Business Simulation for Professional Development

BUSINESS SIMULATION
WITH PROFESSIONAL
DEVELOPMENT – SG7003
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EXECUTIVE SUMMARY
Present Report has been focuses on business simulation to improves business finance
skills, business acumen. It has been also focused on identified events, as 4 people who has taken
part in business simulation as well as events due to which team performance was hampered and
led to change in roles of person. Furthermore, as we did not know that person was highly
creative and experience. It has been also focused on Review of Relevant theory as well as
Decision making theory,REVIEW of industry practices, application of theory and practice,
discussion and recommendations for practice
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Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
IDENTIFIED EVENTS...................................................................................................................4
REVIEW OF RELEVANT THEORY............................................................................................5
REVIEW OF INDUSTRY PRACTICES........................................................................................6
APPLICATION OF THEORY AND PRACTICE..........................................................................7
DISCUSSION..................................................................................................................................8
RECOMMENDATIONS FOR PRACTICE....................................................................................9
REFERENCES..............................................................................................................................11
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INTRODUCTION
A business simulation is consider as a powerful tool for firm’s learning as well as
development business as it can able to people to improves business finance skills, business
acumen. It enables participants engage within material (Costa, 2017).. Rather than highlighting
theoretical knowledge such as typical classroom, improves conceptual knowledge, builds skills
as well as provides a big picture. There were several advantages to utilizing business simulations
within firm.
IDENTIFIED EVENTS
It is identified that there was team of 4 people who has taken part in business simulation activity.
In this I also took part in it. this helped me in learning various skills and knowledge. moreover, it
enabled me in my professional development. I found that while working in simulation game
there occurred certain events due to which our team performance was hampered. I analyzed that
one event occurred in which a complex situation was arisen. thus, as I was leading team so due to
that we were not able to make decision. I was struck highly in a situation where it was difficult to
move out (Bates and Morgan, 2018). so, i did not took suggestion of all team members that we
have to take decision that is wrong. it is because it will help us to proceed further in simulation
game. but all members did not agree with me. hence, it led to conflict within team. due to it, they
did not effectively engage in game and now we were only 3. therefore, then I decided to take
decision by including all members of team. I took their suggestion in it. so, in this way decision
were made in entire game. It highly helped me to learn that working in team is beneficial. It
results in achieving goals in effective way.
Along with it, there occurred one more event in working in simulation game. in this I found that
there was role of group dynamics in it. I evaluated that a situation was occurred in where it
required experience person to led team. this is because it led to change in roles of person.
Furthermore, as we did not know that person was highly creative and experience. he was not
interacting with others so it was not possible to determine his capability and skill. thus, we all
decided to encourage each other so that communication is done.Thus, with that I was able to
interact with others and analyzed their potential. So, from that I learned that it is necessary to
communicate during working in team. this is because it will be useful in sharing views and ideas
which can be used in taking decision. therefore, from these two events I gained knowledge about
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