Major demand fluctuations, false advertising claims, money shortages, and tough venture capitalists.
It is precisely these events that have made this game so useful.
Michael Pettit, Student, University of Tennessee
Assessment and Marketplace
Marketplace® Live Simulations and AACSB
AACSB, ACBSP, EQUIS, and other accrediting bodies emphasize the importance of measuring learning objectives to improve the effectiveness of the curriculum, enhance the students' learning, and foster quality and consistency in education. To that extent, we offer solutions that could provide a 360° learning experience to your students. When overlaid with proposed activities, the simulation exercise provides a great platform to assess your students' individual and team performance.To facilitate the gathering, analysis and interpretation of data, we propose a set of rubrics. In addition, our Customized Objective Learning Assessment tool was specifically designed for Marketplace® with the objective to test the student's ability to:
Perceive, comprehend and predict the business conditions within which they compete Understand their current and future conditions within each functional area Develop an integrative perspective on business Use the tools of management to understand the firm's position in the market
Among the many benefits of using a simulation to assess the learning objectives, here are a few that are particularly emphasized by AACSB in the newly drafted 2013 Standards:
EXPERIENTIAL LEARNING / ENGAGEMENT"…curricula facilitate and encourage active student engagement in learning. In addition to time on task related to readings, course participation, knowledge development, projects, and assignments, students engage in experiential and active learning designed to improve skills and the application of knowledge in practice is expected." (AACSB Standards 2013)
As they work in teams, students are encouraged to discuss trade-offs, options, alternatives, and contingencies. The instructor can challenge the students' thinking by questioning the strategy behind each tactical decision. These types of interactions come naturally in the realm of the simulation exercise. In such environments, the student learning can be assessed and measured. Adjustments can be made at the programmatic and curriculum levels to improve the quality of the students' education.
STUDENT-TO-STUDENT AND STUDENT-TO-FACULTY INTERACTION"…curricula will facilitate and encourage frequent, productive student-to-student and student-to-faculty interaction towards achieving learning goals. Successful teaching and learning demand high levels of interaction between learners, as well as between teachers and learners." (AACSB Standards 2013)
As they work in teams, students are encouraged to discuss trade-offs, options, alternatives and contingencies. The instructor can also play the devil's advocate and challenge the students' thinking. These types of interactions come naturally in the realm of the simulation exercise. In such environment, the student learning can be assessed and measured. Adjustments can be made at the programmatic and curriculum levels to improve the quality of the students' education.
VALUE OF LEARNING"…educational programs are structured to ensure consistent, high-quality education for the same degree programs regardless of differences and changes in technology and delivery modes. This commitment to consistent high quality is especially important in light of pressures to shorten degrees and time for learning, interaction, and engagement in developing skills." (AACSB Standards 2013)
When overlaid with assurance of learning activities, Marketplace simulations can provide a 360° learning experience to your students. Executive Briefings, Business Plan and Final Report presentations, our Customized Online Objective Assessment, Peer Evaluations, and the performance on the simulation (based on a Cumulative Balanced Scorecard) facilitate the assessment of both team-based and individual performance. The variety and practicality of activities allow for the achievement of a myriad of learning goals, including problem-solving and reflective thinking, student involvement and engagement, integration, data analysis, knowledge application, communication skills, instructor interaction and feedback, and so on.