A business simulation in a distance learning program is an exposure or experiment to face the reality without ruining your business. With group- centric learning activity, alongside having fun, you are constantly engaging yourself in finding solution, accepting challenges, and at the same time you are also learning the spirit of team building. The games involved are just not games, but a self contained learning experience for every participant. It tests your skills and knowledge in all aspects of business, which you can implement at your workplace.
Meaning of Business Simulation: Business simulation is about enacting a real-life scenario at the corporate work place in a non corporate setting. It helps in ascertaining how a change in one or more circumstances affects the rest of the system. It is also called a “what-if analysis”.
There are times when we find it difficult to make our subordinates understand the expected outcome needed from them. People, especially adults retain more information when they learn something on themselves or from a trial and error method. That’s exactly what a business simulation does. It gives you a platform to learn from your own mistakes. The business models are reworked to understand altered approach to the problem. You are given an opportunity to come out of your comfort zone and broaden your horizons.
Business simulation becomes crucial because you are dealing with many people from different backgrounds who may have their own approach of looking at setbacks. Your challenge is to fashion one solution which is acceptable and applicable thus modifying the circumstance that can influence the business in a fruitful manner.
Interaction and Engagement:
Professionals working together share information. They are also given the right to take decision, plan strategies and have complete control over the outcome. They are given instant feedback on the decisions they take. They also receive solutions from experts and subordinates in the team.
In General institutes offering Part time MBA or Distance learning MBA, should conduct these work shops on business simulation, as it provides students of distance learning with a more competitive and challenging experience.