Epiphany Learning Webinars | Introduction to Business Simulations and Games for Learning
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The document discusses the importance of business simulations in learning and decision-making, emphasizing how they provide a risk-free environment for learners to make decisions and receive immediate feedback. It highlights the relevance of heuristics in decision-making and how simulations can help improve understanding of complex business environments through active exploration. Various industries, including aviation, military, and medicine, are cited to illustrate the effectiveness of simulations in training.
Epiphany Learning Webinars | Introduction to Business Simulations and Games for Learning
- 1. Introduction to Business Simulations for Learning Competition | Winning | Learning Facilitator: Ajay Dasgupta Epiphany Learning Image Courtesy: http://4.bp.blogspot.com/-jsGpaFpcmKs/Tw8Av8ywKxI/AAAAAAAAAwQ/3c_-hOiq-_0/s1600/stock-market-today-results.jpg Learning | Talent Management | Change Management
- 2. Epiphany Learning Join Us © Epiphany Learning | Course Name Visit – www.EpiphanyLearning.co.in 2 Tuesday, January 08, 2013
- 3. Epiphany Learning Setting The Stage for Business Simulations How we make decisions © Epiphany Learning | Course Name 3 Tuesday, January 08, 2013
- 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 Frames 4 Tuesday, January 08, 2013
- 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 Frames 5 Tuesday, January 08, 2013
- 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 Frames 6 Tuesday, January 08, 2013
- 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. Epiphany Learning Decision Making In A Complex World An increasingly complex world © Epiphany Learning | Course Name 8 Tuesday, January 08, 2013
- 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.jpg 9 Tuesday, January 08, 2013
- 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_ambiguity 10 Tuesday, January 08, 2013
- 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_ambiguity 11 Tuesday, January 08, 2013
- 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 out 12 Tuesday, January 08, 2013
- 13. Epiphany Learning What We Can Learn From Other Industries - Aviation © Epiphany Learning | Course Name Pilots receiving simulator training 13 Tuesday, January 08, 2013
- 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. 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. Epiphany Learning Business Simulations in Learning and Training How we make decisions © Epiphany Learning | Course Name 16 Tuesday, January 08, 2013
- 17. Epiphany Learning Decision Making In The Real World? © Epiphany Learning | Course Name http://en.wikipedia.org/wiki/File:OODA.Boyd.svg 17 Tuesday, January 08, 2013
- 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 itself 18 Tuesday, January 08, 2013
- 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 simulations 19 Tuesday, January 08, 2013
- 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. This Active 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. 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 relationships 21 Tuesday, January 08, 2013
- 22. Epiphany Learning Simulations and Games Competition Cooperation A model Simulations Games Rules of reality Participants Roles © Epiphany Learning | Course Name Simulation games 22 Tuesday, January 08, 2013
- 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 Publication 23 Tuesday, January 08, 2013
- 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 Name 24 Tuesday, January 08, 2013
- 25. Epiphany Learning Join Us © Epiphany Learning | Course Name Visit – www.EpiphanyLearning.co.in 25 Tuesday, January 08, 2013
- 26. Introduction to Business Simulations for Learning Thank You! Facilitator: Ajay Dasgupta Epiphany Learning Image Courtesy: http://4.bp.blogspot.com/-jsGpaFpcmKs/Tw8Av8ywKxI/AAAAAAAAAwQ/3c_-hOiq-_0/s1600/stock-market-today-results.jpg Learning | Talent Management | Change Management
Editor's Notes
- #25: http://www.hbs.edu/faculty/Pages/profile.aspx?facId=194874&facInfo=res