The Business Strategy Game (BSG) is basically a PC-based approach, devised to highlight the actual-world character of the business world and structured so that individuals can operate a corporation within intense competition against corporations run by others. All aspects of the BSG model strongly signify the competitive practices of the real business environment. All information about the corporation as well as the industry atmosphere is highly realistic and provides individuals a close-to-actual-life managerial experience. Additionally, the BSG puts students or even managers within a situation where they and other people associated could apply what all they have learned in the business school and where they could be business like as well as rational in deciding what exactly to carry out. Students could access all elements of BSG at any time of the day from any computer that is a very good point of the game.
On the other hand, there are a number of weaknesses available online business strategy games.
Firstly, lack of well-timed feedback on the actions of students. The atmosphere does not put forward clear response about player's strategic steps. Instead, their quality turns out to be apparent just after considerable delay .Explain why? Issues could be discovered just with noteworthy delay, frequently after corrections have been made.Why? Secondly, poor emotional involvement with the gaming tasks. In the absence of the appropriate emotional involvement, training or learning sessions become uninteresting and dull. Thirdly, lengthy learning durations. The majority of games don't have the transparency required for getting students acquainted with the game at a proficient speed. Why do you think? Fourthly, unintelligible game outcome. Information visualization aspects within the business games are characteristically underdeveloped and are frequently restricted to data illustration in the spreadsheet pattern. And lastly, lack or absence of technology for assisting debriefing. Explain why?
Teamwork Evaluation
Apart from that, on analysing my performance by making use of Belbin's typology, I came across several strengths as well as weaknesses associated with me. (Using belbin's typology-analyse your own contribution and what are your weaknesses and strengths
On the one hand, my strengths: The Belbin's typology brought to light my several strengths. I came to know that I am well-organized, helping everyone else focus on their tasks, take responsibility every week, focused on the game. I am also good at decision making and even hold the ability to quick decisions in case of urgency but also good at directing efforts of all team members towards one goal. Additionally, I am a dominant character but it does not mean that I am not good listener unlike I got everyone opinion to find a compromise. Consequently, according to Belbin's typology, if I describe myself , I would like to say the co-ordinator and team worker.
On the other hand, My weaknesses: According to Belbin's typology along with my contribution, if I describe myself , I would like to say that I have several weaknesses which I need to work upon on urgent basis. For example, the lack of financial information so financially I cannot make accurate predictions. I am not good at prioritizing work tasks and time management and also I failed to recognize at times which all tasks are more important than the others and should be performed first. In addition, lack of time management skills is also one of the big weaknesses of mine which if not managed can affect the achievement of overall task.
I would like to mentioned five different theories that I find helpful when I studied on my masters programme. ( Explain each theories why it was useful in related to BSG
The theories include:
• Gantt Chart
A Gantt chart, usually adopted in project management, is one among the highly prevalent and functional ways of outlining activities (events or tasks) illustrated against time. In the present day, Gantt charts are highly adopted for tracking the project schedules. Gantt charts are quite constructive in planning how long a venture/project should take and assisting to sequence the procedures by laying them out in manner the tasks must be accomplished.
Porter's Diamond of National Competitive Advantage
This framework of determining forces of national advantage is called Porters Diamond. It asserts that the national home base of a company performs a vital part in shaping the level to which it is expected to accomplish benefit on a worldwide level. This home base offers fundamental factors that support or obstruct companies from developing advantages within worldwide competition.
• PESTEL Analysis
PESTEL analysis is an effective and simple technique adopted in situation analysis in order to examine the chief external (i.e. macro-environment level) factors that might have an impact on a company. These factors could result in both opportunities as well as threats for a company. As a result, the main purpose of performing PESTEL analysis is to discover prevailing external forces impacting a company; recognize the external forces which might transform in the future and lastly, to exploit the modifications (i.e. opportunities) or protect against them (i.e. threats) better than the rivals would do.
• Cost -Volume-Profit Analysis (Break Even Analysis)
Cost-volume-profit (CVP) could be simply explained as an element of cost accounting. It's a simplified framework, functional for elementary instruction as well as for short-run judgments. CVP approach expands the application of information put forward by breakeven analysis. An important fraction of CVP analysis refers to the position wherein aggregate revenue is equal to aggregate costs (both variable as well as fixed costs).