With the rapid growth of technological tools in education, the time is now ripe to try and implement simulation-based learning (SBL) in management education. In terms of theory, the popular notion that demonstrates the potency of simulation, with respect to predicting and mitigating risk is the Monte Carlo Simulation. This is a broad class of computational methods that predicts the outcome of unlikely events through random sampling. In his book Fooled by Randomness, Nicholas Nassim Taleb demonstrated that, although it is not a perfect, the Monte Carlo Simulation is still a powerful mathematical tool to understand the importance of randomness.
The motivation behind such simulations is simple: to be forewarned rather than going under. In fact, one of the biggest concerns that many companies have is to prepare experts who can tackle the sudden blow of a rare event. A 2018 Deloitte study (Real Learning in the Virtual World) discussed how SBL could be used to train professionals to be prepared for rare events and be effective in tackling the problems that arise in a seemingly random manner. The study mentions that SBL enables people to visualise the problems at hand and could be useful when applied to fields such as Medicine. Similarly, examples of rarity abound in the business world. Therefore SBL could be a useful tool for B-schools to virtually expose students to unusual scenarios and learn about risk mitigation.
The learning curve
The Deloitte study also talks about how SBL can help students learn faster and retain knowledge due to the interactive pedagogic approach. One of the examples cited in the study said that, instead of reading safety protocols from a manual, airline passengers would retain the instructions better if the approach was participatory.
Apart from this, SBL also offers the scope to play around with different variables and fosters thinking with multi-variable considerations, an essential skill to take dynamic business decisions. It can improve collaboration by enhancing communication, teamwork, decision-making, empathy, and reflection. It provides a safe and controlled environment for individuals to practise and improve their collaborative skills. SBL can help individuals identify areas for improvement and develop a growth mindset towards collaboration.
The Learning and Development cost or dissemination of practical skills has been a challenge for B-Schools. Often, it is not cost-effective to provide long-term exposure to students before they are launched into the professional world. This puts them in a sink-or-swim situation. Simulations enable repeated practice without much cost. However, the current challenge, in a country such as India, is to ensure the availability of affordable devices that are crucial for the effective penetration of emergent tech-enabled education solutions.
The scope of knowledge in the commercial world is expanding everyday. To be on top of the game, students need to be up to date with the latest requirements. SBL’s vivid demonstration of practical and theoretical concepts could enhance distance and ODL education, thus providing a proficiency similar to that of physical classes.
The writer is Director, SCMS Pune.
