GAME PLAN
Ø Important Aspects to succeed:
1) Have a strong management team. Make sure it has good credentials and expertise. Your team members don’t have to have worked in the field, but you do need to draw parallels between what they've done and the skills needed to make your venture succeed. Don’t have all the skills you need? Consider adding an advisory board of people skilled in your field, and include their resumes.
2) Be realistic with time and resources available- Always assume things will take 15 percent longer than you anticipated. Therefore, 20 weeks is now 23 weeks.
3) Be logical. Think like a banker, and write what they would want to see.
Ø GOAL SETTING :
I) During your Business Goal-Setting Exercise
1)BE SURE EVERY GOAL TIES BACK TO YOUR MISSION AND YOUR VISION.
It ensures each goal is oriented on where your organization is headed in the long-term, not just something you’re thinking about in the moment.
2. MAKE YOUR GOALS DESCRIPTIVE.
The more specific and descriptive you can be, the more likely it is that everyone understands each goal in the same way. For example, a goal like “obtain at least six new corporate accounts per quarter” is more transparent and easily understood than “grow our customer base.”
3. BE CERTAIN YOUR GOALS ARE REALISTIC.
Are all of your goals achievable? Are there some that are simply not within the realm of possibility? It’s great to have stretch goals, but you should be able to reach them within a three- to five-year time period.
4.)MAKE SURE YOUR GOALS ARE APPROPRIATELY SIZED.
If you have any goals that are too large or too long, break down the goals into multiple steps and apply target dates for each component.
II) CONSIDER WHETHER YOUR GOALS ARE MEASURABLE.
You won’t be creating measures that coincide with your goals just yet (we’ll discuss that a bit later), but be certain your goals can be tracked, measured, and analyzed in some way.
III) CONSIDER WHAT ACTIONS YOU’LL TAKE TO ACHIEVE THESE GOALS.
Sometimes, avoiding contradictions across your goals is easier said than done. For example, one goal might be to have 100% customer satisfaction while another might be to maximize profit. These two things may be incongruent, so one may have to give a bit in order to be realistic.
IV) EXAMINE WHO WILL BE RESPONSIBLE FOR EACH OF YOUR GOALS.
Who will ensure everyone stays on track? Who will ensure that reporting on progress takes place each month or each quarter? Consider the roles and responsibilities required to assure continuous advancement.
V) IDENTIFY THE RESOURCES YOU’LL NEED TO ACHIEVE THESE GOALS.
For example, if one of your goals is to develop and use a customer relationship management (CRM) system, do you have the funds appropriated for it? Budgetary limitations should also be considered during the goal-setting process.
Ø After The Business Goal-Setting Exercise
1)MEET REGULARLY TO CHECK IN ON YOUR PROGRESS.
This ensures everyone involved stays on-task no matter how much time goes by. Keep in mind that some adjustments may be required as your team starts to pursue these goals. Don’t be afraid to adjust as needed!
2) COMMUNICATE YOUR GOALS INTERNALLY (AND POSSIBLY EXTERNALLY).
Does everyone in your organization understand the goals and why you selected them? The entire company is involved in reaching them, so every department and every individual should understand how their performance impacts the goals—and therefore, the overall success of the company.
3) MAKE SURE YOU HAVE GOOD DATA FOR THE RELATED MEASURES.
Once your goals have been set, select measures (also known as key performance indicators) that will help you monitor performance toward each goal. Ensuring you have data that informs each measure is imperative.
Ø Don’t forget to reward your team members as you hit your goals!
The process of business goal setting can be challenging, but actually realizing a business goal is even more so! So when your organization achieves a goal, take time to acknowledge it. Knowing that the ‘wins’ are celebrated, not overlooked, will bring renewed motivation to everyone involved. Good luck setting—and reaching—your goals!
Ø Why you should set goals ?
Setting goals that challenge everyone in the organization to strive for better performance is one of the key aspects of the planning process.
Ø Team Building and Cooperation
Planning promotes team building and a spirit of cooperation. When the plan is completed and communicated to members of the organization, everyone knows what their responsibilities are, and how other areas of the organization need their assistance and expertise in order to complete assigned tasks. They see how their work contributes to the success of the organization as a whole and can take pride in their contributions.
Ø Creating Competitive Advantages
We need to design a USP of the game so that it stands out from the aviation games existing in the market.
Ø 5 Tips to Evaluate Team Performance
1. Revisit project goals
Before delving into the evaluation processes, it is important to revisit the original goals of the project. By taking a step back, this allows you to be better informed and puts you in the right frame of mind to draw realistic conclusions. If you constantly have a view of the final outcomes in mind, your evaluation may be skewed.
2. Interview each team member (Can be done through WhatsApp messaging)
Evaluation interviews should be conducted in both a group environment as well as individually. You may find that group members hold back their thoughts in the group interview setting therefore it is important to conduct both so comparisons can be made. Try to discover each group member’s feelings, how they thought the dynamics in the group worked, any of their concerns and what they felt worked well. This provides an opportunity for both the manager and the individual employee to provide constructive feedback in an informal setting.
3. Listen carefully
As a manager you must pay careful attention to what each employee says during these debriefing interviews. Some employees may be apprehensive to be honest and it is in your best interests to seek the truth out of them. Make each employee feel comfortable in providing confidential feedback, and if you feel that they are holding back, try to approach the question in a different way.
4. Identify key challenges
After conducting the interviews, sit down and extract the key challenges that were faced throughout the project. There may be both obvious and very subtle problems that occurred but it is important to analyse each one. Areas of analysis could include deadlines that were not met, the quality of the work, and whether staff were assigned the correct tasks based on their skillsets.
5. Plan for next time
Many teamwork projects can go wasted without proper analysis and forward planning. Following up the results of the project is just as important as the project itself. Use your findings from the interviews to plan for the next time that you engage in a team environment. This will be of assistance in areas such as delegation and the setting of deadlines in future projects.
Ø The Five Stages of the Strategic Management Process
Tip
The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.
Clarify Your Vision
The purpose of goal-setting is to clarify the vision for your business. This stage consists of identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Finally, customize the process for your staff, give each person a task with which he can succeed. Keep in mind during this process your goals to be detailed, realistic and match the values of your vision. Typically, the final step in this stage is to write a mission statement that succinctly communicates your goals to both your shareholders and your staff.
Gather and Analyze Information
Analysis is a key stage because the information gained in this stage will shape the next two stages. In this stage, gather as much information and data relevant to accomplishing your vision. The focus of the analysis should be on understanding the needs of the business as a sustainable entity, its strategic direction and identifying initiatives that will help your business grow. Examine any external or internal issues that can affect your goals and objectives. Make sure to identify both the strengths and weaknesses of your organization as well as any threats and opportunities that may arise along the path.
Formulate a Strategy
The first step in forming a strategy is to review the information gleaned from completing the analysis. Determine what resources the business currently has that can help reach the defined goals and objectives. Identify any areas of which the business must seek external resources. The issues facing the company should be prioritized by their importance to your success. Once prioritized, begin formulating the strategy. Because business and economic situations are fluid, it is critical in this stage to develop alternative approaches that target each step of the plan.
Implement Your Strategy
Successful strategy implementation is critical to the success of the business venture. This is the action stage of the strategic management process. If the overall strategy does not work with the business' current structure, a new structure should be installed at the beginning of this stage. Everyone within the organization must be made clear of their responsibilities and duties, and how that fits in with the overall goal. Additionally, any resources or funding for the venture must be secured at this point. Once the funding is in place and the employees are ready, execute the plan.
Evaluate and Control
Strategy evaluation and control actions include performance measurements, consistent review of internal and external issues and making corrective actions when necessary. Any successful evaluation of the strategy begins with defining the parameters to be measured. These parameters should mirror the goals set in Stage 1. Determine your progress by measuring the actual results versus the plan.
Monitoring internal and external issues will also enable you to react to any substantial change in your business environment. If you determine that the strategy is not moving the company toward its goal, take corrective actions. If those actions are not successful, then repeat the strategic management process. Because internal and external issues are constantly evolving, any data gained in this stage should be retained to help with any future strategies.
Ø Scenario-Based Strategy Development
Volatility and uncertainty
- Accepting multiple scenarios possible to unfold in the future increases the reliability of decision-making. Instead of analyzing new assumptions, refining forecasts and explaining differences against initial budget, the company just refers to the relevant scenario and focuses on achievement of its objectives
- A driver-based approach to planning and sensitivity analysis techniques are very complementary to scenario-based planning. This will allow your company to refine assumptions and obtain the most relevant integrated view in real time
- Financial planning solutions are more and more considered as enablers that offer wider capabilities on the way towards operational excellence in financial processes, and high-quality support of the business value growth.
Ø You need an excellent Executive Team
When it comes time to hire an executive team, you'll need to find people to fill the following roles:
· Chief Executive Officer (CEO). The fact of the matter is, the CEO is the boss of everyone and is responsible for everything. They determine the company's strategy. They hire and build the senior team. They make the final call on how resources (read: money) get divvied up, and they're the one whose face appears on the cover of BusinessWeek--whether that's in front of a grand jury on ethics charges or in front of a 3,000-foot yacht, wildly successful, and richer than a Betty Crocker, triple-chocolate fudge cake.
The CEO's skills must include strategic thinking, the ability to rise above the daily details and decide where the industry and business are headed. They must then be able to decide the company's best route for navigating the future market conditions. They have to be able to make good bets.
The CEO's key skill, however, is in hiring and firing. The right management team can cover a CEO's shortcomings. A CEO may be able to set strategy, predict the future and control the budget, but if they don't hire the right team, they have to master it all themselves. So they need to be able to identify and hire the best, fire the ones who don't work out, and run the show in between.
You know you need a professional CEO when you're mired in the details for way too long and can't pull yourself out. CEOs think about where the organization is going, the people and processes needed to get there, and how they'll work in the current market. If you like details rather than strategy, either shift your thinking or hire a CEO to do the job for you.
· Chief Operating Officer (COO). A COO handles a company's complex operational details. Think about UPS moving three billion packages in the two weeks before Christmas: The company's COO insures the business can deliver day after day. He figures out just what needs to be measured so he can tell if things are going well. Then his team creates the systems to track the measurements and takes action when the company isn't delivering.
In a one-location retail business, the store manager is effectively the COO. When you expand to multiple locations or when ensuring smooth operations becomes a big part of your business, it's time to hire someone who revels in measurements, operations and details.
· President. No one knows just what a president does. I've asked dozens of executives, and everyone's answer is different. Some say a president oversees staff functions--human resources, finance and strategy--while the COO oversees daily operations. Others proclaim that the president is a synonym for COO, especially in smaller companies. Yet sometimes, the president fills gaps left by the COO and CEO. Or sometimes, the title goes to someone you want at the strategy table but who doesn't have an obvious C-level title. In any case, you should think long and hard about whether you need someone to fill this title, or if your company is fully covered with a CEO and COO.
· Chief Financial Officer (CFO). Plain and simple, your CFO handles the money. They create budgets and financing strategies. They figure out if it's better for your business to lease or buy. Then they build the control systems that monitor your company's financial health. The CFO is the "bad guy" who won't let you buy that really cool videoconferencing equipment and makes you pay down a commercial loan instead. While you mope about it in your office, the CFO will be busy figuring out which customers, business lines and products are profitable, so next year you can afford the really cool videoconferencing equipment.
Believe me, you'll know when you need a CFO. Do you lie awake at night dreaming about numbers? No? Then you need to bring someone on board who does. You want a person whose dream birthday gift is a calculator and a blank book of ledger paper. Money is your business's blood, and in entrepreneurship, cash flow is everything. You don't know the difference between cash flow and profit? Run--don't walk--to the nearest phone and go find yourself a CFO.
· Chief Marketing Officer (CMO). Recently, companies have been bringing in a marketing expert at the C-level rather than as just a vice president. The reason is simple: Many current business battles are battles of marketing, so corporate strategy often hinges on marketing strategy. The CMO owns the marketing strategy--and that often includes the sales strategy--and oversees its implementation. The CMO will know (or learn) your industry inside out and helps you position your product, differentiate it from your competitors' products, enlist distributors, and make sure customers learn to crave your product.
If your business's success depends mainly on marketing, you need a CMO. That might be you--but only if you have time to keep up with competitors, oversee the marketing implementation, and still do the rest of your job--and do it well. Otherwise, you need to look for the person with the sunny disposition, Blackberry in hand, keeping up on what's hot and what's not.
· Chief Technology Officer (CTO). I'm a techie from way back, so I'm pretty opinionated about CTOs: Many of them just don't belong in the C-suite. A CTO should keep up with technology trends, integrate those trends into the company's strategy, and make sure the company keeps current when it's necessary. They should not be buying new toys and leading-edge technology just because it's the latest, greatest thing out there.
You need a CTO if technology impacts your business or industry strategically. (If you're in tech yourself, or your industry relies heavily on technology, that means you.)
Here's a quick test to find out if your CTO can link technology and strategy: Ask your CTO how a company's chosen programming language choice affects strategy. If the answer sounds more sophisticated than "It makes it easier to find programmers," your CTO just might know how to think strategically.
Ø Usability Properties
· The time period simulated: For example, day/week/quarter/year.
· Industry-specific or generic: In industry-specific game, the authors attempt to replicate closely the actual industry. In generic games, only general business relationships are replicated.
· Degree of complexity: Game decision input variable complexity, or the computer model complexity.
· Functional or total enterprise: Designed to focus specifically on problems of decision-making as seen in one functional area or designed to give participants experience in making decisions at a top executive level and in which decisions from one functional area interact with those made in other areas of a firm
· Competitive or non-competitive: Whether the decisions or participants influence the other participants or not.
· Feedback system: Whether the results are shown by gained scores, experience points, upgrade level or summary reports.
· Deterministic or stochastic: The stochastic alternative is probabilistic, including chance of elements.
· Briefing systems: The level and usability of briefing screen.
· Learning objectives: Types of learning skills that can be obtained, e.g., business strategy/ strategic management, finance.
· Background knowledge: Whether a basic/advanced or none business knowledge is recommended in order to play a game.
· Interactivity type: In an interactive game, participants respond to the questions at the computer, receive an immediate response and then submit additional decisions. In a non-interactive game, decisions are submitted to the game administrator.
Ø 6 Effective Business Simulation Game Strategies
Strategy 1 - Align simulation with learning objectives
Since there are many decision making elements in a simulation game, for example in Global Challenge the business management simulation, there are demand, production, HR, R&D, marketing, logistics, transfer pricing and taxation, and finance decisions, instructors should decide "which decisions to emphasize, downplay, or ignore, in line with the planned learning goals of the course."
Let's take a look at how Aston Business School aligns Cesim Global Challenge to the school's learning objectives. Aston designed the Business Game Module with the purpose of ensuring students' concentration on key topic areas in classroom that they may overlook as a result of coming from different disciplines. Having established this learning goal, Aston instructors implement various scenarios and challenges into the Cesim simulation, so students get to learn the importance of social responsibility, ethics, and human resources. Just like Aston Business School, the majority of Cesim users find the scope of the simulations to be just right, as they align Cesim simulations with their school or course learning objectives.
Brief-play-debrief activities
(Rogmans, 2016) | |
Brief
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Instructor explains rules of business game and required theories
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Play
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Students analyze information given and make decisions
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Debrief
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Students analyze results in classroom setting and link game playing process and results back to course learning objectives and real world of international business
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It is very important for instructors to first identify the learning objectives and use simulations as a tool or means to achieve the objectives. Rogmans suggests that the alignment can be ensured with a standard sequence of brief-play-debrief activities with a debrief session held after every business strategy game round.
Strategy 2 - Introduce complexity step by step
As simulator games can be rather rich and complex for students, especially for those who are in undergraduate programs and do not have much hands-on business experience, instructors can delay the use of certain functions in the business strategy game to fit the course, so each simulation round has its own specific learning objectives.
Module options in Global Challenge
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Human resources
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Finished goods inventories
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Corporate social responsibility
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Transfer pricing
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Equity financing
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International treasury management
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Company valuation
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More importantly, we usually advise instructors to go through 2-3 practice rounds with students, so they can get familiar with the decision making and the simulated business environment and perhaps get a good observation and formulate a winning strategy already.
Strategy 3 - Get to know the game before class
For academic leaders who are new to intuitive simulations, the best resources you can turn to for a better understanding of the business game are the materials made available by the simulation providers.
Strategy 4 - Facilitate learning as the guide
As you are adopting a new teaching tool in your course or training, you must be wondering, "What kind of role should I take during the simulation game, and how can I help my students get the most out of the simulation experience?" Rogmans suggests that instructors should be the "guide on the side", so as to "help students to think through what may be the consequences of certain decisions and link such analysis to the learning objectives of the course."
This guiding practice is shared among our fellow experienced Global Challenge adopters:
"As a professor and a former practitioner, as my team of teachers, we are very involved in the game. We spend a lot of time to help them to understand how to analyze their situation and what are the best ways and tools to structure a sustainable competitive strategy. At the end of the week, they have learned a lot, on strategy, finance, HRM, and Supply Chain Management!" - Olivier Cateura, Professor in Strategic Management, Grenoble Ecole de Management
"We try to advise students even more than telling them what to do. We have to be very keen on the game to provide them keys for explaining the competition, the trend, some figures and show where to find and analyze information. We suggest different tools, ways of screening, connecting with the strategy. We also suggest that they try and make errors to improve!" - Sylvie Humbert, Grenoble Institute of Technology (INP Grenoble)
Strategy 5 - Include simulation in assessment
Rogmans believes the most stratight forward way to keep students engaged and motivated in the game is to award points according to the team ranking in the simulation, or instructors can decide on a set of winning criteria and communicate to students about the measures. However, he points out that "game performance may not always be a good reflection of learning and understanding.", and other methods to include the simulation in student assessment are exams, essays, and group presentations.
When granting points to students based on the game, we normally suggest instructors to give a grade not only according to the team ranking but also how the team play and strategize in the simulation. As an example of how to design an undergraduate course around the simulation, Aston Business School requires students to finish an individual 12-entry reflective portfolio and a log book, as well as a group consultancy report, a group log book, a group business plan and presentation. As for a MBA course, Coventry University's module assessment includes a team engagement plan before the first simulation round and a mid business review and a final portfolio of 12,500 words after the 4th round. Apart from the mentioned assessment, Cesim simulations also have the quiz function enabling educators to measure students' understanding of different business functions with customized questions.
Strategy 6 - Open up the model
The last strategy suggested by Rogmans should take place after the game play for instructors to "discuss the assumptions and parameters of the underlying model" of the simulation game with students, to reflect on the behavior of the game that even though the model simplifies reality, it allows learners to focus on a specific set of variables and possibly relate the lessons learned in the simulated environment to those in the real world.
All the best. With your talented and hardworking team you are ready to go ahead with launching your new aviation game now.
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