In business, there is rarely a single answer to a problem. The goalposts are always moving, now more than ever – as well as economics, business professionals are contending with questions of sustainability, supply chains, globalisation and ever-evolving technology.
Learning skills and knowledge through a master of business administration (MBA) helps graduates understand how it all works in theory, but what will set them apart is their ability to apply that knowledge to real-world situations. While many MBA programs rely on case studies to demonstrate different possibilities and outcomes, Macquarie University believes a capstone project can teach students to conceptualise, think strategically and solve problems before they graduate.
What is a capstone project?
A capstone project is designed to integrate new knowledge with live case projects. At Macquarie University, it forms the final unit of the MBA, and challenges students to “develop and pitch strategic solutions”, with the goal to deliver real value and competitive advantage.
Nidthida Lin is an associate professor at Macquarie Business School, and leads the MBA capstone projects. In each study period, she says, external clients approach the university with a challenge they are facing. Student groups use what they have learned throughout their MBA to identify the root cause of the problem and design creative solutions.
“A lot of the time, the client knows that they have a problem, but they don’t know what it is,” she says. “The student is going in with fresh eyes. They integrate all the knowledge and skills they have learned and put them into practice. It helps them transition from academic MBA study into the real world.”
A capstone project is structured to challenge students’ thinking
“What we emphasise in this unit is abductive thinking,” Lin says. Students are encouraged to create a hypothesis relating to the presented problem. They work together to explore ideas while practising management and leadership skills, analysing complex ideas and implementing their own specialist knowledge.
For Lin, this is a crucial preview of adding strategic value in a real business environment. “We think this is more important in this very dynamic, fast-changing world,” she says. “That kind of reasoning allows them to be more innovative: what if you do something different?
“What we encourage is: can you think outside the box? Can you be creative and spot or create opportunities that others might have not noticed or picked up?”
Graduates learn to identify the problem, not just solve it
Case studies, which form a key part of most MBA programs, are static. “You know exactly the problem they want you to solve,” Lin says. But in the real world, she says, the problem is rarely so neatly identified. The first step towards a successful outcome is to accurately identify what needs to be solved. “Working with executives in the industry, what they all struggle with is to find people who can identify the problem.”
Macquarie University’s capstone projects introduce two possible scenarios, Lin says. “One: you have a lot of information and don’t know what to focus on, so this trains them to filter out and identify the priorities. Or two: you don’t have enough information and need to make a lot of assumptions. That is what you’re going to face in the real world.”
Where a case study is written about a situation from the past, the capstone project is a live, changeable scenario with myriad external factors. “As you solve the real-world problem, the market evolves,” Lin says. “That problem might be outdated already. That kind of preparation is what we want to give students.”
Capstone projects teach the human side of business
Guru Rao recently completed his MBA from Macquarie University, and feels fortunate to have worked on a capstone project. His background is in engineering, an area that he says has taught him “a very analytical approach in being trained to solve problems”.
For his capstone project, Rao says he had the opportunity to bring together a diverse team of experts from areas including healthcare, banking, transformation, finance and engineering. Together, they were tasked with creating a strategic solution for the National Disability Insurance Scheme (NDIS) Quality and Safeguards Commission, to help autistic participants access support networks and build communities.
“In a case study, you work between two lines,” Rao says. “You know exactly where you’re going to end up. With this one, it was more like guidelines pointing us in a particular direction. That was quite evident at the end of it – eight groups ended up with eight different solutions very close to each other.”
The experience of interviewing NDIS participants, understanding their needs, and creating an innovative solution that would improve their experiences turned Rao’s understanding on its head. Instead of “going straight into solution mode”, he says he was challenged to think about the wider context of what he could help to achieve – and its potential to change lives.
“This project sort of re-emphasised that change management is a human-centric journey.”
A capstone project gives Macquarie University graduates the edge
Lin says: “One thing that’s unique about Macquarie is that we put a lot of focus on the application of the knowledge. We want to make sure that the knowledge that we give to students is not just the theory – everything we teach students is applied.”
Alongside its practical approach to learning, Macquarie University has strong connections in the business world, including within Macquarie Park Innovation District and internal faculties. “That connection helps us find projects that are interesting and relevant for MBA students to solve in their capstone,” Lin says.
Rao says this dynamic gave him access to “lifelong mentors” and, ultimately, a new way of seeing the world. “Before I did my MBA, one plus one was always equal to two,” he says. “Now, it’s more human-centric. I feel like it transformed the way I look at problems and solutions.
“Success is not about reaching the end. It’s about how many people walked along that path and how we got there.”
