PRACTing Project

 

Project name: Acquiring practical knowledge through “Virtual Enterprise” programme and internship in real companies
Project acronym: PRACTing
Name of institution: Faculty of Economics, University of Montenegro

 

PROJECT SUMMARY

Objectives

Overall objective of the project is to introduce and implement programs of acquiring practical knowledge, skills and experience for students of Faculty of Economics. This project will emphasize transferability of theoretical knowledge to the practical level. Namely, it is the question that has been stressed out from the students’ point of view as one of the main issues they are struggling with after finishing their formal education. Therefore, this project is aimed at connection between theory and practice, for the purpose of skills development within young people population.

Specific objectives of the project are:

  1. To implement program of acquiring practical knowledge called  ”virtual enterprise” as a practical subject in the process of teaching on final year of studies;
  2. To implement program of internship of students in real companies on the final year of study;
  3. To attract business sector in implementation of programs for acquiring practical skills and knowledge;
  4. To promote entrepreneurship and innovation among students as a potential for their future business and career orientation;
  5. To enable better and suitable conditions for lecturers, in practical and skilled oriented manners.

Target groups

Target groups of the project that will be directly positively affected at the level of specific objectives are:

  • Students of the final year of the Faculty of Economics who will acquire practical knowledge and business skills before finalizing their studies, and therefore be more prepared for the labour market or starting up their own business after graduation.
  • Montenegrin companies that will have more skilled human resources in field of economics on the labour market as well as new experience with students ideas and energy which will  increase their productivity and business efficiency on the market.
  • Academic (teaching staff) of the Faculty of Economics, as this project will be used as a good opportunity for the lecturers and researchers to be in a better chance to transfer theoretical and practical skills and knowledge to the students, and therefore to prepare them for a labour market conditions. This project will also be the chance for academic staff to implement modern teaching methods used in advanced HEIs in Europe and wider.

Final beneficiaries

Final beneficiaries are:

  • All students of the Faculty of Economics;
  • Business associations and companies in Montenegro;
  • University of Montenegro;
  • Start-up community in Montenegro;
  • Government and other institutions and organizations.

Estimated results

Estimated results will be measured in number of students that will go through the program of virtual enterprise and internship in real companies. Estimated number of students to be a part of the practical knowledge acquirements per one year is minimum 50. The number of companies to be in partnership within this project is minimum 10. For this first year of the project implementation this is a significant number of students, since it represent approximately 25% of total number of students in final year. These results will encourage the faculty to work on project expansion and to involve more students and companies in practical skills acquirement that will ultimately lead to more skilled human resources on the labour market in Montenegro. In the next period of 3 years it is planned that approximately 200 students pass this practical exercise which will represent around 30% of total number of students in 3 years. One of the results of this project is also a significant contribution in achieving better skilled workforce, which will be derivate from the basics needs of companies from the national market. Also, having in mind the level of openness of the Montenegrin market and EU integration processes, this project will additionally contribute in raising of the competitiveness level of the future academic workforce, not only within Montenegrin border, but else wider.