As the world advances into the twenty - first century, managers face the challenge of increasing competition due to the globalization of business and economy. Salient changes witnessed are the deregulation and liberalization of economies, changing industry structures, mergers, acquisitions & alliance formations to sustain growth, privatization, technological advances, changes in the consumer preferences and life-style, and emergence of new forms of organization & management practices.
Not only business organizations, but the managers themselves need to equip themselves with new skills and resources needed to manage such enterprises. These skills are needed for the managers to assume greater responsibilities through career advancement based on knowledge, skills and competence.