A Winning Strategy: Preparing for a Business Simulation
Business simulations have become an integral part of university education, offering students a unique opportunity to apply theoretical knowledge in a practical, real-world context. Whether you're a student gearing up for a business simulation or an educator looking to guide your students, this blog post will provide you with valuable insights on how to prepare effectively for playing a business simulation. Let's dive into the key strategies for success in this dynamic learning experience.
Familiarise Yourself with the Business Simulation
Before diving in, take the time to thoroughly understand the simulation you'll be participating in. Knowing the game setup, rules and objectives prepares for a smooth start with the simulation.
Start by attentively reading the guidelines, objectives, and rules provided. As you do, take notes of any questions or uncertainties that arise. If a business simulation provides pre-assignments make sure to do them.
Consider discussing these questions with your educators or peers. Their insights can help you gain a deeper understanding. Ultimately, this thoughtful and inquisitive approach will empower you with the knowledge needed to navigate the simulation with confidence, setting you on the path to success.
Team Collaboration is Key
Many business simulations involve teamwork. Once you have an understanding of the simulation processes, your next critical step is to assemble and empower your team. Effective teamwork can often be the differentiating factor between success in a business simulation.
In addition, it's crucial to organise teamwork and divide tasks and responsibilities. Set up information-sharing practices and platforms to streamline communication. Agree on schedules and establish a culture of open and effective communication. Take initiative in creating an environment where team members can freely express their ideas, concerns, and suggestions. By fostering an atmosphere of trust and mutual respect, you'll unlock the full potential of your team's collective intelligence.
To ensure effective communication within your team, hold regular check-ups and meetings to ensure everyone is aligned towards common goals.
Read here how to avoid free-riding in teamwork.
Prepare an Action Plan and Revise It When Needed
There are several factors that will contribute to effective management of tasks in business simulations:
Make use of all available resources:
Often business simulations are accompanied by resources that help your team to craft a winning strategy. For example, RealGame Business Simulations include pre-assignment and planning tools that help you to base your action plan based on calculations.
Manage Time Wisely
Business simulations often move quickly. Allocate your team's time efficiently, balancing decision-making and analysis. For example, you can assign roles to achieve the based efficiency within your team.
Leverage Data Analysis
Use the data analytics tools provided within the simulation to assess your company's performance. Data-driven decision-making can reveal insights and guide your future strategies. RealGame Business Intelligence is the tool that will help you to analyse your performance not only across dozens of KPIs but also to benchmark your performance against competitors.
Preparation is the cornerstone of success in business simulations. Whether you're a student or an educator, following these key steps will set you on the path to excel in your simulation experience. As you master the art of preparing for business simulations, you'll not only achieve better results in the game but also gain practical insights that will serve you well in your future business endeavours. So, start your preparation journey today and unlock the doors to business simulation success!
This text was created by the RealGame Business Simulation team.
RealGame is a Finnish business simulation provider. RealGame creates simulations based on decades of experience and latest academic research. Business simulations by RealGame are created by educators for educators with a purpose of providing hands-on experiences and an understanding of how supply chain operations evolve continuously, hour by hour. RealGame is unique in that it has a clock-driven operational mode, which allows for generating transaction-specific data for business analysis and strategic planning.
Please cite this as:
RealGame (2023). A Winning Strategy: Preparing for Playing a Business Simulations Realgame.fi. Retrieved [Date], from https://www.realgame.fi/