Author: Ernest Cadotte
What are the Microsimulations?
Microsimulations are optional skill-and-drill exercises that students can use within a Marketplace® Live Simulation. Each exercise takes 10 to 15 minutes to complete.
What is the purpose of the Microsimulations?
Over the years, we have seen that students using our simulations have difficulty mastering critical business skills such as customer value creation, resource management, evidence-based decision-making, operations management, and strategic thinking. To address these difficult business issues, we are creating a series of Microsimulations that will allow your students to explore these difficult business concepts at a more fundamental level.
The first three Microsimulations focus on value creation in brand design, profitability analysis to improve resource allocation, and production capacity planning in running the factory.
Product Design: Understanding the QFD Technique of Product Design
Production Scheduling: Understanding Fixed Capacity, Operating Capacity and Inventory
Profitability Analysis: Using Profitability Analysis to Increase the Bottom Line
Fundamentals of accounting: Understanding transactions and calculations, net income and other accounting issues
Fundamentals of Strategic Planning: Using Business Opportunity Analysis, Strategic Objectives, Strategic Thrusts and Tactics to Build a Business Strategy
Internet Marketing I - The Fundamentals: Understanding Search Engines, Web Pages, Search Terms, Organic Search Results, and Search Engine Optimization
Internet Marketing II - Paid Advertising: Understanding Pay-per-Click Ad Campaigns, Bids and Budgets, and Campaign Analytics Tools
How are the Microsimulations structured?
Over a year in the making, the Microsimulations have a highly visual and interactive format. They begin with an animated lecture that explains the principles to be mastered. Students are then given an interactive challenge that allows them to practice the lessons to be learned.
The exercises are designed to be short, game-like and fun – they take a complicated part of the simulation – a challenging business concept and break it down into the basics of what the student needs to understand and do.
The skill and drill exercises can be played multiple times until the student gets a 100% on the score. The scores are not currently designed for assessment or grading, but rather to motivate students to keep trying until they understand the concept and can get it right.
Students can do these exercises on their own or within their team.
We have already seen positive results in student thinking and decision-making in early classroom tests of the Microsimulations.
When can you try these Microsimulations?
Three Microsimulations will be available for preview in January of 2014. They deal with product design, profitability analysis, and production capacity planning. Additional Microsimulations will come online throughout 2014.