Module Code - Title:
MG6103
-
BUSINESS SIMULATION 1
Year Last Offered:
2024/5
Hours Per Week:
Grading Type:
N
Prerequisite Modules:
Rationale and Purpose of the Module:
This module will introduce students to a business simulation software package. Using this software students will make strategic, managerial and operational decisions in order to run a business, operating in multiple geographic areas, over a number of time periods. The business simulation will act as a capstone module that requires students to draw on, integrate and apply knowledge from the first two semesters of their programme in an experiential way while having to cope with planned and emergent uncertainty in the simulated environment. It will also provide students will the opportunity to assess and reflect on their potential strengths and weaknesses as a manager.
Syllabus:
Students will be informed on how simulation software will work, from accepting the decisions they make in a business setting, to providing them with the results of those decisions in the form of managerial reports. Students will assess a complex and uncertain environmental context; develop an appropriate strategy; implement this business strategy by integrating decisions on finance, marketing, research & development, production, human resources and sustainability; interpret profit and loss, balance sheets, marketing and production reports to continually assess the effectiveness of their strategy and amend it as necessary; assess and report on their firm's performance and competitive positioning.
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
On successful completion of this module, students will be able to:
Analyse a business situation.
Produce a strategy that is appropriate for the business context.
Evaluate the effectiveness of their actions over the course of the simulation.
Critique their own firm's competitive performance over the course of the simulation.
Justify the courses of action taken when running the business.
Affective (Attitudes and Values)
On successful completion of this module, students will be able to:
Display a professional commitment to responsible and sustainable management practices when running an international business.
Reflect on their role as a potential manager.
Psychomotor (Physical Skills)
n/a
How the Module will be Taught and what will be the Learning Experiences of the Students:
In this module students work in groups to use a simulation software package to manage a business over a number of rounds of trading. This requires students to integrate the knowledge learned in previous modules (such as strategic management, economics, financial management, marketing) in order to develop a coherent strategy to run a business profitably. The module is practical and integrative in nature. Students analytical skills are also deepened as they assess market data and the competitive dynamics that develop over the course of the simulation, that is provided in various reports and financial statements. At the beginning, support is provided while students are learning the mechanics of the simulation software and with queries relating to available reports. Later, as groups are in direct competition with each other support is provided during group meetings, to resolve particular issues as they arise. The way in which the module is taught aligns to the integrated curriculum development framework by being experiential, challenge-driven and collaborative. Recent developments include the addition of activities around the nature of sustainability in the context of 'for-profit' organisations.
Research Findings Incorporated in to the Syllabus (If Relevant):
Prime Texts:
L.F. Ibarra (2024)
Simulation & Statistics with Excel: An Introduction to Business Students
, Chapman & Hall
G. Blokdyk (2020)
Business Simulation A Complete Guide
, 5STAR Cooks
Other Relevant Texts:
Programme(s) in which this Module is Offered:
MSMGNTTFA - MANAGEMENT
MABUMATFA - BUSINESS MANAGEMENT
Semester(s) Module is Offered:
Summer
Module Leader:
john.walsh@ul.ie