The dynamic environment of business simulations allows participants to put theory into practice in a risk-free environment. Through this kind of experimentation, participants can put theories to the test, see what works, and become innovative in their solutions to problems.
Learning outcomes are highly dependent on the conditions and motivation for learning. Business simulations are hands-on learning tools that involve competition between teams/participants. The game-like nature of business simulations is proven to engage participants and develop deep-learning skills such as collaboration, critical thinking and problem solving.
When playing a business simulation participants need to apply and practice important soft skills. These include but are not limited to adaptability and reliability, teamwork, conflict resolution, critical thinking, communication, and problem solving.
Business simulations develop participants' holistic thinking, commercial acumen, decision-making, and strategic skills.
Experiential learning methodology is the foundation of business simulations, and provides a higher level of knowledge retention compared to other instruction methods.
Failure is never pleasant, but learning from your own mistakes is key part of self-improvement. Business simulations provide a risk-free environment where failure is safe, yet the lessons learned are genuine and applicable in real life. Studies have shown that failure in a business simulation actually improves learning, as participants are more likely to reflect on and analyze their decisions when faced with suboptimal results.
Online business simulations can be applied in a classroom, hybrid, or virtual format. Groups can consist of fewer than 10 participants to thousands. Simulation content can be adjusted according to the target group, and facilitation can be handled by the organization's own resources or externally.