This chapter extensively explores the application of simulations in business education, underscoring their potential to improve learning outcomes. Through a comprehensive examination of current research, it emphasizes the pivotal role of simulations in enhancing the learning experience. The impact of simulation-based learning on business education is a central focus, covering studies on business simulation games, computer simulations, and their influence on skills, processes, and overall effectiveness. Various studies highlight positive outcomes associated with simulation-based learning environments. The chapter also throws light on the rationale for integrating computer simulations into business education, stressing the importance of aligning teaching methodologies with different stages of learning, as outlined by Bloom's taxonomy. This succinct review offers valuable insights for educators, researchers, and practitioners interested in implementing simulation-based learning in business education.
Keywords: Business Simulation, Learning Environments, Computer Simulations, Business Management Processes, Teaching Methodologies, Bloom's Taxonomy, Business Education, Learning Strategies
TopSignificance Of Experiential Learning In Business Education
Experiential learning is crucial in business education for a multitude of reasons, as highlighted by various scholars in the field. Firstly, it enables the practical application of theoretical knowledge. Incorporating experiential activities significantly improves students' learning experiences and engagement, as evidenced by Okoli, Arroteia, and Barish (2019) in their study of international business modules. Additionally, research partnerships, as discussed by Haque (2017), extend learning beyond classrooms, offering practical skills and immediate job prospects.
Moreover, experiential learning helps in development of critical thinking skills. Activities such as simulations and case studies encourage students to analyze situations and make informed decisions. Samaras, Adkins, and White's (2021) research found that simulations promote recursive learning and enhance critical thinking outcomes compared to traditional case studies. Norris (2021) emphasizes the value of experiential learning in developing an entrepreneurial mindset and reflective practices in graduate business education.
Additionally, experiential learning enhances retention and engagement. Active involvement in practical tasks nurtures curiosity and interest, improving students' understanding and retention of information. Patil and Dharwadkar (2020) demonstrated that active learning strategies significantly enhance student engagement and performance. Strachan and Liyanage (2015) stressed the importance of active engagement, irrespective of the course format.
Furthermore, experiential learning cultivates essential soft skills vital for success in the business world. Group projects and simulations provide platforms for developing teamwork, communication, and interpersonal skills. Skinner, Hyde, Mcpherson, and Simpson's (2016) research emphasized that experiential small group learning significantly improves students' interpersonal skills. England, Nagel, and Salter (2019) provided active learning approaches to teach crucial soft skills in business.