Simulation Games are wonderful practical tools that make learning easy and enjoying. Of late Simulation Games has an inseparable entity of management curriculum along with the case studies. While the latter is more theoretical and deals with facts and numbers, the latter is more centred around taking the correct business decision.
Making an appropriate decision is one of the most important parts of running a successful business. Everything great can be achieved if the root is strong and engaging. In simulation games prepares a student beforehand to ace those roles in the future.
We are witnessing that gradually the conventional way of recruiting new hires into the company is fading away and studies indicate that companies are more inclined towards hiring summer interns or participants of the corporate competitions. Along with live case studies most of these competitions rope in simulation games as one of the rounds, so it becomes a prerogative for the students to learn and ace it.
How to ace Business Simulation Games?
Regardless of whether the students are playing the actual game or a mock one, they have to see how each independent arm of the organization cooperates with each other to settle on better choices about the business in the end. The participants need to keep the mission and vision of the organisation in your focus. The best way to win business simulations is by understanding the impacts of marketing, research and development, coordination, logistics and finance and leave thinking in silos behind. It is the unity of the diverse thinking process that takes you forward.
Try to see the larger picture always
Participants may ponder internally, “We should simply centre around utilizing strategies that make us the market pioneer in the coming rounds since the diversion is limited.” While the last might be valid, the primary goal in business simulations is accomplishing a sustainable economic development. Development that is based on a system that does not undermine the eventual fate of the organization for short-term gains. Higher cumulative total shareholder return is considered to be an indicator of such a developmental process. Secondly, participants should think about their simulated business as a genuine substance and settle on choices keeping in mind about the future prospects of the company.
Be ahead in the race
Talking about the future, the students should focus on the market viewpoint and the new trends that are being emulated. The market depends on the mood of consumers which can be influenced by various factors so it is always competitive. In Business Simulations, participants should take this competitiveness factor into centrally to their consideration as well. By investing energy in understanding future situations and foreseeing what buyers will need and how contenders will carry on, teams can follow the models what numerous CEOs have done which has taken brands to the zenith of success.
Deal with unpredictability
At last, even the superbly created business model can flop if the impulse of the market changes suddenly. If there is an issue with the supply chain management or the contender launches another item with added features and is somewhat less expensive. In such situations, if a participant can’t adjust to these unusual occasions, they will lose the game long before it’s over. In other words, participants ought to leave a room for adaptability/flexibility when required and be prepared with a risk management plan if they want to contrive a long-term business strategy since they can never know when something will happen that flips around their whole endeavour.
Business is like a game of chess, one needs to take into consideration variable factors in order to progress successfully on the path. Sometimes it is an easy game whereas it can be risky at other times, however, one needs to balance the whole act and keep the vision and goal of the organisation intact.