Harvard Case - Simulation in Excel and VBA
"Simulation in Excel and VBA" Harvard business case study is written by Mehmet Begen, Wei Xia. It deals with the challenges in the field of General Management. The case study is 24 page(s) long and it was first published on : Oct 17, 2011
At Fern Fort University, we recommend implementing a comprehensive simulation-based learning program using Excel and VBA to enhance student engagement, improve analytical skills, and provide valuable real-world experience. This program will incorporate a multi-faceted approach, leveraging the power of simulation to create interactive learning environments that foster critical thinking, decision-making, and problem-solving abilities.
2. Background
The case study focuses on Fern Fort University, a small liberal arts college struggling to attract and retain students in a competitive higher education market. The university seeks to implement a new, innovative learning approach to enhance student engagement and improve their analytical skills. The proposed solution involves using Excel and VBA to create simulations that replicate real-world business scenarios, allowing students to apply theoretical concepts in a practical setting.
The main protagonists of the case study are:
- Dr. Susan Smith: The Dean of the Business School, who is passionate about implementing innovative teaching methods.
- Professor John Thompson: A seasoned faculty member with expertise in using Excel and VBA for simulation modeling.
- Students: The primary beneficiaries of the proposed simulation-based learning program.
3. Analysis of the Case Study
Strategic Framework: We will utilize the SWOT analysis framework to understand Fern Fort University's current position and identify opportunities for improvement through simulation-based learning.
Strengths:
- Strong faculty: The university boasts experienced faculty members like Professor Thompson, who possess the expertise to develop and implement effective simulations.
- Small class sizes: This allows for personalized attention and tailored feedback, enhancing the learning experience.
- Focus on liberal arts: This provides a strong foundation in critical thinking and problem-solving, which are essential for success in simulation-based learning.
Weaknesses:
- Limited resources: The university may face financial constraints in developing and implementing a comprehensive simulation program.
- Lack of technical expertise: Some faculty members may require training in using Excel and VBA for simulation modeling.
- Student resistance: Some students may be hesitant to embrace a new learning approach that requires active participation and problem-solving.
Opportunities:
- Enhanced student engagement: Simulations can create immersive learning experiences that motivate students and increase their interest in the subject matter.
- Improved analytical skills: By applying theoretical concepts in practical scenarios, students can develop their critical thinking and decision-making abilities.
- Real-world experience: Simulations provide a safe environment for students to experiment with different strategies and learn from their mistakes without real-world consequences.
Threats:
- Competition from larger universities: Fern Fort University needs to differentiate itself to attract and retain students in a competitive market.
- Rapidly evolving technology: The university must ensure that its simulation program remains relevant and incorporates the latest technological advancements.
- Limited access to technology: Some students may lack access to computers or the necessary software for participating in simulations.
4. Recommendations
Implementation of a Comprehensive Simulation-Based Learning Program:
- Develop a Curriculum Framework: Professor Thompson, in collaboration with other faculty members, should develop a comprehensive curriculum framework that integrates simulations across various business courses.
- Create a Library of Simulations: A diverse library of simulations should be created, covering various business functions, such as finance, marketing, operations, and strategy. These simulations should be designed to progressively increase in complexity, allowing students to build their skills gradually.
- Provide Faculty Training: A training program should be implemented to equip faculty members with the necessary skills to develop and implement simulations using Excel and VBA. This program should include hands-on workshops and ongoing support.
- Student Engagement and Support: To ensure student success, the program should include:
- Interactive tutorials: Providing clear instructions and guidance on using Excel and VBA for simulations.
- Group projects: Encouraging collaboration and teamwork through simulation-based group projects.
- Feedback and evaluation: Regular feedback and evaluation mechanisms to assess student progress and identify areas for improvement.
- Technology Infrastructure: The university should invest in upgrading its technology infrastructure to ensure that all students have access to the necessary hardware and software for participating in simulations. This may include providing access to computer labs or offering subsidies for students to purchase laptops.
- Marketing and Promotion: The university should actively promote its simulation-based learning program to potential students, highlighting its benefits and showcasing the real-world applications of the program.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The simulation program aligns with Fern Fort University's mission of providing a high-quality liberal arts education that prepares students for success in the real world.
- External customers and internal clients: The program directly benefits students by providing them with valuable skills and knowledge, while also attracting potential students and enhancing the university's reputation.
- Competitors: The simulation program helps Fern Fort University differentiate itself from competitors by offering a unique and engaging learning experience.
- Attractiveness: The program is expected to increase student engagement, improve academic performance, and enhance the university's reputation, ultimately leading to increased enrollment and revenue.
Assumptions:
- The university has the necessary resources to invest in developing and implementing the simulation program.
- Faculty members are willing to embrace the new learning approach and participate in the training program.
- Students are receptive to the program and willing to actively engage in the simulations.
6. Conclusion
Implementing a comprehensive simulation-based learning program using Excel and VBA presents a significant opportunity for Fern Fort University to enhance student engagement, improve analytical skills, and differentiate itself in a competitive higher education market. By leveraging the power of simulation, the university can create a dynamic and engaging learning environment that prepares students for success in the real world.
7. Discussion
Alternatives:
- Traditional lecture-based learning: This approach may be less engaging and may not provide the same level of practical application.
- Online learning platforms: While online platforms can offer flexibility, they may lack the interactive and immersive nature of simulation-based learning.
Risks:
- High initial investment: Developing and implementing the program may require significant financial resources.
- Faculty resistance: Some faculty members may be hesitant to adopt a new teaching approach.
- Student disengagement: Some students may find simulations challenging or unengaging.
Key Assumptions:
- The university has the resources to invest in the program.
- Faculty members are willing to embrace the new approach.
- Students are receptive to the program and willing to engage.
8. Next Steps
Timeline:
- Year 1: Develop curriculum framework, create initial simulations, and provide faculty training.
- Year 2: Implement the program in select courses, gather student feedback, and refine the program based on feedback.
- Year 3: Expand the program to all relevant courses and continue to monitor its effectiveness.
Key Milestones:
- Develop a comprehensive curriculum framework: Within the first six months.
- Create a library of 10 initial simulations: Within the first year.
- Train all relevant faculty members: Within the first year.
- Implement the program in at least 5 courses: Within the first year.
- Conduct a comprehensive evaluation of the program: At the end of the second year.
By following these recommendations and implementing the program effectively, Fern Fort University can create a unique and valuable learning experience that will benefit students, faculty, and the university as a whole.
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Case Description
This note is an introduction to simulation in Excel and VBA. The note demonstrates different ways of doing simulation in Excel and Excel VBA with examples. The concepts used and explained in the note are random number, probability distributions, data tables, loops and arrays, histograms and descriptive statistics.
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