Information and communication technology (ICT) which includes radio, television and newer digital technology such as computers and the internet, are potentially powerful tools for extending educational opportunities, formal and non-formal, to one and all. It provides opportunities to deploy innovative teaching methodologies and interesting material that creates an interest in students. This study is to determine the critical factors that impact the effective use of ICT in management education from students' and teachers' perspective, and to identify the expectations and gaps in its use in management education. A questionnaire-based survey was conducted and the perception of various stakeholders of the importance of these factors was analyzed. The study was conducted at various management institutes across the city of Navi Mumbai. Data analysis revealed that various categories of respondents gave significantly different importance to factors relevant for the effective use of ICT. Notably, there was a significant gap between the respondents' expectations and the actual satisfaction with the current usage of ICT. The findings could be useful to any management institution which is thinking of making effective use of ICT in its curriculum. (Contains 17 tables and 1 figure.)