In our Business Planning Seminar, we have had the opportunity to work as a virtual team. A virtual team is different than a traditional team within an organization. Our virtual team consisted of individual team members who are separated by physical proximity and distance. Our team was not only separated by distance, but by time zones, cultures, work, and personal lives. Much like a traditional team, our team was united by a shared goal and our interactions were based solely on technology and electronic communication.
Being in a virtual team offered some challenges not often found in a traditional team setting. One of the biggest obstacles we found as a team was coordinating times to meet to complete the simulations and presentation during …show more content…
Through this online platform, students are given an opportunity to apply all aspects that they have learned in a business setting in a strategic and competitive learning environment. Capsim simulations offer both onsite and online students a chance to compete individually or against other virtual companies. The program is adaptable enough to teach any business education level. From introductory-level classes at community colleges to advanced MBA programs at the most prestigious universities in the world to corporate level management training at Fortune 500 companies. Strategic management is the plan which is derived by top most management of any organization, such as the owner of the company or the board of directors. Upper management must consider all resource competencies, assess them and then try to find out the internal and external environments in order to make the right decisions. In strategic decision making, management sets the goal of the company and initiates a plan to achieve that goal. This is not static, it works on feedback loop in order to monitor the plan and according to the execution they set next course of …show more content…
We felt that some of the threats in using the simulator were possible legal and labor disputes, rapid shift in market supply and demand, and new competition.
Upon completion of the simulator competition, our team had some positive take-aways in that we are able to apply theoretical approaches to work practice, reflect on personal, social, and emotional practical issues in working as a team, and are able to develop logical plans to s research in action problem and evaluate the consequences of our decisions as a team.
Overall, our team was impressed by the Capsim simulator because it gave us real time, hands on experience to handle a business in all segments, without any real-life risks. In addition, we were able to learn from our mistakes and the program offered us knowledge in order to assist us in successful decision making, teamwork, and to help us to possibly run our own business in the
Being in a virtual team offered some challenges not often found in a traditional team setting. One of the biggest obstacles we found as a team was coordinating times to meet to complete the simulations and presentation during …show more content…
Through this online platform, students are given an opportunity to apply all aspects that they have learned in a business setting in a strategic and competitive learning environment. Capsim simulations offer both onsite and online students a chance to compete individually or against other virtual companies. The program is adaptable enough to teach any business education level. From introductory-level classes at community colleges to advanced MBA programs at the most prestigious universities in the world to corporate level management training at Fortune 500 companies. Strategic management is the plan which is derived by top most management of any organization, such as the owner of the company or the board of directors. Upper management must consider all resource competencies, assess them and then try to find out the internal and external environments in order to make the right decisions. In strategic decision making, management sets the goal of the company and initiates a plan to achieve that goal. This is not static, it works on feedback loop in order to monitor the plan and according to the execution they set next course of …show more content…
We felt that some of the threats in using the simulator were possible legal and labor disputes, rapid shift in market supply and demand, and new competition.
Upon completion of the simulator competition, our team had some positive take-aways in that we are able to apply theoretical approaches to work practice, reflect on personal, social, and emotional practical issues in working as a team, and are able to develop logical plans to s research in action problem and evaluate the consequences of our decisions as a team.
Overall, our team was impressed by the Capsim simulator because it gave us real time, hands on experience to handle a business in all segments, without any real-life risks. In addition, we were able to learn from our mistakes and the program offered us knowledge in order to assist us in successful decision making, teamwork, and to help us to possibly run our own business in the