Describe your experience with the simulation. What have you learned from this experience? How will the simulation experience prepare you for your future in the business world? Explain.

my response

According to Kiesling, et al., (2012), simulation is an imitation of the actual systems or processes. Simulation is mostly applied for educational purposes. It helps the learners adapt to what is being taught. Also, simulation is used in the training of people and military officers. Simulation enabled me to relate the learning process to the real world model. Whatever I learned from the class I will apply it entirely as I had prior exposure. The business simulation is primarily used in for business training, education or analysis. Simulation allows learners to capture the real world scenario. It helps the learners to get familiar with the business objectives, decision making, problem-solving, market analysis, financial analysis, operation, teamwork and leadership which are vital attributes in the business performance (Kiesling et al., 2012).

My experience with simulation has taught many lessons. First, it has taught me how to set business objectives, that is short-term and long-term objectives that are more relevant to the business. The good executive team usually enhances the viability of goals. I have learned that having a good executive helps the company to boost its profitability through strategizing policies that are more relevant in the market. Finally, I discovered that it’s easy for a business to evade unnecessary costs which depress its creation of new products and services.

Stimulation effect will help me in the future business world especially in decision making. Decision making is an integral part of the business operation, as it affects how the business operates. It contributes significantly to the efficiency which in turn increases its competitiveness. It will help me in forecasting business performance and the profitability. The simulation uses numerical analysis which will help me to use the provided data to predict the performance of the business in the future. Finally, it will assist me in mitigating risk, especially when establishing the projects that generate income for the company in the future. I have exposure on how to use the advanced algorithms to turn to knowledge which will apply to reduce risks in the business projects.

Professor's response, Reply to this part

This is a solid reflection, Brad. You provide some relevant applications from the simulation to industry. You mentioned "learning to adapt" – I think this is key takeaway from Marketplace Live as teams have to adapt strategy quickly based on quarterly results and real time changes in the competitive landscape. I want to talk about this topic. Adaptability is inherently necessary for businesses to thrive in a time when globalization, shortened product life cycles, and immediacy in communications and marketing influence purchase decisions. It is difficult to develop and hold market leadership when the competitive landscape is constantly changing. Businesses need to understand and properly interpret big data in order to correctly respond to customer needs real time.

Companies need to be able to experiment, fail and try many times in order to get customer preferences right. Social media, new technologies and transparency allow for these opportunities in some companies and industry landscapes. IoT allows companies to see beyond their boundaries and work in conjunction with stakeholder, suppliers and customers more as partners than ever before. Adaptation allows companies to manage complex ecosystems real time while simultaneously taking advantage of unique opportunities. Strategy goes from slow, methodical and static to superfast movement across boundaries with adaptability. Mobility provides opportunity, and opportunity creates competitive advantage as seen in the simulation.

Reeves, M. & Deimler, M. (2011, July-August). Adaptability: The New Competitive Advanatage. Harvard Business Review. Retrieved from https://hbr.org/2011/07/adaptability-the-new-competitive-advantage

References

Kiesling, E., Günther, M., Stummer, C., & Wakolbinger, L. M. (2012). Agent-based simulation of innovation diffusion: a review. Central European Journal of Operations Research, 20(2), 183-230.