Business Simulation

~Shimalini and Aravindh

Business Simulation is an experimental learning tool where participants learn by running a virtual business in an interactive, risk-free and hyper – realistic environment. It helps in practising and improvising business skill such as Business insights, market analysis, operations, decision making, problem-solving, communication and leadership.

The advantages of this tool are:

  • Puts theoretical concepts into practice
  • Increases decision-making skills
  • Boosts participants engagement 
  • Provides a practical environment for soft skill development
  • Allows us to overcome loss aversion

Last week we had the opportunity to do the business simulation with the overall team. It was a different experience where we learnt a lot of things. The interaction happened through zoom meetings. We got the chance to interact with the Quilt.ai team globally. Each round of competition indicated one production year. The simulation system consisted of four sections: Research and Development, Operations, Marketing and Finance. There were four countries to set up our manufacturing plants – the United States, Germany and China. The game consisted of six years to develop their company’s productivity, capital, market, etc. 

The Capsim business tool is beneficial to both participants and instructors. The initial training and assessment gave us basic knowledge to operate the game. In the first three rounds, we were randomly tuning the values to get good results, encountered lot of difficulties, like running out of funds and triggering emergency loans. After 3rd round, we had some clarification in the process improved our performance by analysing the feedback, comparing other team’s performance and made conscious decisions. 

The overall process was very new to us. There were experienced members in my team; I had the opportunity to interact, learn and hear their thoughts. Our part in this simulation was minimum. The key takeaway from this business tool is that it allowed us to realise that we should undertake calculated risks. We are looking forward to having a similar experience in the future.