On the 21st of July, 300 participants of the Summer Campus of the Russian Presidential Academy took part in experiencing the new version of the Global Management Challenge business simulation. It was the first time (besides a number of tests in Portugal), when the simulation was actually tested using the latest version of the business simulation, where new parameters, such as ecological issues, human relations training, share issue, and share repurchasing, were added. 46 teams and 300 students participated in the exercise, so it was one of the biggest offline events ever, that have been held to test the GMC business simulation.
Before the exercise started, Pedro Alves Costa, CEO of Global Management Challenge International, and Vyacheslav Shoptenko, head of Global Management Challenge Russia organizing committee, said a few words about simulation and gave advice for students, who took part in such a business simulation for the first time.
Pedro Alves Costa admitted, that “during a business simulation students gain their first experience in managing the company. They become the members of the Board of directors and make decisions in 4 key spheres of management – production, marketing, finance and human resources. Thus, the technology of “learning by doing” is used in business simulations”.
According to Anton Trufanov, student of Russian academy of national economy and public administration, who participated in a team, “the complicated economic model is included in one program. In my opinion, modeling of business processes helps to predict the results of business activity in real life with 80% of precision”.
Very soon the participants from more than 30 countries will also have the opportunity to take part in world’s largest management and strategy competition.
