Why Are Simulations Important For Decision-Making?
Simulations in the classroom are important for teaching decision-making.
Incorporating work simulations in the classroom can help to prepare the entrepreneurial student for real-life situations.
These simulations help a student to learn how to navigate through the tough decisions that are necessary when starting a new business. Although they may have no background or previous experience, simulations help a student with prioritizing goals through life-like experiences.
Startup Wars shares their thoughts:
Decision Making Can Be Confusing
- Should you first start working on the branding for your brand?
- Is it better to invest the time in product development?
- Should you hire someone right away or should you wait?
These important decisions can make or break a startup, and they can create a true struggle with novice entrepreneurs.
Feeling like the success of your startup is depending on your choices can be very daunting. However, taking risks through decisions is important too, and can lead to great achievements.
This is why it is important for a professor to simulate these kinds of scenarios within the classroom. It can provide the confidence and skills needed for students to learn to make the right choices.
Why Simulations Should Be Included In Educational Programs
There are many benefits to having simulations in educational programs.
Experiential learning vs Traditional learning:
Traditional learners learn through reading and watching – not through experience. Experiential learners “learn by doing” in a hands-on manner through simulation.
The simulation process helps students solve real-world problems in a safe environment, through professor driven experiential learning activities and experiential opportunities.
How does experiential learning benefit students?
Students have the ability to experience trial and error through different types of simulations and modeling – without severe consequences.
The experiential perspective stresses the importance of learning in decision-making. Some learning activities for experiential learning include: experiential projects, business process simulation, and strategic management simulation.
Benefits of the process of simulation:
- Professors can guide students in learning and practicing
- Students are able to complete tasks without fear of failure
- Students can approach the the learning cycle at their own pace
- Students build risk-taking skills
- Students learn to make smarter decisions and to think before they act
- Students make *SMART Goals to get through tasks
The benefits of experiential learning and decision making simulations include setting *SMART goals:
S: specific
M: measurable
A: achievable
R: relevant
T: time bound
SMART goals involve setting goals and objectives for better results. For example, in a project management simulation, employee-performance management and personal development goals are set.
Students learn achievable and action based responses in simulated experiences. That is one of the greatest advantages of experiential learning – taking this hands-on knowledge into the real world!
The Decision-Making Process Has A Learning Curve
Just like most things in life, students need time and experience to improve their decision making skills.
Short of trial and error in the real world, decision making is best taught through safe simulation within a classroom – with the guidance of professors.
Professors can help guide their students to learn invaluable life-business skills that they can carry with them towards future success.
