David Robinson
David Robinson
Associate Professor of Entrepreneurship
Bond University
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Making Sense of Dollars and Cents: A problem-based learning entrepreneurial business management simulation
David Robinson, Bond University; Michiel Erasmus, Bond University; and Michael Schaper
DATE: March 2007
SOURCE: Journal of Training and Management Development Methods
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ABSTRACT:
Business finance has become increasingly sophisticated and today there is a wide range of ratios that can be used as management tools. Recent evidence, however, suggests most business owner-managers are absorbed in the day-to-day running of their business, with little knowledge of how financial analysis can be practically applied to help them choose appropriate future strategies.
This paper introduces a simulation exercise that can be used to help educate participants how to use limited financial information to decide which business strategies will be most effective as part of an ongoing process of business improvement.