Major concern of training people is to expect a behaviour change. for instance getting people to do a MBA will be to get them to make the right decision when time demands same. Yet, results are somewhat distant to the expectation.
Popular statement if that “people learn from mistakes“. Best would be to give them a business to make mistakes and learn. Yet the financial implication on the mistakes them make would be unbearable. Even thought this might be the best training method, but least affordable.
Contemporary tool that help in this situation is business simulation. When you use business simulations as a training methodology, you will be giving your participants to run a business as if they run a real business. They will get 12 financial years to make decisions and study the impact of their decisions with final accounts.
Participants will be given a “market outlook” to make industry specific decisions. Once the decisions are made they will be able to see the balance sheet and profit and loss account and share holder value changes resulted by their decisions. This way, they can learn by making mistakes.
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