WARM-UP COMPANY: A Business Simulation Simulation Games and Experiential Learning in Action, Volume 2, 1975 WARM-UP COMPANY A Business Simulation Developed by Cedric V. Fricke Professor of Business Administration University of Michigan Dearborn Campus Revised Edition 1969 © Cedric V. Fricke, 1975 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 252 ORGANIZING THE WARM-UP COMPANY In order to operate the Warm-up Company, it is necessary in the beginning to make eight basic decisions for each month. Four of these decisions pertain to the low-priced model gas furnace which the company manufactures end sells, end four pertain to the high-priced model. These decisions include (1) the price of the product for the current month, (2) the amount of money to be spent for promotional work during the current month, (3) the number of units to be produced during the current month, and (4) the number of units of raw material to be ordered end received during the current month. In addition to these basic decisions which are made each month, it is necessary at the start to review standard coats of raw materials and dividend policy to recommend any changes which may be desirable These decisions may change from time to time, but it is expected that they will not have to be re-examined in detail each month. As the simulation progresses certain interim decisions will have to be made. These include (1) the amounts and timing of seasonal borrowing, (2) the amounts of plant and equipment to be purchased, (3) the amount of quality control to obtain, and (4) the types, amounts, and timing of long-term funds to be obtained. While you are free to organize Your company in any way You believe will be successful, the approach to organization outlined below can be used are a general guide in organization. The outline is based on functional responsibility and emphasizes the importance and approach of analysis. With 117 months history available, you have ample information to determine the impact of various policies on the operations of the company. It should be kept in mind, however, that the previous decisions do not in any way represent optimization. Optimum decisions can be developed only if each member of the group provides certain information for which he is responsible. A logical information flow system for the Warm-up Company is shown in Diagram I. The diagram indicates not only what functional areas are involved in certain final decisions, but also the intermediate information which is generated and is necessary to make good decisions. The approach described below outlines the duties and responsibilities of the various functional areas and their importance to the operation of the Warm-up Company. These descriptions tend to follow the information system presented in Diagram I. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 253 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 254 President The president is responsible for organizing the company in such a way that a smooth, decision-making process can be achieved. This requires not only organizing the people but also the information system. He must then make sure that each member is doing the job for which he is responsible. Furthermore, he acts as the final arbitrator in cases where disagreement on policy occur which cannot be resolved by the various functional areas. He acts as the coordinator of the group. Forecasting The first formal step in preparing the decisions is to forecast month by month sales of both low-priced and high-priced products for at least the next three months and preferably over the coming season which involves twelve months. The forecast is prepared from historical sales data along with background economic information and the reports on the outlook prepared by the economics and marketing departments. These reports and the general economic information are presented in Appendix A. It is recommended that one prepare an industry forecast first and then proceed to the firm forecast recognizing that sales of the firm will depend on price and advertising appropriation decisions. The forecast itself is not a final decision. However, all planning and decisions made in the Warm-up Company stem from the forecasts of sales. Therefore, it is desirable for the forecasts to be as accurate as possible. Accounting The accounting function in the Warm-up Company breaks into two general categories. The first is record keeping in the sense of preparing income statements, position statements and particularly bank balance figures. Because of the structure of the decisions end the feed back of’ results, the accountant can complete these records with a minimum of effort. While financial statements may be provided by the computer, these should be viewed as an audit of what the accountant has already completed and not a substitute for the statements provided by the accountant. This traditional accounting function provides a means of measuring the success of the company and of what the company has to work with in the future. The second area of accounting is the origination and preparation of reports, work papers, and schedules which can be utilized by the other departments to make better decisions. As a part of his responsibility in this area, the accountant must prepare cost and revenue date, particularly marginal coat data, which the marketing department must have in order to evaluate the impact of pricing and pro- Simulation Games and Experiential Exercises in Action, Volume 2, 1975 255 motional policies. As a part of’ this, the accountant must make the decision on standard costs of raw materials. In addition, must provide the production department with cost information relating to carrying costs and production change costs so that the production department can establish optimum inventory, production, and ordering policies. The systems and operations of’ the company have been simplified as much as possible to minimize the time required to keep the records up-to-date and to provide the most accurate data for the preparation of decision-making schedules. Marketing The interest and responsibility of the marketing department is primarily in establishing product prices and promotional appropriations for the two products which the company sells. In addition, they assist the forecasting department in preparing the firm sales forecast based on the pricing and appropriations policies. The price to be charged should take into account the general price established by competitors and the objectives established by the Warm-up Company management. The competitors’ price for the coming month is available at the time the Company pricing decision is made. The prices charged will influence the market penetration of’ the Warm-up Company. The promotional appropriation makes no distinction as to how the money is to be spent, i.e., television advertising and salesmen’s salaries are considered equal in dollar effectiveness. While promotional appropriations for the industry are not available, it is known that a seasonal pattern exists which leads industry sales by one month. The firm promotional appropriation becomes effective in generating sales the month it is made, and has some carry- over for the next few months. The marketing department should consider using multiple regression to establish market penetration and, as a result, optimum pricing and appropriations policies. For the multiple regression, one might consider the dependent variable as market penetration (per cent of industry sales), arid in this way eliminate the seasonal problem. The independent variables might be considered as firm price relative to industry price or the difference between the two prices, promotional expenditures relative to estimated industry expenditures lagged one period (this should not be considered linear), and possibly a time trend of some sort. The regression may be carried out in a rigorous mathematical formulation or estimated graphically. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 256 Production After the firm sales forecast has been completed, it is possible to estimate the minimum finished goods inventory that is desired. This should include some estimate of safety stocks. This inventory level automatically determines the latest possible time of production of product but doss not necessarily represent the most economical production plan. To improve the cost picture, the production department must weigh cost increases incurred by carrying greater inventories against the cost savings accruing by stabilizing production. The production level established by this procedure represents the production decision for the month. Once the production decision has been made, the minimum raw material requirement is established. This amount plus a safety stock determines the minimum desired raw material inventory. This constraint along with the cost of carrying inventory, the cost of transportation and handling, and the quantity discounts offered by the supplier determine the optimum order decision. Finance The financial manager is responsible for maintaining an adequate cash balance to carry out the decisions made by management. During the peak of the season this requires borrowing outside funds. The financial manager must determine the amounts to be borrowed and when the money is needed. He must be aware of the decisions and planning in other areas to see whet impact the decisions may have on future cash flows. In addition, the financial manager must determine the long-run financial position of the Warm-up Company. This includes evaluating capital projects with recommendations of which ones should be approved and providing plans for the money required. The financial manager must also make recommendations on dividend policy. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 257 THE RESIDENTIAL GAS FURNACE INDUSTRY The residential gas furnace industry is made up of about 150 manufactures. The size of’ the firms in the industry varies from small companies which specialize in the manufacture of gas furnaces, to large producers which specialize in other products and produce gas furnaces only as a side-line operation. Among the large companies in the industry are General Electric, General. Motors, American Standard, and Chrysler Corporation. In spite of the presence of these industrial giants, the gas furnace business is not dominated by any one company or group of companies. However, because of the potential competition of these firms the industry remains quite stable with respect to both the price and market shares of the individual firms. While this kind of stability exists, the overall sales volume of the industry varies a great deal from one month to the next. Part of the monthly variation in sales is due to the seasonal pattern of new home construction from which the gas-furnace business derives part of its demand. In addition to these fluctuations, changes occur over the business cycle due to the “construction cycle” and to the relative ease of postponing the purchase of a gas furnace. These variations occur around a secular trend which depends, among other things, on the number of households in existence, average family income in the economy, the total stock of furnaces in existence, the age distribution of furnaces in existence, the overall reserves and availability of gas from the fields, and the general desire and feasibility of’ households to replace coal and oil furnaces with gas. These factors influence replacement demand. While residential gas furnaces range in size from small 50,000 BTU units to large 350,000 BTU units, the market for gas furnaces can be broken into two segments for convenience of’ analysis. One segment is described as the low-priced market and consists of installations made in inexpensive homes and housing projects. The demand for these units comes from customers of lower income and unstable employment who tend to be laid off during recessions. The second segment is the so-called high-priced market which consists of installations made in larger, more expensive homes and custom housing developments. The demand for these units comes from customers of higher and more stable income patterns who are somewhat more immune to the business cycle than customers in the low-priced market. The unit shipments of the industry by segment are shown on a monthly basis in Table I. Just as the total shipments can be broken into two segments, a price series for the industry can be attached to each of the two segments. These series are presented in Table II. The figures shown in the table suggest that industry prices do not fluctuate to any great extent in the very short run, but have tended to move up over the long pull. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 258 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 259 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 260 THE WARM-UP COMPANY The Warm-up Company manufactures gas furnaces for residential installation. The Company wee incorporated under the laws of the State of Delaware on December 31, 19X0. It was created through the consolidation of The Standard Furnace Company and The American Furnace Company. The Standard Furnace Company had produced a line of inexpensive gas furnaces. In contrast, The American Furnace Company manufactured a more expensive line of gas furnaces. Because of the complementary nature of the products of the two firms, it was felt that the consolidation into The Warm-up Company would strengthen the two products by rounding out the price lines offered. In addition, some cost saving was anticipated in the consolidation through the use of common distribution facilities and decentralized production. Products. The Company produces two (2) models of gas furnaces. One model, the so-called low-priced model, has a low BTU output and is sold in the low-priced market of’ the industry. The second model, the so-called high-priced model, competes in the high-priced market of the industry. Both models have received favorable ratings in Consumer Reports and are considered highly dependable products by the general public. As a result, the Company has been able to maintain its competitive position in the industry. Raw Materials. The Company obtains its raw materials from one supplier and orders on the first of the month. Delivery takes about ten days, so that orders placed the first of the month are received about the tenth. However, the raw materials received are not available for production until the following month. For example, raw materials ordered the first of November are received on the tenth of November but are not available for November production. They are available for December production. Raw materials Prices and Terms of Trade. The price of raw materials used in the manufacture of gas furnaces has increased on January 1 of each year. Table III shows the prices in effect during the years 19X1 through 19Y0. These prices are incremental. prices and indicate the quantity discount that the supplier offers. The prices are quoted f.o.b. the supplier. Freight and handling costs amount to $1,000 per order. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 261 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 262 To make the accounting easier, standard prices of raw materials have been established. They were set at $26 for low-priced raw materials and $45 for high-priced raw materials when the Company started. No changes in standards were made until January 19X8 when new personnel took over the accounting and finance functions. Among the changes they made was the change in the standard price of’ low-priced raw materials to $39 per unit and $67 for high- priced units. These standard prices are still in effect as shown in Table IV. As shown in the income statements of Table XII the standard prices originally established resulted in increases of price variances through 19X7. The change instituted in 19X8 caused the price variances to be negative in 19X8 and 19X9 but the first nine months of 19Y0 suggest that the variances will be positive in 19Y0. The standard prices may be changed at any time. An example calculation showing how the price variances are derived is shown below using the orders placed in September, 19Y0. These variances appear in the monthly income statement for September, 19Y0 as presented in Table XIII. As indicated by the data shown in Table V no policy of raw material ordering has been established. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 263 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 264 The terms of’ trade extended by our supplier are 2/10, n/30. This means that raw materials ordered the first of October and received the tenth of October must be paid for on the twentieth of October in order to obtain the cash discount. Furthermore, the whole amount of the order must be paid to get the discount; no partial payment is allowed. If payment cannot be made on the twentieth, then the gross amount must be paid on the tenth of the following month. For the month of’ September, 19Y0 the total raw material order was $661,900 as calculated above. Since the Company did not have sufficient cash to cover the payment on the twentieth of September the discount was lapsed. The accounts payable shown on the balance sheet for September, 19Y0 in Table XI reflect this. Since the prices of’ raw materials quoted above are net of the cash discount the accounts payable is calculated as follows: $661,900 / .98 = $675,408 which establishes the lapsed discount at $13,508 as shown in Table XIII. Labor and Overhead. Each low-priced unit requires fifty (50) hours of labor in manufacture, while each high-priced unit requires one hundred (100) hours of labor. The hourly labor rate has changed each year on January 1 according to the following schedule. Overhead costs per unit amount to one-half (1/2) the total labor cost per unit. The labor and overhead costs incurred during the month of production are paid half on the 15th of the month and the other half on the last day of the month. As a result of these prices and its present level of productivity, the Company has the following per unit standard cost of goods sold. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 265 The plant and equipment has a capacity of producing 4,800 units of low-priced furnaces per month and 2,000 high-priced units per month. Whenever these capacities are exceeded the labor and overhead rate increases by 20%, i.e., labor and overhead for a low-priced unit on overtime amounts to $194.40 per unit. For high-priced units it is $388.80. This overtime premium is paid along with labor and overhead charges on the 15th and end of’ each month and appears as part of the cost of goods sold during that month. The Warm-up Company has a standard vacation period which occurs during the last half’ of July. The impact of this vacation policy on production levels and production change costs is discussed under these topics later in this report. This vacation policy results in the Company paying for vacations during the month of’ July. The basic volume used in calculating the vacation pay is the June level of production. The vacation pay calculation for 19Y0 which appears as part of cost of goods sold for July is calculated as follows. It is apparent that the vacation pay amounts to more than the total loss of the Company for the first nine months of 19Y0. Product Prices and Sales Terms. The historical price pattern of’ the Warm-up Company is presented in Table UI. While product prices have not varied a great deal from the industry prices shown in Table II, some differences do appear. The sales volume and penetration of’ the Warm- up Company depend on the prices charged by the Company relative to industry prices. The Company’s sales terms are n/30, e.o.m. so that the Company collects its receivables the last day of’ the month after the shipment has been made. In other words, September 19Y0 sales which appear as the accounts receivable on the position statement will be collected on October 31. This means that the cash balance on hand at the end of the month must cover disbursements during the month, for no cash will be coming in until the last day of the month. The proceeds from the collection of the accounts receivable are available to make payments on the day that the accounts receivable are collected. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 266 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 267 Advertising and Sales Promotion Appropriations. The Warm-up Company has not established any definite pattern of advertising appropriations, although some amount has been spent each month in the past. The historical pattern of these appropriations is presented in Table VII. The effectiveness of the advertising appropriation has a seasonal pattern since it depends on the volume of industry advertising. The volume of total industry advertising is related directly to industry sales and leads sales volume by one month. The initial impact of the advertising appropriation of the Warm-up Company occurs in the month the appropriation is made and has some carryover into the months after the initial impact. The impace of advertising appears in the sales of the model for which the advertising was made. In other words, advertising for the low-priced model influences low-priced unit sales but has no impact on high-priced model sales and vice versa. The advertising appropriations are paid on the 15th of the month in which they occur. Sales. The pricing policies and advertising appropriations have resulted in the volume of’ sales shown in Table VIII. Sales volume is limited to the number of units in finished goods at the beginning of the month. None of’ the units produced during the month can be sold that month. These units are available for sale the following month. Inventory Carrying Costs. The Company incurs costs of carrying inventory which are calculated and accrued at the end of the month. These costs represent insurance, taxes, etc. They are paid on the 15th of the month following accrual. The schedule of inventory carrying costs in effect is as follows: This accrual of inventory carrying charges is to be paid on October 15, 19Y0. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 268 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 269 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 270 Production Change Costs. The Company also incurs costs when there is a change in the level of’ operations. This change amounts to $8.00 per unit and occurs whether production increases or decreases. The production change costs are paid on the 15th of the month when the change occurs. For example, the level of production during September 19Y0 was: Any change from these figures for October production incurs a cost of’ $8.00 per unit change which is paid on October 15th. Because of the vacation period in July the production rate for July is twice the amount produced during the month and the production change cost is calculated on that basis. For July 19Y0 the rates of production are: Since the production levels in June were twice these levels no production change cost occurs in July and since August rates are twice July rates no production change costs occurs in August either. Production Levels. The maximum number of units which can be produced in any month is the number of units of raw material on hand at the beginning of the month. None of the material ordered on the first of the month can be used. The historical record of’ production is presented in Table IX. The data represent the amount of production scheduled and include the number of’ defective units produced. Defective Units. The Company encounters some difficulties in production which result in some production being lost as defectives. The loss is expressed in terms of’ the equivalent number of’ defectives. These units are charged in the income statement as defective losses and are expressed in standard cost terms at full cost. The number of units lost in the past is shown in Table X. Product Flow. As a result of the above relationships the following product flow occurs in the Company. Production levels are determined. The maximum amount available is the number of units in raw material at the beginning of’ the month. The number of’ units put into production is deducted from the raw material inventory at the beginning of the month. The raw material inventory is then replenished, if necessary, through orders placed with the supplier. This set of operations determines the raw material inventory at the end of the month which is the same as the raw material inventory at the beginning of’ the next month. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 271 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 272 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 273 Sales are deducted from the finished goods inventory at the beginning of the month and are limited to the number of units on hand at the beginning of the month. The finished goods inventory is then replenished by the amount of production less the number of defective units occurring during the month. This set of operations determines the finished goods inventory at the end of the month which is the same as the finished goods inventory at the beginning of the following month. Example calculations for the month of September 19Y0 are presented below with references to the tables where the numbers appear. Work in process remains constant at 800 units of low-priced models and 400 units of high-priced models. Financial Statements. The condition of the Warm-up Company at the time of consolidation, the productivity of the firm, and the decisions made in the past with respect to product prices, advertising appropriations, production levels, and orders of’ raw materials result in the position statements shown in Table XI and the income statements shown in Table XII. The income statements for 19Y0 are shown on a monthly basis in Table XIII. Some of the items appearing in these statements deserve further explanation which is given below. Inventory. The inventory valuation is on a standard production cost basis. Raw materials are valued at the standard material purchase price. Work in process includes the standard raw material and half of the standard labor and overhead. Finished goods includes the standard raw material and the standard labor and overhead. The current inventory value is calculated as follows: Simulation Games and Experiential Exercises in Action, Volume 2, 1975 274 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 275 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 276 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 277 Plant and Equipment. At the time of consolidation the plant and equipment had a capacity of producing 1200 units of low-priced models per month and 500 high-priced models per month and was recorded on the books at a value of $1,200,000. On January 1, 19X2, the Company placed in operation a second set of’ parallel assembly lines with the same capacity and cost as the line originally in operation. On January 1, 19X3, another set of lines was added; and the fourth and final line was added January 1, 19X4. The plant and equipment account is made up of the four equal assembly lines which have a total capacity of producing 4,800 units of low-priced model gas furnaces per month and 2,000 units of high-priced model gas furnaces per month. The total cost was $4,800,000 which appears on the position statement. It is expected that no increase in capacity will be available in the foreseeable future. Depreciation. The plant and equipment is depreciated on a straight- line basis at a rate of’ 5% per year. This amounts to $20,000 per month. As of September 30, 19Y0, the total accrued depreciation was as follows: Notes Payable. The $1,500,000 notes payable outstanding on September 30, 19Y0, represent short-term seasonal loans from the Tenth National Bank. They carry an interest rate of 4 1/2% and are payable on October 1, 19Y0. As of September 30, 19Y0, $5,625 interest had accrued on these loans. It is apparent that the Company cannot pay off the note due on October first, cover the accounts payable due the tenth and meet expenses the rest of the month without considerable hardship to the Company. As a result, the bank agreed with the Company to increase the loan for October to $1,800,000 and to renew that amount for November. The amount they will loan in December is $900,000 and it must be cleaned up on January 1, 19Y1. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 278 Bonds Payable. Bonds payable represent mortgage borrowing to build plant and equipment. The detail on the various series of bonds which have been issued is given in the schedule below: On September 30, 19Y0, $27,000 interest had accrued on the bonds payable. (This $27,000 together with the $5,625 interest accrued on the notes payable account for the total of $32,625 interest accrued which appears on the position statement.) Cost of Goods Sold. The cost of goods sold is calculated by adding materials purchased which are costed at standard prices and labor and overhead payments made during the period to the beginning inventory and deducting the final inventory at standard cost. If the standard cost remains constant during the period covered the cost of’ goods sold will be at standard cost. If there is an increase in labor rates or material costs then the ending inventory will be at the new standards and the cost of’ goods sold will reflect the change and not be at standard. Inventory is not carried on a FIFO or LIFO basis but on a standard basis. All variation from standard occurs in the month the change in price occurs. Factor Charge. In the event that the Warm-up Company has insufficient funds to pay expenses when due, other than the order for raw materials, the Company automatically factors the accounts receivable for the amount of cash required. The payment for this service is 3% of the amount required and is paid back the end of the month when receivables are collected. As a result it never appears on the balance sheet as a payable. The Company has only once required the factor service. This was in September and October 19X8 when the Company ran short and paid a charge of 3%. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 279 General and Administrative Expenses. In 19Y0 general and administrative expenses have been running at a rate of $200,000 per month. These expenses are paid half on the 15th of the month and the other half on the last day of the month. Common Stock. The Company has 100,000 shares of common stock outstanding with a par value of $20 per share. The management in the aggregate owns 20% of the outstanding shares which gives it little control. The other 80% is distributed widely in small lots. The shares are non-cumulative and carry no preemptive rights. The stock is traded on the over-the-counter exchange. The closing bid price of’ the stock on September 30, 19Y0, was 33 1/4. Dividends. The Company began paying dividends on January 15, 19X4, and has declared a regular quarterly dividend of $.25 per share since that time. The dividend is paid on January 15, April 15, July 15 and October 15. Income Taxes. Income taxes are accrued for the full year and are paid on April 15 of the following year. The income tax rate is 50% of net income before taxes. If income taxes for the year are negative the Company receives a rebate on April 15 of the following year. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 280 – APPENDIX A – October 1, 19Y0 WARM-UP COMPANY Report of the economics department. Consumer buying and the level of total business activity continued high through the early fall weeks with gains in many sectors. Genuinely gloomy prophecies were rare, but many a dark reference to a “sideways movement”, “plateau”, and “leveling off” was heard--and the gains, in consequence, were somewhat obscured. Back of the worries were such tangibles as declines in factory employment, higher prices and interest rates, and perhaps a feeling that inflation couldn’t keep on forever. On a seasonally adjusted basis, privately financed housing starts declined slightly in August. Builders do not share the view of’ FHA officials that liberalized home loan terms will result in a considerable upturn in home building. The FHA expects that lower down- payments and longer terms will stimulate new housing starts in four or five months. Members of’ the National Association of Home Builders believe that while lenders remain highly selective in picking risks, building will improve only slightly. Business will climb sluggishly at best after the first quarter of 19Yl, even with the help of sluggish inflation. Prospects are that next summer total outlays for goods and services will be below last summer’s level by 4%. Consumer income continues to rise and should provide a stimulus for early recovery. We feel that the outlook for our industry and firm remains good. In spite of a slowing down in the rate of growth of gross national product, we should recover in the coming year. Our best estimate is that sales volume for our industry should be up 15 to 20 per cent. Simulation Games and Experiential Exercises in Action, Volume 2, 1975 281 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 282 Simulation Games and Experiential Exercises in Action, Volume 2, 1975 283 Table of Contents Volume 2, 1975 ABSEL Research - From Adolescence to Adulthood, Framing the Future of Business Simulation and Experiential Learning Inventory Simulation - A Time Sharing Television Output Simulation OMSIM: An Operations Management Game An Experiential-Cognitive Methodology in the First Course in Management: Some Preliminary Results Experiential Training Methodology, Traditional Training Methodology, and Perceived Opportunity to Satisfy Human Needs Operational Problems and Solutions of Business Gaming: A Primer One Experience with the V. K. Gadget Company - An Introduction to Managerial Accounting A conversational Marketing Mix Exercise The Use of Program BAYES in the Teaching of Sample Size Determination in Survey Research An Experiential Study of Performance in a Basic Management Course Using Student Opinions in Evaluation Results with a Business Game Some Impacts of Varying Amounts of Information on Frustration and Attitudes in a Finance Games Player Performance under Differing Player Configurations in the Investment Game: Some Preliminary Observations Integrating Across Functional Areas with a Computer-Assisted Case Using Computer Assisted Cases for Marketing Research Instruction ACQUIRES: ACcounting QUick Information REtrieval System A Simulation Approach to Data Processing Controls Motivating Simulation Game Performance and Satisfaction with Group Performance-Contingent Consequences The Educational Impact of Supplementary Personal Interaction in Computerized Business Games The Minnesota Manpower Management Simulation Games RAISE II, A Personal Simulation Management in a Test Tube: A Small Group Laboratory Simulation A Methodology for Measuring Decision Making in a Business Game A Case Study of a Capital Investment Simulation Combining Experiential and Clinical Methodologies in a Small Business Management Program Results of Using Gaming to Teach Ethics and Social Responsibility Business and Society: An In-Basket Simulation Crisis versus Non-Crisis Simulation Gaming Warm-up Company: A Business Simulation Business Simulations: Competition or Learning A Computerized Management Training System for Franchized Dealers Mode I Stores, Inc.: Computer Supported Cases on the Marketing Research and Problem Solving Process Experiential Learning in Statistics Through the Computer The COMPUSTAT Analysis System as an Instructional Resource Research on Experiential Learning: Enhancing the Process A Comparison of Lecture-Case Study and Lecture-Computer Simulation Teaching Methodologies in Teaching Minority Students Basic Marketing Student Evaluation of Reaction to a Marketing Simulation Game Under Varying Circumstances The Validity and Usefulness of Packaged Models in Game Play The Effectiveness of Experiential Methods in Training and Education: A Review Guidelines for the Future Development of Business Games The Future Potential of Structures Learning Exercises Turning Them on to Management by Turning Them Out to Managers with Video Tape Recorders