A business simulation is a project undertaken by many students who are nearing completion of their management studies program. Business simulations are software-based simulations that present students and student groups with changing marketing data, competitive data, and business data that is modified by the class instructor. Students apply varying market conditions to the simulated business and use their management knowledge to ensure that their company comes out on top with maximum revenue and profit.
Many small, local businesses leverage college business departments to receive free marketing advice and materials. Many colleges connect with local business associations to provide students with the opportunity to work in a consultative capacity with small companies and provide management and marketing guidance. As management studies majors, students will likely be expected to analyze the business' existing financial conditions, generate a strategic business plan and help the owners solve the unique business challenges that they're presented with at that time.
Game theory is a way for students to explore strategic situations and outcomes when given a defined set of conditions or parameters. In addition to its use in management, it is also used in business operations research, economic analysis and social psychology. Game theory challenges students to reach an equilibrium between a set number of attributes and conditions.
An important attribute of any type of manager is his ability to execute project plans and produce results, instead of being a perpetual planner. There is a wide variety of project management theories that can be applied to many industries, from Six Sigma in the manufacturing industry to agile development in the software industry. Students may be asked to develop a project management methodology or to choose an appropriate methodology when presented with a unique business problem or situation.