Berwick business students dominate top ten in international simulation competition
Berwick business students from the top ten placing teams
Five teams of business and commerce students from Monash University Berwick campus have used their business nous to beat more than 130 teams from some of the world's leading universities in an online business simulation competition. Part of their third year business studies, the teams demonstrated outstanding business strategy and management with all five finishing in the top ten companies.
The Strategic Management students ran their own companies in a simulated business environment with computer generated scenarios and competed against students from universities in the USA, Canada and Australia. Berwick Team Baldwin ranked second globally with $129 million of cumulative profit. Other teams from the campus ranked four, six, nine and ten in the competition.
Each team began with $40 milllion virtual cash and over an eight-week period, with each week representing one financial year, the players plotted corporate expansion, launched products, resisted corporate takeovers and fought share market slumps with the goal to outperform their competitors.
“Such great success is primarily a result of students’ accumulated knowledge gained through the Faculty of Business and Economics undergraduate degrees. That is, also, a result of teamwork, commitment, enthusiasm and willingness to achieve the best results. By learning through playing students gain knowledge two or three times more than in usual way,” said Associate Professor and Subject Coordinator, Dr Sonja Petrovic-Lazarevic.
Final year Business and Commerce student, Bridie Doyle welcomed the chance to test-drive what she’s learnt in her studies in a virtual environment.
“We had to take care of so many sides of everyday business. After uploading our decisions we were so impatient to see where we stand with other teams worldwide that some of us waited till late at night to log and check the results on the computer."
Since the introduction of simulation program in 2004, Faculty of Business and Economics students have always ranked among top ten achievers.
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