Lovely Professional University organized a six-day Faculty Development Programme (FDP) on Business Simulation to pave a beneficial way for educating management students to get globally fit in business markets.
Online PR News – 06-July-2011 – – Lovely Professional University organized a six-day Faculty Development Programme (FDP) on Business Simulation to pave a beneficial way for educating management students to get globally fit in business markets. Business simulation is a new technique where business scenarios are replicated in the class room environment. This replication not only uses case studies but also value software usage, scenarios like Planning of Market, Action to launch new products, supply chain management using software, how to save company incurring losses etc. Through these students not only learn the theoretical fundamentals but actually get hands on tackling the real life problems and scenarios involved.
On this occasion, the Director General of the University Er H R Singla said: "In the present scenario of Management Education, time has come to adopt innovative technologies to make students industry ready. Now the companies look for manpower, which is ready to tackle the real life situations as and when they enter the company. No doubt, interesting lectures, hands-on lab sessions and relevant case studies are the necessary elements of a well designed Management curriculum, yet it lacks an essential ingredient of 'Experience'. Such techniques help to prepare students." He further explained: "In fact, human beings have tendency to learn best from games, imitations, experience and practical exposure. Similarly, the management students, under such simulations, will make realistic business decisions and analyze the results of their actions. As such, the important business principles automatically become a part of their natural thinking and they will certainly gain hands-on managerial experience by running their own business under simulation."
About 40 participants, External as well as Internal, from different educational institutions of Saudi Arabia,. Mumbai, Pune, Gurgaon, New Delhi, Chandigarh, Mohali, Patiala, Ludhiana, Jalandhar, had joined this FDP. At the end of the programme, certificates were distributed to the participants. The resource person for the programme was a team with specialization in Strategic Management Forum (SMF) based at IIM Lucknow.
On contacting, a few of the participants, Dr Mohammad Naushar( Saudi Arabia), Dr Aarti Loomba (New Delhi), Mr Pranab Deb (Pune), Mr Anil Aggarwal (Gurgaon), Dr Ritika Sharma( Chandigarh), Mr G Ramesh( Mumbai) held that the FDP proved very fruitful to them: " We have learnt efficiently the dynamics in context of international business and coaching techniques for implementing business simulation in our classes, for the betterment of the students. We have also developed in ourselves the expertise to handle the business simulation software, strategic perspective to business education and a deeper understanding of business environment, its impact on business strategy and tactics."