Theoretically, there is no difference between theory and practice, so goes a witty saying. We might as well say, no theory is complete without practice. The real-world situations always turn out to be different than expected, and that’s where business simulation comes in.
With business simulation, you can expose yourself to real scenarios that are encountered in practice. This helps in developing and strengthening teamwork, learning different styles of management and forming decision-making capabilities.
Asking ‘what if?’
When applied in business education and learning, simulation sets up real situations, explores ‘what if’ scenarios, and helps in finding out how certain changes in circumstances can affect the system and how to tackle these. Some typical areas of application include business strategy, financial and market analysis, marketing, operations and teamwork, and honing leadership skills.
The ‘what-if analyses’ help in the following ways:
- Understanding strategy implementation and performance objectives
- Speeding up innovation and strategy execution
- Building business acumen and financial decision-making
- Developing leadership qualities
- Assisting in enacting complex value-chains for collaborative cost elimination
- Promoting interaction and engagement through teamwork
Those pursuing PGDM distance learning or Distance MBA and others can thus get a taste of real-life scenarios typically found at the work place even before they step into it.
Top trends and innovations for business simulation
The following are some simulation trends that support goal-oriented management learning process:
- Customized simulation: Customized simulation processes are deployed for specific outcomes or application. Besides reducing the time spent on the enactment process, they also cut down on the budget.
- Focus on immediate application: Corporations and management education organizations have realized the growing need for using simulation for immediate application in real-life scenarios.
- Immersive simulation games: Using simulation software, business games allow participants to learn through exploring, experimenting, competition and co-operation. Based on the educational curriculum, they can thus test their strategies and intended business outcomes in a risk-free environment.
Check out how Welingkar’s Hybrid Distance Learning Program uses business simulation workshops here:
Be a part of such interactive learning sessions with Welingkar’s workshops.