Business simulations in financial management courses: Are they valuable to learners?

Wolmarans, H.P.

doi:10.1108/10222529200500008

Cited by 11 publications

(11 citation statements)

References 23 publications

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“…This conclusion confirms that practical applications, such as simulations, games and case studies, can improve study performance. Despite the obvious benefits, Wolmarans (2005) mentions that simulations have not been used that much in financial education. In other social sciences, the use of simulations seems to be more long-standing: for example, Williams (1984) advises the use of simulation exercises for negotiation and other dispute resolution courses in legal studies and also mentions the use of simulations in moot courts and trial practice programmes.…”

Section: Simulationmentioning

confidence: 99%

Interventions in accounting education

Coetzee¹,

Merwe²,

Fouché³

2020

South African Accounting Education Stocktake

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of the various interventions are also summarised. The chapter concludes by suggesting areas within accounting education that future research could still explore through developing and evaluating interventions. 1. INTRODUC TION Various teaching methods are identified in Chapter 2. Most of these go hand in hand with a particular intervention, or tool, to be incorporated inside or outside the classroom. The sections below explain what is meant by an educational intervention. 1.1 THE MEANING OF 'INTERVENTION' Although the word 'intervention' is defined as the "act or the process of intervening" (The Free Dictionary, 2011), its educational meaning (Cambridge Dictionary, 2014) is relevant to accounting education and is discussed in detail in this chapter. An intervention, classified as a noun denoting communicative processes and contents, encapsulates the acts of engagement, involvement, involution and participation. It is the act of sharing or contributing to the activities of a specific group and is described as a "systematic process of assessment and planning employed to remediate or prevent a social, educational or developmental problem" (The Free Dictionary, 2011). Cambridge Dictionary online (2014) defines it further as "involvement in a difficult situation in order to improve it or prevent it from getting worse, or an occasion when this is done". As mentioned, this chapter focuses on the educational meaning of the word 'intervention'. 1.2 WHAT CONSTITUTES AN EDUCATIONAL INTERVENTION? Educational or instructional intervention is "a planned set of procedures that are aimed at teaching a specific set of academic or social skills to a student or students". It is considered to be "more than a single lesson and less than an entire curriculum". An intervention is also given as "a kind of … involvement; participation (the act of sharing in the activities of a group)". It is also described as 'involvement', 'participation', 'involution', 'engagement' (Cambridge Dictionary, 2014). Educational intervention is furthermore noted to be "the systematic process of assessment and planning employed to remediate or prevent a social, educational or developmental problem" (The Free Dictionary, 2011).

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Section: Simulationmentioning

confidence: 99%

Interventions in accounting education

Coetzee¹,

Merwe²,

Fouché³

2020

South African Accounting Education Stocktake

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“…In other words, they describe teaching methods well, but do not report learning outcomes. Using simulations in the management curriculum has been described, 17 including financial, 18 , 19 ethical, 20 and roleplay 21 types of simulation exercises. Computerized business simulations have been studied concerning their learning outcomes 17 , 22 .…”

Section: Introductionmentioning

confidence: 99%

Using Competencies to Improve Dental Practice Management Education

Willis

2009

Journal of Dental Education

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The ADEA Competencies for the New General Dentist contain a significant number of practice management-related competencies. To date, these have been taught primarily in a lecture format in the third and fourth years of the dental curriculum. Presenting information in this way only satisfies the lower level learning skills, not the skills needed to become a competent general dentist. This article presents a framework for applying the competency-based education model to dental practice management teaching, learning, and assessment.

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“…Enabling students to put theory into practice (Burns & Burns, 1982;Wolmarans, 2005;Kumar & Lightner, 2007;Jankowski & Shank, 2010) is a feature of the simulation that students identified.…”

Section: Student Reflectionsmentioning

confidence: 99%

“…They offer opportunities for students to interact with the concepts of market microstructures (Ascioglu & Kugele, 2005) and to engage in higher order learning through the application of theory to practice (Burns & Burns, 1982;Wolmarans, 2005;Kumar & Lightner, 2007;Jankowski & Shank, 2010). Lundy (1991) concludes that students' cognitive learning is positively influenced by the use of noncompetitive games and simulations.…”

Section: Simulation As An Instruction Tool In Financementioning

confidence: 99%

Experiential Learning – A Case Study of the Use of Computerised Stock Market Trading Simulation in Finance Education

Marriott

Tan

Marriott

2015

Accounting Education

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Abstract:Finance is an increasingly popular choice of Higher Education programmes; however, students can find the subject challenging to learn as it involves understanding complex, abstract, mathematical models and applying academic theories learned in the classroom to the real world environment. Educational simulation is an active learning method found to be useful in enhancing students' learning experience. Although the numbers of finance students are increasing, there is limited pedagogic research attention on the use of simulations in finance education within UK higher education institutions. The study reports the findings of an on-line survey providing a snapshot of the current usage of finance-related simulations in UK universities and offers further insights into the effectiveness of introducing computerised simulation into a postgraduate finance course.The case study reports an enhancement learning experience for students that has, through concrete experience and reflective observation, increased their understanding of difficult and complex finance concepts. Unfortunately, it appears that the use of simulation and the pedagogic benefits it affords are not extensive across the UK.

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Business simulations in financial management courses: Are they valuable to learners?

Cited by 11 publications

References 23 publications

Interventions in accounting education

Interventions in accounting education

Using Competencies to Improve Dental Practice Management Education

Experiential Learning – A Case Study of the Use of Computerised Stock Market Trading Simulation in Finance Education

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