(Mt) – Principles of Management Paper

` BIZ CAFÉ SIMULATION INSTRUCTIONS-ONLINE Biz Café is a business simulation that gives you real world business management experience by setting up and operating a coffee shop near a college campus. In the Biz Café simulation, you will be making a number of business decisions each week. After each round, the weekly results are summarized, including: revenues (sales), cups of coffee sold, coffee usage, total operating costs, customer satisfaction, brand recognition, cash balance, and net income. Reviewing the results from each week gives you an opportunity to analyze why you got the results, and use that knowledge gained to adjust your decisions for the next week. Based on what you learned from the prior week’s round, and any new information presented, you will make new decisions and/or changes to prior decisions for the next weekly round, and again review and analyze the results for any changes for the next week’s round. There will also be weekly News posted after each round that can affect your decisions for the next round. Each round will also present you will present you with Incidents and/or opportunities that need to be dealt with. As in a real business, things happen each week that must be given management attention. The information below outlines how you should approach the simulation to gain from the most from the learning experience. There is also an outline of what information will be required for your paper upon completion of the Live Rounds. REGISTER-Begin by registering for the simulation and paying the $29.95 fee. You should have received an email from Interpretive Simulations inviting you to register. If you did not, notify me by email and I will have an invitation sent. 1. Once you have registered and logged in to the site, Read the Student Manual. You can access the manual at any time online. The Student Manual has an Introduction (which gives an overview of the Biz Café simulation and how to navigate the software) and three major sections: • Business Essentials-a brief introduction to the business and the management concepts that will be used in the simulation. • The Biz Café Case-information-background information on the business that you will be setting up and running. • Biz Café Operations Guide-outlines the operational aspects of using the Biz Café simulation software including how to get started, the various menus and help features, and a detailed description of each decision screen and report. To successfully complete the Biz Café simulation it is important that you gain a good understanding of both the operation of the simulation software as well as the basics of the Biz Café business. 1|Page 2. BIZ CAFÉ QUIZ-After you have read and reviewed the Student Manual, you should take the online quiz to confirm that you understand the basics of the business and how the simulation software functions. You may take the quiz up to 5 times, as it will help assure that you understand the basics of the business before you begin the simulation. This will help you make better decisions and avoid mistakes. The quiz grade is not recorded and will not affect your course grade in any way. 3. PRACTICE ROUNDS-. You can complete up to 6 practice rounds to become familiar with how the simulation works, what kind of decisions you are to make, and what results you are getting. You may also replay any of the Practice Rounds to change any decisions you want and see how the results change. Take full advantage of the practice rounds, as this will have a big effect on the results your get in the live rounds. In the past, those students who did not do the practice rounds struggled with the simulation, and made many bad decisions due to the lack of understanding how the simulation software works, and how various decisions affect the results. Resources are available at Interpretive Simulations if you have any problems with the software or with any of the functions of the software. They can be contacted through the website at any time. As you complete each PRACTICE ROUND, keep a record of each of the decisions you make (initial business setup and strategy decisions; management decisions-number of managers and servers and pay; marketing decisions-pricing and advertising; and operations decisions-shop hours and pounds of coffee to purchase, and number of coffee cups to purchase); the reasons why you made each decision (what facts and information you used to make each decision); and the results you got. This information will give you a better understanding of the interrelationship amongst the various variables, and help you make better decisions in the live rounds. 4. LIVE ROUNDS-START-UP DECISIONS- Begin the live rounds by selecting a strategy for your business and make the Start-Up Decisions to support your chosen strategy (choice of coffee maker, furniture/décor selection, etc.). As an example: are you going to be a low cost coffee shop, a modern moderate priced coffee shop, or a higher quality, upscale coffee shop? Explain why you chose your strategy and how your start-up decisions support that strategy. Name your coffee shop, and you can also create a logo if you like (but this is not required). In order to play the live rounds, you must have a name for your coffee shop. Chapter 6 in our textbook will give you some idea of what the basic strategies are that can be selected. 5. LIVE ROUND-PLAY. After you make your start-up decisions, you are ready to open your coffee shop and begin the first week of business. Opening Decisions-to start up the coffee shop (Round 1), make the decisions in each of the decision categories that you will start the business with: days and hours of operation; 2|Page number and pay of managers and servers; advertising; number of special logo cups to order; type of coffee and number of pounds to order; and pricing of coffee. Understanding what decision you made and why you made them. What facts did you use to make the decisions, including any principles that you applied from this management course or other business courses you have had such as marketing, operations, accounting, or finance. How do your opening round 1 decisions support your strategy? Use the tools available such as the Coffee Calculator, Decision Summary, Service Capacity Report, and Cash Budget Analysis, and Breakeven Worksheet to help make decisions and evaluate results. Using these tools will help you make better decisions and avoid major mistakes. Your round 1 decisions should support your overall business strategy and you should have a sound business decision for each of the Round 1 Decisions. Handle the Biz Café Special Incidents or Decisions that come up for each of the live rounds, and keep a record of the decision you make and why you made them. Special Incidents are things that occur each week and/or opportunities that are presented that you may or may not choose. Also Review any News that is available after each round to see if there is any news that might affect your business decisions for the next round. Before you advance each round, check the Decision Summary, which provides you with a summary of your decisions. If you want to change any of them based on this summary, you can before you advance to the next round. Once you ADVANCE, decisions become final for that round and cannot be changed. Review the results from each round (look at all the metrics provided), and determine why you got the results and decide, based on the results, what you will change in the next round. Also consider the Incidents, News and any other reports presented. Complete this process for all 16 Live Rounds. It is not recommended that you do all of the rounds at one time or even on the same day, as you need to take time to carefully evaluate the results to determine why you got them, then decide what you need to change to get better results for the next round. Student who rush through all the rounds, do not do very well. 6. FINAL PAPER-You will complete a final paper on the Biz Café simulation following the guidelines for written assignments for this course. Additional outside references will be not required for this paper, but all other APA requirements apply. The paper should include the following: • An ABSTRACT for the paper (see sample in Course Guidelines posted Blackboard for format and content requirements) 3|Page • • • • • Week No. Week’s Revenues Week’s Cups Sold An INTRODUCTORY PARAGRAPH stating the purpose of the paper and a brief description of what you will be covering in the paper. A brief BIZ CAFÉ CASE BACKGROUND (background of the Biz Café case, objectives, $25,000 loan, location, etc.) The BUSINESS STRATEGY that you selected for your coffee shop, why you selected the strategy and supporting Startup Decisions. OPENING DECISIONS-Week 1 decisions. What was each decision for the first week of operation in all of the decision categories, and why you made each one? (Management-manager’s salary, number of managers, number of servers and their pay; Marketing-pricing of coffee, and advertising type and frequency; Operations-days and hours of operation, type of coffee purchased, number of logo cups purchased; number of pounds of coffee purchased). How do your start-up decisions support your strategy? SIMULATION RESULTS-the overall results for the entire simulation (all 16 weeks); and an explanation of why you got them in each of the measurement categories (ending cash balance; cumulative total revenues (sales); Brand Awareness; cumulative net income (or loss); total cups of coffee sold for all rounds; Customer satisfaction at end of last round; Brand Awareness at end of last round). Include a table with data for each week. Also total on the table the Revenues, and Cups sold for all 16 weeks. Discuss the overall results and explain the major reasons why you got the results in each of the metric categories (revenues, cups sold, net income, cash balances, customer satisfaction, and brand awareness). Week’s Net Income Price for Medium Cup Cash Balance Customer Satisfaction Severs Hourly Wage Adv ertisi ng. No. Servers $ Week’s revenues and Week’s Net Income should be totaled at the end of table for all 12 weeks. Also include in your results a summary of the Special Decisions for each week: Week No. Issue Decisions and Reason 4|Page Brand Awareness These two tables will help you to fully analyze and explain the reasons for your final simulation results. This section of the paper should also include an analysis of the results including some information of why you got the results that you did. • • • DONE DIFFERENTLY-based on the analysis of your results, what might you have done differently if you could start the simulation over? What mistakes did you make and how could you have made better decisions? LEARNED ABOUT MANAGING A BUSINESS -as a result of doing the simulation, what did you learn about managing a real business? What are some of the things that you would do differently if it was a real business and you were the owner and spending your own money? SUMMARY AND CONCLUSIONS-a closing paragraph that summarizes the key points of the paper. Submit paper through Blackboard as an assignment under Biz Café Assignment by due date. 5|Page 6|Page

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