KCLIMT in its endeavor to provide quality education to its management students organized a Two Day workshop on Business Simulation. It is one of the latest methods of providing theoretical as well as practical knowledge to the students of Management followed by IIM’S and Top Business schools across the world.
The Resource peson for this workshop was Mr.Ashish (Alumni of IIM Indore & Director of Biziga Solutions Private Limited). Biziga is an award winning business simulation company (Awarded for Innovation in Teaching Pedagogy at World Education Summit’2013). 10,000+ people have already benefitted from Biziga Simulations across the top B-Schools in India including IIMs, XLRI, SP Jain, NITIE, MICA, etc. Executives from some of the leading companies like Tata, JPMC, Airtel, Deutsche Bank, HDFC, Petronas, Reliance Industries, Vodafone, and Mahindra also bear testimony to the immense value of Biziga’s simulations.
S.Sukhbir Singh Chatha (Director, Academic Affairs), Dr.S.K Sood (Director, KCLIMT), Prof G.K Jain Vice Principal),Prof Ramandeep Singh Deol (HOD, Management)& Dr.Inderpal Singh (Head, Media & Public Relations) presented token of honor to the Guest Speaker Mr.Ashish.
Mr.Ashish then explained the concept of Business simulation to students & faculty members. He stated that, in business simulation games players receive a description of an imaginary business and an imaginary environment and make decisions – on price, advertising, production targets, etc. – about how their company should be run.
The activities carried out during a simulation game training session are:
- Theoretical instruction: the teacher goes through certain relevant aspects of a theory and participants can intervene with questions and comments.
- Introduction to the game: the participants are told how to operate the computer and how to play the game.
- Playing the game: participants get the opportunity to practice their knowledge and skills by changing different parameters of the game and reflecting on the possible consequences of these changes. Permanent contact with the participants is advisable, as well as keeping the training going to maintain a positive atmosphere and to secure that the participants feel engaged.
- Group discussions: Each of the participants is given a possibility to present and compare their results from the game with the results of others. The participants are encouraged to present their results to others. The teacher should continually look for new ways of enriching the discussions and to help the participants to find the connection between the game results and the problems in real world. The quality of this group discussion plays a relevant role in the training as it will affect the participants’ transfer of knowledge and skills into the real world.
After that he demonstrated an Entrepreneurship Business Simulation game to students & faculty members, in which students were divided into 10 groups of 5 persons each & they were required to form a company, Decide about the product to be dealt in, marketing strategies, pricing strategies, resource planning, positioning and promotions strategies, manpower planning, corporate financing and competitive business strategies.
At last every group presented his business plan & how they can successfully run a company.
Thus this workshop enhanced the practical skills of the students & taught them to run a company as a CEO in virtual environment, without involving any risk and inculcated in them entrepreneurship skills thus adding to Startup, Skill India and Digital India project started by our Prime minister.The event was coordinated by Dr.Inderpal Singh
Prof Ramandeep Deol(HOD) added that these workshops bridge gaps between theoretical knowledge and practical knowledge which is the need of the hour to make our students globally adaptable.
Dr.S.K Sood (Director) stated that in order to get placement in Top most companies of the world, students are required to have knowledge of Business Simulations & by organizing this event we wish to fill the gap between Academia & Industry.
