Are you currently thinking about improving the quality of your learning and teaching by using e-learning or educational technology tools? Would you like to find out more about such business simulations? Many great facts exist about business simulations games. Below are the 9 things that you should know about this experiential way to learn, develop and improve.
Business simulator games, built by experienced developers like Elgood Effective Learning, are built around risk-free decision making, strategy, problem-solving and collaboration, all of which are part of experiential and active learning. According to the Learning Pyramid, the principle behind all of this is that when we ‘learn by doing’ we provide the most successful way of retaining knowledge. This is because a real experience is stimulated by using both, practice and coaching. This can be compared with methods such as listening, reading, looking at visuals, writing and watching demonstrations.
Business strategy games have one main and important goal; to create participants who are able to both understand and practice interconnectedness within different business functions and disciplines, in addition to seeing how the actions they make impacts the bottom line of the business. One of the crucial factors in this is participants starting to think holistically by realising that no single company function area operates completely by itself.
Whilst practical decision-making skills are certainly very important, they should be a complement to theoretical learning set up by the educator.
They give educators the ability to exemplify different business concepts within a collaborative learning environment which are risk-free, hence participants are able to connect what they are learning with what happens in their virtual company.
With the focus on developing the participants’ business acumen, simulations include a variety of business concepts within various disciplines. Marketing management, international business and strategy, business management for small services and many more are included, making it easy to incorporate this form of learning into many business courses, as well as training which is focused on a particular topic.
The role of a flexible educator editor is to make sure educators have full control over the duration as well as the intensity of the simulation course.
Since mobility and ubiquity of interconnectedness are vital, the majority of business simulators are online and simply require a browser. This means that both traditional classrooms and blended online learning methods can make use of them.
Few educators have a lot of spare time on their hands, that is why simulation games must ensure they do not need to waste any on a complex set up process or software installation.
Simulation platforms mean that the browser of any computer with internet access can run the programme. This will be of great relief to your IT department!
It provides a great way to allow participants to enter a competitive and international environment and connect with people globally.
For learners to understand how complex business is, to see the interconnectedness of business functions and how their own actions affect the business performance, business games provide the best option.
What are the advantages of business simulations? Consider the example of an average employee, they do not generally have the opportunity to get involved in business decision making to a large extent. This means that business simulations give them the chance to see and experience how ‘big’ decisions play out before they are actually involved in them in the real world.
Business games aim to simulate real life market situations and scenarios to positively develop the business acumen of the participants, hence such a learning tool can only be as effective as the theories and algorithm it is based on.