Managing Experiential Education: Work-Integrated Learning in the Context of a Cost-Benefit Analysis

Abstract

Higher education has become both more accessible and better integrated across the world. This has seen higher education evolving to become both an industry sector and, an industry in and of itself. Higher education has subsequently become more cognizant of 'market demands' and, is increasingly reflecting this in teaching, learning and administration practice. The result has been a greater recognition of prevailing economic environment considerations and, the requirement for graduates who are better attuned to the actual situations and circumstances of employment (Joshi, 2005; Pearson & Beasley, 1998). This paper will discuss the relevancy of a traditional cost-benefit analysis to the management, decision-making and practice of work-integrated learning in higher education institutions and, posit methodologies for value measurement and how components of perceived benefit and values are capable of being quantified and applied to management decision-making evaluation.