Simulations offer real world experience in an online environment. They allow students to apply their newly acquired theoretical knowledge in a simulated business world.
Students can gain hands-on managerial experience by running their own business in the simulation environment. They can experiment with strategies and compete with other companies. As the students make realistic business decisions and analyze the results of their actions, the important business principles become a part of their natural thinking. They see how their decisions affect their operating costs, profit, brand ratings , and what their customers think. Only in a simulated environment can students gain this kind of experience without suffering real-world consequences. This experience allows them to learn from their mistakes and their successes.
The game environment stimulates the competitive spirit. Students love the challenge to outsmart their classmates in a friendly game of business, and their competitiveness drives the learning. Learning occurs as a necessity to master the exercise and perform better than the other teams.Simulations can engage students emotionally. Their motivation to succeed drives them to focus on the decisions that they are making which helps them to make smart decisions and avoid careless errors. This type of motivation will also better prepare them for the competitive work force they will enter after graduation.
Research shows that students remember only about 20% of what we tell them in the classroom. But when they learn by doing, they retain 80% of the knowledge. When students make realistic business decisions in a simulation and immediately see the results of their actions, the important business principles will become a part of their natural thinking. They will begin to better understand all aspects of business and not just focus on one or a few.
Using Simulations in the Classroom is a Growing Trend
Revenues for simulation-based learning were nearly 2.5 billion dollars in 2012. That number is expected to almost triple in the next four years, according to an article in Education Week. Currently, the top-buying nations of education-focused games are the United States, Japan, South Korea, China, and India, in that order, Ambient says. But by 2017, the market will shift. The biggest buyers will be China, the United States, India, Indonesia, and Brazil. Most of this growth is because of the rapid rate of development in mobile technologies. Current trends are showing that many things, including education, will start becoming more available to people online.
To learn more about using simulations in your classroom, you can visit our website at www.marketplace-live.com.