Developing Creative Teaching Module: Business Simulation in Teaching Strategic Management

Abstract

Globalization and liberalization in the business environment have changed the requirements of types and qualities of human capital needed by the corporate sector. In relation to this, business graduates not only need to have theoretical understanding, but they also need to have creative thinking, communication skills and decision making skills based on multidisciplinary knowledge. Simulation game in business education is suggested to fill the gap by exposing students to real business situations. This study evaluates the effectiveness of business simulation in teaching Strategic Management in Faculty of Economics and Management, Universiti Kebangsaan Malaysia (UKM). A total of 48 students participated in the business simulation game and answered a survey at the end of the Strategic Management course. The objective of this paper is to present the findings in terms of contextual and processual context of using business simulation as an approach in teaching strategic management. The important findings of this research are the ability of simulation in transferring theory to practice, applying multidisciplinary knowledge, managing team dynamics, making decisions in uncertainties and managing in realistic situation. This study highlights the potential of business simulations in developing competent business graduates that fulfill the requirements of the industry.

Contributors to hospitality students' knowledge enhancement

“…Interestingly, the present findings reveal a strong relationship between low self-efficacy and knowledge enhancement in contrast with previous studies (Abdullah et al, 2013;Bandura & Cervone, 1986;Ketelhut, 2007;Meluso et al, 2012;Nicolaides, 2012). This finding is attributed to the fact that HOTS is a multidisciplinary business simulation with teamwork and peer-interaction contributing highly to the experiential learning; it is considered to be of value to curriculum designers and educators in determining the most appropriate stage at which business simulation programmes should be embedded in the curriculum, taking account also of the students' prior knowledge and work experience.…”

“…Consequently, self-efficacy has effects on the gathering and enhancement of knowledge. Abdullah et al (2013) and Nicolaides (2012) supported the high influence of student involvement within the learning process in order to enhance the knowledge for the real-life industry and therefore supported the importance of self-efficacy within the context of this research. In addition, Meluso, Zheng, Spires, and Lester (2012) revealed that self-efficacy has been found to be one of the most important determinants of academic achievement.…”

Enhancing Student’s Understanding in Entrepreneurship Through Business Plan Simulation

“…Quantitative designs adapt from [27][28] were used to find which of the elemen of business simulation that facilitate of business plan preparation and the relationship among them. Students of entrepreneurship courses (114 students) were selected to run business simulation play testing.…”

“…The development of this business simulation using Microsoft excel VBA (Visual Basic for Operation) [33]. In this simulation player can play alone or in group [28]. This simulation require player to set up a company, capital, manage resource and manage financial.…”

Business plan simulation as an experiential learning to enhance business plan understanding among engineering student

“…Quantitative designs (Vos and Brennan, 2010;Abdullah et al, 2013) were used to find, which of the element of business simulation that facilitate of business plan preparation and the relationship among them. Students of engineering courses (108 students) were selected to run business simulation play testing.…”