Business Simulation

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  • Topic: Business game, Simulations and games in economics education, Business
  • Pages : 3 (892 words )
  • Download(s) : 533
  • Published : December 15, 2012
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What have you learned

Business simulation is simulation used for business training or analysis. Most business simulations are used for business acumen training and development. Learning objectives include: strategic thinking, financial analysis, market analysis, operations, teamwork and leadership. The business gaming community seems lately to have adopted the term business simulation game instead of just gaming or just simulation. The word simulation is sometimes considered too mechanistic for educational purposes. Simulation also refers to activities where an optimum for some problem is searched for, while this is not usually the aim of an educational game. On the other hand, the word game can imply time wasting, not taking things too seriously and engaging in an exercise designed purely for fun. The concept of simulation gaming seems to offer the right combination and balance between the two.Simulation gaming is also the term that the educational gaming community has adopted.

Business game was a hands-on learning exercise that draws together the information and lessons of prior courses, consolidates our knowledge about the different aspects of running a company, builds our confidence in analyzing the revenue-cost-profit economics of a business, helps us to understand how the functional pieces of a business fit together, provides valuable practice in crafting profitable growth strategies, sharpens our business judgment, and provides a capstone for our business school education. We have gain some useful experience and practice in assessing business risk, analyzing industry and competitive conditions, making decisions from a companywide perspective, thinking strategically about a company's market position and the kinds of actions it will take to improve it, developing strategies and revising them in light of changing conditions, and applying what we have learned in business school. The bottom line is that business Game adds value by strengthening our...
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