Bill Clinton once said, “in today’s knowledge-based economy, what you earn depends on what you learn”[1]. Educational institutions today face the problem of finding alternatives to teaching pure theory or having to use generic business case studies. The established fact is that “students learn more effectively if they are actively involved in the learning process; are given feedback on their performance; and are allowed to repeat and practice so that they can ‘discover’ concepts for themselves”[2].
The use of business simulations brings the real-world closer to students by allowing students to experience management and strategy in-action;experiential learning at it’s best.
Simulation Interaction
Simulations provide students with the opportunity to interact with the different business functions, access real market and financial reports, and use these to make informed decisions with immediate feedback.
Note: Smartsims are the only simulations to offer both a Single-Player (practice) version and an Offline Mode within our Multi-Player (competitive) version. These allow students to trial different strategies, being able to move back and forth through decision periods to view the affect of their decisions on specific functions, and the company as a whole.
Group Interaction
The team element of a simulation allows students to develop the skills required to work effectively in a small management team. They will develop the skills required to formulate strategy, set goals and come to agreement on decisions.
“One must learn by doing the thing, for though you think you know it, you have no certainty until you try” (Sophocles 406 BC)
– Danny Master
References:
1. Clinton, B. Level 11 Mentoring.
2. Edmonds, D (1994). Weighing the Pros & Cons of Simulator Training, Computer-Based Training & Computer Testing & Assessment (PC Maritime Ltd).