Abstract
The paper describes the changes taking place in the external environment of education institutions and their effects on the functioning of institutions. It highlights various management philosophies being used by industries and companies providing employment to graduates. All the stakeholders expects the excellence in all respects from educational institutions. It is very difficult to translate and satisfy the expectations of different stakeholders. So in this paper definition of excellence, its dimensions, and characteristics in context of education institutions are described. At the end formats are suggested to assess the effectiveness of the institution on dimensions and characteristics of excellence. The paper is based on literature review, experiences of the authors and views of experts.
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