Learning by doing - Business simulation gives realistic insights into how strategic decisions shape business outcomes
Action-learning is essential for developing leadership skills. This is why experiential learning is one of the most important parts of the EDHEC Global MBA Curriculum. One of the tools used for realistic business exercises are business simulations
What is a business simulation?
Business simulations help develop management and leadership as well as analytical and decision-making skills through real-life business scenarios. They are experiential learning tool where participants learn by managing a virtual business in an interactive, risk-free, and realistic environment.
The MBAs run fictitious companies, competing in a given market, over a certain period of time. Teams are under pressure with tight deadlines, economic crises, stressful negotiations and cut-throat competition. Every team member assumes a role representing a job function in the company. At EDHEC, the MBAs have experienced business experts and professors of strategy by their side throughout the experience who can advise.
From theory to practice – making strategic business decisions
We have asked Veronica Sigurdson, member of the current Global MBA cohort, to get an insight into this innovative learning experience and the most important learning outcomes:
“During the simulation, we took on the role of business executives, and were tasked with managing a virtual company in competition with other fictitious yet realistic companies within the cohort. The simulation provided a realistic business environment, where we had to make strategic decisions to ensure the success of our company. We could apply our theoretical knowledge to practical situations, gaining a deeper understanding of business management. The decisions made during the simulation included marketing strategies, financial management, production planning, and supply chain management, among others.”
The benefits of business simulations
“The business simulation also promoted teamwork and collaboration among participants. We worked in teams and had to work together to make strategic decisions to achieve our goals. This approach helped to foster a collaborative culture and promoted effective communication and problem-solving skills, which are essential for success in the workplace.
The simulation provided a safe and risk-free environment for us to experiment with different strategies and approaches where we could learn from our mistakes without the fear of real-world consequences, which helped to build confidence and competence. For those with little real-world business experience, this was also an opportunity to enhance resumes and improve job prospects. Employers value candidates who have practical experience and skills, and the business simulation provided a way for us to demonstrate our proficiency in business management.
Overall, the business simulation was an excellent tool to develop our business management skills and to prepare for careers in various industries. By providing a realistic and safe learning environment, and promoting teamwork and collaboration, the simulation contributed significantly to our learning and career growth."
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