Business simulation
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Business simulation is simulation used for business training or analysis. It can be scenario-based or numeric-based.
Most business simulations are used for business acumen training and development. Learning objectives include: strategic thinking, financial analysis, market analysis, operations, teamwork and leadership.
[edit] Scenario simulations
A scenario is played out in a simulated environment and the learner or user is asked to make decisions on how to act in the simulations. Often multiple choice alternatives are used and the scenario is played out following a branching tree based on which decisions the learner makes. Throughout or at certain intervals feedback is provided. These are similar to role-play simulations.
[edit] Numeric simulations
A numeric simulation can mimic a whole company on a high level or it can be more detailed and mimic specific organizational units or processes. In a numeric simulation the learner or user makes decisions by pulling levers and dialers as well as through inputting numbers. The decisions are processed and the outcomes are calculated and shown in reports and graphs, eg. price and volume as well as number of employees can be decisions and the outcome can be viewed in e.g. an income statement, a balance sheet and a cash flow statement. Feedback is given throughout the simulation or at certain intervals, such as when a year has passed. Many numeric business simulations include elements of competition against other participants or against computer generated competitors.
[edit] References
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