After receiving the assignment to participate in the Fishbank Renewable Resource Management Simulation exercise I was a little bit hesitant. My immediate thoughts ranged from intended applicability to total skepticism about what I would learn. However, upon completion of nine simulated rounds with my teammates I have a new appreciation for the knowledge points harvested from such a thought provoking activity.
I began the simulation with the objective of buying just enough ships to remain debt free and ascertain a reasonable profit from my fleet of ships. Upon the first few rounds I executed my strategy with great results; until year 6, I made a decent profit and maintained an acceptable bank balance. By year 8, my profit decreased substantially and therefore decreasing my …show more content…
I made the error of not only acquiring more ships than previous planned, more so due to the potential revenue that could be generated from ship, but also placing more of my ships in the coast believing that it would provide the most strategic advantage. However, my acquisition and decision making process proved unsuccessful and highly unprofitable. In retrospect, I would buy less ships and evenly balance ship allocations to remain profitable.
3. The simulation also revealed the power of unscrupulous American greed. As expected, more of my team members had a similar strategy which entailed using all means to generate maximum profits causing all to harvesting in the same location and at the same time. We succumbed to saturating the market leaving fishermen assets that were idle, profitless, and with significant operating expenses.
4. Finally, an increase in competition naturally leads to possible depletion of resources especially when tapping into the same economic pool for product(s). Clearly, when and if there are finite pools of resources, devastating impacts ensues not only to the resource pool, but also to those businesses or individuals that are solely reliant on the depleted
I began the simulation with the objective of buying just enough ships to remain debt free and ascertain a reasonable profit from my fleet of ships. Upon the first few rounds I executed my strategy with great results; until year 6, I made a decent profit and maintained an acceptable bank balance. By year 8, my profit decreased substantially and therefore decreasing my …show more content…
I made the error of not only acquiring more ships than previous planned, more so due to the potential revenue that could be generated from ship, but also placing more of my ships in the coast believing that it would provide the most strategic advantage. However, my acquisition and decision making process proved unsuccessful and highly unprofitable. In retrospect, I would buy less ships and evenly balance ship allocations to remain profitable.
3. The simulation also revealed the power of unscrupulous American greed. As expected, more of my team members had a similar strategy which entailed using all means to generate maximum profits causing all to harvesting in the same location and at the same time. We succumbed to saturating the market leaving fishermen assets that were idle, profitless, and with significant operating expenses.
4. Finally, an increase in competition naturally leads to possible depletion of resources especially when tapping into the same economic pool for product(s). Clearly, when and if there are finite pools of resources, devastating impacts ensues not only to the resource pool, but also to those businesses or individuals that are solely reliant on the depleted