Business Simulation with Professional Development

This report discusses business simulation and professional development. It covers the vision, strategy, progress, and future plans of Phone Tech Company. It also explores the importance of professional development and provides insights into competitor analysis, market share, and competencies.

Business
Simulation with
Professional
Development

Contents
INTRODUCTION...........................................................................................................................................4
PART A.......................................................................................................................................................4
1. Vision and strategy of Phone Tech Company......................................................................................4
2. Review of each year’s progress of Phone Tech Company...................................................................5
3. Future plans and recommendations..................................................................................................11
INTRODUCTION.........................................................................................................................................11
PART B.......................................................................................................................................................11
Identified events....................................................................................................................................11
Review of theories-................................................................................................................................12
Review of industry practices..................................................................................................................13
Application of theories and practices....................................................................................................14
Discussion..............................................................................................................................................15
Recommendations.................................................................................................................................15
CONCLUSION.............................................................................................................................................16
REFERENCES..............................................................................................................................................17

Executive Summary
In this report, different aspects related with Business Simulation will be discussed in
detail. It is very helpful in getting to know more about this topic and analyzing the wide range
which it offers for the purpose of understanding, analysis and interpretation. If the managers of a
company can make use of it properly they can identify their shortcomings and thus use the right
methods for removing them so as to ensure that the company can achieve sustainable success in
the future time period allowing it to achieve its short-term and long-term goals and objectives
and acquiring a strategic edge on the competitors in the market.

INTRODUCTION
Business simulation is a type of technique which is used for the purpose of providing
business training, analysis and education to the individuals who are interested in establishing
their own business in future. Main purpose of it is to aware all the students about the situations
which could be faced by them while running their own company. It facilitates them to be prepare
for all the uncertainties that may take place when they will be establishing their business or
performing tasks related to entrepreneurship. It is not focused with theoretical knowledge which
is provided in classrooms. It pays attention towards improving the conceptual acquittance and
providing big picture view of the organisation at once. It guides all the individuals to analyse the
way in which they will have to deal with all the negative situations in future. In order to perform
simulation related activities, it is very important for the students to pay attention towards
professional development (Alamsyah and Nurriz, 2017). It is a procedure which is highly
focused with maintaining professional credentials. The main elements that are covered in it are
attending conferences, informal learning opportunities, improvement in skills etc.
Present report is having two different parts first one is focused with business simulation
and the other one is based upon professional development. In the Part A, analysis is made upon
Phone Tech Company which is smart phone manufacturer mainly established in The
Netherlands. It is operating business in different countries including US, UK, Brazil, Canada,
Malaysia, China, Japan etc. This part of the report covers various topics such as vision, values,
mission, HR, culture of the company. Additionally, review of progress of all the years,
performance analysing along with future plans and recommendations are also covered in this
section. Second part is related to professional development in which specific events are required
to be identified and then theories in context of them and industry practices are required to be
applied successfully.
PART A
1. Vision and strategy of Phone Tech Company
Phone Tech Company is an entity which is involved in production of smart phone. The
slogan of the enterprise is “The Real Smart Phone”. It is having headquarter in The Netherlands
as it is the home country of it. There are various nations in which it is carrying out its operations.
These are France, Japan, China, India, US, UK, Malaysia, Canada, Australia, Monaco, Belgium,
Germany, Israel, Brazil etc. The organisation is highly focused with some essential elements
which are as follows:
Vision: Phone Tech Company is having a long-term vision of becoming the market
leader in smart phone industry by offering such mobiles to the customers which is based upon

latest and advanced technology. It will help to strengthen the market share and attract large
number of customers (Altan, Başarır and Aydemir, 2019).
Values: In order to be the first choice of all the targeted audiences it is very important for
all the companies to follow specific values. It helps to portray a positive image in front of
customers who are targeted by the organisation. Phone Tech Company is highly focused with
offering best services to the clients and resolving all their issues on time. It is mainly considered
by the entity because it wants to maintain loyalty of its customers. The more focus of the
company towards after sales service helps it to retain its clients and attract potential customers
from the market segment.
Mission: Phone Tech Company is operating its business for the purpose of achieving the
mission of increasing profits by 20% in upcoming 5 years. In order to reach to the mission, the
top level executives are paying attention towards latest changes in the industry and the mobile
devices so that advanced technology could be used to sale smart phone.
HR: Human resource is one of the main factors which is required to be focused by all the
entities as the staff members are the key of success of all the companies. All the employees who
are working in Phone Tech Company are professionally trained and experienced. When a new
staff member is hired then the management makes sure that proper training is provided to that
person. It helps to improve the working skills and productivity. In order to motivate the existing
staff, the managers in the company conduct development programs for them. It inspires them to
work with proper attention so that they can meet expectations of employers (Deranek, McLeod
and Schmidt, 2019).
Culture: Work culture is one of the main elements which helps the organisations to grow
and reach to tehri predetermined goals. Phone Tech Company is mainly focused with creating a
positive working environment for employees. The culture which is followed by the entity is task
culture. All the individuals working within the enterprise get tasks from their leaders and they
have to perform them. This culture facilitates the organisation to inspire all the employees to
perform their jobs properly as successful accomplishment of tasks results in rewards for the
individuals.
2. Review of each year’s progress of Phone Tech Company
Phone Tech Company is a smart phone manufacturer which is operating business in
different countries around the world. It is very important for all the entities to make sure that they
are able to assess the progress of business as it is essential for reaching judgement of future
policies. If the organisations are not able to review performance then it will be very difficult to
formulate effective decisions for future. There are various types of elements which could be
focused to review the performance. All of them are discussed below:
Competitor analysis: The process which is followed toa analyse the level of competition
in the industry is known as competitor analysis. With the help of it, it is analysed that company is

able to perform better than other entities in the industry or not. There are various types of
elements which could be used to conduct this analysis (Gola and Świć, 2016). Some of them
which are used by Phone Tech Company are discussed below:
Porter’s five force model: It is a model in which five different forces and their impacts
upon business is analysed. All the elements of it are discussed below for Phone Tech Company:
 Bargaining power of suppliers: All the manufacturers buy goods for making their final
products and the external parties which are contacted to purchase the raw material are the
suppliers. The size of smart phone industry is very large so the number of suppliers in the
sector is also very high. The higher their number the lower bargaining power so it is very
low for Phone Tech Company. In case of higher prices of one supplier the organisation
can contact to another party which will be delivering same items on lower cost.
 Bargaining power of customers: Main goal of all the companies is to attract large
number of customers by inspiring them to buy their products. When the number of sellers
in the industry will be high them it will create more options for the buyers to choose best
one from them. As the number of mobile phone manufacturers in the world is very high
so the buyers have more options. It results in high bargaining power of them and for
Phone Tech Company it is very high. In order to be the first choice of customers it is very
important for the entity to set effective prices as compare to other players in the industry
(Guenifi, Mahamdi and Rahmani, 2018).
 Threat of new entrant: Smart phone industry is very large so the entities which are
operating under it requires more funding as the cost of adopting latest technology is very
high. It shows that barriers to enter in the sector are very high. If a new enterprise will be
willing to be the part of it then the company will require huge funding along with latest
technology. It reduces threat of new entrant for Phone Tech company.
 Threat of substitutes: All the same types of products that are delivering same facilities
to the clients are the substitute goods. If a seller is having very high number of them for
its products then it will increase the threat of substitute as it will leave negative impact
upon business. The substitutes for smart phones are very low as it is not possible for other
products to render same services. Due to this, the threat of substitute for Phone Tech
Company is very low because of no substitutes for the mobiles.

 Rivalry within the industry: Size of industry reflects the level of competition for all the
companies operating business in sector. There are various entities which are the part of
smart phone industry. These are Yell, I Tech, G Mobile, V Connect etc. The level of
competition for Phone Tech Company is high because of end number of sellers. To attain
competitive advantage within the sector the organisation will be required to formulate
effective policies and strategies as compared to the competitors (Hamm, 2020).
Market share: It is also an element which is used to review performance of business. If an
organisation is able to capture the larger area of market then its market share will be high in case
of lower number of customers the share will be low. The home country of Phone Tech Company
is Netherlands so the customer focus segmented demand is focused to analyse the market share
of the company. The analysis data shows that in 2020 the demand for the smart phones of
company was 384000 and the competitors in this year were 0. In 2021 it was decreased up to
276480 and the competitors for the same year were also 0. It was constant for 2022 and increased
in 2024 up to 304128 and again it was constant till 2027. In 2025 the competitors were increased
from 0 to 2 and the competition for the company was increased in the industry. For 2028 and
2029 the customer focused segmented demand was 319334.4. The market analysis shows that
Phone Tech Company was dealing with competition since 2025 and it has attained success with
the help of it strategies as the competitors were not able to decrease its demand and it was
increased in 2028.
Product or price analysis: Organisations are required to analyse that the strategies that
are focused with product quality and pricing strategy are able to meet expectations of business or
not. The analysis data from the business simulation game for Phone Tech Company shows that in
2020 the segmented demand on the basis of product quality for the entity was 240000 and it was
reduced in 2021 up to 172800 and constant for 2022. The competition during the years was 0 till
2024. In 2023 it was 190080 and it was same till the end of year 2027. In 2025 the competitors
were increased up to 2 and it created competition for the company. For the year 2028 and 2029
the demand on the basis of quality of smart phones of the entity was 199584 (Popescu and
Sharma, 2019).
The demand according to price of smart phones was 1800000 for 2020 and it was
declined in 2021 up to 1377000 and same for 2022. The analysis shows the demand for 2023 on
the basis of price was 1514700 and constant till 2027. At the end of 2028 the segmented demand
according to pricing of products of the entity was 1590435 and for 2029 it was same no changes
were recorded in this year. Price and product analysis show that demand of items sold by hone
Tech Company was very high and the competition started in year 2025. The competitors were
not able to leave negative impact upon its business as in 2028 its demand was increased.
Competitors: The entities operating in same industry or selling same type of product are
competitors. It is essential for all the organisations to analyse the level of competition so that

effective strategies to responding the challenges which may take place due to this could be dealt
properly. The market and product or price analysis show that the entity was having 2 main
competitors in Netherlands. These entities are I Tech and G Mobile which are carrying out
operations in same industry. The impact of them upon functionality of the entity was very low as
its demand was not affected due to them (Scherpereel, Williams and Hoefle, 2019).
Competencies and capabilities: The elements that are differentiating one entity from
others are considered as capabilities and competencies. With the help of them, an organisation
can reach to all the long-term business objectives. The discussion of price or product and market
analysis of Phone Tech Company shows that the entity was having various competencies and
capabilities. Some of them are discussed below:
 Effective after sales services: The after sales services of Phone Tech Company are very
effective and quick which is helping the entity to enhance its demand in the industry. It is
the capability of it, which is facilitating it to generate sales.
 Huge demand of smart phones: The market and price or product analysis reflects that
demand for the products of Phone Tech Company is very high. It is the competency of it
which is helping it to deal with competitors in the industry (Wu, 2020).
Performance results: The process which is followed by entities to analyse the results of
performance is known as performance result. These are based upon the efforts that are made by
the organisation to be the market leader. If the entity is not able to formulate effective strategies
for future then it will be very difficult for it to meet all the long-term goals. In order to generate
the results analysis of performance and financial statements could be conducted. The analysis for
Phone Tech Company is as follows:
Analysis of final accounts: All the financial statements that are generated at the end of
each and every accounting year are the final accounts. Main purpose for their formulation is to
analyse performance of company so that details regarding it could be shared with the concerned
stakeholders. There are three main final accounts which are analysed below for assessing
performance results of Phone Tech Company. Details of the analysis are as follows:
 Income statement: This statement reflects the revenues, transactions, expenses and
incomes of an entity for the accounting period. It shows that organisation is able to
generate profits or not. The income statements of Phone Tech Company are showing that
since year 2020 to 2029 the entity has faced huge losses. The net loss for all the years is
329057. Gross profit for the period of 10 years s 34824 which is very low as compared to
the losses. Due to very high losses the enterprise will not be able to meet all its costs.
Continuous losses may result in negative implications for the entity. It may create the

situation of insolvency for Phone Tech Company which will be the worst situation for it.
According to income statement the performance results of the organisation are very weak
and the management is required to take effective actions so that performance could be
improved (Teles, Lopes and Ramos, 2017).
 Balance sheet: It is a final account which is generated for the purpose of analysing
financial position of company. With the help of it, shareholders analyse that their funds
are utilised properly or not. The balance sheet of Phone Tech Company is showing that
during the period of 10 years from 2020 to 2029 the entity was not having liquid assets.
The current assets of the entity include inventory of 26149 and account receivables of
12486. The liabilities side is showing account payable of 10101 and overdraft facility of
107938. Equities are showing issued capital of 250, premium reserve of 512 and reserves
of 145429. Balance sheet shows that the entity was not able to perform appropriately
because its performance is very weak. Lack of liquidity will affect successful execution
of business as well as attainment of all the long-term objectives. All the balances which
were reflected in the balance sheet were same during the years from 2020 to 2029. No
changes were recorded in these years (Vukšić, Tomicic-Pupek and Bach, 2018).
 Cash flow statement: In all the business organisations a statement is generated for
recording cash transactions. It is known as cash flow statement. It shows that the
company will be able to pay all the expenses in the specific time limit or not. Main
purpose of it is determining liquidity of business and its ability to fulfil requirements of
stakeholders. The cash flow statement of Phone Tech Company is showing that incomes
for years 2020 to 2029 were 475733 and the expenses for the same period were 475733.
It shows that the entity was only able to generate cash which was sufficient to pay the
debts. Income from account receivables was 143430 and cost of overdraft was 332303 for
these years (Yang, Zhang and Zhang, 2018). There are various expenses which were
faced by the organisation in each year. These were location cost, rental cost, recruitment
expenses, licensing of HR systems, interests, training and education costs etc. According
to cash flow statement the entity was not able to generate huge cash and the funds that
were generated from different activities were used to pay all the costs. Due to this, the
balance sheet was reflecting 0 cash for years 2020 to 2029.
Performance Analysis-

Performance Analysis has to be done by the organizations so as to make sure that they are
able to get the desired results so as to achieve their various types of goals and objectives in the
future time period. Its various aspects are as follows-
Marketing- Marketing activities are required from the point of view of firm so that they
are able to reach their customers (Reed and Jeremiah, 2017). Thus there is a requirement that the
firms should be able to conduct marketing activities without any problems. I have noticed while
working in Phone Tech that the company is getting behind its various competitors because of
insufficient attention which has been paid in the marketing segment. The business plan made by
the company for marketing has missed its targets in the recent years as a result of which it has
fallen behind the competitors. Thus there is a requirement to make an effective strategy for the
purpose of marketing.
HR- Human Resources are assets for any organization. Thus it is required from the
management of the organization that they can ensure that they are managed effectively and
efficiently so as to ensure good productivity from them. While working in Phone Tech I have
noticed that the company has not paid due attention to its employees and their needs and
requirements which has led to low productivity. The business plan made by the company for HR
has missed its targets and due to which it is behind its competitors in this regard and thus needs
to make a right strategy for its human resources.
Logistics- Logistics refers to various types of ways through which specific tasks can be
conducted within an organization (Rizzuto, 2017). I have noticed that in Phone Tech this
function has not been paid due attention which has lead to the creation of problems and issues.
The company has fallen behind here as its business plan has missed its objectives and thus its
competitors are ahead of it and there is a requirement to improve the logistics function.
Accounting- Accounting means maintaining and managing the financial information and
transactions within a company. In the context of Phone Tech, I have noticed that it is facing
accounting issues which has led it towards continuous losses over the last few years. The
company’s business plan has not achieved its goals due to ineffective accounting practices which
has increased the losses and led the company to fall behind competitors and thus there is a
requirement to improve the accounting function.
Product Development- Product Development is essential so as to make sure that the right
product is developed by the company (Spinler, 2018). I think Phone Tech made some wrong
choices related to its products over the years which have led towards creation of problems for it
as it is facing losses from the last few years. The company’s business plan has no achieved
objectives due to wrong products and thus the company is behind competitors and there is a
requirement to make the right products.
Event Response- This means how the response is provided to the different types of events
which occur (Wade, 2020). I have noticed that Phone Tech has been behind its competitors in

providing the response to certain events and thus this has resulted in it incurring continuous
losses over the years. The company’s business plan has missed its targets and is behind
competitors in this regard. Thus there is a requirement of making sure that it achieves its
objectives by giving proper event response.
3. Future plans and recommendations
Future Plan 1- Phone Tech can proceed with launch of new products within the market
and can make sure that these products made by keeping the customer’s needs and requirements
in mind. The company can make sure that it gets a strategic edge over its competitors in the
future time period.
Future Plan 2- Phone Tech can acquire a small company in the market and by doing so
it can make sure that it is able to get good market share and thus can maximize its profits in the
long-run. This is a good approach to be adopted if the small company is profitable and is having
a substantial customer base in the market which can yield long-term benefits for Phone Tech.
Recommendations- Phone Tech should make use of acquisition strategy. This is
recommended for it because by using this strategy, the company can make sure that it is able to
acquire a good market share as well customer base. This will lead it towards the route of
profitability and thus it can set short-term and long-term objectives to be achieved in the future
time period. It can achieve them in the right manner if it adopts the right strategies and tactics in
the long-run period of time and thus it needs to make sure that it implements them correctly.
INTRODUCTION
Business Simulation refers to an interactive and hands-on approach. It allows the users to
truly engage in the activities by creating an almost real experience for them (Carpenter, 2019).
Along with professional development it helps in preparing individuals for the field of business.
Thus it is quite helpful so as to ensure that various aspects about the businesses can be learnt.
This report is based on Phone Tech which is a company dealing in mobile phones. In this
assignment, specific focus will be made on different types of events, review of theories, review
of industry practices and application of theories and practices. It will help in getting an
experience of running a business.
PART B
Identified events
Launch of a new product-

Phone Tech recently launched a new product in the market. It is a new smartphone with a
lot of features. The company kept its price higher compared to the prices charged by the other
competitors in the market for their smartphones. As I work in Phone Tech, I noticed that there
were several mistakes on our part while launching the product.
As a result, the product could not perform as expected in the market because of its high
price tag and the low valued added by it for the customers as compared to the price paid by them
for it. Thus, this resulted in the product not able to generate the expected revenues and created
losses for the company and had to be withdrawn from the market.
Change in management-
Phone Tech company has been running into losses continuously. This is so because some
of its products have not been successful in generating the expected revenues. Also, the marketing
strategies which have been chosen by it are not working as expected by the managers. The
competitors therefore are acquiring a strategic edge over it in the market. Thus the management
of the company had to be changed so that a change can be brought within the company. As I
work in Phone Tech, I have closely witnessed this change and thus I am able to identify the
reactions change brings along with it.
The new management has various challenges lying ahead of it. It has to make sure that it
is able to take the right approach and frame effective strategies so that it is able to raise the
overall efficiency and effectiveness level in the company (Fominykh and et.al., 2016). By doing
so, the overall level of productivity will rise. Also it will be required to assess the competitors
and analyze them to oversee the strategy which it can prepare in order to fight the competition
and get the desired results to achieve the long-term objective of maximization of profits. For this,
the new management is required to take a different approach.
Review of theories-
Control Theory-
This theory is used so as to identify the various parameters through which the overall
performance can be assessed (Jackson, 2019). Using it deviations and variances can be found and
the right action can be taken. The steps in this theory are as follows-
 Identification of organizational structure- It is required from the organizations that
they are able to identify their structure (Jaeger, 2018). I think this is very important and
therefore for a company, it becomes extremely essential that it identifies its
organizational structure.

 Behavioral controls- In organizations, it is essential that the behavioral controls are
identified. In my opinion, these are required to analyze the behavior of different members
in various teams of the organization.
 Performance measurement mechanisms- In organizations, in order to ensure optimum
control the use of right performance measurement mechanisms are required (Khamis and
et.al., 2016). I think that this is highly important to make sure that the performance is
evaluated correctly.
There are three types of control in an organization-
 Behavioral control
 Output control
 Input control
With the right use of these controls, an organization can make sure to achieve the desired
results by setting the correct goals.
Classical Management Theory-
Classical Management Theory is used to identify the seven principles which are helpful
for raising the overall efficiency and effectiveness in the organization (The Classical
Management Theory, 2019). It is based on the belief that workers only have physical and
economic needs and do not have social needs. Thus it advocates the following principles-
 Profit maximization- I think that this is quite crucial as the firms are required to aim for
maximizing their level of profits so as to get the desired results.
 Labor specialization- According to me, this is required so as to make sure that the
specialized labor is used by the organizations for achieving their goals and objectives.
 Centralized leadership- I think that this is quite crucial for the purpose of making sure
that the leadership is able to take the correct decisions.
 Streamlined operations- According to me, this is required for making sure that the
operations are running effectively and efficiently.
 Emphasis on productivity- This is required so as to put the required emphasis on the
productivity of the organization.
 Single-person- I think that this is crucial for taking the right decisions as here only a few
people take the decision.
 Priority to the bottom line- According to me, this is helpful in raising the overall
productivity.
Review of industry practices
Phone Tech operates in the electronics industry. This is an industry where high-level of
profits can be earned. However a regular use of creativity and innovation is also required here.

There are different types of accounting issues which are prevalent in this industry. These are
explained as follows-
 Accounting fraud- It means that someone has meddled with the accounts of the
company (Kothari, Shah and Barach, 2017). The data in the accounts can be changed to
gain advantage. I think that this is a major issue which hurts many companies in the
electronics industry.
 Wrong accounting practices- It means that there are wrong accounting practices being
used in the company. In my opinion, this can hurt the companies as it can lead towards
creation of problems as well as issues in the long-run for them.
 Rise in unnecessary expenses- This means that there is a rise in the unnecessary
expenses which can create problems and issues in the company. According to me, it
happens due to various expenses which are not checked.
 Lack of liquidity- This means that there is a problem related to liquid assets in a
company (McMurray and et.al., 2016). I think that this is an issue which can lead to
creation of problem for many of the companies as there is a shortage of cash and other
liquid assets in it. Also, this can lead towards creation of an impact on the working
capital. Thus this is a major accounting problem.
Phone Tech is facing the accounting problem of Wrong accounting practices.
Because of it, the company’s operational profit as well as the overall profit has been
affected. This has led to bad performance by it in the last few years and also this has led
towards losses over the last few years. Thus, this has made sure that the firm is not able to
manage its operations effectively and efficiently and this has resulted due to the wrong
management practices which it has used over the years. Thus this is a problem which
requires the attention of the managers to make sure that the firm is able to get its
profitability back and is also able to achieve its short-term and long-term goals and
objectives in the future time period.
Application of theories and practices
Control theory- Control theory can be applied in the right manner within the
organization so as to make sure that the managers are able to adopt the right approach towards
controlling the operations of the company without any problems and issues (Ng and Ruppel,
2016).
The managers of Phone Tech should use this theory effectively and efficiently so that
they are able to identify the problems and issues related with the operations. If the company is
able to use this theory in the right manner then surely the problem related with Wrong
accounting practices can be resolved. This is so because the organization will be able to identify
the right practices to be used. The root cause of the problem will be identified and the rectifying

actions can be taken when the need arises. Therefore, in my opinion this theory can be used in
the right manner.
Classical Management theory- The managers of Phone Tech are required to make sure
that they are able to use the seven principles as advocate by the theory in the right manner. By
using them effectively and efficiently, the management can make sure that it is able to solve the
problem of Wrong accounting practices (Perboli and et.al., 2018). By doing so, the company will
make sure that it is able to raise its overall efficiency and effectiveness.
Thus, I think so that this theory can be used in the right manner by the managers of the
company by using its seven principles. Therefore, it is required that the company is able to use it
to make sure that the issue related with Wrong accounting practices is solved and the level of
overall productivity is increased. In this way, a strategic edge can be acquired over the various
types of competitors in the future time period. This will lead to the firm doing better than its
competitors and thus making sure that it earns higher-level of profits in the future time period.
Discussion
Therefore, it can be said that the different types of events in the simulation game has
helped me a lot as it has made me understand how the business is run practically. By using the
various aspects of the game, I have learnt new techniques through which a business can be run
effectively and efficiently. Also, in this way I can also make sure that I can apply these
techniques practically so as to raise the overall efficiency and effectiveness and to ensure that the
business achieve sustainable level of success in the future time period by getting a strategic edge
over the competitors.
I have also seen that certain problems are also encountered while managing a business.
Thus there is a requirement of taking the right approach so that the work can be done. Therefore,
by taking correct actions in the context of various types of situations there is much which can be
learnt. Thus this acts as a great learning curve and gives a great experience to the budding
managers so that they can manage their business well. By learning all this managers can enhance
their various types of managerial skills and capabilities for the future time period.
Recommendations
The recommendations for Phone Tech Company are as follows-
 Identify problems- Since Phone Tech has been facing heavy losses in the last few years
there is an underlying problem which has not been resolved. Thus it is required from the
company that it identifies the problems and takes the right action (Pilcher, 2016).
 Measure impact- Phone Tech is required to make sure that it measures the impact which
has been created due to the issues and problems. After that it can plan to take the
necessary course of action which is essential for the purpose of eradication.
 Identify the course of action to be taken- Phone Tech is required to make sure is that it
is able to identify the course of action which is required to be taken to resolve its issues

due to which it has been incurring continuous losses. Therefore, it can make sure that it is
able to take the right action according to the situation.
 Ensure proper management- Phone Tech is required to ensure that its management
team gives attention to the future problems and issues as soon as they occur and takes the
necessary course of action after due consultation with the people who are to be contacted
before taking a decision. In this way, the company will make sure that in the future the
firm does not loses out strategic edge to its competitors and will be able to achieve
sustainable success in the future time period.
CONCLUSION
From the above report, it can be concluded that Business Simulation is helpful in getting
practical experience for business. It also helps in achieving professional development. Vision and
Strategy are required to be set for businesses so that they are able to achieve their objectives.
Competitor analysis can be done by using Porter’s five forces. Performance review is done in
order to monitor performance and obtain results. Performance analysis is required to be done to
find out whether there is a problem in achieving the required performance. Future plans and
recommendations have to be given so that the company can use the right strategy.
There are various types of events through which a company can go through. Management
theories have to be analyzed. The industry of company has various types of practices which are
required to be reviewed. Also, the problems related with the business can be found out here.
Management theories can be applied in the correct manner so as to solve these problems. The
different aspects of simulation game can help in acquiring a practical experience.
Recommendations are required so that the management can take note of them and can use the
right strategies for ensuring achievement of goals and objectives.

REFERENCES
Books and Journals:
Alamsyah, A. and Nurriz, B., 2017, July. Monte Carlo simulation and clustering for customer
segmentation in business organization. In 2017 3rd International Conference on Science and
Technology-Computer (ICST) (pp. 104-109). IEEE.
Altan, C., Başarır, A. C. and Aydemir, E., 2019. Investigation of the effects of IMPULS
Maturity model with a simulation-based analysis. 10th International Symposium
onIntelligent Manufacturing and Service Systems.
Carpenter, C. C., 2019. A District-wide Structured Professional Development and Its Impact
on Technology Integration in the Classroom (Doctoral dissertation, Dallas Baptist
University).
Deranek, K., McLeod, A. and Schmidt, E., 2019. ERP Simulation Effects on Knowledge and
Attitudes of Experienced Users. Journal of Computer Information Systems. 59(4). pp.373-
383.
Fominykh, M. V. and et.al., 2016. A model for the education of a student of a vocational
pedagogical educational institution through the gaming simulation. International Electronic
Journal of Mathematics Education. 11(8). pp.2814-2840.
Gola, A. and Świć, A., 2016. Simulation Based Analysis of Reconfigurable Manufacturing
System Configurations. In Applied Mechanics and Materials (Vol. 844, pp. 50-59). Trans
Tech Publications Ltd.
Guenifi, N., Mahamdi, R. and Rahmani, I., 2018. Boron phosphorus and arsenic diffusion in
MOS transistors: Simulation and analysis in 2D and 3D. Phosphorus, Sulfur, and Silicon and
the Related Elements. 193(2),. pp.92-97.
Hamm, J. A., 2020. Improving the Air Force Medical Service's Expeditionary Medical
Support System: A Simulation Approach: Analysis of Mass-Casualty Combat and Disaster
Relief Scenarios.
Jackson, C., 2019. Natural and Life Sciences teachers’ affective development during an
indigenous knowledge professional development intervention (Doctoral dissertation, North-
West University).
Jaeger, A., 2018. Achieving business excellence through self-assessment for personal and
professional excellence. Total Quality Management & Business Excellence. 29(13-14).
pp.1612-1632.
Khamis, N. N. and et.al., 2016. A stepwise model for simulation-based curriculum
development for clinical skills, a modification of the six-step approach. Surgical
endoscopy. 30(1). pp.279-287.

Kothari, L. G., Shah, K. and Barach, P., 2017. Simulation based medical education in
graduate medical education training and assessment programs. Progress in Pediatric
Cardiology. 44. pp.33-42.
McMurray, S. and et.al., 2016. Employer demands from business graduates. Education+
Training.
Ng, G.M. and Ruppel, H., 2016. Nursing simulation fellowships: An innovative approach for
developing simulation leaders. Clinical Simulation in Nursing. 12(2). pp.62-68.
Perboli, G. and et.al., 2018. Business models and tariff simulation in car-sharing
services. Transportation Research Part A: Policy and Practice. 115. pp.32-48.
Pilcher, J., 2016. Learning needs assessment: Not only for continuing education. Journal for
nurses in professional development. 32(4). pp.185-191.
Popescu, V. A. and Sharma, A. K., 2019. Simulation and analysis of different approaches
towards fiber optic plasmonic sensing for detection of human-liver tissues. Optical and
Quantum Electronics. 51(9). p.290.
Reed, L. and Jeremiah, J., 2017. Student grit as an important ingredient for academic and
personal success. In Developments in Business Simulation and Experiential Learning:
Proceedings of the Annual ABSEL conference (Vol. 44, No. 1).
Rizzuto, M., 2017. Design recommendations for self-paced online faculty development
courses. TechTrends. 61(1). pp.77-86.
Scherpereel, C. M., Williams, S. K. and Hoefle, S. E., 2019, March. Learning Transfer from
a Business Simulation: How are you situated?. In Developments in Business Simulation and
Experiential Learning: Proceedings of the Annual ABSEL conference (Vol. 46).
Spinler, C. D., 2018. Organizational perspectives on co-teaching triads participating in a
science and engineering professional development program.
Teles, J., Lopes, R. B. and Ramos, A. L., 2017. A simulation-based analysis of a cork
transformation system. In Engineering Systems and Networks (pp. 3-11). Springer, Cham.
Vukšić, V. B., Tomicic-Pupek, K. and Bach, M. P., 2018, May. Simulation based business
processes analysis in higher education institutions. In 2018 41st International Convention on
Information and Communication Technology, Electronics and Microelectronics
(MIPRO) (pp. 1266-1271). IEEE.
Wade, C. E., 2020. Q Methodology as a Formative Tool for Facilitating Professional
Development School Partnership Development.
Wu, X., 2020, April. Parameter Matching and Simulation Optimization Analysis of Electric
Vehicle Power System. In Journal of Physics: Conference Series (Vol. 1486, p. 062005).

Yang, Y., Zhang, L. and Zhang, Q., 2018, November. Constructing Business Simulation
Training Platform Based on Workflow Management Systems. In 2018 14th International
Conference on Computational Intelligence and Security (CIS) (pp. 311-315). IEEE.
Online
The Classical Management Theory. 2019. [Online]. Available through:
<https://www.villanovau.com/resources/leadership/classical-management-theory/
#:~:text=Classical%20management%20theory%20is%20based,%2Dmaking%2C%20and
%20profit%20maximization.>