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This is the presentation from our first Webinar conducted on 5th, January, 2013. In this presentation, we build a case for the use of Business Simulations and Games in Education, Learning and Training. To join in our future Webinars, please login to www.epiphanylearning.co.in.
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Epiphany LearningLearning | Talent Management | Change ManagementImage Courtesy: http://4.bp.blogspot.com/-jsGpaFpcmKs/Tw8Av8ywKxI/AAAAAAAAAwQ/3c_-hOiq-_0/s1600/stock-market-today-results.jpg
Introduction to Business Simulations for Learning
Facilitator: Ajay Dasgupta
Competition | Winning | Learning
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Epiphany Learning
Monday, April 10, 2023
Visit – www.EpiphanyLearning.co.in
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Monday, April 10, 2023
Setting The Stage for Business Simulations
How we make decisions
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Choices We Make
Monday, April 10, 2023
Imagine that a country is preparing for the outbreak of an unusual disease, which is expected to kill 600 people. Two alternatives programs to combat the disease have been proposed. Assume that the exact scientific estimates of the consequences of the programs are as follows:
Choose an option from below
1. If Program A is adopted, 200 people will be saved.
2. If Program B is adopted, there is one-third probability that 600 people will be saved and two-thirds probability that no people will be saved.
Which of the two programs would you favour?
From Daniel Kahneman and Amos Tversky – Choices, Values and Frames
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Epiphany Learning
Choices We Make
Monday, April 10, 2023
Imagine that a country is preparing for the outbreak of an unusual disease, which is expected to kill 600 people. Two alternatives programs to combat the disease have been proposed. Assume that the exact scientific estimates of the consequences of the programs are as follows:
Choose an option from below
1. If Program C is adopted, 400 people will die.
2. If Program D is adopted, there is one-third probability that nobody will die and a two-thirds probability that 600 people will die.
Which of the two programs would you favour?
From Daniel Kahneman and Amos Tversky – Choices, Values and Frames
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Choices We Make
Monday, April 10, 2023
In experiments run by Kahneman and Tversky, Most people selected options A and D (Did you as well?)
The outcome of Program A, B are indistinguishable from outcome of Program C and D. However, people often chose Program A in Question 1 and Program D in Question 2
From Daniel Kahneman and Amos Tversky – Choices, Values and Frames
Program A Risk Averse
Program D Risk Taking
The choices seems to be more heuristic (thumb rule) in nature.Be risk averse when you have a gain and risk taking when you are about to incur a loss.
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Choices We Make
Monday, April 10, 2023
“The reliance on heuristic causes predictable biases (systematic errors) in judgments and predictions.”Daniel Kahneman, Thinking, fast and slow
So where does this takes us?
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Monday, April 10, 2023
Decision Making In A Complex World
An increasingly complex world
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It’s A Complex World Out There
Monday, April 10, 2023
V-U-C-A
http://beyondplm.com/wp-content/uploads/2012/04/complexity2.jpg
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It’s A Complex World Out There
Monday, April 10, 2023
• V = Volatility. The nature and dynamics of change, and the nature and speed of change forces and change catalysts.
• U = Uncertainty. The lack of predictability, the prospects for surprise, and the sense of awareness and understanding of issues and events.
• C = Complexity. The multiplex of forces, the confounding of issues and the chaos and confusion that surround an organization.
• A = Ambiguity. The haziness of reality, the potential for misreads, and the mixed meanings of conditions; cause-and-effect confusion.
http://en.wikipedia.org/wiki/Volatility,_uncertainty,_complexity_and_ambiguity
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So We Got Two Things
Monday, April 10, 2023
• We are programmed to take decisions based on the heuristics that we build
• The world outside is getting more complex and several problems need more thought and thinking
http://en.wikipedia.org/wiki/Volatility,_uncertainty,_complexity_and_ambiguity
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What Do Managers Do When Faced With Problems?
Monday, April 10, 2023
• Fight – Need to do something quick and fast
• Flight – Someone else is going to solve it
• Freeze – I don’t know what to do
• Flow – I am in control, I am enjoying it and I can work it out
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What We Can Learn From Other Industries - Aviation
Monday, April 10, 2023
Pilots receiving simulator training
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What Can We Learn From Other Industries - Military
Monday, April 10, 2023
http://www.army.mil/article/11936/History_of_Military_gaming/
Sand Table simulations in military training
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What Can We Learn From Other Industries - Medicine
Monday, April 10, 2023
Cybram 001 simulator helps doctors practice brain surgery without risking lives
http://www.engadget.com/2012/04/18/cybram-001-brain-surgery-simulator/
Simulated training for doctors
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Monday, April 10, 2023
Business Simulations in Learning and Training
How we make decisions
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Decision Making In The Real World?
Monday, April 10, 2023
http://en.wikipedia.org/wiki/File:OODA.Boyd.svg
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What Do We Have For Managers?
Monday, April 10, 2023
Business simulations allow learners to:
1. Observe data and information from the environment
2. Orient themselves to the information
3. Decide from options based on logic and analysis
4. Act on decisions and receive immediate feedback
The loop repeats itself
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What Do We Have For Managers?
Monday, April 10, 2023
Explore 2 Business Games
• http://www.coolmath-games.com/lemonade/
• http://forio.com/sim-store/demos/big-picture-marketing-strategy.html
Observe the OODA loop as you explore these simulations
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The Power of Business Simulations
Simulations provide an environment in which learners can take critical decisions in a safe environment and receive feedback on their decisions almost immediately. This facilitates active exploration of relationships and inter-connectedness of components in a system.
In simulations, making mistakes is a norm that leads to insights and reflections.
Monday, April 10, 2023
Act
ive
Exp
lora
tio
n
Decision Making and Feedback
Lecture
Case Studies
Business
Simulations
Live
Projects
Hig
hL
ow
Low High
Assignments
Learners apply knowledge and make decisions. Feedback is immediate.
Lear
ners
est
ablis
h ca
use
and
effe
ct, c
orre
latio
n,
and
unco
ver
hidd
en r
elat
ions
hips
.
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How Simulations Work?
Monday, April 10, 2023
Learner’s Mental Model
Reality
• Active exploration of phenomenon and relationships
• Challenge and test mental models
• Experiment in simple settings
• Establish cause and effect relationships
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Simulations and Games
Monday, April 10, 2023
Simulation games
CompetitionCooperation
RulesParticipants
Roles
A model of reality
Simulations Games
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Feedback is Embedded Into Games
Monday, April 10, 2023
From – Enterprise Games, Using Game Mechanics to Build a Better BusinessMichael Hugos, O’REILLY Publication
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Business Simulations and Learning
“While case method teaching is a wonderful way to examine theories or frameworks statically, simulations give students a temporal dimension, an opportunity to experience outcomes that change based on their inputs over time. Students get the tacit experience of making mistakes, learning from those mistakes, and then refining their decision making.”
Monday, April 10, 2023
Professor Willy Shih of Harvard Business School
+People to Know
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Epiphany Learning
Monday, April 10, 2023
Visit – www.EpiphanyLearning.co.in
Join Us
Epiphany LearningLearning | Talent Management | Change ManagementImage Courtesy: http://4.bp.blogspot.com/-jsGpaFpcmKs/Tw8Av8ywKxI/AAAAAAAAAwQ/3c_-hOiq-_0/s1600/stock-market-today-results.jpg
Introduction to Business Simulations for Learning
Facilitator: Ajay Dasgupta
Thank You!