Description
The Way Forward Objectives
Participants of the Way Forward will be able to:
- Extract critical information from standard financial and market reports.
- Identify critical drivers for success within a business.
- Create a strategy that is seen as consistent by the company’s stakeholders.
- Recognise the strategic implications of decisions.
How it Works
The players, acting in teams of between 4-6 members, are the Board of Directors of a furniture wholesale company operating, in the UK, Eastern and Western Europe. In time periods representing a half year, they make a number of broad strategic decisions concerning the direction they wish the company to take and the image they want to adopt in the marketplace. Decisions include pricing policy, marketing effort, dividend policy, and special agenda items concerning business issues, ethical and moral dilemmas. The results of a team are affected by the quality of its own decision-making and also those of its competitors. This interaction mirrors the real world where a potentially ‘winning’ strategy may provide lower than expected benefits because of competitor activity.
What participants will be doing
In groups the participants will be analysing the current situation, reviewing the data provided to identify any possible changes in the market and assessing any potential risks or opportunities. The participants will create a strategy and implement it in a competitive marketplace. They will constantly need to review their results and re-assess the market situation and competitor actions.
Audience
The Way Forward simulation is designed for all those within an organisation who have some responsibility for making decisions which will impact on the credibility of the business in the eyes of key stakeholders and for ensuring long-term sustainability through the provision of sufficient profit.
Structure of the activity and time requirement
The simulation is split over between 3 and 5 periods. These periods can be run concurrently, as part of a course or conference, or split over a longer time period.
Each period will need between 60-90 minutes.
The cost
As a guideline, here are two different pricing options:
Face to face in-house event with facilitation from Elgood
We provide the simulation, all documentation and facilitation. A one-day event costs in the region of £1,300 plus VAT and expenses.
Please inquire about prices if you would like to split the rounds over several days or weeks.
In-house event using web-based software and remote facilitation by Elgood
This simulation can be run remotely with the players conducting their meetings and entering their decisions online. We provide access to an online portal for entry of the decisions and receipt of updated documents.
A remotely facilitated event with 4 rounds of play, with up to 6 teams participating, costs £350.00 plus VAT.
Please contact us for further information or download the Way Forward information sheet.
An Elgood customer –
“I have found The Way Forward really useful training aids for enabling participants to apply new learning.”
Shrija Chavali (IAI CT9 2007) –
Web based remote facilitation by Elgood, verion.
Congratulations to both winning teams! Very well done. At this instance, though, I’d like to place on record how happy I am with my team’s performance as well ???? I feel like we’ve had a journey filled with highs and lows, what with making a loss in HY2 to earning £11 million in revenue at the end of HY4! The journey is what makes me think of our team as winners, too, since ultimately we overcame setbacks and figured out how to bounce backup profitably. I thoroughly enjoyed the whole experience, it let me truly feel like a real world executive at a real company, making real decisions affecting real stakeholders. I’d like to thank everyone at Elgood a great run for us!
University of Kent Student, student feedback re the MA509 (Actuarial Practice) module –
Employability section of the module is really good; outlines the key skills required for the workplace. I have gained a good insight into each of the key areas of actuarial practice. This is really useful to me as it gives my an idea as to what I would like to specialise in when sitting the later actuarial exams. The best part of the module so far is the business game (the Way Forward); it’s really fun to participate in and it has improved my team-working skills.
Upashak Mukherjee (IAI CT9 March 2018 exam) –
This game organised by you all was amazing! I just have one question can we continue to play it for another 4 half years?
Jaya Rudra (IAI CB3 2019) –
This experience was phenomenal. Made me more confident and Capable of decision making. The game provided great insight of business environment and challenges in it.