Does MBA/PGDM programme guarantee job placements?

MBA/PGDM from a reputed B-School guarantees a good placement provided you have the required skill set for the particular job and are able to demonstrate the same well during the interview.

This can't be assured that MBA/PGDM will result in guaranteed placements. Placement depends on companies visiting the institute. Most importantly, it's the individual's academic performance and performance in the interview process.