Article HistoryThe primary purpose of this study was to obtain empirical evidence and provide a methodological alternative for helping understand how simulation serves to learning. Well-structured system design and unstructured learning implementation bring complexity to dealing with learning in total enterprise simulation, specially, how to investigate learning emanated from the simulation game"s structure and decisionmaking requirements has studied very few. Due to the multiple aspects of individual learning situation and the inevitable structural design differences in simulations, student authored reports were used as data source to analyze the connections of learning-performance based on means-ends theory and the model was constructed with the components, namely Attributes, Consequences, and Values. With limitations of research, the study provides practical evidence and student insight into logic and structure of the simulated firm experienced, as well as demonstrates the use of meansends approach for research on the issue of simulation-based learning and performance.Contribution/Originality: The paper contributes the first means-ends analysis of the connections of in-class simulation-based learning-performance by using the learning setting and participant-authored reports. Contrasted with previous studies which were essentially oriented in product/service decision-making, this study was built on the efforts to enhance the understanding of how the virtual management practices contribute to generation of personal values, rather than to focus on simulation system"s external validity.