Best Practices – Building and Using Business Simulations: Part 2

In the first post (Best Practices – Building and Using Business Simulations: Part 1) we promised adding more of the best practices PriSim has developed in more than 20 years of experience running business simulation exercises. Below is Part 2 of the Best Practices when Building and Using Business Simulations: Keep It Fun! – This…

After-Action Review – Final Presentation

There is a discrepancy between what we experience and what we remember from an experience. According to the Peak-End Rule, conceived by Nobel-prize winning psychologist Daniel Kahneman1 and his collaborator Amos Tversky, “people judge an experience largely based on how they felt at its peak (i.e., its most intense point) and at its end…”2 rather…

Wall Scorecards

According to Covey’s The 4 Disciplines of Execution, the third discipline of business plan execution is KEEP A COMPELLING SCOREBOARD. From page 13 of their book, “Discipline 3 is the discipline of engagement. In principle, the highest level of performance always comes from people who are emotionally engaged and the highest level of engagement comes…

10K Analysis of a Real Company

Finance, the language of business, can be confusing and intimidating. We have found that exposing participants to a complex financial exercise through a business simulation enables them to become comfortable speaking this language. In addition to the simulation exercise a simple 10K analysis helps to solidify the financial concepts practiced during a business simulation. These…

Top 3 Tactics for Business Simulation Exercise Time Management

I am a time freak. My colleagues know it, as do my kids and family/friends. It’s a problem. During our courses there are many moving parts, all of which need to be coordinated and orchestrated to create an effective learning experience. As the facilitator, if you’re not “on top” of all these moving parts, things…

Memo-Engine – Unexpected business challenges

There are times when a business simulation exercise should be customized to fulfill a specific learning objective (e.g. strategy change, focus on new business metrics, etc…). We have found that companies often believe the best way to customize an exercise is by modifying the business simulation software itself. However, in most cases the software doesn’t…

Boost Knowledge Retention by Adding Some “White-Space”

Want to turbo-charge the amount of knowledge that your students take away from your training classes and actually apply in the real world? Try providing “white-space” for reflection during each training day. Research has shown that people in training sessions who spend time at the end of the day actively thinking and reflecting on what…

The Importance of Execution

A business leader’s job is to successfully move the organization forward and improve business performance. This requires a continuous process of reflection, analysis, planning and execution. There is no better way to learn/practice these skills than “by doing”. During a business simulation exercise participants create their own plans and execute them in the simulation. The…

5-Minute PriSim Panorama: Blockchain

You’ve probably been hearing a lot about blockchain and related cryptocurrencies (digital money) such as bitcoin and ether. But you might not be all that clear on what it means or why you should care. Us too… So here’s a quick “PriSim Panorama” on blockchain, readable in 5-minutes or less (take a deep breath): What…

Best Practices – Building and Using Business Simulations: Part 1

In PriSim’s 20 years of experience running business simulation exercises targeted at leaders and managers, we’ve developed many best-practices that drive successful “experiential learning”. We list some of these best practices below and will add to this list in future posts as well! Set clear objectives, define the process and “realism” expectations – Some participants…