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Students using a simulation are 80% more likely to retain the information as students are actually implementing principles learned rather than solely listening or just reading about it.
Have fun and learn from real world experience
Students learn in a no-risk environment
As the environment is competitive just like the marketplace they will eventually move into, students learn that in business they will also need to consider the other firms in the market and adjust their strategy as the simulation progresses.
Smartsims Business Simulations are used in a variety of courses ranging from undergraduate level such as Introduction to Business and Principles of Marketing and Advertising, through to Business Strategy/Capstone, General Business, Management Accounting, Organizational Behavior, MBA and Certification Courses for Professional Institutions.
Apart from the easy to use nature of our simulations, one of the most significant points of difference with our product offering is the World Class Customer and Technical Support Services associated with the sale, marketing and adoption of our simulations worldwide. Those who know us and have worked with us at McGraw-Hill Education will vouch for this claim.
Our Customer Support Team will assist with the set up and running of our simulations for any course. We have worked with institutions with as many as 3,000 users in single sessions, to others running 1,000 plus students spread over multiple campuses, right down to a single 15 student sections. Our team are here to help and we have in-house specialists who can advise with course design requirements to fit a simulation into a new or existing course.
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It has been known for thousands of years that experience is a powerful way of learning. The famous and often quoted words of the 6th Century B.C. Chinese Philosopher Lao Tsu echo the ancient wisdom that underlies the modern day basis for why experiential learning in one form or another has stood the test of time as a highly effective learning tool. " I hear and I forget. I see and I remember. I do and I understand. "
Today, close to 70% of corporations are using business simulations as part of their repertoire of training methodologies to educate their management and staff at all levels. One of the many reasons for this is that experiential learning programs have very high information retention rates amongst participants. A study in Training and Development Journal, stated: " People retain about 25% of what they hear, 45% of what they see and hear, and 70% of what they see, hear and do. "
Another study conducted by Linda B. Specht, CPA, J.D., and Petrea K. Dandlin, CPA, Ph.D., led both to the conclusion that simulations were equally good at teaching a new skill or idea as traditional methods, but they were clearly superior in long term retention of the information processed. The research is in. Simulations are a tried, tested and proven effective way of teaching a wide range of knowledge and skills without the costs and risks associated with trial and error learning in the real world; and they do this in dramatically compressed time frames.