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Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
Using Simulations for Business Acumen Development
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Using Simulations for Business Acumen Development

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  • 1. Using Simulations for Business Acumen Development <ul><li>Nathan Kracklauer </li></ul><ul><li>Enspire Learning </li></ul>Copyright © Enspire Learning
  • 2. The Business Problem <ul><li>Good managers are hard to find </li></ul><ul><li>… and getting harder </li></ul>Copyright © Enspire Learning Manager Cohort: 40-59 Retiree Cohort: 60-79 Source: United Nations Department of Social Affairs
  • 3. Strategies for Talent Development <ul><li>Headhunting </li></ul><ul><li>Promoting/Training </li></ul>Copyright © Enspire Learning
  • 4. Poll: Headhunting vs. Promoting <ul><li>Which do you think is a better approach for your company or industry? </li></ul>Copyright © Enspire Learning
  • 5. Headhunting <ul><li>Pros </li></ul><ul><ul><li>Insight into competition </li></ul></ul><ul><ul><li>Management experience </li></ul></ul><ul><ul><li>Industry knowledge (sometimes) </li></ul></ul><ul><li>Cons </li></ul><ul><ul><li>Unknown quantities </li></ul></ul><ul><ul><li>No company tacit knowledge </li></ul></ul><ul><ul><li>Uncertain loyalty </li></ul></ul><ul><li>DOESN’T INCREASE THE TALENT POOL  higher costs for everyone </li></ul>Copyright © Enspire Learning
  • 6. Promoting and Training <ul><li>Cons </li></ul><ul><ul><li>Ramp-up time and costs </li></ul></ul><ul><ul><li>Peter Principle </li></ul></ul><ul><li>Pros </li></ul><ul><ul><li>Known quantities </li></ul></ul><ul><ul><li>Industry and company tacit knowledge </li></ul></ul><ul><ul><li>Loyalty and motivation through promotion carrot </li></ul></ul><ul><li>INCREASES THE TALENT POOL  lower pricing pressure </li></ul>Copyright © Enspire Learning
  • 7. What Does A Manager Do All Day? <ul><li>Coaching </li></ul><ul><li>Performance management </li></ul><ul><li>Team management </li></ul><ul><li>Project management </li></ul><ul><li>Business plan development </li></ul><ul><li>Reporting </li></ul><ul><li>… . </li></ul><ul><li>Decision-making </li></ul>Copyright © Enspire Learning
  • 8. Business Acumen <ul><li>The ability to reliably predict the impact of a given business decision on key company financial metrics. </li></ul>Copyright © Enspire Learning
  • 9. Business Acumen – Who Needs It? Copyright © Enspire Learning
  • 10. Key Types Of Managerial Decisions <ul><li>Managing changes in business volume </li></ul><ul><ul><li>Changing utilization of facilities and personnel </li></ul></ul><ul><ul><li>Increasing and decreasing staffing levels </li></ul></ul><ul><ul><li>Shifting the cost structure: fixed costs versus variable costs </li></ul></ul><ul><li>Negotiations with vendors and customers </li></ul><ul><ul><li>Pricing and discounting </li></ul></ul><ul><ul><li>Changing terms of payment </li></ul></ul><ul><li>Investing for growth </li></ul><ul><ul><li>Purchasing capital goods </li></ul></ul><ul><ul><li>Implementing new processes </li></ul></ul><ul><ul><li>Creating new offerings </li></ul></ul><ul><li>Many, many more… </li></ul>Copyright © Enspire Learning
  • 11. Business Acumen – How Do You Get It? <ul><li>Learn concepts </li></ul><ul><li>Practice </li></ul><ul><li>Practice </li></ul><ul><li>Practice </li></ul>Copyright © Enspire Learning
  • 12. Poll: Learning Needs of New Managers <ul><li>What do you think are the most important learning needs of new managers? </li></ul>Copyright © Enspire Learning
  • 13. Learning Needs Of New Managers <ul><li>Flexible scheduling </li></ul><ul><li>Self-paced learning </li></ul><ul><li>Application-oriented learning </li></ul><ul><li>Access to expertise </li></ul><ul><li>Informal and social learning </li></ul>Copyright © Enspire Learning
  • 14. Learning Financial Concepts <ul><li>Flexible scheduling </li></ul><ul><li>Self-paced learning </li></ul><ul><li>Application-oriented learning </li></ul><ul><li>E-Learning </li></ul>Copyright © Enspire Learning
  • 15. Practicing Business Acumen – Decisions <ul><li>Application-oriented learning </li></ul><ul><li>Access to expertise </li></ul><ul><li>Informal and social learning </li></ul><ul><li>Facilitated team-based simulations </li></ul>Copyright © Enspire Learning A game is a series of interesting decisions. -- Sid Meier, Creator of “Civilization”
  • 16. Applied Business Acumen Simulation <ul><li>Run a virtual company </li></ul><ul><li>Compete with other companies </li></ul><ul><li>Make business decisions in operations, sales, research, and finance </li></ul><ul><li>Review results in terms of realistic financial statements </li></ul>Copyright © Enspire Learning
  • 17. Access to Expertise <ul><li>Facilitated debriefs with an instructor </li></ul><ul><ul><li>Review key financial concepts </li></ul></ul><ul><ul><li>Analyze simulation decisions using financial toolkit </li></ul></ul><ul><ul><li>Relate simulation decisions to real-world decisions on-the-job </li></ul></ul>Copyright © Enspire Learning
  • 18. Informal and Social Learning <ul><li>Best practice: cross-functional 3-4 person teams jointly run a virtual company </li></ul>Copyright © Enspire Learning
  • 19. Business Challenge Copyright © Enspire Learning
  • 20. Scalability Through Web-Based Delivery Copyright © Enspire Learning Classroom Delivery Virtual Delivery Play takes place over one day, including introduction and debriefs. Turns of the simulation advance every 15 minutes. Play takes place over 3-4 weeks. Introduction and debriefs take place through virtual meeting software. Turns advance daily. Teams meet in daily phone conferences to make decisions. 8am – 10am Introduction 10am – 11am Turns 1–4 11am – 11:30am Debrief 1 11:30am – 12:30pm Turns 5–8 12:30pm – 2:30pm Debrief 2/Lunch 2:30pm – 3:30pm Turns 9–12 3:30pm – 5pm Final Debrief Day 1 Introduction Days 2–5 Turns 1–4 Day 6 Online Debrief 1 Days 7–10 Turns 5–8 Day 11 Online Debrief 2 Days 12–15 Turns 9–12 Day 16 Final Debrief
  • 21. Wrap-Up <ul><li>The coming management deficit </li></ul><ul><li>To manage is to decide </li></ul><ul><li>Business acumen: understanding financial implications of decisions </li></ul><ul><li>Learning needs of new managers </li></ul><ul><li>Simulations: practicing decision-making </li></ul><ul><li>Scalable delivery of simulation-based training through web-delivery </li></ul>Copyright © Enspire Learning
  • 22. Questions and Answers Copyright © Enspire Learning Nathan Kracklauer Enspire Learning [email_address] Presentation slides and a recording will be available at http://www.enspire.com/thought-leadership/webinars/business-acumen-simulations For more information on Business Challenge, contact us at sales@enspire.com.

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