Case studies are common challenges. The students are presented with a case. The case usually involves a problem for which the students need to propose solutions. The case is presented with support information, financial data and other information the students may need. The case may be real or fictitious. Sometimes students are required to solve the case in a certain amount of time. There may also be a presentation involved as part of the case.
Business plans are often prepared by university business students. A business plan is a road map for the starting and operation of a business. It outlines all the key information and data the business needs to start up and what it takes to continue. The business plan will have budgets, projected financial figures and supportive data to indicate why the business is successful.
A market research of viability/feasibility study is a research-based project that requires the students to evaluate a market, industry or type of business to gauge potential profitability and feasibility. The project is usually heavily based on empirical or quantitative data. Students typically make recommendations or predictions about the topic.
Another research-oriented challenge is rooted in theory. There are certain theories or paradigms that are commonly accepted. The students either propose a new theory or evaluate an existing theory discussing the merits and failings of that theory. Students may also choose to compare theories.