Literature Review: Economic Impact of Melbourne Polytechnic Students

This literature review examines the economic impact of Melbourne Polytechnic students on the Victorian economy. It explores the evolution of commercially oriented education to enhance job market readiness, highlighting the effective role of students, including the increasing number of international students and their contributions. The review discusses the role of financial assistance, the strong connections with industries, and the effective strategic plans of the institution. The study emphasizes the university's commitment to developing a skilled workforce, its industry-oriented approach, and the positive impact of international students. It also covers the financial assistance provided and the strong relationships with various industries, leading to job opportunities for students. Finally, it highlights the institution's strategic plans to improve student capabilities and reinforce pragmatic, future-motivated learning, with a focus on the competitiveness of the Victorian economy.

Running head: ECONOMIC IMPACT OF MELBOURNE POLYTECHNIC STUDENTS
Economic Impact of Melbourne Polytechnic Students
Name of the Student
Name of the University
Author Note

1ECONOMIC IMPACT OF MELBOURNE POLYTECHNIC STUDENTS
Table of Contents
Literature Review..........................................................................................................................3
Evolvement of commercialized education structure to enhance job market.......................3
Effective role of the students.....................................................................................................3
Role of increasing financial assistance.....................................................................................4
Strong connection with the industries......................................................................................5
Effective strategic plans of the institution...............................................................................5
References.......................................................................................................................................7

2ECONOMIC IMPACT OF MELBOURNE POLYTECHNIC STUDENTS
Literature Review
The Victorian economy is able to achieve a great success during the last couple of years.
The strong economic progress reflects the significant role the university students. In this context,
the role of Melbourne Polytechnic students is worth to be mentioned. Several studies have been
developed with the aim of finding the relationship between the economic development and
education system of Melbourne Polytechnic. In the following section, this paper strives to
delineate some important features of all those studies.
Evolvement of commercialized education structure to enhance job market
Melbourne Polytechnic has been aimed at developing commercially oriented higher
education system. . The major objective of this university is to acquire students and enhance their
skills as per the industrial requirements. At present situation, the work force is majorly affected
by automation. This university has developed some innovative and dynamic study frameworks in
order to meet the fresh and emerging requirements of the labor force. The newly developed
structure commits to provide an original solution with the purpose of developing a diversified
workforce. However, amalgamation of the needs of students, communities and industry is a
complex task (Beckert and Dewey 2017). The university authority needs to play a balanced role
in order to enhance the optimum output of the Victorian economy.
Effective role of the students
The prolonged success of this university makes attractive for the foreign students. A
growing number of international students are reported to get enrolled every year in this
university. The inclusive training provided by the university is considered as a key success of

3ECONOMIC IMPACT OF MELBOURNE POLYTECHNIC STUDENTS
students. The erudition structure is digitally empowered. The institution develops course stricture
with the help of market and educational expertise. Both the study and education system is
industry-oriented. Owing to the comprehensive and dynamic study structure the international
students feel content with the place of their study (Millar 2016). The diversity within the
institution is considered as a key strength of the concerned university. Meanwhile, cooperative
teaching staff can relate to the student and industrial demands. The educators associated with the
university provide notable insights into apprenticeship programs for the students (Conway 2016).
The domestic as well as the international students from the university thus obtain valuable
working knowledge. Both the international and national students can enhance their working
capability with the help of commercially oriented syllabus. The technology advanced learning
methodology makes the students more approachable to the working industry. The recent progress
of the Victorian economy has been majorly evolved due to technologically developed industries.
The emerging demand for the skilled labor acts as an important concern for the university. As a
consequence of that, the evolving industry and market-oriented lesson structure help to enhance
the growth of the Victorian economy. Owing to having good understandings with the teachers,
international students further are capable of making a great score during the course of their
pursuing studies at the university. This in turn makes them a part of the efficient and reliable
work force.
Role of increasing financial assistance
During the last couple of decades, the university has observed a sustained growth in
financial assistance. The sources of earnings have been experiencing a dynamic change owing to
attain the evolving the market demand. The constant financial contribution from the Melbourne

4ECONOMIC IMPACT OF MELBOURNE POLYTECHNIC STUDENTS
government has encouraged the university to do experimental work with the educational
structure. Over the several periods, both the local and national authority of the Melbourne have
been continuously increasing the public expenditure on education sector (O'Connor 2013).
Further, institutional expense related to the study is quite economical in nature for the
international as well as domestic students. The university is permitted to fix the cost structure in
accordance with the requirements of the students and society. Therefore, the authority always
tries to set reasonable fee structure in order to get more approachable to the students.
Strong connection with the industries
The institute is committed to continue a strong relationship with the industries. There are
different kinds of industries, such that, manufacturing sector, service sector along with tertiary
sectors reported to have growing partnership with the concerned university. The university is
founded to have collaborative movement with the industry as to obtain community and economic
success (Draghici et al. 2015). Meanwhile, a number of vocational training programs have
enhanced the students’ experience knowledge. In this way, vocational outcome get improved.
Further, the institution is always focused to contribute qualitative workers in terms of providing
technically efficient students. This will boost the number of qualitative students for the work
force (Galan-Muros and Davey 2017). Owing to having a connection with various industrial
sectors, the students are likely to get sizable job opportunities compared to other educational
institutes. In this way, a significant number of students are allowed to join in the workforce from
the Melbourne Polytechnic.
Effective strategic plans of the institution

5ECONOMIC IMPACT OF MELBOURNE POLYTECHNIC STUDENTS
Having been a forward-looking study institute in a nature, implementation of effective
strategy has been always a major cause of concern for the university. The authority strives to
improve the capability of the students with respect to rapid change in market demand. The
objective of the strategic plan is to reinforce the delivery of pragmatic and future-motivated
learning. The effective use of existing resources is addressed as one of the core objectives the
university makes under the strategic plans. The integrated course structure has been constructed
owing to enhance operational excellence of the international students. Moreover, the particular
university is constituted of the student’s related encouraging learning framework. Strengthening
the proficiency and fundamental source of knowledge while sustaining the competitiveness of
the Victorian economy is the key focus of this university (Boyd and Brack 2015). According to
the university’s education planning authority, the Victorian economy requires highly skilled
labor population. Referring to this requirement the university must need to implement training
activities like workshops, internship and conference programs for the students (Wain 2014).
Nevertheless, strategic collaboration with human resource networks has enabled the university to
yield the relevant amount of employability. This collaborative network structure extends the
range of occupations related to modern service sector and advanced technology based
professions.

6ECONOMIC IMPACT OF MELBOURNE POLYTECHNIC STUDENTS
References
Beckert, J. and Dewey, M. eds., 2017. The architecture of illegal markets: Towards an economic
sociology of illegality in the economy. Oxford University Press.
Boyd, S. and Brack, C., 2015. Developing evidence based and innovative learning design using
learning analytics.
Conway, L., 2016. Delivering on policy: strategy influences on teaching, learning and formal
assessment. Fine Print, 39(3), p.14.
Draghici, A., Baban, C.F., Gogan, M.L. and Ivascu, L.V., 2015. A knowledge management
approach for the university-industry collaboration in open innovation. Procedia Economics and
Finance, 23, pp.23-32.
Galan-Muros, V. and Davey, T., 2017. The UBC ecosystem: putting together a comprehensive
framework for university-business cooperation. The Journal of Technology Transfer, pp.1-36.
Millar, V., 2016. Interdisciplinary curriculum reform in the changing university. Teaching in
Higher Education, 21(4), pp.471-483.
O'Connor, A., 2013. A conceptual framework for entrepreneurship education policy: Meeting
government and economic purposes. Journal of Business Venturing, 28(4), pp.546-563.
Wain, R., 2014. Deepening the skill and knowledge base while maintaining the competitiveness
of the Australian electrical apprenticeship programs.