This school year IB2 student Ieva
Poskute became the ambassador of ISM University at our school. One of the tasks
as an ambassador was to organize an event related to the university, in this
case - a business simulator.
The aim of a business simulator is to
help to understand the main principles of the business world. It helps to
experience how the market works, one learns to analyze the situation and make
fast and relevant decisions in a team. These kinds of simulators are widely
used in the university, for students to try the business methods in practice.
This business simulator was in the
form of a game. There were six teams participating and each one of them took a
random envelope with the equipment they needed for the task. There were three
types of envelopes, each representing a type of country: developing, averagely
developed or developed. Each envelope had a certain amount of money, paper, scissors,
rulers, geometric forms, and pencils. The task of each group was to cut out as many geometric forms
as possible from the material given and to sell them to the bank for the
highest possible price. The bank was open during the whole simulator and it was
changing the prices of the forms depending on the amount of them already bought
from the groups.
The simulator ended when the bank had
closed and the group of participants, who earned the highest profit, were
awarded with books given by the university, which were about business and
leadership.
The participants said they liked the
event, that it was fun and that they would like to participate in a similar
event again. Due to the success of the simulator there might be more
events of this kind at our school in the future.
.jpg) |
| Simulation in action |
.jpg) |
| Winners enjoying their prizes |
