International MBS Business Management Simulation Competition 2023
Background:
The International MBS Business Management Simulation Competition 2023 is an annual event that aims to provide a platform for students from various business schools across the Asia-Pacific region to apply their knowledge and skills in a simulated business management environment. The competition involved a series of challenges that simulated real-world business scenarios and required students to make strategic decisions related to marketing, finance, operations, and other business functions by providing students with practical exercises in Data Analysis and AI Decision Support Systems (DSS) through Business Intelligence (BI).
This year, the competition brought together over 150 Hong Kong students and 100 overseas students from 9 countries and 50+ universities from all over the world. The competition consisted of five rounds of intense business management simulation games, where the top 8 teams that achieved the highest scores through 4 rounds of the simulation game were given the opportunity to present their business strategy to the panel of judges in the grand final.
Website / Image URL:
https://www.intabms.org/internationalmbsbusinessmanagementsimulationcompetition2023
Awards and awardees:
Champion Team – Team “NPV”
Mr. Poon Tsz Chung, BSc(QFin), Year 1
Mr. Lian Wai Kai, BSc(QFin), Year 1
Mr. Wong Man Chun, BSc(QFin), Year 1
Mr. Wang Issam, BSc(QFin), Year 1
1st Runner Up – Team “Midas”
Mr. Cheung Ho Ming, BBA(IBGM), Year 2
Mr. Chung Muk Yan, BSc(QFin), Year 2
Ms. Yau Sze Yuet, BBA(IBGM), Year 2
Ms. Lee Hiu Yee, BBA(IBGM), Year 2
Students Sharing:
“From boot camps to practice workshops offered by IABMS (the “organizer”), it was a great opportunity to acquire and develop technical skills from hands-on field experience from scratch, like learning to extract key insights from large data inputs and interpret economic indicators. It is fascinating to represent different departments within the group to analyze and debate different business issues, including production flow, inventory management, R&D, and how to finance each project quantitatively. The result of our department’s work and active discussion enables us to make a clear presentation with closely linked ideas. Overall, the competition provided a comprehensive yet concise overview of various business departments, which broadened my business horizons and enhanced my technical knowledge and soft skills.”
(By POON Tsz Chung)
“Through this competition, I learnt about the basic operations and decision-making processes of companies’ finance and marketing, which helped sharpen my business acumen. It involved analyzing various business data to determine appropriate production allocations, marketing strategies, and R&D expenses in order to thrive in the dynamic business marketplace. This experience improved my analytical skills and allowed me to apply my accounting knowledge in practice.”
(By LIAN Wai Kai)
“Participating in the competition, I learnt more about companies’ operations in different aspects from the macro-business simulation. After we entered decisions on various markets and long-term investments, it was interesting to find out the rationale behind the user interface by analyzing both our team’s conditions and other competitors’ decisions. This experience has provided me valuable insight on actual business operations in the real world.”
(By WONG Man Chun)
“I would like to quote a statement the team has made during the strategy pitching portion of the competition: although the strategy has been broken down into 3 parts, we believe that it is the collective efforts and continuous communication that allowed the team to make optimal decisions.
As a member of team NPV (of Year 1 students), I definitely did not expect to ultimately win the competition, but instead just to have fun and make the best attempt possible as a team. I recall the team talking about the not-so-good performance in the training workshops by IABMS (the “organizer”), but still, we tried to take notes and apply the learnings from school, from the online simulation, and most importantly, from the team members ourselves.
As my teammates have mentioned, during the competition, we analyzed quantitatively the given scenario and tried our best to hypothesize what would be the optimal decision for us. No one really knew what the correct answer or decision was—there’s no such thing as 100% certainty in forecasting or predictions. Nevertheless, I would like to mention once again, it is the great team spirit that each member has contributed that has guided the team to success. I believe that all of us are delighted to have won, and surprised that we were able to incorporate our learnings into reality with this simulation experience.”
(By WANG Issam Sam)
“Participating in the International MBS Business Management Simulation Competition 2023 is an eye-opening and rewarding experience for all of us. It was challenging as it required us to analyze market trends and make concrete business decisions. We spent a lot of time and effort to understand the business stimulation platform and drafted various Excel models from scratch to support our decisions. However, we managed to pull through in the end and refine the model after trials and errors. Throughout the competition, we were able to reinforce how important teamwork is. We also seized the opportunity to learn from the judges and other teams from all over the world.
All in all, we are grateful for the opportunity to participate and look forward to applying our newfound knowledge in the future.”
(By Team “Midas”)
