by Dr. Alona Zharova
The course introduces a business management game that establishes a link between theory and practice. During the simulation game students will structure the knowledge received previously from various Management and Economics courses through the interactive learning process and will learn how to make typical business decisions under risk and uncertainty while managing time constraints.
Being a part of virtual executive board will give participants some insights into the daily work of managers in such areas as Sales and Marketing (demand analysis, competitive analysis, marketing mix), Research and Development (investment management), Purchasing (financial planning), Production (internal production vs. external procurement), Personnel (staff productivity and motivation), Finance and Accounting (balance sheet, income statement, profit and loss statement).
As managers of a simulated company, students will learn how to define goals and strategies; recognize and formulate general conditions for commercial success; think and act in an interdisciplinary way; derive insights and decisions from industry figures; use the instruments of cost accounting, income analysis, product costing, and marginal costing; understand the fundamentals of marketing; and practice effective communication through visualization.
At the beginning, the crash course aiming to refresh the necessary knowledge is provided. It is immediately followed by “Learning by Doing” through the work in teams-companies competing with each other. The course thus provides participants with the opportunity to quickly gain a lasting practical experience in a risk free environment.