Considering that this is the basic model of MBA programs, not to mention that it's also the basic model of pretty much any professional graduate program in pretty much any field, I'm left wondering how this is the first time you've encountered it.
A case study is not quite practice, more like a review I'd think.
When you are reading, but not a project. Even if it's a project to make a decision based on historical conditions, students are doing exactly what they'd be doing if they were running the company or division, and in most cases they are or will be running those or similar companies and divisions making the same kinds of decisions in the same ways, which is the whole point.
This is more like it
During the course of working on the project it's really exactly the same as the above.
Well, this will become a "real business" when it is actually running? I mean, till it runs this planning is as good as anyone else's? ... This is more in line with "practicing business"
It's really no different. Look, her school is a top-tier business school and the business we are talking about aren't social web startups. When you are dealing with industries that require a large capital investment, it's often much harder to start and the consequences much worse when you fail. I've had to take more than 6 figures of investment for a web company and I've never needed to give up more than equity and sometimes some strategic guidance, whereas in other industries I might expect to be signing a personal guarantee, possibly even having an investor become an integral part of operations. So when we are talking about planning a business, we aren't talking about a web company with a one page business plan.
This is the first time I've ever heard an mba as practice (vs a study of theory) in running a business. Great insight (if true).
"Most of the focus is on case studies"
A case study is not quite practice, more like a review I'd think. If this concept is adopted , analysing Napoleon's campaigns would be "practicing war" , reading about Bruce Lee's fighting style(and even debating about it) would be "practicing KUng Fu" and an analysis of Beethoven's Fifth Symphony would be "practicing music".
" and group projects tackling real business issues,"
This is more like it. What percentage of an MBA do you think would involve running (parts of) a real business? 25 %, 50 %?
"This past quarter, for instance, her group in one class did all the business planning for a group member's business that he is now creating."
Well, this will become a "real business" when it is actually running? I mean, till it runs this planning is as good as anyone else's?
"In other cases, they've done restructuring plans that are then implemented by the company. "
This is more in line with "practicing business". Thanks for the input. Thought provoking.