Winners of the “Outstanding” award share their experience gained from the contest.
In the first Decision-Making Simulation Contest for University Students in Shanghai, held in 2014, four teams from the Business School at ECNU received recognition for having some of the best overall performances. Of the three “Outstanding” awards, two were given to ECNU teams; the remaining two ECNU teams won first and third prize.
Over the contest’s duration from October 10-20, participants took part in three stages of competition: the preliminary contest, the semi-final and the final. More than 1300 students from 429 teams participated in the contest. Most of these students are majoring in Economics or Management at one of Shanghai’s 38 universities, which include Fudan University, Tongji University and ECNU. After two rounds of selection, 35 teams entered the final.
Based on a national experiment platform designed by a team led by Prof. Song Fugen from Donghua University’s School of Management, the contest enabled participants to make management-related decisions in a simulated competitive environment via information technology. Computers periodically evaluated and graded each team based upon its business enterprise’s state of operations, and teams with high marks were promoted to the next stage. This method helped participants gain in just a few days the kind of experience which would take several years to unfold in a real-world situation.
The contest covered many basic principles and methods of management and decision-making in modern enterprises. For instance, participants had to make decisions about marketing, production, and supply ordering. They also made forecasts about market demands, as well as calculations about how business performance, assets, and liabilities intersect and affect a company’s success. Teams needed to use their knowledge of economics, marketing, production, accounting, game theory and other management-related skills to make decisions in this competitive environment and vie with one another for the top prize.
