iBizSim Simulation Program
iBizSim general simulation program was held at SVIMS from 4th January to 9th January for the I year MMS students. Immediately after completing their one month winter internship and before the starting of their II semester they had the chance of applying the management concepts learnt during the I semester in the simulated business environment. 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.
This course was thoroughly enjoyed by the students and the learnings were immense. This program will be followed up with regular sessions in simulations to further cement the understanding of the business concepts and develop their analytical and decision making skills.