Evaluation of SIMVenture ‘Business Analysis and Practice’ Module Faculty of Business & Law Strategy and Business Analysis Subject Group Victoria Harte Research Officer & Prof Jim Stewart Institute for Enterprise March 2010 Contents Page 1. Introduction 1 2. Methodology 2 3. Discussion of Results & Analysis 3 4. Baseline data 4 5. Part 1 Section 1 7 Section 2 8 Section 3 9 Section 4
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------------------------------------------------- Tips and Advice for using SimVenture The following information is provided so that you can get the most from the business simulation. The ‘Tips’ are not designed as answers or quick ‘cheats’. However‚ you are much more likely to find success in SimVenture if you follow the advice below and think your way through the simulation as if you were running your own business. Tips and Advice Take Time Don’t rush SimVenture. There is lots of ‘Help’ information within the game
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clicking ’Price’ will take you to the pricing page. USE THE NOTEPAD Use the notepad to record key information that you may need at a later date. It can be accessed from the tools menu at the top of the page. VIEW THE TUTORIALS If you are new to SimVenture‚ you might find it helpful to view the animated tutorials (available under the help menu). USE THE TIP TRAPS Use the Tips & Traps button in the top right corner of many pages to get a range of useful business advice. DO SOME RESEARCH One
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of a New Venture Creation Our aim- to engage with SimVenture; a business simulation that allowed us to build and sell computers through our virtual company named ‘Genesis’. The formation and running of our virtual company integrated us with new venture creation and about being an entrepreneur. It reinforced concepts previously presented in our course lectures and engaged us in a competitive and volatile business environment. SimVenture ran for three virtual years with five members on its team-
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In hypothetical terms‚ the firm was bound to go into losses in the first few months of establishment. The objective we had prioritised was to establish the company quickly with minimal losses‚ which then could be easily recovered over a short time period. We firstly did the essential market research. This would give us a market audit‚ allowing us to precisely plan both short-term and long-term strategies‚ ensuring that we don’t have any confusion and see exactly what our goal is. Along with the
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|MODULE ASSIGNMENT |MODULE |BMN305 | |COVERSHEET |CODE | | PART 1 |Student Name: | |Student Number: s1111650
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Discussion of the strategies and plans developed by the team‚ including the role performed by you the student in the team. Our task was to set up a business using the SimVenture software and make our own scenario‚ creating a business plan in advance and ensuring we would set strategies and make decisions as we go. We produced a business plan to set out the understanding of the business and to ensure the project ran smoothly however considering the start of the business plan now‚ certain aspects
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