Selling & Finance Diplomas Profit Games and Simulations

Profit Games and Simulations Online Entrepreneur MBA

Business and Finance courses online

 Home     Business training     Course     Shop-Login     Questions     Method Viking ProfitGames


Halve the time for successful learning

Comparative study by Harvard etc: Testing and spacing

Testing effect

According to Harvard Magazine nov-dec 2009,
two important learning principles are the spacing and testing effects.
* Instead of a test at the end of a course, the material should be presented in a test format.
* Typically, these courses contain up to 40 questions, decisions and scenarios with feedback.
* Test format has according to Harvard shown the efficacy in more than 10 rigorous scientific studies on medical students using randomized trials which
- increase knowledge by up to 50 percent
- and strengthen long-term retention for up to two years.


According to Roediger & Karpicke,
Testing and practice is more favorable for learning than re-reading.
Basic research on human learning and memory has shown that testing information has powerful effects on learning and on long-term memory. Repeated testing improves learning more than repeated reading, which often provides only limited benefit beyond what has already been learned from the first reading of the material. If you repeat, without reflecting and testing yourself, the effect is significantly less. Just reading and underlining in a text gives an illusion of knowledge.

According to Roediger & Butler,
An effective and well studied cognitive operation that enhances retention is retrieval practice. Often referred to as the "testing effect". Cognitive science explains "retrieval practice" as a way to promote learning by using "tests". Students reinforce their learning through intermittent questions, assessments and other techniques.

Our memories of the facts are reinforced each time we pick them up.
Test-based learning means that, with repeated tests, to practice and strengthen the ability for memory retrieval (Roediger & Butler).
The test effect is the reinforcing effect testing has on long-term memory.
- A course should be based on tests and exercises with feedback that provide the context.
- After each practice session, the student should do self-test by reflecting, asking questions and trying to answer them.

ProfitGames is therefore based on tests through decisions, questions, tasks, assessments and scenarios. With the addition of the features below you can learn in half time.

According to researchers in PNAS,
see more in Questions about Active learning.

Recent research in many countries has proven the testing effect.

Spacing effect

Spacing is necessary or else even the Testing effect is destroyed. A spread of learning over time or the spacing effect is that “When you present and repeat information over intervals of time in small lumps as opposed to “binges”, you can increase the uptake of knowledge.” In the cases above during some months. Building new memory cells requires switching between exercise and rest. Meanwhile you reflect, think or do something else or sleep, your brain processes information and builds new nerves and connections. This means that the brain needs time enough to build an increased understanding.

Immediate Feedback and Reflection

An important principle is that you get immediate feedback after each single issue, question or decision. Fast and clear feedback is a prerequisite of being able to correct thoughts and knowledge and develop skills and intuitive judgments.
Test-based learning is to repeatedly practice and get feedback which strengthen the ability to remember (Roediger & Butler). Our memories of facts are strengthened every time we pick them up.
Testing effect is the strengthening effect that testing has on long-term memory. 
The reflection effect
- A course should build on test and practice with feedback giving the whole context and build on reflecting, asking questions and trying to answer them.
- If you repeat, without having reflected and tested yourself, the effect becomes considerably less.

ProfitGames shows your results illustrated in their larger context for reflection.

See the Context in active learning

In the common videos, educational and exercise books of today every exercise task is an isolated island. You do not have, as in ProfitGames, the ability to see the result of your exercise or calculation or how your result affects a larger economic context, such as the company in total out of various aspects and key figures. This makes it impossible for you. You need ProfitGames.
In business economy and finance with complex structures and patterns you need to see the context in images. When you solve financial tasks, you need immediate response in financial pictures to how your exercise or gaming company is totally affected after each certain decision. The report pictures in ProfitGames illustrate and give a comprehensive view in color and shape. That creates long term memory.

Enough screen size

In order to see the financial patterns and the context, the screen need to be able to display several windows to accommodate at the same time different much of
- decisions and questions together with
- report pictures, graphic and simulation and calculation tools
- videos and Facts-texts. 

Digital tools

Studies have shown that the general access to digital tools and the use of them differs from gender, socioeconomic background and other demographic variables. It is therefore important that all students are given the same opportunities to develop their digital skills. The courses require the use of a large number of digital tools as calculations, simulation tools and reports.

Answering is encouraged

There are decisions to make and questions to answer.
* Together with them, normally a report or calculation is shown with its Facts-texts containing the theory. There you can search for answers by (Ctrl/cmd + F).
* Attempting to answer gives a point, also at a wrong answer, but lowers the average score.
* Giving up reduces more. It is better to find out facts and answer than giving up.
- One of the targets, Average Points, should be completed to get a diploma. Knowledge is a condition of successful business activity.
- Cognitive science has shown the importance of not giving up in case of difficulties. It is about building positive attitudes. Computer technology can come to help.

Audio and text

If text and audio are presented simultaneously the sight reacts first. The eye wants to obtain an overview and some detailed knowledge. It is an advantage if the sound comes in only when the eye had its day. The audio files do not start automatically other than in feedback situations.

Communicate finance

Economy e.g. in the form of key figures may need to be communicated into the operations of a business to create the necessary changes. Usually, the employees are not familiar with the financial concepts. On the other hand they have a great detailed knowledge of their reality. It is therefore necessary to create an understanding of how their reality is associated with the aggregated financial concepts.

It's the same at school. The students, including schoolstudents, have some insights into the private economy. They build in ProfitGames an understanding by starting in the private economy and get the structures in which money is sorted, namely balance sheet and income statement.

Step-by-step build-up

How long does a course take?
You should easily be able to double your level of competence per time spent. To create long term memory the courses are based on an intercommunion between the features and the whole structure, between the parts and the entirety in order to provide coherence.
 
You should as early as possible perceive the fundamental patterns and structures of finance before further experiences and creative solutions. You see ongoing how the greater context and the big pictures are related to the level of details and the implications of your decisions. Key elements include awards as (Entrepreneur) Finance Diplomas MBA with the possibility to reach higher levels.
Understanding the whole and basic structure


Examples of blended learning

Under guides after login there are lesson plans for the teachers.
- The teacher need to have gone through the chosen course or game to know what to emphasize.

Tools with Facts
In courses and games there are questions to answer and decisions to make. Together with them there are tools, as reports and calculations, with a link, Facts, to an instructive text. You can search in Facts by means of the search function (Ctrl/cmd + F). See more about the Contents of tools and their Facts.
There is also a business Dictionary explaining words and terms.

Financial connections
The shortcut to effective learning lies in shaping an early overall view. The participants can put their own experience in a consistency. All that happens is summed up and related to comprehensive pictures in reports and calculations. Color and shape is an important theme throughout to facilitate the understanding of the context.

Courses

Individual going through
Flipped Classroom is an educational model where students make their own web-based reviews before the teacher's review and support with the opportunity to focus on where the needs are greatest.
allows students to gain knowledge and inspiration by 
					making their own web-based reviews
Collective going through
The teacher selects a course. The students follow the teacher's computer in an overhead projector, smartboard or similar on a large screen during a joint discussion.
It can also be about remote and distance education.
Bleneed learning of business economics & administration

Games

* Collectively the business games courses can be performed in the same way as the practice courses. In the games the decisions are displayed more or less randomly within an office.
* Individually the students can play in groups, two or three together, in a communicative process. Or drive the business with reflection on one's own. Different learning styles can be used.
Business games in blended learning


Avoid full speed towards insolvency

Two Swedish bankruptcy trustees issued a report in 1991 based on the experiences of the 1980s, which was one long boom. (Robert Neufeld, Peter Smedman: "Full speed towards insolvency: reading book for entrepreneurs and start-up candidates about overconfidence..."). Despite the good times of the 1980s many businesses went bankrupt. Major reasons were the lack of self-knowledge and of knowledge in business finance and financial connections.

Conclusion: This was a strong driving force for ProfitGames, helping people avoid getting financial difficulties and, at worst, bankruptcy. Knowledge is an investment in success when you understand financial relationships and yourself in this context.


From different perspectives

Regard the figure as a round window

tackle problems from many perspectives

You can vary from which side, left or right, you look through the window. It takes some seconds to switch over the vision. In a corresponding way you should try to see issues from many perspectives. Fundamental is to confront views from different angles and bring all essential facts into the estimation.


Future steps

Expert level
This level is finished regarding Tools and reports with their teaching aids, Facts, as well as a version of
- Business Game Expert (not optional at the moment).
The game can serve as a temporary course, until the special courses at the expert level below are finished as an example:
- Cash flow analysis II.
- Return and Investment II.
- Investment and capital requirements II.
- Profit control in Service industries.
- Profit control in Manufacturing.

Profit Games Financial Tools
 (C) 1990-2019

Translate this page:

                   Digital teaching resources of high educational, interactive, visual, scientific quality and multimodality