Introduction to                    Business                    Simulations for                    Learning                ...
Epiphany Learning     Join Us                                                             © Epiphany Learning | Course Nam...
Epiphany Learning      Setting The      Stage for      Business      Simulations      How we make decisions               ...
Epiphany Learning    Choices We Make    Imagine that a country is preparing for the outbreak of an unusual    disease, whi...
Epiphany Learning    Choices We Make    Imagine that a country is preparing for the outbreak of an unusual    disease, whi...
Epiphany Learning    Choices We Make    In experiments run by Kahneman and Tversky, Most people    selected options A and ...
Epiphany Learning    Choices We Make    “The reliance on heuristic    causes predictable biases    (systematic errors) in ...
Epiphany Learning      Decision      Making In A      Complex      World      An increasingly complex world               ...
Epiphany Learning    It’s A Complex World Out There                                                                      V...
Epiphany Learning     It’s A Complex World Out There       • V = Volatility. The nature and dynamics of         change, an...
Epiphany Learning     So We Got Two Things       • We are programmed to take decisions         based on the heuristics tha...
Epiphany Learning     What Do Managers Do When Faced With Problems?     • Fight – Need to do something quick       and fas...
Epiphany Learning     What We Can Learn From Other Industries - Aviation                                                  ...
Epiphany Learning      What Can We Learn From Other Industries - Military                                                 ...
Epiphany Learning     What Can We Learn From Other Industries - Medicine                                 Simulated trainin...
Epiphany Learning       Business       Simulations       in Learning       and Training       How we make decisions       ...
Epiphany Learning     Decision Making In The Real World?                                                                  ...
Epiphany Learning     What Do We Have For Managers?                                     Business simulations              ...
Epiphany Learning     What Do We Have For Managers?     Explore 2 Business Games       • http://www.coolmath-games.com/lem...
Epiphany Learning                                The Power of Business Simulations                                        ...
Epiphany Learning     How Simulations Work?                                                             Reality     Learne...
Epiphany Learning     Simulations and Games                                                                             Co...
Epiphany Learning     Feedback is Embedded Into Games                                                                     ...
Epiphany Learning     Business Simulations and Learning                                 “While case method teaching is a w...
Epiphany Learning     Join Us                                                          © Epiphany Learning | Course Name V...
Introduction to                    Business                    Simulations for                    Learning                ...
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Epiphany Learning Webinars | Introduction to Business Simulations and Games for Learning

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This is the presentation from our first Webinar conducted on 5th, January, 2013. In this presentation, we build a case for the use of Business Simulations and Games in Education, Learning and Training. To join in our future Webinars, please login to www.epiphanylearning.co.in.

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  • http://www.hbs.edu/faculty/Pages/profile.aspx?facId=194874&facInfo=res
  • Epiphany Learning Webinars | Introduction to Business Simulations and Games for Learning

    1. 1. Introduction to Business Simulations for Learning Competition | Winning | Learning Facilitator: Ajay Dasgupta Epiphany LearningImage Courtesy: http://4.bp.blogspot.com/-jsGpaFpcmKs/Tw8Av8ywKxI/AAAAAAAAAwQ/3c_-hOiq-_0/s1600/stock-market-today-results.jpg Learning | Talent Management | Change Management
    2. 2. Epiphany Learning Join Us © Epiphany Learning | Course Name Visit – www.EpiphanyLearning.co.in2 Tuesday, January 08, 2013
    3. 3. Epiphany Learning Setting The Stage for Business Simulations How we make decisions © Epiphany Learning | Course Name3 Tuesday, January 08, 2013
    4. 4. Epiphany Learning Choices We Make Imagine that a country is preparing for the outbreak of an unusual disease, which is expected to kill 600 people. Two alternatives programs to combat the disease have been proposed. Assume that the exact scientific estimates of the consequences of the programs are as follows: Choose an option from below 1. If Program A is adopted, 200 people will be saved. 2. If Program B is adopted, there is one-third probability that 600 people will be saved and two-thirds probability that no people will be saved. © Epiphany Learning | Course Name Which of the two programs would you favour? From Daniel Kahneman and Amos Tversky – Choices, Values and Frames4 Tuesday, January 08, 2013
    5. 5. Epiphany Learning Choices We Make Imagine that a country is preparing for the outbreak of an unusual disease, which is expected to kill 600 people. Two alternatives programs to combat the disease have been proposed. Assume that the exact scientific estimates of the consequences of the programs are as follows: Choose an option from below 1. If Program C is adopted, 400 people will die. 2. If Program D is adopted, there is one-third probability that nobody will die and a two-thirds probability that 600 people will die. © Epiphany Learning | Course Name Which of the two programs would you favour? From Daniel Kahneman and Amos Tversky – Choices, Values and Frames5 Tuesday, January 08, 2013
    6. 6. Epiphany Learning Choices We Make In experiments run by Kahneman and Tversky, Most people selected options A and D (Did you as well?) The outcome of Program A, B are indistinguishable from outcome of Program C and D. However, people often chose Program A in Question 1 and Program D in Question 2 The choices seems to be more Program A Risk Averse heuristic (thumb rule) in nature. Be risk averse when you have a gain © Epiphany Learning | Course Name Program D Risk Taking and risk taking when you are about to incur a loss. From Daniel Kahneman and Amos Tversky – Choices, Values and Frames6 Tuesday, January 08, 2013
    7. 7. Epiphany Learning Choices We Make “The reliance on heuristic causes predictable biases (systematic errors) in judgments and predictions.” Daniel Kahneman, Thinking, fast and slow © Epiphany Learning | Course Name So where does this takes us?7 Tuesday, January 08, 2013
    8. 8. Epiphany Learning Decision Making In A Complex World An increasingly complex world © Epiphany Learning | Course Name8 Tuesday, January 08, 2013
    9. 9. Epiphany Learning It’s A Complex World Out There V-U-C-A © Epiphany Learning | Course Name http://beyondplm.com/wp-content/uploads/2012/04/complexity2.jpg9 Tuesday, January 08, 2013
    10. 10. Epiphany Learning It’s A Complex World Out There • V = Volatility. The nature and dynamics of change, and the nature and speed of change forces and change catalysts. • U = Uncertainty. The lack of predictability, the prospects for surprise, and the sense of awareness and understanding of issues and events. • C = Complexity. The multiplex of forces, the confounding of issues and the chaos and confusion that surround an organization. © Epiphany Learning | Course Name • A = Ambiguity. The haziness of reality, the potential for misreads, and the mixed meanings of conditions; cause-and-effect confusion. http://en.wikipedia.org/wiki/Volatility,_uncertainty,_complexity_and_ambiguity10 Tuesday, January 08, 2013
    11. 11. Epiphany Learning So We Got Two Things • We are programmed to take decisions based on the heuristics that we build • The world outside is getting more complex and several problems need more thought and thinking © Epiphany Learning | Course Name http://en.wikipedia.org/wiki/Volatility,_uncertainty,_complexity_and_ambiguity11 Tuesday, January 08, 2013
    12. 12. Epiphany Learning What Do Managers Do When Faced With Problems? • Fight – Need to do something quick and fast • Flight – Someone else is going to solve it • Freeze – I don’t know what to do © Epiphany Learning | Course Name • Flow – I am in control, I am enjoying it and I can work it out12 Tuesday, January 08, 2013
    13. 13. Epiphany Learning What We Can Learn From Other Industries - Aviation © Epiphany Learning | Course Name Pilots receiving simulator training13 Tuesday, January 08, 2013
    14. 14. Epiphany Learning What Can We Learn From Other Industries - Military © Epiphany Learning | Course Name Sand Table simulations in military training http://www.army.mil/article/11936/History_of_Military_gaming/14 Tuesday, January 08, 2013
    15. 15. Epiphany Learning What Can We Learn From Other Industries - Medicine Simulated training for doctors © Epiphany Learning | Course Name Cybram 001 simulator helps doctors practice brain surgery without risking lives http://www.engadget.com/2012/04/18/cybram-001-brain-surgery-simulator/15 Tuesday, January 08, 2013
    16. 16. Epiphany Learning Business Simulations in Learning and Training How we make decisions © Epiphany Learning | Course Name16 Tuesday, January 08, 2013
    17. 17. Epiphany Learning Decision Making In The Real World? © Epiphany Learning | Course Name http://en.wikipedia.org/wiki/File:OODA.Boyd.svg17 Tuesday, January 08, 2013
    18. 18. Epiphany Learning What Do We Have For Managers? Business simulations allow learners to: 1. Observe data and information from the environment 2. Orient themselves to the information 3. Decide from options based on logic and analysis © Epiphany Learning | Course Name 4. Act on decisions and receive immediate feedback The loop repeats itself18 Tuesday, January 08, 2013
    19. 19. Epiphany Learning What Do We Have For Managers? Explore 2 Business Games • http://www.coolmath-games.com/lemonade/ • http://forio.com/sim-store/demos/big-picture- marketing-strategy.html © Epiphany Learning | Course Name Observe the OODA loop as you explore these simulations19 Tuesday, January 08, 2013
    20. 20. Epiphany Learning The Power of Business Simulations Simulations provide an High Live environment in which learners Projects can take critical decisions in a safe environment and receive effect, correlation, and uncover hidden Business feedback on their decisions Simulations almost immediately. ThisActive Exploration Learners establish cause and Case Studies facilitates active exploration of Assignments relationships and inter- connectedness of Lowrelationships. Lecture components in a system. © Epiphany Learning | Course Name In simulations, making Low High Decision Making and Feedback mistakes is a norm that leads Learners apply knowledge and make decisions. to insights and reflections. Feedback is immediate. 20 Tuesday, January 08, 2013
    21. 21. Epiphany Learning How Simulations Work? Reality Learner’s Mental Model • Active exploration of phenomenon and relationships © Epiphany Learning | Course Name • Challenge and test mental models • Experiment in simple settings • Establish cause and effect relationships21 Tuesday, January 08, 2013
    22. 22. Epiphany Learning Simulations and Games Competition Cooperation A model Simulations Games Rules of reality Participants Roles © Epiphany Learning | Course Name Simulation games22 Tuesday, January 08, 2013
    23. 23. Epiphany Learning Feedback is Embedded Into Games © Epiphany Learning | Course Name From – Enterprise Games, Using Game Mechanics to Build a Better Business Michael Hugos, O’REILLY Publication23 Tuesday, January 08, 2013
    24. 24. Epiphany Learning Business Simulations and Learning “While case method teaching is a wonderful way to examine theories or frameworks statically, simulations give students a temporal dimension, an opportunity to experience outcomes that change based on their inputs over time. Students get the tacit experience of making mistakes, Professor Willy Shih of learning from those mistakes, and then refining Harvard Business School their decision making.” + People to Know © Epiphany Learning | Course Name24 Tuesday, January 08, 2013
    25. 25. Epiphany Learning Join Us © Epiphany Learning | Course Name Visit – www.EpiphanyLearning.co.in25 Tuesday, January 08, 2013
    26. 26. Introduction to Business Simulations for Learning Thank You! Facilitator: Ajay Dasgupta Epiphany LearningImage Courtesy: http://4.bp.blogspot.com/-jsGpaFpcmKs/Tw8Av8ywKxI/AAAAAAAAAwQ/3c_-hOiq-_0/s1600/stock-market-today-results.jpg Learning | Talent Management | Change Management

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