11/8/2023 0 Comments Class job economy simulation![]() ![]() Students tend to prefer an environment where they get to interact with other players in either a cooperative or competitive fashion. Students are encouraged to try out different strategies, observe the results, monitor market fluctuations, then pivot their direction, all without real-life repercussions. To summarize, here are 6 reasons why business simulation games benefit students:Ī business simulation game recreates real world business decision-making, so that learners can practice in a risk-free simulated learning environment. Students find business simulations a memorable learning experience, where they learn to interpret market feedback, analyze competitors’ moves, and make quick adjustments to their strategy. Within this environment, students are engaged with running their own simulated firm, making all key strategic decisions, while competing against other business savvy players. Business simulation games seem to offer the right balance between education and fun. They are a specialized form of experiential learning by tapping into students love of gamified environments.īusiness simulations provide a setting for students to bridge theories and concepts taught in class with real-life experiences. In order to engage students, business simulations can take the form of video games. More than half Americans play video games, with the rest of the world showing equal signs of interest. Business simulations are the bridge between learning and real-life challenges. Despite the lack of evidence, the 70-20-10 learning development model has a common-sense rule of thumb – that most learning does take place on the job.įollowing this model, business simulations, interactive learning tools that replicate real-world experiences, allow to train and develop business acumen in a risk-free environment. He reinforced the main findings of the 70-20-10 model, a paradigm that states that 70% of what people learn comes from experience, 20% from social interactions, and 10% purely from traditional learning such as readings and case studies. ![]() Josh Bersin, founder of Bersin, a leading provider of research in human resources, talent and learning, believes that most learning comes from experience. ![]() “Learners retain only 5 percent of what they hear and 10 percent of what they read, but they remember more than 50 percent of what they learn through discussion and interaction” – Josh Bersin ![]()
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