Chicago, IL (PRWEB) April 19, 2013
PriSim Business War Games Inc., a premier business training and computerized business simulations firm, utilized a business simulation to conduct an online business competition between the five universities in the Master of Engineering Management Programs Consortium (MEMPC).
The four-week, online business competition consisted of cross-university teams from Northwestern, Cornell, Dartmouth, Duke, MIT, and Stanford. The competition was hosted by Northwestern University’s Master of Engineering Management program (MEM) and was conducted by PriSim.
The students participating in the event were divided into five teams from across the schools. Each team ran a simulated multi-billion dollar manufacturing company and competed against one another for market share and profitability. The students never met one another live, but ran their companies online, meeting virtually and planning their strategies and tactics via webcasts, Skype, and by phone. The teams ran their company for seven simulated years over the four-week competition, making decisions in product development, capacity expansion, marketing, production, and financing.
The entire event was run virtually and online including: the kickoff webinar; the simulation itself; a teamwork-orientation webinar run by Professor Gail Berger, PhD and Lecturer at Northwestern University; all of the coaching and guidance by PriSim during the competitive rounds; and the final team-presentations and debrief webinar. To cap off the event, a Nexus 7 was awarded by the MEM consortium to each member of the winning team.
Mark Werwath, PhD, Clinical Associate Professor in the Department of Industrial Engineering and Management Sciences at the Robert R. McCormick School of Engineering and Applied Science at Northwestern University and the Director of the Masters of Engineering Management Program said, "This competition was a distinctive way of showing how business simulation is integral to the MEM educational experience at Northwestern. Students are able to use analytics and their knowledge of business to simulate the management of a business over an extended period of time. This helps them understand the dynamics of the business system, and how to best optimize a balanced scorecard of business performance metrics while competing with others in the same industry. Most of all, I am hoping the students had fun and increased their network at the same time. PriSim Business War Games facilitated and managed the simulation and competition – and did a great job!!”
Interviewed by Northwestern University’s Robert R. McCormick School of Engineering and Applied Sciences, David Semb, a Northwestern adjunct Professor and a Partner at PriSim said of the event, “The great thing about a simulation is that it provides a practice-field for making business decisions in a 'laboratory' environment. In today’s business environment, getting that chance to experiment and make realistic decisions helps build the business acumen you need in the real-world.”
In conducting the MEMPC competition, PriSim has further demonstrated its expertise in delivering unique, business simulation based training courses for leading organizations and universities worldwide. The event highlights PriSim’s success as the premier partner for companies and universities that have a goal of developing managers’ and future-leaders’ business acumen. PriSim Business War Games' business simulations and courses provide decision-makers across all industries with a practice-ground where new ideas can be tested and where strategies can be practiced in a “what-if” environment. At PriSim, we make learning real™.
ABOUT PRISIM BUSINESS WAR GAMES INC:
PriSim Business War Games Inc. works closely with top business organizations to build and deliver customized business simulations. PriSim is a business simulation industry leader and assists clients in utilizing these custom tools to develop their learners’ business acumen. PriSim develops tools and materials that help clients communicate more effectively, proactively explore strategic alternatives, involve multiple levels of management in business development, and share a common model and language of business and finance. Industry-specific simulations include insurance carrier, insurance agency and brokerage, insurance branch, mortgage banking, aerospace and defense, dealership, publishing, e-commerce, and manufacturing. PriSim helps clients make better business decisions while helping them to "See things differently, think differently™".