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Managerial development is the basic need of present business and industries. Most of the efforts in the industrial world are concentrated towards the development of a manager. According to the System School of Management, the decisions are based on the considerations of men, machines and money. Hence, these 3 resources need to be effectively utilised. Whereas, the Leadership School of Management maintains that - only man - who is the unique resource for decision-making has an inner potential of unlimited development, through its own efforts or planning. Business schools abroad are changing their curriculum and syllabus. Even Harvard School has set up a high powered committee to review and revamp its curriculum and introduce many changes in [Master of Business Administration] MBA courses. The Indian Institute of Technology Mumbai [IIT] has recently introduced courses at Masters Degree, PhD level and 4 month training programs with 2 thrust areas - technology management and manufacturing management - towards engineering managers as future goals of III's education programs.