Category Archives: News

E-Learning Trends in Society Today

In today’s society, internet access is becoming increasingly available in many mediums ranging from SmartPhones, Personal Computers, iPads, and Laptops; and as a result, technology adoption rates are increasing rapidly throughout the world. Consequently, many education providers, who we would classify as ‘innovators and early adopters’, are beginning to see a shift in their cultural views towards teaching, coaching and mentoring to a culture in which traditional methods of education are beginning to become outdated. Traditional methods still have their place, but as an article from article from EducationBusinessUK.net suggests few people would assert that a teacher standing in front of a class is the only effective way of helping learn1. As such, there is an increasing trend in Tertiary Education providers moving away from traditional classrooms in favour of an integrated approach using electronic education tools such as Online Lectures, iTunesU, Gaming and Simulations. There are many advocates for gaming/simulation, some of which are Michael Gove, the British Secretary of State for Education, who has previously stated “Games and interactive software can help pupils acquire complicated skills and rigorous knowledge in an engaging and enjoyable way.”2

Universities around the world are using the most recent technology to provide their students/users with a whole new learning experience. Khan Academy, a massive not-for-profit online education provider, runs courses and lectures ranging from subjects about computer programming basics to art history. In 2011 Khan Academy reported having approximately 39 million page views and 3.5 million unique users per month3. Apple has also ‘jumped on the e-learning bandwagon’ with their iTunes U app, which gives students and professors a new space to experience university by giving access to university courses, lab demonstrations, sports highlights, campus tours and special lectures from highly regarded universities from around the world4. In February 2013, Apple announced that iTunes U had over one billion downloads. In addition to these, we see many of Universities modifying their courses to utilise the genesis of business simulations5.

Business Simulations have proven to provide an engaging interface where instructors are given the opportunity to work alongside their students’ and foster their understanding of fundamental business concepts. Smartsims business simulations encourage students to engage in their learning by giving them control of their own simulated business experience. As a result, students often find themselves immersed in the simulation, applying key concepts of business and strategy as they manage their own simulated organisation. According to a recent article written by Kineo.com6, e-learning boasts several benefits for both students and instructors:

  • With traditional methods of education, students are often limited to predetermined hours of in-class engagement. However, with the advent of online education systems this is no longer the case. Online education and business simulations are not bound by geography or time, therefore allowing users to have the full flexibility to further their learning in an engaging manner outside of the classroom or lecture hall. This leaves normal contact time between students and instructor for engrossing discussions or learning new theories and concepts.
  • Depending on how a business simulation or electronic learning system is integrated into a course, information can benefit from faster delivery cycle times than traditional education methods. Often is the case with classroom style education, information dissemination is often restricted to the availability of classrooms and instructors.

Kineo’s article also cites an article written by Fletcher and Tobias, published in the journal ‘Training and Retraining’ in 2000, commissioned by the American Psychological Society, to state the benefits online education can have on the learning process; “Learners learn more using computer-based instruction than they do with conventional ways of teaching, as measured by higher post-treatment test scores”7. Business Simulations allow students to truly engage in their learning process by applying the business concepts they have learnt in class to a simulated business environment. The biggest advantage of a business simulation is that students learn by doing.

Overall, technology has presented some challenges to the education system which many tertiary education providers and third parties have attempted to take on. Consequently, e-learning has presented many opportunities for students and instructors alike. The only question remains, where will technology lead us to next?

– Brook McFarlane

Brook McFarlane

Brook McFarlane joins the Smartsims Team

A big hearty welcome to Brook McFarlane!

 

Brook joins us having graduated from the University of Auckland with a strong focus on Marketing, Management, Innovation and Entrepreneurship. Backing these credentials is a history of excellent customer service and business acumen.

Like Danny Master (Account Manager here at Smartsims), Brook gained intimate experience with MikesBikes-Advanced whilst completing his MGMT 301 (Management in Action) paper. After spending six months working with the simulation at University, Brook has become a strong advocate for the simulation and the value that can be gained from participation.

Brook is dedicated to learning and comes from a family of strong academics. As such, he is consistently searching for the best method to co-create unique experiences and value with both professors and students.

Music2Go Updates for 2013

We’ve been busy over the last couple of months making some key changes to our Music2Go Marketing Simulation. These will be put in place from January 2013.

We believe the following changes will make the simulation even more enjoyable for all students:

Improved Market Research: We have condensed select existing Market Research reports into fewer more detailed reports:

  • All Product Details (added Estimated Lost Sales for all firms) – students should really buy this every period as this is the minimum information set you need to see what your competitors are doing.
  • Pricing Overview – shows Sales Units, Price Index, Retail Price, Wholesale Price, Production Cost, and Gross Margin for all firms / products.
  • Distribution Coverage and Sales Promotion – Distribution Index, Sales Promotion Rating, and Promotion Mix Effectiveness for all firms / products.
  • Retail Performance and Stores Stocking – Distribution Index, Retail Margin, Total Retailer Margin, and Number of Stores Stocking for all firms / products.

Free Industry Market Research Reports: We have found that some students have been reluctant to buy Market Research, even with our encouragement. So what we have done is provide a few of the fundamental reports free under the Market Research menu. These contain the data which remains the unchanged over the simulation, and will be required for students to do well:

  • Some Product Details
  • Segment Size and Price Range
  • Segment Media Advertising Preferences
  • Segment Distribution Preferences
  • Segment Product Development Preferences (New Report)

Base Budget Upper Limit: There will be a $50m base budget maximum. This has been put into place to reduces the advantage that lead firms have, and force them to plan more carefully if they want to maintain multiple products.

Increased Demand: We have increased the demand in all segments to make it easier for struggling firms to maintain positive net marketing contribution. Also, there will be a greater initial distribution boost for new products, which will make it easier for these firms to compete with established products.

Revised Players Manual / Quickstart Guide: We have updated the Music2Go documentation, including making students aware of the upper budget limit, and the upper limit Inventory Purchases.

If you have any questions on these updates, please don’t hesitate to contact us.

– Ian McPherson

Picture of David Kitlan, the instructor for the course at penn state that uses MikesBikes

David Kitlan of Penn State and MikesBikes

 

David Kitlan of Penn State University, was a recent winner of a customer draw that we conducted for a new Apple iPad. He has been a long time user of our MikesBikes-Intro Simulation, and would like to take this opportunity to share his experiences with you all.

David teaches in area of Information Sciences and Technology, and Business Administration. He has been using MikesBikes for almost ten years in one of his courses:

“This course combines aspects of information technology with business processes and uses the Smartsims simulation as one of its main team projects during the semester. The simulation helps to provide our Penn State students with a realistic business environment in which they can compete against each other while they learn how to improve and apply their business and informational skills. I have had students who received job opportunities based in part on being able to better describe their understanding of business processes to potential employers as a result of participating in the Smartsims simulation”.

Smartsims is proud to be continuously working with David Kitlan and Penn State University.

Eric Molander from Boston University

Entrepeneurship and MikesBikes

One of our long-time MikesBikes Advanced users, Erik Molander, has written an excellent article on the benefits of using Simulation based experiential learning in an Entrepreneurship Course.

Excerpts from the article “Entrepreneurship Cannot be Taught, but it can be Learned” are below:

Is There A Secret Formula For Entrepreneurial Success?

Amazon has dozens of books that claim to be the secret formula for entrepreneurial success. They are all based upon a significant false premise. The entrepreneur will never face the same set of challenges, opportunities and circumstances as the author. Every new business venture is fresh and original – it has never been done exactly this way before. We don’t teach entrepreneurship as if it were calculus. We teach our aspiring entrepreneurs the first principles, latest techniques, and processes to experiment and to be able to adapt with grace and flexibility.

Since 2004, BU’s School of Management has focused on experiential learning as the pillar of our Undergraduate Entrepreneurship Concentration. Experiential learning provides students with the ability to learn by doing. Students engage in a variety of entrepreneurial ventures ranging from consulting projects with local start-ups, compete with other teams in business simulations and prototype their businesses in our classes.

Our research has identified three key reasons for the effectiveness of our approach to entrepreneurship education:

1. Reinforces Positive Entrepreneurial Behaviors

Entrepreneurs face challenges that are different than other business owners. Early in their education we begin to reinforce the personal characteristics that are necessary for success as an entrepreneur. It’s critical to reinforce the processes and attitudes associated with being able to sense and evaluate opportunities. A student can learn the need-finding process but if she doesn’t have an exploratory attitude she won’t be effective. The sword will forever remain in the case. Experiential learning is essential to inculcating the entrepreneur with the following personal traits:

  • Tolerance for Ambiguity
  • Inductive Reasoning and Experimentation
  • Teamwork
  • Perseverance

2. Has a Greater Impact on True Learning

Tell me and I will forget. Show me and I will remember. There’s solid evidence that higher levels of recall and use are found when individuals are engaged in an actual experience…not just hearing about it. Our experience has demonstrated that students have found this style of instruction to be more relevant because it is deeply personalized. Direct experiences provide knowledge in context and students remember the insights learned much longer. Eight years after we began using a business simulation called MikesBikes, our class was still able to discuss in detail their key decisions and learning from the simulation. Clearly the knowledge gained was deeply internalized because it is such a sensory experience.

In addition, experiential learning has significantly higher levels of reflection. In a classroom environment, professors often tightly program the lesson to lead students to the big aha moments. In experiential learning, random events lead to unpredictable outcomes. Stuff happens. The students then have to do their own root cause analysis, not just replicate the textbook solution. This leads them to define new approaches (theory) and create effective experiments to solve the problem. Experiential learning helps them to synthesize their experiences into a new outlook and framework.

3. Leads to Greater Self-efficacy

Self-efficacy is the individual’s belief in how well they can perform in a prospective situation. Since self-efficacy is based upon the student’s experiences and is distinguished from self-confidence, it can only originate from actual experiences. Therefore, a student may exude self-confidence but have no legitimate basis for their beliefs. Since research shows that self-efficacy leads to a significant improvement in performance, using experiential learning is critical for entrepreneurs to improve their skills.

There have been a number of surprising results from experiential learning. We’ve learned that this type of learning help student survive rejection. They know that they’ve been successful in the past, it will happen again, perhaps just not at this moment. This leads to the second surprising result, experiential learning leads to greater perseverance in the face of obstacles. Having overcome obstacles in the past, they are more willing to search for solutions.

The full article can be found here.

Erik Molander is an Executive-in-Residence and lecturer who teaches Entrepreneurship and Strategy at Boston University. He serves as a faculty advisor to the MBA Consulting Community and Undergraduate Entrepreneurship students. The focus of his current research is on the Creative Economy and emerging business models. Erik has over 30 years experience in Corporate Finance, strategy and innovation both as a corporate executive and consultant with top tier strategy consulting Firms.

Text saying "MikesBikes Wiki"

MikesBikes Wiki

The MGMT300 Wiki – a fantastic MikesBikes Advanced resource , is up and running. You can view the Wiki HERE.

The MGMT 300 Wiki was initially created by Darl Kolb, an instructor at the University of Auckland. The Wiki’s aim was to provide a resource for students using MikesBikes Advanced in their Strategic Management courses – where they can find and share useful information on the Simulation, and post their Learning Journals.

The Wiki was out of action for a couple of years, however Peter Smith, the current instructor for MikesBikes at the University of Auckland, has got the Wiki back up and running after a number of requests by students eager to access the valuable information.

 

Simulations in your Classroom

How can a Business Simulation work for your classroom? The new Smartsims Promotional Video covers the basics of Simulation based learning, our range of tailored products for specific course types and levels, and the key benefits to Students and Instructors.Watch the video below:

For more info, or to see our Simulations in action via an Online Demonstration, contact our friendly sales team.

Thanks to Richter Media Group for their assistance in creating the video.

Picture of Dr. Robert Sproule

Desire2Learn Innovation Award

Bob Sproule of the University of Waterloo, a long time user of our MikesBikes-Intro Simulation, has been awarded the Desire2Learn Innovation Award. The award seeks to recognize and celebrate innovative teaching approaches in post-secondary education worldwide.

Bob has received this award for his exceptional and innovative approach to education through his integration of MikesBikes into his Introduction to Business Course, and complimentary course content. Students are placed into teams of four to manage their MikesBikes company, where  they develop company strategy and implement this through our online interface.

Desire2Learn Incorporated is a world-leading provider of enterprise eLearning solutions that enable institutions and other organizations to create teaching and learning environments that reflect their vision, goals, and branding. Desire2Learn and its subsidiaries support more than eight million learners worldwide.

Another of our long-time Instructors, Darl Kolb, received the DEANZ award for Collaborating accross Distance, Functions and Institutional Boundaries.

Darl, of the University of Auckland, teamed up with Bill Smith, of the Eastern Institute of Technology, to run an inter-institutional learning experience over a 10 week period using MikesBikes-Advanced, where students from each institution competed against one another using the Simulation. The project promoted student participation, interaction and teamwork, and was a large success.

The proven experiential learning students are exposed to by using MikesBikes, is a large contributing factor to the success of these courses.

Drexel Logo

2012 Business Teaching Summit at Drexel University

The LeBow College of Business Center for Teaching Excellence will be holding the 2nd annual Business Professor Teaching Summit (BPTS) at Drexel University on Friday, May 18, 2012.

The BPTS is a business school faculty conference dedicated to sharing innovative and effective strategies to enhance student learning across all business disciplines. The Summit will include speakers from  learning institutions, as well as several key guest speakers from successful businesses and corporations.

Jodi Cataline, a long-time user of our MikesBikes-Intro Business Simulation will be speaking alongside Dennis Gain, Smartsims’ CEO, on the effectiveness of Experiential Learning in the classroom through the use of simulation. Jodi and Dennis’ presentation will include how MikesBikes can be integrated into a course, and the support that Smartsims offer throughout the course. MikesBikes has been proven to accelerate learning by reinforcing foundational business principles as students gain hands-on experience in the classroom.

MikesBikes-Intro is our introduction to business simulation. Students are progressively given control over their own company, where they compete against other student teams in their course for control of the market

If you wish to attend the conference, please register here:http://www.lebow.drexel.edu/Faculty/Centers/BPTS/index.php

 

Photo of Quinnipiac Competition Winners

Quinnipiac Winners

David Cadden a Cheshire resident and professor of management at Quinnipiac University, led a team of four business students to victory in this year’s MikesBikes-Intro simulation.

SWAG Cycles, a team comprised of School of Business students Matthew Golden of Walpole, Mass., Malgorzata Kielbowicz of New Britain, Spencer Mannion of Brookfield and Alison Scharr of East Granby, were honored Nov. 28 for beating 75 Quinnipiac teams participating.

Each fall, all incoming freshmen in the School of Business take the course Introduction to Business, which relies heavily on the MikesBikes business simulation software to reinforce business concepts in an experiential learning environment.

Student teams make business decisions for their simulated bike manufacturing company that get progressively more complicated throughout the semester. By the end of the simulation, student teams decide everything from marketing strategies to launching new products, manufacturing capacity, quality control and financing decisions.

Student team performance in the MikesBikes simulation is measured by the resulting shareholder value created by their company. Each year, the winners’ names are engraved on a plaque that hangs outside the dean’s office in the Lender School of Business Center.

The winning team had the highest shareholder value among the Quinnipiac teams competing. In addition, Golden, Kielbowicz, Mannion and Scharr placed 38th overall from a field of more than 6,500 teams from universities around the world.

Dennis Gain, CEO of Smartsims, the company that created the MikesBikes simulation software, visited Quinnipiac to help Matthew O’Connor, dean of the School of Business, present the plaque to the winning team.

Source: http://cheshire.patch.com/articles/qu-students-led-by-cheshire-professor-win-business-competition