Overview of the Benefits of Using Business Simulation Exercises - Essay Example

Running head: Business Simulation Business Simulation s Business Simulation Benefits of using Business Simulation exercises Business simulation is a simulation used for providing business training or an analysis of the market thus involved in a business in a form of a GAME or a Mental Exercise. Through this activity of business simulation, a business is able to cope up with the fast trends of the business in an extremely efficient manner and thus setting new trends towards the progress and prosperity in the market. While talking about Business Simulation Exercise; “These are designed to simulate a job-relevant task and/or elicit a job-relevant skill or competency” (University of Westminster, 2008). Examples of such exercises are given below: 1. Case Studies/Report Writing An individual receives some files which are about a certain (usually job-related) situation and the person is requested to write a short paper/proposal. Normally the deadlines given are quite close. 2. In-tray Exercises In the second kind of business simulation the person works at a hypothetical company. He receives an in-tray that has plenty of memos, faxes, and similar other things like messages from the various areas of the company (Holbeche, 2001); it could be about a certain difficulty which the organization has encountered and which has to be solved immediately. It is anticipated that the person would react to the things given to him in the in-tray; he would be required to make decisions and to prioritize actions along with given responsibilities for dealing with that state. Many a times it may be such that the person is required to justify his actions in writing and this may be included in the exercise, or he may have to elaborate on the justification he has given of his decisions that he made. The latter may have to be done when he is interviewed later on by the evaluation department. 3. Practical tasks  As a group, you may be asked to construct something from materials that have been given to you and these may include a Lego model or a load-bearing bridge (Patton, 1997). It is the consequence that is considered of higher important as compared to the procedure itself. The individual should be seen as being involved with the task.  4. Discussions and role plays  These can include a variety of elements; ranging from leaderless negotiations wherein the whole group is given some subject, for instance one related to current affairs or a matter that would be pertinent for the manager’s company; to highly organized role-playing activity in which the person is provided with a conference pack and is delegated to a certain act along with a particular aim for that act. A Technique of Business Simulation used widely and increasingly is SimVenture (Library Association, 2003). Through the use of this Simulation technique, SimVenture actually enables an individual to start a Virtual business of his own and also learn all the business requirements and dealings being even as an Entrepreneur. Through this exploration of the Simulation Exercise, the entrepreneur can implement the business the way it should be in its most perfect form and all done digitally. I have used SimVenture and undoubtedly I can say that this is the technique that actually enabled me to make my business stand with stability in this great pace of competition. Through this Simulation, I was actually able to know how to actually start, run and maintain such an easy and tensions free sort of a business. It is only through SimVenture that actually enabled me to know how actually should I save my time, reduce my work load, step up with the standards that are required to establish a complete and a thorough business. The entire Stress of the business needs was easily gone by using SimVenture. Another great and worth mentioning feature of this Simulating Software is that it also enabled me to teach others about using and learning new business experiences. New Entrepreneurs, who wanted to learn and start up a new business, were able to get a useful lesson from me about utilizing the Software. I enjoyed using SimVenture a lot because this actually helped me reduce my fifty percent work-load. The Best feature I liked about this SimVenture is that, it is just like a tutor itself. It enables the learner to learn, to perform and even to see the results and consequences right on time. This Simulation Technique is so highly interactive that it provides the users with the test screen system, enables the conduction of tutorials and hence enables the decision taker to make decisions, to take decisions and hence to apply them to the business right on spot. Not every single business is using this approach of mental revitalization and motivation. Still the Manual Approach is in Practice in most parts of the Business World. Through Manual approach, the Individuals involved in the business are much involved in a constant atmosphere of Stress and work related tensions. The Load of the work and the tough decisions to be taken are a great source of headache for a businessman. BUT when an Interactive basis of Action and Performance are ensured and the solutions to the problems are obtained through SimVenture, within a very short span of time, the Problem, its Solution, and Implementation of Solution and hence the Consequences of the applied solution, all can appear before the eyes of the Business Runner. And this freedom and Reliability of the Business Simulating Exercise lets the Business holder feel running his business completely free of any Stress and hectic routine of making decisions. Through the Interactivity of the Business Simulation Games, among the entire business set-up; every single member of the Organization is deeply involved in the Discussion that is under consideration. When each and every associated individual is supposed to play his part, every one has to be in form to prove and to show what he has got in himself. So the Coordination, Cooperation and hence the entire performance of the organization that has implemented the Simulation Game increases in a remarkably efficient and progressive manner. References Holbeche, L. (2001). Aligning human resources and business strategy. Oxford: Butterworth-Heinemann. Library Association. (2003). British humanities index. Library Association. Patton, G. H. (1997). The application of organizational motivation principles: The experiential business simulation motus manufacturing. Developments in Business Simulation & Experiential Learning, 24: 283-288. University of Westminster. (2008). Simulation exercises. [Online] Available at: http://www.wmin.ac.uk/page-7989 [Accessed 10 August 2009]. Read More