Four MBA teams from MUM finished in the Top 10 of 103 MBA teams who participated recently in an online business decision-making simulation. This achievement marks the fourth consecutive year in which MUM’s MBA Accounting students have placed at least one team in the Top 10. Two years ago an MUM team finished #1 out of 135 teams. This year, MUM also placed the top two teams in this international simulation that finished in the six-month period ending July 25, 2013. Each of the 2013 teams are pictured below with their final percentile score and rank.
Qi Wang (Member of #1 ranked Baldwin team) stated that her team’s practice of meditation helped facilitate executive teamwork: “Because we all practice the Transcendental Meditation technique, we were able to maintain very broad awareness throughout the simulation even when we had to focus sharply on individual decisions. Also, we were able to engage in harmonious communications even when we were debating alternative decision possibilities. Our healthy team dynamics helped us to produce outstanding results.”
MUM students report their successes came from well-integrated decisions concerning product pricing, building customer awareness, product innovation, automation of production facilities, controlled expansion of capacity, cost control, training and development of personnel, and sound financing strategies.
The simulation results are scored based on formulas for both short-term and long-term performance metrics under the Balanced Scorecard concept with four perspectives: financial results, customer satisfaction, internal business processes, and learning & growth. The total score earned by each team was the basis of comparisons to other MBA teams that participated in the Foundation Simulation during the previous six months.
US universities generally have the reputation of producing very good technical accountants who are not always very competent as decision-makers when they enter the workforce. This problem can be traced to traditional teaching methodologies that ask students to solve problems with well-defined answers. But, in the real world, business decision-makers face a complex world of uncertainties. The simulation provides an opportunity for students to practice teamwork behaviors such as collaboration, negotiation, and consensus-building. In addition, the groups begin to think and act both strategically and tactically, like an executive management team in a dynamically changing environment with competitors.
At MUM, we adopted the Foundation Simulation to gain third-party assessment of the value of MBA education at MUM. Now, after four straight years of “Top 10” finishes, we are delighted to see a consistent pattern of results that suggests our students will be competitive in the global job market.