Introduction
Fishbanks Simulation is a resource management simulation created by Dennis L. Meadows. Teams play the roles of fishing companies in the simulation and compete with each other, dealing with the variations in fish populations and catches for the purpose of maximizing the net worth. Given three ships and same bank statement, each team has an equal start to make decisions about selling, bidding, and ordering ships, as well as the allocation of ships in harbour, coast, and deep sea. There are three sources of income, including fish sales, ship sales, and interests, while the expenses come from operating costs, ship purchases, new ship orders, and interest charges. Up until present, the ships and catches have been increasing almost 1:1 …show more content…
In the first year, Fishbanks released three ships and the bidding price was up to $1450 per ship even when the profit of fishing in the deep sea was only around $500 per ship while the operating cost of fishing in the deep sea was around $225 per year. When our group realized how profitable ship auction was, we decided to sell three ships at $1000 per ship; however, other teams might have the same decisions, which meant nobody was willing to purchase ships from us. Although our ships had not been sold, we still ordered three more ships, expecting an increasing demand next year. In year three, we successfully won the bid at $1526, which was the first ship we got from another team. In year four, we sold two ships at $1440 each, which was more gainful than the previous years’ fish …show more content…
With fewer ships, there would be a higher potential growth for the fish and a larger probability that the future fish catches amount would not decline drastically. This is not only beneficial for the ocean, but also a strategic decision for us considering the following rationale. Since we are able to increase our ship amounts in three ways (bank auction, team auction, and ordering), it’s relatively easy for us to obtain more ships. However, when the environment is overly exploited and the fishery industry is unprofitable, the only way people can dispose extra ships is through team auction. Ironically, that’s exactly the time when other teams cease ship trading since the ships are merely staying in the harbor and incurring costs.
Conclusion
The Fishbanks Simulation is an educational experience, which inspires us to learn to balance between self-interest and the bigger picture. The reflection suggests that adopting the Triple Bottom Line framework to assist decision-making process in real life is desirable for perpetuating the business. Furthermore, measuring profit maximization in a long-term perspective and pursuing overall welfare of the community would facilitate effective executions to sustain the business without abusing the
Fishbanks Simulation is a resource management simulation created by Dennis L. Meadows. Teams play the roles of fishing companies in the simulation and compete with each other, dealing with the variations in fish populations and catches for the purpose of maximizing the net worth. Given three ships and same bank statement, each team has an equal start to make decisions about selling, bidding, and ordering ships, as well as the allocation of ships in harbour, coast, and deep sea. There are three sources of income, including fish sales, ship sales, and interests, while the expenses come from operating costs, ship purchases, new ship orders, and interest charges. Up until present, the ships and catches have been increasing almost 1:1 …show more content…
In the first year, Fishbanks released three ships and the bidding price was up to $1450 per ship even when the profit of fishing in the deep sea was only around $500 per ship while the operating cost of fishing in the deep sea was around $225 per year. When our group realized how profitable ship auction was, we decided to sell three ships at $1000 per ship; however, other teams might have the same decisions, which meant nobody was willing to purchase ships from us. Although our ships had not been sold, we still ordered three more ships, expecting an increasing demand next year. In year three, we successfully won the bid at $1526, which was the first ship we got from another team. In year four, we sold two ships at $1440 each, which was more gainful than the previous years’ fish …show more content…
With fewer ships, there would be a higher potential growth for the fish and a larger probability that the future fish catches amount would not decline drastically. This is not only beneficial for the ocean, but also a strategic decision for us considering the following rationale. Since we are able to increase our ship amounts in three ways (bank auction, team auction, and ordering), it’s relatively easy for us to obtain more ships. However, when the environment is overly exploited and the fishery industry is unprofitable, the only way people can dispose extra ships is through team auction. Ironically, that’s exactly the time when other teams cease ship trading since the ships are merely staying in the harbor and incurring costs.
Conclusion
The Fishbanks Simulation is an educational experience, which inspires us to learn to balance between self-interest and the bigger picture. The reflection suggests that adopting the Triple Bottom Line framework to assist decision-making process in real life is desirable for perpetuating the business. Furthermore, measuring profit maximization in a long-term perspective and pursuing overall welfare of the community would facilitate effective executions to sustain the business without abusing the