate resources required for risk mitigation. Second, we also believe that Risk Management is subjective. Risk Management is much closer to art rather than science; it is based on subjective reasoning and viewpoints, requires imagination for proper risk identification, and is heavily impacted by the “unknowns.” Because of that, we are strongly against a naïve, overly quantitative approach to Risk Management. We do support a formal, structured approach to risk analysis that makes use of appropriate quantitative and qualitative factors. Third, we believe that simplicity is the most effective response to the inherent complexity and serendipity of the environment that many business schools are operating it. We believe that overly complex, highly structured plans are inherently “fragile” in the face of the uncertain, highly complex, and turbulent environment that many business schools are increasingly finding themselves in. Simple, agile plans and structures are more robust and effective during the times of turbulence and uncertainty.
Risk Management Process
Risk Management can be defined as a continuous process comprised of the following steps or phases: analysis of strategic priorities and relevant internal and external factors, identification and definition of risk bearing events, analysis of risks based on likelihood and severity of their impact, mitigating risks by devising response strategies and actions and assigning people responsible for these actions, and monitoring of risks and periodic reporting in relation to these risks to key stakeholders (see Figure 2). Each of these steps is discussed in more detail in the sections below.
Figure 2. Risk Management Process
Analyzing Strategic Priorities and Relevant Internal and External Factors
Risk Management starts with the analysis of the current strategic priorities. As explained in Standard 1 of the 2020 Business Accreditation Standards published by AACSB, risk management is a part of a broader strategic management process and should be carried out in a way that supports a business school in attaining its strategic goals and objectives. Many of the internal and external risks can be identified by analyzing an organization’s internal strengths and weaknesses together with external opportunities and threats (the so-called SWOT analysis).
Identifying and Defining Risks
After this analysis, the organization should be able to identify and clearly describe important risk bearing events it is facing in relation to its internal and external environments. Examples of external risks include:
Growing competition for students among existing educational institutions
Drops in enrollment due to demographics changes
Deficit of resources due to worsening economic conditions
Examples of internal risks include:
Decreases in funding due to budgeting changes at the university level
Inadequate staffing
Turnover in leadership
A table with clear descriptions of identified risks should be the main deliverable of the risk identification and definition phase.
Analyzing Risks Based on Likelihood and Impact
While all kinds of risks can and should be identified as a part of the Risk Management process, not all risks have the same estimated likelihood and potential impact. Thus, each risk should be carefully analyzed to determine (1) the likelihood of an event occurring and (2) severity of its impact (see Figure 3).
Figure 3. Risk Categories
This categorization of risks allows one to prioritize attention and resources in relation to possible future events. Events that are very likely to occur and which can possibly have a great impact on an organization should be treated as critical events. These events require special attention and resources to prevent their negative impact on the organization. Possible future events with moderate likelihood and moderate-to-high impact should be treated as important risk events. While being treated with adequate attention and resources, as a rule, these events should require less attention and resources than critical events with high likelihood and high impact. Low likelihood events with moderate-to-high impact should require a moderate level of attention and resources. Events with moderate-to-high likelihood and low impact should be acknowledged and dealt with, but with a minimum level of resources. Finally, events with low likelihood and low impact should be discussed but probably excluded from a formal risk management plan to keep it simple.
Mitigating Risks by Devising Mitigation Actions and Assigning Responsibilities
After analyzing each possible risk event in terms of its likelihood and impact on the organization, possible actions for mitigating these risks should be devised. It is important to assign to each risk event a “risk owner”—a person responsible for taking a lead on these risk mitigation actions. More thought and extra planning should be put into critical and important events. Important organizational leaders should not be “overextended”; they should be assigned as “leads” only to critical and important risk events.
Monitoring Risks and Establishing Period Reporting to Key Stakeholders
People in charge of the specific risks should be given the formal task of monitoring the internal and external environment of a business school and carrying out mitigation actions designed to protect the organization from a possible negative impact of an event in a proactive fashion or carrying out emergency actions designed to minimize the impact of an event that has occurred already. Without a person responsible for monitoring and mitigating a potential risk event, the organization my find itself in a situation where the event is not identified or dealt with in a timely fashion. Periodic updates by people assigned to risk events should be sent to the dean. The dean can compile all of these reports in a formal Risk Management Plan update that is sent to all the key stakeholders quarterly, biannually, or annually—depending on the complexity and uncertainty of the environment that the school is operating in.
Risk Management Plan
The most important deliverable of the Risk Management process is in the form of a formal risk management plan that is updated periodically, depending on the Strategic Planning cycle length of a business school. The main elements of an effective Risk Management Plan are summarized in Table 1 below.
Strategic Goal 1 – Emphasize Faculty & Staff Development
Risk Description
Importance
Risk Owner
Mitigation Actions
ReportingTimeline
Status Updates
Inferior instructional quality in online courses
Critical
Dept. Chairs, Faculty
Comprehensive faculty training, audit of online classes
On-going
All online courses have been reviewed using a standard quality rubric
Failure to attract and retain qualified faculty
Important
Dean, Dept. Chairs
Faculty development opportunities, faculty satisfaction survey
Annual
A formal business faculty development program was established in collaboration with the Faculty Development Center
Failure to maintain appropriate portfolio of qualified faculty
Important
Dept. Chairs, Assoc. Dean
Develop and maintain a faculty resource plan
Annual
A faculty resource plan has been designed in accordance with AACSB definitions
Failure to maintain AACSB accreditation
Moderate
Dean, Assoc. Dean
Ensure adherence to AACSB standards, focus on continuous improvement
On-going
Faculty sufficiency issue has been communicated to the university’s senior leaders
Table 1. Elements of a Risk Management Plan
Note that the plan contains all the outcomes or deliverables of the steps or phases of the Risk Management Process discussed above. Periodic status updates reported by the people in charge of the risk events are appended to each of the identified risks. Another important characteristic of this Risk Management Plan summary is that it is explicitly linked to Strategic Goal 1 found in the Strategic Plan of the business school.
