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Learning by doing

“I hear and I forget.  I see and I remember.  I do and I understand.” – Confucius The most important benefit of taking part in Global Management Challenge India is that it allows participants to “learn by doing”.  In the real world “doing” or implementing your ideas successfully is all that counts.  Global Management Challenge provides that opportunity without the cost of making wrong decisions.

Competition drives learning

The participants are placed in a competitive environment where all their decisions are assessed relative to the decisions of other competing participants. Competition often brings out the best in the competitors as they strive to do well and outdo others.  This environment where participants “learn by doing”, competition acts as a huge catalyst for knowledge and skills development.

No right or wrong answers

All decisions in Global Management Challenge India are assessed relative to the decisions of competing teams. There are no right or wrong answers; as in the real world, to excel and be recognized, the participants have to do better than the competition.
No examiner or committee of judges is required to determine the winner. It is the performance of the winning team, measured in their financial achievement that determines the winning team.

Endless possibilities

Results of each team are based on its decisions assessed in relation to the decisions of other teams in their group and are spread over 5 quarters in the life of the virtual company which leads to near infinite outcomes. Each of the 8 teams in a group takes 75 decisions per quarter for 5 quarters in the life of the virtual company – the final outcome is therefore based on a complex exponential relationship between 75 decisions, 8 teams and 5 quarters over the life of the virtual company. These near infinite possibilities and scenarios allow the competition to be played at various levels of complexity – just like a game of chess where the level of complexity is based on the intellectual capacity of the players.

Dynamic learning – review and improve

Management decisions taken by a team are evaluated in comparison with decisions taken by other teams within their group. This enables participants to see how their decisions (for example decrease in selling price to increase sales) impact others and how the decisions of others (for example higher salaries to attract staff) impact their company. Management mistakes in the real world can be very expensive for any company. By enabling the practice of management skills on a simulator, Global Management Challenge India provides the participants the opportunity to take decisions, review results of their decisions and then to react by continuing and enhancing their successful strategies while taking corrective measures where required.

Global Management Challenge India allows participants to test their theoretical learning of management principles in competitive real life like scenarios. Any mistakes made in the competition simply provide opportunities for learning, but do not result in expensive unintended consequences. This type of dynamic learning based on review and improvement also highlights to the participants the need for flexibility and for adapting to changing circumstances in a dynamic environment.

Strategy development and implementation

The world has shrunk and businesses, small and big, from all corners of the globe, compete in the same big pond. To do things right then, managers need a winning strategy based on learning and experience not just out of the ordinary but outstanding.

Global Management Challenge India requires analytical decision making in complex real life like scenarios and helps participants to practice management concepts and develop their skills in applying strategy.

In order to do well in the competition, the participants have to develop a strategy for their company, for example, focusing on particular segments of the market, high volume low price strategy or low volume high price and quality. Developing the strategy is, however, only the first step. During the competition, the participants have to implement strategy in a dynamic and competitive environment where the degree of success of their strategic initiatives is dependent to a large extent on the decisions and initiatives of the other participants.

This emphasis on strategy development and implementation develops strategic thinking across the team members. Participants become aware of the impact of their decisions on the organization, within an environment designed to encourage and develop teamwork. To do well and to properly review and analyze the substantial financial and non-financial information carried in the management reports, the team have to establish an organization structure within which to operate as a management team exercising leadership and communication skills.

Forecasting

Good forecasts are essential for the continuing health of a business. In particular, forecasts of future demand for the company’s products form the basis of strategy development and are essential for proper resource planning and decision making.

Knowing what to expect allows management to invest before demand arrives, and hence to maximize profit. It also allows the Finance department to estimate the demand for funds and allows Human Resource department to be ahead of demand when it comes to recruiting additional staff.

Global Management Challenge India simulation provides a platform for realistic forecasting using the wide range of relevant data that is produced and enables the participants to hone their forecasting techniques. Furthermore, by reviewing successive results, the participants are able to assess the quality of their forecasting techniques and improve where necessary.

Understanding financial statements

Understanding accounts is essential for any manager. Global Management Challenge India management reports provide a complete set of financial statements after each decision period. These financials follow closely the format and terminology recommended by the current International Financial Reporting Standards (IFRS).

This emphasis on financial reporting provides an excellent opportunity for the participating team to learn the meaning of and the relationships between the Income Statement, the Balance Sheet and the Cash Flow statement and what a manager should consider when analyzing the company accounts. By making decisions and reviewing their impact the participants are able to understand the financial aspects of management decisions and how the decisions – good and bad – get reflected in company financial statements.

Understanding of cross functional perspectives

By participating in Global Management Challenge, participants have the opportunity to make decisions for different management positions. Often team members analyze the available information from different perspectives and arrive at conclusions for further decisions that may be diametrically opposite. For example, the head of sales and marketing may want to reduce prices and increase advertising while the head of finance, with an eye on profitability, may caution against that. Similarly, while the head of production, faced with production constraints due to limited machine time, may advocate capacity expansion through purchase of new machines, the CEO may require that capacity enhancement should be reviewed in relation to forecast demand and available finance.

All team members have a shared ultimate goal of winning the competition and therefore the differing perspectives have to be reconciled and common ground has to be established. This allows the participants to experience and address the constraints and the conflicts that managers in real companies face as part of their ongoing professional management role and find suitable conflict management mechanisms under time constraints.

This experience of working together to manage the virtual company helps participants from one functional discipline to understand and appreciate the constraints and limitations of other functions and enables them to visualize what business is all about, how a company is structured and the relationship between sales and marketing, procurement and production, human resource management and finance.

Teamwork

Global Management Challenge provides opportunity to the participants to work in a team. Team building is an ongoing process that helps a work group evolve into a cohesive unit. The team members not only share expectations for accomplishing group tasks, but trust and support one another and respect one another’s individual differences.

Time Management

Global Management Challenge India runs to a strict timetable and decisions cannot be processed until they have been submitted by all of the teams. Therefore timely submission is essential and makes time management a critical element in the event.

Penalties are exacted when decisions do not arrive on time and therefore teams learn to balance the time spent analyzing results and discussing what to do, against the time needed to come to a perfect decision. Most teams quickly set up an internal organization to manage their time during the decision making period, and avoid penalties.

Recognition of Achievement

Global Management Challenge India offers valuable awards and recognition for the top performing teams. A gala awards event is held in March every year attended by representatives of participating corporates and universities, team members, guests and jury members. The gala awards event is covered by our media partners and other online and print media.

Global Management Challenge India is also part of an international competition where winning teams from around 30 countries across the world take part in the competition to crown the international champion.The winning team of Global Management Challenge India participates in the international competition where all expenses are paid by the competition organizers.

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