Experiential Learning in Executive Education: The Lagos Business School (LBS) Experience

Abstract

Arguably, one of the most natural and potent ways to learn is through experience, or learning by doing—an approach that has been vehemently ingrained in the teaching and learning programs at Lagos Business School (LBS). The school has incorporated experiential learning procedures into its management education programs through real-life projects such as capstones, study tours, and project simulations. The prospective chapter will explore the process of integration and transfer, the progress made, challenges encountered, and how they have been managed so far.

I hear, and I forget. I see, and I remember. I do, and I understand.

Ancient Chinese Proverb

Appendices

Appendix 1: Real-Life Project Procedures

Typical Milestones

Step One: Organizational proposal and selection process	Step Two: Creation of a three- to five-page “case” document on the organization and the business challenge
• Consider potential projects and obtain buy-in from the leadership team and board of directors to apply the capstone project	• Student teams be deployed the entity concern to draft a case with the company’s input
• Complete the application and project proposal form and submit.	• The team is provided with adequate data to aid their case write-up
• Capstone faculty is available for consultation while developing the project proposal.

Skills and Competencies of the Capstones

Step Three: Meet the team day	Step Four: Information gathering sessions
• Key organization leaders and board members attend a two-hour session for community organization day	• Project liaison works with students and professors, including providing additional data, facilitating interviews for students, answering follow-on questions, and so on.
• The session is designed to enable the organization representatives to answer questions about their entity.	• Constant touch with the project professor.

Step Five: Final presentation and deliverables
• The organization leadership teams receive students’ final presentation.
• The student team deliverables are sent to the organization for their review and their follow-up with the students

Appendix 2: Skills and Competencies Embed in the BSG and the Other Capstones

Leadership Skills

Assessment of the individual’s leadership and independent thinking skills.

Collaboration and Teamwork

Assessment of the individual’s collaborative skills, teamwork, and ability to work well with others.

Financial Analysis

Assessment of the individual’s skills in analyzing financial ratios and financial statements.

Financial Management

Assessment of the group’s ability to apply financial management principles. Based on the company’s ROE, credit rating, and stock price performances.

Operations Management

Assessment of the group’s ability to manage production operations and control production costs.

Marketing Management

Assessment of the group’s ability to effectively market the company’s product and control marketing costs. Based on the company’s market image and marketing costs per unit sold.

Human Resources Management

Assessment of the group’s proficiency in workforce management and controlling labor costs. Based on workforce compensation, workforce productivity, and labor costs per unit sold.

Strategic Analysis and Planning

Assessment of the group’s strategic planning and strategic thinking skills. Based on scores achieved on the three-year strategic plan exercise.

Corporate Social Responsibility

Assessment of group’s awareness of and commitment to operating the company in a socially responsible manner and being a “model corporate citizen”.

Appendix 3: Evaluation and Learning Goals

Pilot test of learning goals Selected in 2015	Courses (where it is applied in LBS)
MBA program goal one: Analytical and problem-solving skills Students should be able to use appropriately analytical techniques and information to identify business problems, seek multiple perspectives, formulate, and implement possible solutions
• Financial analysis from the Glo-bus BSG • Written assignment in the Glo-bus simulation using standard rubrics	BSG Strategy II (real-life projects and study tours)
Goal two: Ethical and social responsibility Students should understand ethical and social issues and how they impact on businesses
• Learning assurance report • Written assignment	BSG Strategy II
Goal three: Global perspectives: Students should understand the local and global business trends and be able to apply international best practices.
• Case examination analysis • Written assignment	BSG Strategy II
Goal four: Leadership: Students will demonstrate the ability to lead in a team in a group setting and exhibit interpersonal abilities.
• Peer review results	BSG
Goal five: Communication skills-oral Students will be able to prepare and deliver effective presentations with the aid of appropriate technology.
• Various individual presentations during each BSG period • Final round presentation	BSG
Goal six: Communication skill-written Students should be able to produce professional reports • Final case written examination using standard rubrics.