iBizSim: International Business Simulations
iBizSim is an acronym for International Business Simulations. SVIMS is having collaboration with iBizSim which helps students understand Business concepts and develop their analytical and decision making skills.
iBizSim is general business simulation that covers all the functional areas of a manufacturing company starting with purchasing/procurement of raw materials and bought-in finished goods, through production, logistics, marketing and sales, and finally finances with costing, cash flow, profit-and-loss account and balance sheet. The simulated company manufacturs consumer products and markets them internationally in several countries. Exchange rate fluctuations used in the simulation, for example, reflect real-world situations in international markets.
iBizSim is a teaching tool that faculty members of business schools can use as the core of any specific business course covering Marketing, Operations, Purchasing, Finance, International Business, and/or Strategy and Planning. It is usually used in an integrative, capstone business course, in which the company is depicted as a complex, integrated whole, comprised of the different divisions and departments working together in well-defined ways. It is a learning-by-doing tool in which teams of students are given the responsibility to manage a simulated company. It enables the students to apply what they have learnt theoretically, to learn how to define goals and strategies, to implement plans and to develop controlling systems to evaluate the performance of the simulated company they are managing.
iBizSim is conducting Simulation Program every year for SVIMS Students. iBizSim is a learning by doing tool and the sessions were conducted by Dr.Ashok Ullal who is professor emeritus and former Dean of the School of International Business, Reutlingen University, Germany. The program was conducted in four phases. In the learning phase the students explore and understand the simulated environment, the management of the simulated company and the user interface to the business simulation. The student teams set up spreadsheet templates to develop the marketing and sales, operation and finance plans based on the goals defined. Phase 2 is the preparatory and analysis phase in which the student teams are encouraged to develop an integrated planning model using a spreadsheet program by cross-linking the individual templates for the marketing and sales plan, the production plan, the purchasing plan and the finance plan. This integrated planning model is then used as a management tool in analyzing the state of the simulated company and its products and markets. Students are also asked to prepare strategy paper of their company. In the 3rd phase, the doing phase the students are asked to implement the strategies of phase 2 and enter the decisions individually. And in phase 4, they are required to analyze the results and also their strategies. In the beginning of the course there was an entry quiz and at the end of the course there was an exit quiz.