Principles of Responsible Management Education (PRME) in the Age of Artificial Intelligence (AI): Opportunities, Threats, and the Way Forward

Artificial intelligence (AI) technologies are a top investment priority, with 800 million jobs expected to be replaced by machines by 2030 and human levels of intelligence multiplied by a billion-fold by 2045. This book explores the impact of AI on business education, including how it will be used in business schools and management learning, whether it is a threat for the successful implementation of PRME, and what new learning goals and learning journeys should be created.

Format: Hardback
Length: 206 pages
Publication date: 11 August 2021
Publisher: Information Age Publishing

Artificial intelligence (AI) technologies are among the top investment priorities in today's world, with predictions suggesting that by 2030, approximately 800 million jobs will have disappeared and been taken over by machines, and artificial intelligence (AI) will reach human levels by around 2029. Continuing this trend to 2045, we will have multiplied the intelligence, or human biological machine intelligence, of our civilization a billion-fold. This requires new forms of work and new ways of business education.

This book is authored by a range of international experts with diverse backgrounds and perspectives, aiming to bring us closer to the responses to questions such as how AI may be used or is a threat for PRME implementation, how AI will impact the business education world, or what we should teach in business schools in the time of AI (what the right set of future skills is).

In our book, we address the following questions:

1. How will AI impact the business education world?
2. How will AI be used in business schools and management learning?
3. Is AI a threat for the successful implementation of PRME?
4. What should new learning goals be?
5. How should we create next-generation learning journeys?

AI has the potential to revolutionize the business education world in numerous ways. It can provide students with access to vast amounts of data and information, enabling them to make informed decisions and develop innovative solutions. AI can also help to improve the efficiency and effectiveness of business processes, reducing costs and increasing profitability.

However, AI also poses several challenges for the business education world. One of the main concerns is the potential for job displacement. As machines become more capable, they are likely to replace many human jobs, particularly those that are repetitive, routine, or require low-level skills. This could lead to significant social and economic disruption, particularly in developing countries where job opportunities are already limited.

To address this challenge, it is important to invest in education and training programs that will help workers develop the skills they need to thrive in the age of AI. This may include programs that focus on digital literacy, data analysis, and problem-solving, as well as programs that help workers transition to new jobs or industries.

Another challenge for AI in the business education world is the potential for bias. AI algorithms are only as good as the data they are trained on, and if the data is biased, the algorithms will produce biased results. This can have serious consequences in areas such as hiring, lending, and healthcare, where decisions can have significant impacts on individuals' lives.

To address this challenge, it is important to ensure that AI algorithms are trained on diverse and representative data sets. This may require companies to invest in data collection and analysis programs, as well as to work with external experts to ensure that their algorithms are fair and unbiased.

In addition to these challenges, AI also has the potential to transform the way that business schools and management learning are conducted. For example, AI can be used to create personalized learning experiences for students, based on their individual needs and preferences. This can help to improve student engagement and retention, as well as to ensure that students are learning the skills they need to succeed in the workplace.

AI can also be used to improve the efficiency and effectiveness of business processes. For example, AI can be used to automate routine tasks such as data entry, customer service, and inventory management, freeing up time for employees to focus on more strategic tasks.

However, it is important to ensure that AI is used in a responsible and ethical manner. This may require companies to develop ethical guidelines and policies for the use of AI, as well as to ensure that their algorithms are transparent and accountable.

In conclusion, AI has the potential to revolutionize the business education world in numerous ways. While it poses several challenges, it is also an opportunity for companies to invest in education and training programs that will help workers develop the skills they need to thrive in the age of AI. By ensuring that AI is used in a responsible and ethical manner, we can ensure that the benefits of AI are realized while minimizing the negative impacts.

Weight: 333g
Dimension: 234 x 156 (mm)
ISBN-13: 9781648025440