iBizSim Xperience

iBizSim is a business simulation game which reflects many real world situations. A good way of internalizing how exactly a firm does business . One of the best subjects we had in General Management Module, we got a holistic view of tit-bits we had learnt previously. After the sessions, seeing my status in Gtalk, my friend Raveesh asked me to explain about the simulation and share its experience in brief through text chat, here are a few excerpts from it.

-We had iBizSim sessions for 5 days conducted by Prof. Prem Chandrani.
- The class in divided into companies and industries
- It's a nice experience, to get a holistic view how a company works
- Actually, it's tough manage when numbers are in millions
- Gut feelings can't be applied always !

- In the business, you produce and sell goods, before that you should have estimate the demand
- Depending on the estimated demand you plan production.
- For production you should have raw materials, which should be ordered in advance
- After producing you have sell goods in different regions
- You have to check how the economy is performing in that country depending on that you have to book spot xchange rate or hedge it to future.
- A small fraction makes a lot of difference.
- There was an exception i.e. compulsary vacation for workers for 3 weeks in a quarter.
- For that you have plan before 2 quarters in advance and decide whether to do overtime or extra shifts.
- To have sufficient inventory levels in vacation phase to meet demand.
- There's one more option instead of producing you can buy finished good from outside. this can be if your manufacturing costs are very high.
- After all this u have to make profit and capture market share consistently.