For one of our recent reading quizzes,
we needed to relate games to a discipline that hadn’t been discussed in class.
At first, I thought this would be a tall task because of the many, many fields
of study we’ve discussed throughout the year. However, I went on Google Scholar
and realized that none of our guest speakers had ever related games to the
business field.
Recently, game designers have
produced several business games including specialized ones such as “Finanism”
for the finance subset of business, “Joblot” for production, and “Marketing in
Action” for marketing1. The most important aspect in these games and
simulations are to make them as real as possible to actual real-world business
problems. This is difficult because there are so many variables in a business
that needs to be accounted for which could make the game extremely complex to
play. Of course, an entirely realistic game isn’t possible, but business games
still hold tremendous value.
Games are extremely applicable to
the classroom environment for business classes because financial theory can
only take a student so far. He has to experience the complexities and
irregularities of running a business that a mere lecture or discussion can’t
possibly portray to the full extend. However, the combination of theory with
application (via game simulations like “Finanism”) can give the student a much
broader and more complete business education.
Furthermore, business game
simulations are used by real-world businesses. Some businesses have developed
specific programs where they can plug in certain variables to optimize their
business strategy. Others have implemented certain simulations to train their
employees and teach them certain skills in management or finance.
In either case, business games and
simulations are an extremely valuable tool for both students and companies.
They can be used for students to use the theory they’ve learned in the
classroom to apply in a realistic setting without nearly as much risk in
comparison to real-world companies. Additionally, businesses can implement
certain simulations and plug in certain variables to find the optimal strategy
for success.
You've touched upon a very good point! This is why most business schools focus on action based learning and case studies. Also, a lot of emphasis is placed on internships as a business student (more so than other fields) because of the real-world knowledge that is offered. At the same time, the discipline of business itself can be seen as a game. Whether its playing around with the game that is the stock market or negotiating between two different firms...there is always a winner and loser in the game of business in almost any transaction. Simulations and team projects are definitely a really good way to prepare for this. It's also interesting to note that when businessmen bend the rules...it makes the headlines (i.e. the financial crisis or insider trading).
ReplyDeleteThis post is very insightful and hits upon a great point! As a student in BA 201 right now, which is an Intro to Business Class, 25% of our class grade is devoted to something called the "Beer Simulation". While it sounds like a drinking game, it is actually just a simulation provided by the Harvard Business School that is highly stressful for students and supposed to model a certain aspect of supply and demand in business. It is interesting to think that in a field as intellectual and intimidating as Business, a GAME counts for a whole fourth of your course grade! This clearly shows the importance of simulations and games in the Business field, since business schools focus so heavily on these very simulations. It goes to show: Don't underestimate games and how they function in our society!
ReplyDeleteAs a student in the Ross School of Business, I can definitely agree that games are a crucial part of the business school education. Many classes are based on simulations and case studies that make many critical points that are useful to business.
ReplyDeleteTo share one example, I have participated in a case study where we must prioritize items to keep with us while stranded in the desert. Each student first ranked their preferences. Then we got in teams that had to come up with a list of its own. The teams, most of the time, did better than the best individual in the team (based on some scoring system), demonstrating the power of teamwork.
These types of games make abstract concepts more tangible. Simply being told teamwork is good leaves some doubt. Until I had participated in that simulation, I had never seen first-hand an objective measure proving so. But now, the idea is more believable and more ready to stick with me.
- Jonathan Lipkin