Business Simulation in Professional Development: A Detailed Report

This report provides an executive summary of a business simulation exercise undertaken to enhance business finance skills and acumen. It details identified events impacting team performance, including decision-making challenges and role changes. The report reviews relevant theories such as decision-making theory and leadership styles, alongside an examination of industry practices within the sanitizer industry. It explores the application of these theories and practices during the simulation, discussing the effectiveness of different leadership approaches and the importance of communication and group dynamics. Recommendations for practice focus on the application of decision-making theories and leadership styles to improve professional development. The simulation highlighted the importance of ethical practices, health and safety standards, and the adoption of ISO standards in the industry. The report emphasizes the benefits of participative leadership, effective communication, and the application of rational decision theory to improve business outcomes.

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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team working, communication and leadership skills. It will help me in my professional growth
and development (Darling-Hammond, Hyler, and Gardner, 2017).
REVIEW OF RELEVANT THEORY
Decision making theory
It is termed as a sequence of actions involves stages of search for information, problem
recognition, selection of an actor, stages of problem recognition from two or more alternatives
regular alongside the preferences.
Decision theory focuses on an approach which is interdisciplinary to arrives at the decisions that
are consider as one of the most benefit provides an environment which is uncertain. This theory
brings together statistics, psychology, mathematics and philosophy to evaluate the process of the
decision making. It is closely associated to the game theory as well as studied alongside the
context understanding the decisions and activities such as evolution, auctions as well as
marketing. According to the decision theory it is known as the theory regarding how individuals
must behave under uncertainty and risk. It can utilise as set of axioms regarding how individuals
behave that has been broadly challenged both theoretical and empirical ground.
Main areas of decision theory such as several types of decision making
Prescriptive decision theory- It focuses on to gives guidelines for agents to make the best
uncertain decision making under a framework which is uncertain (Costa, 2017).
Normative decision theory- For making decisions it gives guidance as well as given a set of
values.
Autocratic leadership
It is consider as management style where one person can controls all the decisions of the firm
and takes very little advice from other members of the firm. Here within this style Autocratic
leaders also makes choices relied on their beliefs as well as not include others regarding for
advice (Pande,MOCK Inc, 2019).
Benefits of democratic leadership
It provides a clear chain of command.
For the quick decisions it is very especial regarding stress filled situations.
Drawbacks
It hurts morale as well as leads to the resentment.
It ignores several creative solutions from other people of the firm.
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It do not support group input.
Democratic leadership - Here within this style leaders can participate with other members of the
firm within the decision making process, it is also called as shared or participative leadership. It
can applied to any firm, from private businesses. Thus characteristic of such leadership style
involves such as here opinions or advices can be taken from so many people so creativity is
rewarded and encouraging, Group members are also boosts to share the opinions as well as ideas,
In addition to this employees feels more engaged within the process (Pande,MOCK Inc, 2019).
Transformational leadership- Staff members also have the basic set of goals and tasks have to
complete each week, but the leader is regularly pushing them so that they can leave comfort
zone. This style is highly boosts form of leadership as it can motivates staff members to focus
what they are capable of, as well as guides them by new responsibilities.
Strategic leadership
Here within this style leaders is intersection between firm’s growth opportunities and main
operations. It is know as the desirable style within many firms due to strategic supports various
types of staff members ,thus leaders are operate within way way can set a dangerous precedent
with respect to how many people they can support at once, and what the best direction for the
company really is if everyone is getting their way at all times (Ziedonis. and Ahn, 2019).
REVIEW OF INDUSTRY PRACTICES
From the simulation game I evaluated that in sanitizer industry the companies are performing in
better way. In recent time, there is vast opportunity for growth of that firms in it. thus, there are
different practices which are followed by them in it. I got to know that practices applied by them
are same as they follow same strategy. It has allowed them to grow in other markets. Besides
that, I stated that practices followed in it are based on government regulation. the companies are
properly followed ethics formed by government which has allowed firms to produce sanitizer
(Desimone,. and Pak, 2017). I learned that in sanitizer industry small and medium firms are
growing quickly. they are producing various types of products apart from hand sanitizer as well
such as air filter, virus scan, etc. to fulfil people needs. Therefore, they have applied practice of
health and safety within business to ensure that there is no compromise with quality. In MBA I
only learned that in sanitizer industry apply certain practices of ethics but by simulation business
I got to know that health and safety are crucial practices followed by them. other than this, they
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are focus on sustainability as well so that waste is eliminated. With that they are able to perform
in efficient way.
furthermore, I understood that companies perform on basis of only certain practices. in that main
is health and safety. It has led to change in their strategy and plans. Alongside, even if variety of
products are produced on basis of market needs. However, focus is on maintaining of quality of
products so that health and safety is ensured. so, in order to compete in market companies have
applied ISO standards which has led to gain trust of customers. there is proper monitoring of
government as well in it to make sure quality is maintained. in simulation game I evaluated that
ethical practices are effectively being implemented. It has allowed them to survive in market
(Girvan, Conneely, .and Tangney, 2016). also, businesses are reviewing other firm practices as
well. this has led to make changes in practice. hence, there is improvement in performance of
firms. In addition, companies are implementing similar strategy to operate in various market.
thee is no change in marketing of sanitizer products.
APPLICATION OF THEORY AND PRACTICE
I found that the theory which is reviewed above was applied in business simulation game. This is
because for me it was easy to play game with help of applying of theory. I found decision
making theory was applied in taking decision. Here, entire procedure was followed in decision
making. Similarly, i took decision by recognizing problem, search data and info, finding out
alternative and then taking decision. So, with that it was easy for me to take decision. I realized
that all decision taken was effective as the theory was applied in it. Besides that i evaluated pros
and cons of decision making as well (Ziedonis. and Ahn, 2019). So, then on basis of that i took
decision. Moreover, i found that my behavior was serious in this as i identified risk in it. This led
to bring in efficient analysis of each option and then making things easier.
In addition to it, I found that practice applied by me in leadership skills was no so proper and
effective. This is because as i was having no experience in leading so it resulted in creating chaos
within team. I was also confused as well that what leadership can be applied and how. So, in
order to do so i have to take support of expert where he guided me. I applied various leadership
style in it. But at last i got to know that participative leadership style is best suited here. In this
practice i was engaged with all other members in taking decision. It led to sharing of views and
taking suggestions. Also, i observed that group dynamics help in leadership style as well. The
people having varied experience and skills need to interact so that skills and abilities is identified
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(Lynch, 2017). Thus, for increasing communication open practice was applied. In this member
were allowed to interact freely and share opinion. This was done with help of process which was
followed by all. It resulted in making changes in way of sharing of data and analysing it. This
practice was highly effective as it fastened process of decision making. All members gave
suggestions and i analysed it. Then, with their consent i took decision in it.
Furthermore, rationale decision theory was applied in it where it emphasis on goals, problem and
criteria. Thus, with that decision was taken in game. It was difficult for me to use and apply this
theory. I need to focus on goals rather than sustain of business in market. I realized that my
performance was not so good in it and I need major improvement. I must apply theory and
practice in it so that I am able to achieve my goals. It needs to be related to taking decision,
analysis data or leading team. Sometimes, theory is applicable but not always. There is need of
practice as well in it. It is stated that for taking decision in simulation it require analytical skills.
here, calculations is to be done to evaluate tactics.
DISCUSSION
From the simulation game it can be discussed that companies in sanitizer market are following
various practices in it. I learned that main practice is to maintain health and safety of products by
integration with quality. the performance of businesses are good in market and also it is expected
that it will improve in future. However, there is need to focus on sustainability practice by
companies. I gained knowledge about certain practices which are implied within industry.here,
all firms are highly focused on quality practice and set some standards as well. this is done to
reduce cost of production so that huge revenue is generated. furthermore, new strategy is
developed with integration of practices. In simulation game we focus on quality but for that it
required huge cost in it. But in real life business do not need to incur high cost in it. this is
because production done is in large quantity (Kennedy, 2016).
Also, I analysed that in sanitizer industry there is high growth to be achieved in it. There
are many new companies emerging in it and entering in new market. they are focusing on quality
and product cost. so, it has automatically led to generate sales and profits from it. Moreover, it
has been easy for them to emphasise on particular business practice. Besides the practice
followed by them are not complex. hence, in simulation game we also did not included practice
in it. the decision was taken on basis of ethics and quality. But I realise that sometimes decision
is to be taken against that practice. it allows in smooth running of business and maintaining
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quality of products. so, in game as well I took some decision which was not according to
business practice. but it led to generate better and effective outcomes. thus, I learned that
decision take must be beneficial for company. I got to know about various strategies and ways
by which decision is taken. It improved my knowledge and performance. for takin decision I
suggested with other members. thus, decision was taken on basis of statistics and analysing past
data and info. thus, we got insight on what future situation can be and estimated some facts and
figures (Matherson, and Windle, 2017). in this way I suggested 3- 4 options or alternative of
decision. then, by analysing each one in depth we selected one and then took decision. so, for
every decision I and my team followed similar process. it was simple to understand for us about
our company and how to proceed further in game.
It is discussed that for taking decision in simulation it require analytical skills. here,
calculations is to be done to evaluate tactics in it. so, my performance in this skill was poor. I
was weak in doing calculation and analysis of data. hence, it took more time for me to decide
that what I have to do. but working in team was easy and simple for me as other members guided
me. also, it realised that there is difference in learning in practical and theoretical way. I was able
to understand things more clearly and in depth by working in team. in this quick decision are
taken and learning is shared with one another.this highly enhanced my performance and it will
help me in my future growth. I concluded that my performance in this was average and I need a
lot of improvement. it will be beneficial for me. I need to gain knowledge on analysing data and
doing calculation.with that I will be accomplish my career objectives (Vangrieken, and et.al.,
2017).
RECOMMENDATIONS FOR PRACTICE
In order to enhance skills, there are several recommendations which can be followed. It will
allow me to improve my performance and skills. thus, they are described as below
I can solve case studies related to business simulation. It will help me in doing quick calculation
and generating output. Moreover, I will be able to gather data and analyse it to find out relevant
outcomes.the solving of case study will sharpen my knowledge and skills. this will provide me
practical knowledge as well.
I should play different simulation games which will enhance my skill and ability. Through that, I
will gain knowledge about how decisions are taken by interpreting data. the games will provide
me wide area of knowledge and other skills. hence, I will be able to learn something new in it.
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I must evaluate my own performance so that I can identify my weak areas. With that I will set
short and long term goals which will provide me direction and I can work upon them to improve.
Thus, by developing action plan and including strategies in it I will attain my goals. so, I can
focus on my career and professional growth.
I should practice the games regularly by doing research on internet. With that I will gain
knowledge on it and then apply in other games I play. I must also learn about decision making
process so that I can easily make decision.
I can gain knowledge about various leadership style and how it can help me in leading a team
and becoming great leader. thus, I can apply that style which will help in achieving outcomes.
hence, I can change style by analysing situation and then apply suitable style into it. In this way
my leadership knowledge will enhance and i can become a leader in future.
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REFERENCES
Books and journals
Bates, C.C. and Morgan, D.N., 2018. Seven elements of effective professional
development. The Reading Teacher, 71(5), pp.623-626.
Costa, J.T., 2017. Service Learning, Project Management and Professional
Development. Business Education Innovation Journal, 9(2).
Darling-Hammond, L., Hyler, M.E. and Gardner, M., 2017. Effective teacher
professional development.
Desimone, L.M. and Pak, K., 2017. Instructional coaching as high-quality professional
development. Theory Into Practice, 56(1), pp.3-12.
Girvan, C., Conneely, C. and Tangney, B., 2016. Extending experiential learning in
teacher professional development. Teaching and teacher education, 58, pp.129-139.
Kennedy, M.M., 2016. How does professional development improve teaching?. Review
of educational research, 86(4), pp.945-980.
Lynch, K.A., 2017. Professional Development for High School Business Educators
Compared to Other Career and Technology Area Educators in Maryland: A Perception
Study (Doctoral dissertation, Notre Dame of Maryland University).
Matherson, L. and Windle, T.M., 2017. What Do Teachers Want from Their Professional
Development? Four Emerging Themes. Delta Kappa Gamma Bulletin, 83(3).
Pande, S., VMOCK Inc, 2019. Internet-based method and apparatus for career and
professional development via structured feedback loop. U.S. Patent 10,346,803.
Vangrieken, K., and et.al., 2017. Teacher communities as a context for professional
development: A systematic review. Teaching and teacher education, 61, pp.47-59.
Ziedonis, D. and Ahn, M.S., 2019. Professional Development for Clinical Faculty in
Academia: Focus on teaching, research, and leadership. Psychiatric Clinics, 42(3), pp.389-399.
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