What is a Business Simulation?
A Business Simulation is a computer-based model of business processes and dynamics. At PriSim we combine simulations with lectures, exercises, discussions and a fun competition to achieve an engaging learning experience. As our customers will tell you, PriSim simulation courses are one of the best ways to learn about business and finance.
The information used to design our simulations is taken from real-world businesses operating in the actual marketplace. We use this information to create the foundation for the strategic, financial, and operational relationships that participants observe in the simulations and financial reports.
When we build a business simulation, we do our best to incorporate the important dynamics of the marketplace. However, simulations are only representations of real organizations operating within a marketplace. Although our simulations are based upon the dynamics of actual businesses, clearly we cannot account for all business dynamics. We limit the scope of the dynamics, and thus the participants’ decisions, to focus their time and thoughts on issues that are critical to their development as an effective business decision-maker.
Why Use a Simulation?
Participants can learn more because they are engaged in the learning process – Engagement in the learning process means more than simply listening to someone talk about topics such as strategy, finance, and business planning. True engagement involves listening, debating, analyzing, and actively applying the subject matter. Studies have found that when people engage in this manner, information-retention jumps from 20% to nearly 80%. The wisdom required in today’s business world cannot be developed only through traditional teaching methods; it must be gained through experience.
The consequences of taking risks are reduced – Because participants are making decisions that may be new to them, they are bound to require some practice. When participants are put into the realistic business environment provided by the simulation, they can practice those decisions and gain on-the-job experience without the risks and implications of making those decisions in the real world.
See the big picture – The broad range of business dynamics encountered in a simulation will increase participants’ business acumen. Participants will be better prepared to apply the lessons learned from the simulation, and to improve their performance, when they return to the real world and make real business decisions.