Simulation Training

 Simulation training is an essential part of the education process which provides interactive learning experiences that require the learners to apply the knowledge they have acquired in a risk-free, robust environment of a training process. Generally, in the simulation training, we were expected to build appropriate skills and develop conceptual knowledge to improve performance. However, there are always challenges associated with this kind of training as would be expected from any other learning experience. In our group, it was nothing different, and we had to deal with the problems associated with a more professional approach to ensure the process was a success.

For one to build up better conflict resolution and communication skills as well as enhance performance in future, it is important to reflect on the past experience. Reflecting on the recent simulation training which was conducted in groups, we got an opportunity to acquire several practical skills related to the investment industry.  This reflective paper focuses on my personal contribution to the entire activity together with a critical analysis of our performance. 

Arguably, the overall performance of the project was impressive and the challenges encountered were handled in a great way thanks to the cooperation of the other group members. However, more organizational skills and effective delegation of the duties could be improved in a future similar project. The main areas of discussion in this paper comprises of the group dynamics, the style of communication, my personal feelings, group work evaluation and an analysis of the group activities with suggestions of future improvements in relation to what did not go well as planned.

Description

Our group comprised six members in which every individual was delegated to a particular assignment within the scope of the project. Our major objective was getting Cumulative Total Shareholder Return ratio to the maximum. In reference to my sensitivity for figures due to my good reputation in stock investments, I was assigned the role of the financial and logistics manager in the group. This was an opportunity to showcase my expertise in the field of investment where I was supposed to use my strengths to help the other group members understand what needed to be done. In order to achieve more profits in the European, Asian and the American markets, our mission was targeted to adopt viable and effective strategies. 

In the Asian market, we produced many products and set their prices low, in the USA we balanced price and production while in the European market we increased the features. In regards to the previous experience we found that various markets had different sensitivities therefore, we used a localization policy at the first stages. This policy was aimed at capturing the biggest market share to gain more from the competitive market.

In the initial round, due to the demand in Europe and Asia we invested in R&D purchasing several features for Tech 1 and design and technology licenses in Tech 2. Due to our perspective of the unnecessary promotional spending in comparison to the R&D, plants and features investment we built six factories in Asia to meet the market demand growth. However, we were only capable of achieving an average market share with our product prices exceeding the market price we increased our promotional capacity and decreased sales price by 10% which was not enough to capture our desired market share.

As a consequence of market failures, we decided to increase more features and find the equilibrium price in relation to the previous experiences. Another long-term strategy was to increase the capital for product promotion to raise our competitive ability in the market structure. We also decided not to construct more plants to observe the market trend which always revealed our low promotional investment. However, during the 5^th and 6^th round there was a positive increase in the market demand which prompted our decision to increase production. Tech 4 attracted a great demand in the European market which disillusioned us to overproduce and as a result leaving us with a significant number of unsold products.

Our aim in the final stage was to enlarge our market share with the ultimate view of making more profits and to achieve this we decided to focus on evaluating the competitors’ market strategies. However, despite our efforts, there was barely little change to achieve a significant market share due to the adoption of similar strategies from our competitors.

Feelings

Before the simulation training process, there was confusion together with other personal desires among the group members. Almost every member of the group desired to become the group’s CEO with the notion that the powers of the CEO position are the mightiest. It took time to convince members all the existing office roles were as crucial and needed to be executed with the same approach that could be applied to any position. Personally, the financial and logistics position came as a second preference after missing out on the position of the CEO. I later realized how the CEO was the most responsible person for the group’s success and was a position equipped with the critical responsibility which I would have felt as a burden if I assumed it.

In a personal view from my assessment, the biggest challenge in the role I was assigned was communicating and working effectively with the rest of the team in an assertive and clear way. Mostly, I felt discomfort when talking to other group members who I saw had other ‘individual agenda’ and did not show the will to compromise. The lack of effective communication and failure to cooperate with the team members were among the biggest difficulties I encountered in the simulation process. However, I had to face my weakness, and this led me to build confidence and gather skills for interactive purposes in the simulation training period

  My first reaction to the simulation idea was the perspective that the activity was overwhelming and confusing such that finding correct answers and describing the best out of them was a hard task ahead. This made me feel very intimidated and worried that I would not achieve my ultimate potential in a teamwork environment. During the simulation process, I learned massively and felt excited every time I achieved a good result. I remember how I explained my predicament to one member of the group who we had bonded quite well during this entire operation. Unsurprisingly, his case was almost similar, and during one group meeting after completion of the day’s activity, we later discussed with the others whose cases were also relatively similar.

  After the entire experience, I felt that I had improved hugely on my critical and creative thinking skills to effectively carry out any other role I would be assigned in future. Nevertheless, it was not all a success story since sometimes I would recall and regret on the cases I had made poor decisions which resulted in a bad gesture in our company’s virtual profits. Moreover, since the process reflected actual real-life situations, I vow to do more research before another simulation activity or during a real-life position.

Evaluation

With time, the fruits of effective communication in conjunction with other similar skills were evident during the simulation process and played key importance in the achievement of the team’s goals and objectives. These fruits were in line with the words from our group CEO who always emphasized how effective communication was essential within a group dynamic. He also insisted on the need for team members employing open dialogues and clear agendas. All these emphases finally seemed to work with the group members coming up with critically analyzed ideas where through the use of effective dialogue we achieved most of our goals. Upon reflection, it is arguably true that the cohesive teamwork brought about by a clear understanding resulted in our achievement of the overall goals.

Also, upon further reflection time management and effective delegation worked out very well in the end especially when we were faced with tough challenges in the simulation process. How we resolved these challenges is clear evidence of the effectiveness of the skills learned during the simulation period after the first weeks of difficulties in the delegation of tasks to the team members.

Nonetheless, it was not easy to delegate all the tasks in time due to differing commitments, schedules and other workloads. This scenario posed a major handicap on the team’s activities and on a close review on how we could not achieve maximum results, perhaps we ought to think and discuss how we would have delegated tasks in consideration of the time schedules for every member. Somehow, it appeared that we did not use the maximum time at our disposal since we often never took into account individual specific strengths and weaknesses.

  Also, there were always disputes among the group members on the late arrival of some individuals on the scheduled meetings. The undertaking of activities in an untimely manner together with poor time allocation for successful completion of tasks adversely affected the entire group with me included. The time challenge never really found a permanent solution until the process was over. Hence, that attributed to less desired results.

Analysis

The lack of commitment from the team members to be critical agents of change largely contributed to our poor time management problem. In consideration of the workload that was at our hands, our team ought to be more realistic on the activities’ time management with a precise determination of who could efficiently steer us to prosperity with regards to the time factor. However, my contribution to the group activity bore fruits at the end especially during implementing price cuts and increasing the capital for promotion.

Critically reflecting on the experience of these issues, it has become a significant lesson to other group members as well as to me which has prompted to our decision to ensure adequate time planning in future is sufficiently considered in all the group activities thereof. 

Conclusion

With a reflection of my role which I undertook in the simulation training project, I can attest that I have learned a lot, confronted and experienced a real-life situation setting. With regards to the teamwork dynamics together with the academic context which has supported learning during this entire period, I can proudly testify that a broad understanding and a new knowledge set has been acquired. Additionally, our personalities in the group work have played an enormous part and on reflection, one can not only improve in performance wise but also boost discipline oriented knowledge. 

Action plan

We intend to put more intense tactics in future to capture a bigger market share from our understanding to forecast demand trends before price allocation and production. The promotion aspect will also be a great strategy with the aim to be among the first movers, especially in the European and American markets. This strategy will more likely instill loyalty in customers and hence lead to increased profits and reduced production costs.  

REFERENCE LIST

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