Are you interested in boosting your business or adding variety to your teaching methods? Whether you're a professional seeking a competitive edge or looking to inspire your students, simulations are an effective and smart learning tool for business.
Beyond entertainment, simulations are more than cool business games. Players will walk away with new skills and knowledge. As a bonus, they gain a renewed appreciation for teamwork and have fun in the process.
This MEGA Learning guide delves into the unknowns and burning questions you have about simulations. It includes their purpose, types, benefits, and play instructions. It also covers how to make the most out of them.
Defining a business simulations
You might have already heard of business simulations. But what are they, and what do they offer?
While they may feature cool gamification, they offer more than competitive gameplay. Simulations provide a platform for experiential learning. Competing against other teams, players can explore complex concepts and tackle various challenges in the business world. What is their purpose? To expose learners to professional situations before entering the job market. But their usefulness doesn't end there. Employees can also use them to enrich their careers.
What do learners gain from business simulations?
Business simulation empowers individuals and organisations. They can enhance business performance and generate a productive workforce (and future workforces) with a sharper comprehension of the inner workings of an operation.
Here’s what learners stand to gain with business simulation games.
1. Learning by doing
Often, theoretical concepts lack practical application, leaving learners clueless. How should they connect their knowledge to real life?
Simulations close the gap between theory and execution by learning through doing. Through trial and error, students are in the driver's seat. In small teams, they make decisions and solve problems. This practical learning style not only prepares students for real-world scenarios but teaches them how to be confident and competent workers.
Simulations are not just effective; they are fun and engaging and provide an iterative learning method. Through repetitive gameplay, simulations deepen a learner's understanding and help them develop new skills. After all, practice makes perfect, right?
2. Complements formal business education
While passive learning methods like textbooks and lectures are crucial for studying, they don't adequately prepare learners for real-world situations. With limited practical exposure, the leap from graduating to working can feel huge.
That’s where business simulations step in. Simulations don’t replace academic coursework but complete them and furthermore fill learning gaps and help students thrive in business later on.
3. Learning made fun
Business simulations are more than just work and study. They spark fun and a healthy dose of competition between players.
They also feature game-like concepts that make learning entertaining. Playing against others only reinforces the enjoyment!
4. Offers learning alternatives
While traditional learning models have their merits, their one-size-fits-all style doesn't benefit all. These approaches can be uninspiring or hard to understand with minimal practical experience.
Simulations are more than just enjoyable. They also provide dynamic alternatives that accommodate diverse learning styles.
5. Learning through different lenses
Business simulations unite people worldwide, offering unique opportunities for collaboration.
Players from different backgrounds take on various roles in the game, sharing their ideas, knowledge and expertise with others. Participants can learn from each other, have their perspectives challenged and build lasting connections.
6. Learning in a no-risk environment (with no fear of failure)
Stepping into the senior role of a made-up company might intimidate some players. However, simulations, while they replicate real life, are devoid of actual consequences. This safety net ensures that players are unrestrained by the obstacles that might have forced them to “play it safe” in a standard organisation.
In that sense, we give players the green light to experiment. With limited risks, participants are free to think creatively, make mistakes, and learn from failure. This freedom nurtures innovation without the threat of financial impact or loss of employment.
Rules of business simulation games
MEGA Learning provides time-bound and decision-based simulations sequenced over several rounds of play. The goal is to build a virtual company against pre-determined criteria, with teams making tactical decisions to get ahead.
Players are split into teams of four and six, with six being the maximum number of teams allowed to compete. All players can access an online dashboard highlighting essential information about their fictional company. Also displayed are metrics, which may vary depending on the simulation. They may include elements of cash flow statements, available manufacturing capacity for a given product line, and others.
Each pretend company given to players starts with duplicate resources, pricing, and market shares. What differentiates from their competitors are the decisions they make next. Armed with all the information they need, teams enter the first stage of critical brainstorming. Here, they gather and analyse all the data, weigh up the risks and rewards, finding informed solutions to common business challenges. While the experience can feel overwhelming, game facilitators provide feedback and direction throughout each round.
Next is the decision-making stage, where players must craft strategies to address customers' needs while monitoring their competitors. This stage is time-sensitive, so teams will act swiftly to meet deadlines.
Once the round ends, access to the interface closes, and the simulation educator reviews the results. What worked? What didn't? Why? Conclusions are drawn and discussed. After the post-round analysis, teams will proceed to the next brainstorming session.
Did you know? The choices of players and market forces serve as inputs to the algorithms we use in our business games. In other words, player actions and external factors interact to produce scenarios that mirror real-life business challenges. It's what makes our simulation so realistic.
Who are business simulations aimed at?
Without practical knowledge, fresh graduates may not know what to expect when starting a new job. On-the-job training helps, but why not be fully prepared?
Business simulations gets students work-ready before they join the workforce. It does so without being overwhelmed by information.
Played virtually, in-person, or a mix of both, simulations bring people together worldwide for fun, interactive learning. Students are engaged, willing to learn, and play against like-minded individuals!
Simulations aren't just for students. Professionals at any stage can learn and grow from immersive learning. Check each of our simulation's profile page to see who can benefit most.. Businesses can also use simulations to upskill their workers.
There's a simulation for everyone, from recent graduates to employees looking to fast-track their careers. Go on and enter a virtual business where a world of learning awaits!
Implementing business simulations into coursework
One big decision is when to integrate business simulation into the syllabus. Timing is crucial. Should they introduce the game at the start, middle or the end of a semester?
While simulations stand independently, educators should ideally insert them at the end of a course. Students can then put theory and skills to the test. In other words, while business simulations offer a web of info, participants should be familiar with the subject. These business simulation games bolster classroom learning in a practical environment. Make sense? It’s the bridge where theory meets execution. We asked Anshul, a student that followed the Marketing Simulation at ESCP to tell us about his experience, have a look!
How flexible are business simulations?
Customers always ask about the time commitment required to play. How often should they play? Do they need to prepare, or should they dive right in?
MEGA Learning's strengths lie in its adaptability. While you can assign pre-work to your students, we design our simulations so that they don't require extensive preparation. The games cater to various schedules, too. While they last several hours, playtime can be spread across multiple days, weeks or months.
What is the experience like from a player’s perspective?
Our simulations promise transformative learning. And we deliver! By replicating real life, we empower students with the tools they need to succeed.
While students may start the experiment overwhelmed and daunted, experience is the best teacher. After every round of play, they'll gain confidence in their decision-making and learn from their mistakes.
And while students take charge of their education, educators are around to offer their expert guidance. They ensure a rewarding and impactful learning experience.
What simulations are offered by MEGA Learning?
MEGA Learning simulations teach the practical application of various concepts and topics. Explore our options and choose a simulation that best aligns with your course or the nature of your workplace.
With MEGA Learning, you can run a car company or lead a hospital, step into the shoes of a CFO, or learn how to run a company with happy, motivated employees at the helm.
These are our different options:
Strategy Simulation
Finance Simulation
Marketing Simulation
Healthcare Management Simulation
Human Capital Simulation
Customise Your Own Simulation
How to choose a business simulation?
When you experiment with a business simulation, it should be an experience that could happen at the workplace. That’s really the point. It must be realistic, revealing the encounters players might experience at their current or prospective jobs.
With MEGA Learning simulations, users are in for a unique experience. Our select algorithms are designed to create business outcomes that closely resemble a real business setting. This provides a taste of what it's like to be a marketing guru or a CFO, experiencing the current ups and downs of the industry.
When choosing between simulation providers, scalability is another important thing. Ask yourself, can the simulation accommodate the needs of my company's size and culture? With MEGA Learning, the answer is a resounding yes. Not only do we have a global reach, but our business simulation games adapt to the needs of diverse audiences, with inclusivity at its core.
We have half a dozen simulations available for purchase. While pre-designed, our games offer a personal touch. They're crafted to make players feel like they were specially designed for them.
That said, our off-the-shelf simulations aren't for everyone. They might be less suitable for industries that are more niche. But don't worry! We can create a fully customised simulation from scratch for your distinct company and its unique sets of needs and challenges.
Post-reflection: learning beyond the simulation
The skills, insights, and lessons you’ve gained from the simulation will extend far beyond the game. They filter into professional settings and influence your career.
Below are a few surprising insights past learners have gained from MEGA Learning simulations.
Collaboration and teamwork: Our simulations unite diverse people to achieve a common goal. Teamwork fosters a shared sense of purpose and builds professional skills, like the ability to collaborate.
Time management: You're racing against the clock and making critical decisions! In this game, participants must make smart decisions quickly, much like the fast-paced, high-stakes corporate world where time management is king!
Resilience: simulations copy the highs and the lows of the business world. When faced with a setback, they help learners adapt to change. Being taught resilience helps workers bounce back when outcomes don't go their way in real life.
Improved communication and presentation skills: simulation provides a platform to convey your ideas, perspectives and opinions to others. In a group where people think differently, you'll learn to articulate ideas, influence others and back your viewpoints. These transfer directly to the workplace, where you may be competing against others to be heard.
Do you still have questions regarding what a business simulation is? Or would you be interested in getting to know us and explore our existing products? Get in touch and let’s have a call!
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