Business Simulation Reading Material

WHAT IS A BUSINESS SIMULATION?
A business simulation is a powerful tool for organizational learning and

development. Business simulations enable your people to align your people on
strategy, improve their business acumen and business finance skills, and
ultimately improve your bottom line.
Business simulations provide a setting for students to bridge theories and
concepts taught in class with real-life experiences. Within this environment,
students are engaged with running their own simulated firm, making all key
strategic decisions for every aspect of business and competing against others
within their course. Competing either individually or in teams, students find
business simulations an engaging, realistic and memorable learning experience.
A simulation is an imitation of the real thing. So, a business simulation is an
imitation of a business. I like to define them as a case study with the participants
on the inside. Sometimes people confuse simulations and games. However,
games are gaming simulations. We use the word games (as in video games,
computer games) just because it is easier to say.
So, a simulation can be designed for education or leisure. Colloquially
simulations designed for fun are called games and those for education are
referred to as simulations.
There are 4 types of simulations
 Computer based - Low computer participant interaction with high computer
control. The computer is used as a kind of animated but teacher less,
electronic blackboard.
 Computer assisted - High computer participant interaction with high
participant control. Examples – aircraft simulation and popular games.
 Computer directed - High participant interaction with high computer control.
Most commercially gaming simulations fall under this classification.
 Computer controlled - High participant interaction with high participant
control. Not as widely used as it should be. An example is Geo, which we
distribute.
Outside of the academic definitions, as an educator you should use a simulation
to teach because:
WHY USE A BUSINESS SIMULATION?
Business simulations are a hands-on, interactive learning experience that allow
participants to truly engage in the material. Instead of focusing on theoretical
knowledge like in a typical classroom, participants build skills, improve
conceptual knowledge, and gain a big picture view of the organization all at
once. There are many benefits to using business simulations in your company,
including:
 Imitates Reality. Our simulations emulate the real-world factors and
challenges that your organization faces. Give your people a big-picture view
of operations by scaling everything down to a smaller scale.
 Risk-free environment. Your people will be able to learn from their
mistakes in a safe environment and see the consequences of their actions
across the whole organization – without affecting your organization.
 Stimulates co-operation. Working in cross-functional teams stimulates
conversation and co-operation between colleagues. These conversations
create peer-to-peer learning and open your people to better understand the
different perspectives in your organization.
 Learning by doing. It is said that we remember 10% of what we read, 20%
of what we hear, 70% of what we discuss with others, and 80% of
personally experience. A business simulation allows your people to
personally experience the consequences of all the different aspects of
business.
 Engages learners. Experiential, hands-on learning engages all the senses.
Participants visualize, discuss, plan, receive feedback, and practice real
techniques that they will use in the workplace.
 Accelerated learning. A simulation provides a big picture view of
operations, meaning that participants can grasp a wide range of concepts
and materials in a short period of time. By relating their new learnings back
to their own company, stickiness increases, and the knowledge follows back
to the workplace.

Business Simulation Reading Material

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WHAT IS A BUSINESS SIMULATION?

A business simulation is a powerful tool for organizational learning and

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