New Horizons in Simulation Research

Business students devote a great amount of class and homework time pursuing the study of the institutional structure, legal environment, channel relationships, etc., in which business operates. It is hoped that through instruction in these areas, the student of business can prepare himself for later assuming decision-making responsibilities. However, although many facts about business can be taught in the classroom, the uncertainty and accrued responsibility of decision making is best learned through time, uncertainty, and responsibility to the business owners create a dynamic framework within which the business executive must function. It is within this framework that the executive must make decisions requiring an ability to integrate many diverse aspects of business operation; decisions which solve not only today's problems but anticipate future problems; and decisions which often must be made on the basis of incomplete information. In some courses in which case materials are used, students are places in a decision-making role, i.e., they are required to solve a problem and determine a strategy for a business firm to follow. However, the traditional lecture and case methods of business instruction do not allow the student to see the effectiveness of his decisions, to recognize and react to mistakes, and to adjust to changing circumstances in a dynamic environment.