Are you considering e-learning or modern technologies and tools to improve your teaching act? Would you like to know more about business simulations? There are many impressive facts about business simulation and business acumen games. This article will detail nine of the most important benefits of this hands-on learning technique.
1. Increased Effectiveness of Experiential or Active Learning
Business simulator games are based on a series of elements that enable them to offer experiential or active learning. Such elements include risk-free business decision making, collaboration, strategy development and problem-solving. According to the Learning Pyramid, ‘learning by doing’ is one of the most powerful ways to retain information by stimulating a real experience. This method appears to be more effective than other learning tools such as reading, listening to podcasts, watching videos and demonstrations, and solving written tasks.
2. Promote Holistic Thinking and Effective Business Decision Making
The main purpose of business strategy games is to offer participants a better understanding of the way different business functions and disciplines are interconnected and how each of them can affect the overall performance of the company. These games enable participants to develop as holistic thinkers by making them understand all parts and functions of a business which are all tightly interconnected.
3. Complimentary to Theories Taught by Instructors
Business games play a complementary role to theoretical education, preparing participants for real life situations by developing their decision-making skills.
By using business simulation games, educators can exemplify business concepts they teach about, in a risk-free manner that invites everybody to collaborate to various scenarios.
4. Easy to Integrate Into Various Business Classes and Educational Programmes
As simulations cover a wide range of business concepts, they are easy to integrate into various business courses in a wide array of disciplines. They are suitable for complementing international business and strategy courses, as well as marketing management programmes and business management training.
Thanks to a flexible schedule editor, instructors are free to choose the length and the intensity of the simulation to suit their educational needs.
5. Suitable for All Learning Formats
Most business simulators are online, so the only thing users need is a computer with an internet connection. This flexibility makes them suitable for online learning programmes, as well as for traditional ones.
You may discover that your course is perceived as more valuable, thanks to discussing the progress of the simulations with your students.
6. No Special IT Skills Requirements From Instructors
Most educators lack time, so they aren’t too keen on wasting hours on software installations and complex set up processes.
These simulation platforms enable users to run the software from any computer with a browser and an internet connection. Like this, you won’t put any additional pressure on your IT department.
7. Have the Power of Bringing Participants Closer Together, Regardless of Their Geographic Location
This is one of the most genuine international competitive environments available today. This is how participants can learn what it means to lead a global business with local branches.
8. An Effective Practical Way for Learning the Interconnectedness of Business Decisions
Business games are the perfect tool for learning the complex nature of managing a business, the intricate relationships between various functions and the way someone’s decisions can influence the performance of the company.
Is there any value to business simulations? The average employee isn’t directly involved in the decision process. By having employees participate in these simulations, you can give them a chance to experience decision making and to understand the implications of their actions. These employees will become more aware of their role in the company by experiencing first hand what it means to make “big” decisions.
9. Based on Solid Economic Theories
Learning tools are only as good as the theories they are based on. In case of business games, it is very important that they are built on sound economic theories. Since they aim to replicate real life situations, they should offer participants scenarios meant to help them improve their business acumen and their decision making abilities. This is why they can’t be built on utopias or fictional theories.