Capitalism Lab: A Simulation-Based Approach to Assessing and Enhancing Business Program Outcomes

Year 2024, Volume: 21 Issue: 2, 1 - 20, 29.12.2024

Ersin İnal , Hazal Ezgi Özbek

Abstract

Simulation is a process of replicating or imitating real systems to enhance users’ comprehension of their behavior. It allows individuals to experience and interact with a simulated environment that closely resembles real-world scenarios, enabling them to practice and develop relevant skills in a controlled and risk-free setting. The importance of simulation lies in its ability to bridge the gap between theoretical knowledge and practical application. In the Capitalism Lab simulation, students practice according to predetermined scenarios, and their scores are monitored and evaluated. Over a 14-week period, students learn about the use of simulation and its connections with real-life business, integrating this theoretical knowledge with practical application. Since 2020, this course has been administered this course to a total of 371 students across three departments. The results obtained measure the level of achievement of program outcomes, and adjustments are made in the program accordingly. The most significant benefit of simulation-supported education for educators is its ability to measure the level of achievement of graduating students concerning the targeted program outcomes. The results obtained from these measurements provide data for making necessary adjustments to the program and improving the quality of education.

Keywords

Business simulation, education, capitalism lab

Capitalism Lab: İşletme Programının Çıktılarını Değerlendirmeye ve Geliştirmeye Yönelik Simülasyon Tabanlı Bir Yaklaşım

Abstract

Simülasyon, kullanıcıların davranışlarını daha iyi anlamalarını sağlamak için gerçek sistemleri kopyalama veya taklit etme sürecidir. Bireylerin gerçek dünya senaryolarına çok benzeyen simüle edilmiş bir ortamı deneyimlemelerini ve bu ortamla etkileşime girmelerini sağlayarak, kontrollü ve risksiz bir ortamda ilgili becerileri uygulama ve geliştirmelerine olanak tanır. Simülasyonun önemi, teorik bilgi ile pratik uygulama arasındaki boşluğu kapatma becerisinde yatmaktadır. Capitalism Lab simülasyonunda, öğrenciler önceden belirlenmiş senaryolara göre pratik yaparlar, puanları takip edilir ve değerlendirilir. 14 haftalık bir süre boyunca öğrenciler simülasyonun kullanımını ve gerçek hayattaki iş hayatıyla bağlantılarını öğrenir ve bu teorik bilgiyi pratik uygulama ile bütünleştirirler. Bu ders 2020 yılından bu yana üç bölümde toplam 371 öğrenciye verilmiştir. Elde edilen sonuçlar program çıktılarının başarı düzeyini ölçer ve programda buna göre ayarlamalar yapılır. Simülasyon destekli eğitimin eğitimciler için en önemli faydası, mezun olan öğrencilerin hedeflenen program çıktıları ile ilgili başarı düzeyini ölçme becerisidir. Bu ölçümlerden elde edilen sonuçlar, programda gerekli düzenlemelerin yapılması ve eğitim kalitesinin artırılması için veri sağlamaktadır.

Keywords

İşletme simülasyonu, eğitim, capitalism lab

References

• Bach, P. M., Meško, M., Zoroja, J., Godnov, U., & Ćurlin, T. (2020). Usage of simulation games in higher educational institutions teaching economics and business. ENTRENOVA-Enterprise Research Innovation, 6(1), 27-36. https://hrcak.srce.hr/250935
• Bamufleh, D., Hussain, R., Sheikh, E., & Khodary, K. (2020). Students' acceptance of simulation games in management courses: Evidence from Saudi Arabia. Journal of Education and Learning, 9(4), 55-71. http://dx.doi.org/10.5539/jel.v9n4p55
• Ben-Zvi, T., & Carton, T. C. (2007). From rhetoric to reality: Business games as educational tools. INFORMS Transactions on Education, 8(1), 10-18. http://dx.doi.org/10.1287/ited.8.1.10
• Ben-Zvi, T. (2010). The efficacy of business simulation games in creating decision support systems: An experimental investigation. Decision Support Systems, 49(1), 61-69. http://dx.doi.org/10.1016/j.dss.2010.01.002
• Beranič, T., & Heričko, M. (2022). The impact of serious games in economic and business education: A case of ERP business simulation. Sustainability, 14(2), 683. https://doi.org/10.3390/su14020683
• Birknerová, Z. (2010). The use of simulation business games in university education. Bulgarian Journal of Science & Education Policy, 4(2), 202-215.
• Blažič, A. J., & Arh, T. (2013). Immersive Business Simulation Games: an Innovative Pedagogical Approach to e-Learning and Education. In ASCILITE-Australian Society for Computers in Learning in Tertiary Education Annual Conference (pp. 427-437). Australasian Society for Computers in Learning in Tertiary Education. http://dx.doi.org/10.14742/apubs.2013.1361
• Boikou, A., Economides, A. A., & Nikou, S. A. (2022). Business simulation games: impact on SOLO taxonomy learning outcomes, learning performance and teamwork competency. Interaction Design and Architecture, (53), 161-175. http://dx.doi.org/10.55612/s-5002-053-008
• Buil, I., Catalán, S., & Martínez, E. (2019). Encouraging intrinsic motivation in management education: The use of business simulation games. The International Journal of Management Education, 17(2), 162-171. http://dx.doi.org/10.1016/j.ijme.2019.02.002
• Ceschi, A., Sartori, R., Tacconi, G., & Hysenbelli, D. (2014). Business games and simulations: Which factors play key roles in learning. In methodologies and intelligent systems for technology enhanced learning (pp. 181-187). Springer International Publishing. http://dx.doi.org/10.1007/978-3-319-07698-0_23
• Chang, J. (2003). Use of business simulation games in Hong Kong. Simulation & Gaming, 34(3), 358-366. https://doi.org/10.1177/1046878103255876
• Chen, J., Tang, L., Tian, H., Ou, R., Wang, J., & Chen, Q. (2023). The effect of mobile business simulation games in entrepreneurship education: a quasi-experiment. Library Hi Tech, 41(5), 1333-1356. http://dx.doi.org/10.1108/LHT-12-2021-0509
• Clarke, E. (2009). Learning outcomes from business simulation exercises: Challenges for the implementation of learning technologies. Education & Training 51(5), 448-459. http://dx.doi.org/10.1108/00400910910987246
• De Smale, S., Overmans, T., Jeuring, J., & van de Grint, L. (2016). The effect of simulations and games on learning objectives in tertiary education: A systematic review. In Games and Learning Alliance: 4th International Conference, GALA 2015, Rome, Italy, December 9-11, 2015, Revised Selected Papers 4 (pp. 506-516). Springer International Publishing. http://dx.doi.org/10.1007/978-3-319-40216-1_55
• Dube, E. (2015). Using games in business education: An evaluation experiment comparing games to other selected methods in teaching sustainable development concepts. International Journal for Business Education, 155, 32-40. https://doi.org/10.30707/IJBE155.1.1648133093.381331
• Dudziak, A., & Stoma, M. (2020). Simulation decision games and effectiveness of their use for higher education among working and non-working students–practical view. Zeszyty Naukowe. Organizacja i Zarządzanie/Politechnika Śląska, (149), 109-119. http://dx.doi.org/10.29119/1641-3466.2020.149.11
• Gatti, L., Ulrich, M., & Seele, P. (2019). Education for sustainable development through business simulation games: An exploratory study of sustainability gamification and its effects on students' learning outcomes. Journal of Cleaner Production, 207, 667-678. https://doi.org/10.1016/j.jclepro.2018.09.130
• Grijalvo, M., Segura, A., & Núñez, Y. (2022). Computer-based business games in higher education: A proposal of a gamified learning framework. Technological Forecasting and Social Change, 178, 121597. http://dx.doi.org/10.1016/j.techfore.2022.121597
• Hauge, J. B., & Riedel, J. C. (2012). Evaluation of simulation games for teaching engineering and manufacturing. Procedia Computer Science, 15, 210-220. http://dx.doi.org/10.1016/j.procs.2012.10.073
• Hoang, L. C., Thi, H. N. V., Thi, N. Q. N., Nhat, T. T. B., & Le Nguyen, Y. N. (2022). The impact of business simulation games on Vietnamese students’ entrepreneurial intention. Science & Technology Development Journal: Economics-Law & Management, 6(4), 3574-3588. http://dx.doi.org/10.32508/stdjelm.v6i4.1101
• Huang, Y. M., Silitonga, L. M., & Wu, T. T. (2022). Applying a business simulation game in a flipped classroom to enhance engagement, learning achievement, and higher-order thinking skills. Computers & Education, 183, 104494. http://dx.doi.org/10.1016/j.compedu.2022.104494
• Huebscher, J., & Lendner, C. (2010). Effects of entrepreneurship simulation game seminars on entrepreneurs’ and students’ learning. Journal of Small Business & Entrepreneurship, 23(4), 543-554. http://dx.doi.org/10.1080/08276331.2010.10593500
• Kesse, M. (2023). The efficacy of an interactive business simulation game compared to static games to teach strategic decisions in entrepreneurship and economics education (Doctoral dissertation, University of Georgia).
• Kikot, T., Costa, G., Magalhães, R., & Fernandes, S. (2013). Simulation games as tools for integrative dynamic learning: The case of the management course at the University of Algarve. Procedia Technology, 9, 11-21. http://dx.doi.org/10.1016/j.protcy.2013.12.002
• Kim, J. B., & Watson, E. (2017). Exploring practical potentials of business simulation games. Proceedings of the 50th Hawaii International Conference on System Sciences. http://dx.doi.org/10.24251/HICSS.2017.088 Kutergina, E. (2017). Computer-based simulation games in public administration education. NISPAcee Journal of Public Administration and Policy, 10(2), 119-133. http://dx.doi.org/10.1515/nispa-2017-0014
• Lohmann, G., Pratt, M. A., Benckendorff, P., Strickland, P., Reynolds, P., & Whitelaw, P. A. (2019). Online business simulations: authentic teamwork, learning outcomes, and satisfaction. Higher Education, 77, 455-472.
• Loon, M., Evans, J., & Kerridge, C. (2015). Learning with a strategic management simulation game: A case study. The International Journal of Management Education, 13(3), 227-236. https://doi.org/10.1016/j.ijme.2015.06.002
• Löffler, A., Jacoby, D., Faizan, N., Utesch, M., Kienegger, H., & Krcmar, H. (2019, April). Teaching methods for simulation games: The example of learning business process change. In 2019 IEEE Global Engineering Education Conference (EDUCON) (pp. 1336-1344).
• Martínez-Pérez, I., Segura-de la Cal, A., Tendero-Caballero, R., & Serrano-Pérez, B. (2018). Learning with business simulation games: factors influence undergraduate students outcomes. In ICERI2018 Proceedings (pp. 6059-6069). IATED. http://dx.doi.org/10.21125/iceri.2018.2419
• Mohsen, K., Abdollahi, S., & Omar, S. (2018). Evaluating the educational value of simulation games: Learners’ perspective. Innovations in Education and Teaching International, 56(4), 517-528. http://dx.doi.org/10.1080/14703297.2018.1515646
• Pasin, F., & Giroux, H. (2011). The impact of a simulation game on operations management education. Computers & Education, 57(1), 1240-1254. http://dx.doi.org/10.1016/j.compedu.2010.12.006
• Peterková, J., Repaská, Z., & Prachařová, L. (2022). Best practice of using digital business simulation games in business education. Sustainability, 14(15), 8987. http://dx.doi.org/10.3390/su14158987
• Pratikto, H., Prabowo, S. W., Murdiono, A., & Basuki, A. (2019). The role of business simulator games implementation in improving the ability of analysis and business decision making independently for students (Literature research). KnE Social Sciences, 1005-1010. https://dx.doi.org/10.18502/kss.v3i11.4067
• Ranchhod, A., Gurău, C., Loukis, E., & Trivedi, R. (2014). Evaluating the educational effectiveness of simulation games: A value generation model. Information Sciences, 264, 75-90. http://dx.doi.org/10.1016/j.ins.2013.09.008
• Rogmans, T., & Abaza, W. (2019). The impact of international business strategy simulation games on student engagement. Simulation & Gaming, 50(3), 393-407. https://doi.org/10.1177/1046878119848138
• Rogmans, T. (2016). Effective use of business simulation games in international business courses. AIB Insights, 16(2), 19-22. http://dx.doi.org/10.46697/001c.16890
• Sanina, A., Kutergina, E., & Balashov, A. (2020). The Co-Creative approach to digital simulation games in social science education. Computers & education, 149, 103813. http://dx.doi.org/10.1016/j.compedu.2020.103813
• Sedelnikova, I., & Emelyanova, N. (2014, January). Business Education: Developing Professional Competences through Gaming. In 2014 International Conference on Education Reform and Modern Management (ERMM-14) (pp. 298-302). https://doi.org/10.2991/ermm-14.2014.81
• Seethamraju, R. (2011). Enhancing student learning of enterprise integration and business process orientation through an ERP business simulation game. Journal of Information Systems Education, 22(1), 19-29.
• Shafiai, Z., & Omar, P. U. (2019). 21st century skills development through business simulation games. In 4th International Conference on Research in TVET Studies.
• Summers, G. J. (2004). Today’s business simulation industry. Simulation & Gaming, 35(2), 208-241. http://dx.doi.org/10.1177/1046878104263546
• Tanner, J. R., Stewart, G., Totaro, M. W., & Hargrave, M. (2012). Business simulation games: Effective teaching tools or window dressing?. American Journal of Business Education, 5(2), 115-128. http://dx.doi.org/10.19030/ajbe.v5i2.6814
• Vos, L. (2014). Marketing simulation games: A review of issues in teaching and learning. The Marketing Review, 14(1), 67-96. http://dx.doi.org/10.1362/146934714X13948909473220
• Vos, L. (2015). Simulation games in business and marketing education: How educators assess student learning from simulations. The International Journal of Management Education, 13(1), 57-74. https://doi.org/10.1016/j.ijme.2015.01.001
• Warren, S.J., Roy, M., & Robinson, A.H. (2021). Business simulation games: Three cases from supply chain management, marketing, and business strategy. Aprea, C., & Ifenthaler, D. (Eds.). (2021). Game-based learning across the disciplines. http://dx.doi.org/10.1007/978-3-030-75142-5_5
• Williams, D. (2011). Impact of business simulation games in enterprise education. In: Paper Presentations of the 2010 University of Huddersfield Annual Learning and Teaching Conference. University of Huddersfield, Huddersfield, pp. 11-20. http://eprints.hud.ac.uk/9651/