Application of Simulation Modeling as a Teaching Pedagogy in Business Education

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  •   Riyaz Sheikh Abdullah

  •   Mobarak Oqlan Alnasheri

Abstract

Simulations in higher education serve as an effective pedagogical tool to surge learners’ motivation and support in harnessing 21st-century skills. However, the cost of the software required expertise, and its complexity is some of the deterrents to its smooth adoption. It rarely allows you to learn what is happening in the background. How are the decision variables linked and affected? This research proposes and tests system dynamic (SD) based simulation modelling based on Sterman (2000) to investigate the use of simulation as a pedagogy to showcase growth in population(demand-side), its relationship to residential construction (supply-side), and finally predicts the total residential construction spending. The simulation case depicts a real-life business scenario where users are able to dynamically vary the decision variable values, and visualize its effect on dependent variables and the overall impact on the simulation goal. Even students and non-Economist can efficiently perform quality analyses for experiential learning.

Keywords: Business Simulation, Circular Economy, Experiential Learning, Higher Education, System Dynamic, 21st Century Skills.

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How to Cite
Abdullah, R. S., & Alnasheri, M. O. (2023). Application of Simulation Modeling as a Teaching Pedagogy in Business Education. European Journal of Business and Management Research, 8(1), 56–63. https://doi.org/10.24018/ejbmr.2023.8.1.1750