If you have been researching about educational technology or e-learning tools in order to increase the quality of learning and teaching, you may be interested in business simulations. There are loads of interesting facts about these business based games. Here are nine things that you should be aware of when it comes to this type of experiential-learning solution.
1. A Type of Active or Experiential Learning
Risk-free, collaborative decision making for businesses, problem-solving and strategising all contribute to building blocks for these business acumen simulation games. In addition, they belong to a realm of active and experiential learning. The principles according to the institute known as Learning Pyramid, is based on that “learning by doing” is regarded as a highly effective method of retaining knowledge. This is because it is able o simulate real experiences through activities of practice with coaching when compared to the other types of learning methods such as viewing visuals, listening to lectures, reading, live demonstrations and the completion of written exercises.
2. Educating Better Holistic Thinkers and Business Decision Makers
The main purpose of these business strategy games is based on helping the participants to practice and understand the interconnectedness of different business functions and disciplines and how actions that they make affect bottom line performances. It is highly important that the participants start to learn how to strategise and think holistically, in the way of discovering that none of the functional areas of a business operates within a silo.
3. Theoretical to Complimentary Education
Even though the practical decision-making skills are of importance, these business-simulator games play the role of being complimentary to theories that are taught by the educators. What enables the instructors to achieve this involves exemplifying different business concepts to do with collaborative and risk-free learning environments. This allows the participants with a way to connect these to the scenarios associated with their “virtual” companies.
4. Simple to Integrate Into Different Business Courses
The business simulation games are able to cover a variety of different business concepts in numerous disciplines with a goal to develop the participants’ “business acumen.” These selections span over International Strategy and Business, Business Management for Small Services, Marketing Management and onto much more. This is what makes it a simple task to integrate experiential-learning tools for an extensive range of business courses as well the training that deals with these types of topics.
The schedule editor which is flexible will also make sure that the educators are offered with the freedom in regards to the intensity and length of the simulation-based courses.
5. Work Better in All the Learning Formats
Importance associated with mobility along with ubiquity in regards to interconnectedness will mean that the majority of business-simulators will be online and will only require a simple browser in order to operate. This means they accommodate the traditional classroom settings, online or blended learning formats.
You will probably find that when you discuss the progress of simulation in your classroom, it will add even more value to these courses.
6. There Are No Requirements for Software Installation or IT Knowledge From Educators
One commodity most educators face is the lack of time, and you will want to ensure that none of this precious time is wasted in regards to tedious set-up processes or software installations. The simulation platforms provide a way to enable a program to run on any browser that is linked to the Internet.
7. The Abilities to Bring the Participants Together From Across the Globe
This is one of the best ways in which to expose the participants of the programme to an international and competitive environment as well as foster the relationships that branch globally.
8. Offer Practical Ways for Participants to Learn Interconnectedness of Business Decisions
These business games are one of the ideal methods to learn about complex natures in regards to business functions and interconnectedness of these functions. In addition, it also teaches the participants that their own decisions can contribute to the failure or success of a business.
The Value of Business Simulations
When thinking about the “average” employee, these people often won’t get the chances to practice decision making in a business or in larger magnitudes. For this reason, simulation offers a place whereby employees are able to experience and see for themselves in regards to what it means when it comes to making “big business decisions” before they are faced with similar situations in real life.
9. Based on Sound Economic Theories
Learning tools are only as reputable as the theories and algorithms that they happen to be built on. This is really true when it comes to business games that aim for a way to simulate real life and plausible scenarios and market conditions that improve “business acumen” in regards to the participants.