Executive education (ExEd or Exec. Ed) refers to academic programs at graduate-level business schools for executives, business leaders and functional managers globally. These programs are generally non-credit and non-degree-granting, but sometimes lead to certificates and some offer continuing education units accepted by professional bodies and institutes. Estimates by Business Week magazine suggest that executive education in the United States is approximately an $800 million annual business with approximately 80% provided by university-based business schools. Many traditionally upper tier schools offer these programs as well as business schools and other academic institutions. Customized programs, which are tailored for and offered to executives of a single company, represent the fastest-growing segment of the market. Customized programs help organizations increase management capability by combining the science of business and performance management into specialized programs that enable executives to develop new knowledge, skills and attitudes. Research shows that a firm with a clearly articulated and understood business and capability strategy will have a higher market-to-book value than a firm that does not. Open enrollment programs are also available as part of university-based executive education offerings, which occur throughout the year on selected dates, and are available to participants from different companies and organizations. Shorter executive education programs tend to focus on specific roles or industries, or on improving specific leadership skills, such as persuasion, negotiation, team building or communication. Some executive education providers offer more comprehensive management training options, such as the modular Advanced Management Program (AMP) offered independently by several business schools. Not all observers of university-based executive education are positive. There is some debate about the nature of business school education as a form of professional development. Some believe that university-based executive education has caused some business schools to "lose track of their professional mission." This argument is made by Rakesh Khurana among others. History The genesis of executive education can be traced to Frederick Taylor and his 1911 treatise Principles of Scientific Management. This book described how the application of the scientific method to the management of workers could improve productivity. Taylor's ideas, also known as "Taylorism" would become the standard for businesses worldwide. On the heels of Taylorism came The Alfred P. Sloan School of Management, which in 1914 began offering Course XV, Engineering Administration, at the Massachusetts Institute of Technology. At that time, the concept of providing business training in the academic environment was gaining popularity, thus MIT created