Financial skills and supply chain management
During the Online business simulation, you will run a manufacturing company and produce a mobile phone projector. You will need to sell this product in order to succeed.
During that business course, you will manage a complete enterprise management (supply chain management) process from production to sales.
In the Financial Knowledge and Supply Chain Management module, you can master the following topics at the basic level:
- Compare and choose development projects
- Managing financing alternatives and liquidity plan
- Financial indicators: liquidity, indebtedness
- Diversification of sales channels
- Unexpected business events with sales channels
- Raw material management
The Challenge
In this course you manage a company with an innovative and inspiring product: a projector for smartphones, which can project the mobile’s screen to the wall: presentations, images, videos and apps.
Product name: Ray&Go. Your task is to manage production and sales.
The SIMULATION
You manage the company on a monthly basis, making decisions in every month:
- PRODUCTION – How many products you want do produce this month?
- SALES – How many products you offer on the market and for how much?
- RAW MATERIAL MANAGEMENT – How much raw material supplies you need?
As the simulation goes further decision categories will appear such as hiring technical and office workers, marketing and training, development of production and borrowing
STARTING POINT
TIMELINE – You takeover the company in the 7th month, after 6 months of operation
FACTORY – You have the essential machinery for the production of many different products, now you have still some products in stock.
FINANCE – You have positive cash on your account, and also a credit balance available.
Your previous sales generated an outstanding balance (some of your customers haven’t paid you from the previous month)
HR – You have employees in the factory and employees in the office.
A factory worker produces a certain amount of products on average in a month, if they are not on training or not a new comer employee.
MESSAGES
From time to time, your virtual colleagues will ask you questions or give you information to help you.
You will get monthly feedback on your decisions and you will find detailed statistics on company related events.
We encourage you to analyze data, these will help you make better decisions for the coming month.
Financial skills and supply chain management that is business simulation
Our business course and simulation is divided into twelve periods. Each of them focuses on a different, specific management skill. Financial skills and supply chain management focuses on managing complete enterprise management (supply chain management) on a life cycle of the product – from the conception of the idea, production and sales. Financial skills and supply chain management is an interactive simulation that is using gamified elements.
The aim is to manage production and sales of the product.
As a manager you decide how many products you want to produce, the amount of product you placed on the market and the price, as well as you decide on the amount of raw material needed. As we can read in the introduction, thanks to the business simulation you will learn about the following topics:
- Compare and choose development projects
- Managing financing alternatives and liquidity plan
- Financial indicators: liquidity, indebtedness
- Diversification of sales channels
- Unexpected business events with sales channels
- Raw material management
Your product is a projector for smartphones. At the very beginning everything is explained in two instructional videos. The first one contains general information about the company and your product. It explains which topics you will gain knowledge in this module and what will be your responsibilities as a manager. In the second one, the Ray&Go product specification is presented in more detail. The course of the game is also explained – in this case, you are a manager of a company that has been operating on the market for some time, you have to control the production process, determine the number of products that will be sold on the market, their price and many, many others. The videos are short but contain all the important information and clearly define the goal and rules of the game.
Before you start the business simulation, you have to choose if you are a beginner or advanced. At the very beginning of it, you receive messages from your coworkers, in which they briefly describe what they do. After reading them, the game starts. The first thing we see is the axis divided into four modules. Each of them lasts a certain amount of time and the whole period lasts one year. During this time you make decisions, starting with the production process, through the purchase of raw materials, price setting and general management of the company.
As the business simulation develops, you need to make more and more decisions that will affect the final result of your work. Importantly, every month you receive a report that contains statistics, billing and possible tips on what to work on or invest in so that the consumer who chooses your product is fully satisfied.
What is worth noting is the unlimited access to the Knowledge base, where you can find videos and articles explaining particular issues. So if you need new information or fixation of those you already have, you can do it at any time, without any obstacles and in the form that suits you.
If you managed to complete the business simulation with good results – you get an evaluation of your work. Each category is rated on a scale from 1 to 7. If you have not reached the maximum in one of them, you can read the tips – what else to work on, what to pay attention to or what to improve.
If you failed to pass an interactive simulation that is using gamification elements – you go bankrupt – but don’t worry – Do it again! You can repeat the business simulation as many times as you want during the license period. It is also a great way to learn and train your skills, because it allows you to learn from mistakes. If you know what you did wrong, you will try not to make the same mistakes in the next run, and thus you will develop your skills.
After the successful end of the game, a quiz is unlocked, which checks your knowledge of that business course and topic, which is “financial skills and supply chain management“. These are questions about what you have been exposed to throughout the business simulation. The result of this quiz is given as a percentage.
The “Financial skills and supply chain management” online business course and simulation is a great way to learn and train your abilities and skills in that topic and scenario.
Thanks to its setup, the user feels like a company manager, who has a real impact on success or failure of the company.
You don’t need to refer to specialist books and tutorials, because everything is available in this online course. This is a pleasant method allowing the user to develop abilities and skills in the given field and for sure it is worth to check it out.
Conclusion
If you want…
- to strengthen the corporate approach in your organization (employees, trainees, colleagues, etc.)?
- to expand their knowledge to understand the context of decisions?
- to enrich your learning program with a dynamic exercise where participants can put theories into practice?
Then our Online Business course is the platform for you
Participants can learn how to see the bigger picture as they face complex decisions, which is necessary for problem-solving and cross-functional alliance across various units of the entire company.
Key Learning Outcomes:
- Learn the basis of corporate management
- Understand the characteristics of a production company
- Understand the components of financial challenges more confidently
- Understand the context of corporate decisions in practice
- Get out of your comfort zone and learn new approaches to topics beyond their own field of expertise
We will walk you through the following:
- Selection and analyzing development projects
- Managing financing alternatives and liquidity plan
- Financial indicators: liquidity, indebtedness, profitability
- Demonstrate the diversification of sales channels
- Provide live scenarios how to manage unexpected events with sales channels
- Practice raw material management
Skills to obtain
- Financial analytical skills
- Understanding the aspects of supply chain management
- Understanding of the financial consequences of decisions
- Understanding of the relationship among working capital and resource management, product and capacity development, purchasing, manufacturing, marketing and sales
Access & Subscription
Our Online Business course and simulation for FINANCIAL SKILLS and SUPPLY CHAIN MANAGEMENT can be used as a facilitated or non-facilitated online training program for individuals or groups.
