Icarus business simulation is for University of London students studying the Global MBA and requires a UoL username and password.
This business simulation will provide students working in small teams with a complex business challenge set in a real-life context, where research into the market and the industry will be directly relevant to and consistent with the simulated business.
Students will be able to use the model to explore different strategies, and carry out what-if analysis and scenario planning to test the robustness of their plans.
The simulation will be designed to include the following stages:
1. Research and analysis. Students will have access to past financial results of the simulation company and will be expected to research the real economic and competitive environment of the industry.
2. Teamworking. The simulation will include built-in social media tools to enable students in different locations to communicate and work as teams in managing their airports. A nominated Chief Executive will be responsible for co-ordinating plans and submitting the agreed decisions each period. Teams will be able to rotate the CEO and other roles.
3. Planning. Using the simulation, the students will be able to build a five-year business plan, including exploring and comparing different strategies and testing the robustness of their plans in different external scenarios.
4. Implementation. Team decisions will be processed through the “real world” model and teams will be able to compare their actual results against their plans and budgets and also benchmark their progress against other student teams. They also receive feedback about the market and data about changes in the competitive environment.
5. Reflection and further decision making. The student can adapt their plans, review their decisions and respond to new stimulae before submitting the second set of decisions.
6. Final report. Students may provide individual and/or team reports for tutors to provide feedback on.