2013Nov 13

IBAC Second Year Business Simulation

By SPAD Blog Contributor Noelle Kelly

14248b9f4ac0001From October 30th to November 1st, 2013 the second year commerce and SPAD students participated in a life-like business simulation sponsored by the Insurance Brokers Association of Canada (IBAC), which consisted of 9 SPAD teams, and 16 commerce teams of 4, 5, or 6 students. Each team acted as the board of directors, with one chairperson, and ran a golf course with 8 simulations (or years) over the three-day period. The 25 golf clubs were located in the same region, and they had to compete against one another for the largest share value.

The IBAC simulation started with each club deciding on the quality of the golf course (low, medium, or high), setting prices, setting advertising costs, and making investments on the golf course, restaurant and pro shop. Each course had an original budget and had to make decisions based on their strategy, and decide what to invest the money into. For each subsequent year, the clubs had to analyze the data from the previous years, decide whether to change prices, and make decisions on what investments, if any, to make into the course, restaurant, and pro shop. The investments were based on how much profit the company made in the previous year, as well as loans. The data that was analyzed included business statements, sales reports, statistics, and an external analysis of the market and economy, with each company having an option of purchasing a market study and analyzing the competitors as well.

2nd Place Winners

2nd Place Winners

At the end of the three days and 8 simulations, four SPAD teams ranked in the top 10, two of which were in the top three. Walnut Cove Golf Club consisting of Crystal Lee, Jeremy Ketchen, Matt Mueller, Cole Dinsmore, and Samantha Boutilier finished in second place with a share value of $335, and Seven Lakes Golf Club of Jon Nelsons, Mitchell Seabrook, Glen Hall, Sami Sherry, and Nathan Didone finished in third with a share value of $327. These teams were recognized at an awards ceremony on November 1st. The students that participated gathered together at Alumni hall were SPAD director Dr. Pegoraro, and commerce Professors Munro and Lagrandeur made speeches, before announcing the winners and awarding them with prizes donated by sponsors IBAC and Praxem.

The three days of simulation provided a unique learning opportunity that many students will not forget, and gave the participants a life-like experience of running a business. On behalf of all the competitors, we would like to thank Professor Luc Lagrandeur for organizing the simulation and for providing such an interesting way to learn.

3rd Place Winners

3rd Place Winners

 

 

 

 

 

 

 

 

 

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