Business Simulation

Topics: Strategic management, Business game, Computer simulation Pages: 26 (7741 words) Published: January 20, 2013

Under The Guidance Of: Submitted By: Dr. P.U.B. Rao Chanima Bhattacharya Institute Of Technology & Science Roll No. 2011046 Ghaziabad-201007 Section-C PGDM (2011-13)

"I hear and I forget; I see and I remember; I do and I understand." - Confucius


Change in time, and advent of the technology have brought into change in almost everything in human lives. A human being has become more and more equipped with knowledge and logics. This is an era of learning by doing. By doing, learners gain on-the-job experience, and they learn faster and better. The modes of training and development have also changed over the period of time. Training is not confined to lecture or only case studies, but it has integrated technology into it, to make learning more experiential. Now, real life situation can be created in virtual world where the learner can take decisions, make mistakes and learn what to do and what not to do. In this term paper, different types of simulations have been discussed. In addition to that, simulation model has also been discussed. Moreover, the importance of business simulation and how does it help a learner to take strategic decisions, have been mentioned.

S.No.| Content| Page No.|
1.| Define Business Simulation| 5|
2.| Types of Simulation| 8|
3.| Simulation Model| 13|
4.| Business Simulation Development Format| 17|
5.| Top 5 Tips To Facilitating A Business Training Simulation| 24| 6.| The Advantages Of Games And Simulations As Experiential Exercises| 25| 7.| Importance Of Business Simulation And How Does It Works| 27| 8.| Relating Generative Learning With Business Simulation| 29| 9.| Simulation Games| 36|

10.| References| 37|


According to Institute of Training & Development, University of Central Florida[1] states “Simulations (and models, too) are abstractions of reality. Often they deliberately emphasize one part of reality at the expense of other parts. Sometimes this is necessary due to computer power limitations. Sometimes it's done to focus your attention on an important aspect of the simulation. Whereas models are mathematical, logical, or some other structured representations of reality, simulations are the specific application of models to arrive at some outcome.” In the above definition, there is difference being shown between simulations and models. The only similarity is that both of them are abstraction of reality. In a way simulation is the specific part of the reality, may be to emphasize it more. According to Ruth Thomas[2] “Defining simulations is problematic, given the many perspectives of its users. The benefits of simulation are becoming more generally recognized in the e-Learning market, and attempts to capitalize on the positive overtones of the term have led to it being applied outside of its original meaning.” It states that the definition of simulation is hard to make, as it differs according to the needs of the users. Simulation, is mostly recognized in the e-learning market. The Oxford English Dictionary[3] describes simulation as: "The technique of imitating the behaviour of some situation or system (Economic, Mechanical etc.) by means of an analogous model, situation, or apparatus, either to gain information more conveniently or to train personnel."

1. Institute of Training & Development, University of Central Florida 2. Ruth Thomas “What Are Simulations? – The JeLSIM Perspective.”(Page-1) 3. Oxford English Dictionary

In this definition the simulation...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Business Simulation Essay
  • The Mandate to Change the Prevailing Culture from Opinion-Based Practice to Evidence-Based Practice Has Influenced Models Designed as...
  • Simulation Essay
  • Country Analysis of Military Simulation and Virtual Training Industry Analysis and 2024 Forecasts Essay
  • Using Simulation to Educate the Healthcare Professional Essay
  • Prediction of Cross-Axis-Sensitivity of Inertial Micro-Sensor Through Modeling and Simulation Essay
  • Global Civil Aviation Flight Training and Simulation Market 2014-2018 Essay
  • Program Evaluation and Review Technique (Pert) Scheduling with Resource Constraints Using Qualitative Simulation Graphs (Qsg) Essay

Become a StudyMode Member

Sign Up - It's Free