2022 School Magazine

AUSTRALIAN BUSINESS WEEK BUSINESS SIMULATION COMPETITIONS T he Australian Business Week (ABW) Business Simulation

Competition offers students opportunities to apply their economics learning and management skills in a virtual business environment. In 2022, 28 Year 11 girls, forming seven teams, participated in the event together with eight teams of boys from Brisbane Grammar School. They competed online for four weeks by running a full-service hotel in a highly competitive marketplace. To achieve the highest share price, participants had to make a wide range of decisions relating to revenue, marketing, acquisitions, and customer service while balancing the need to attract business, maintain high standards, and fulfill corporate social responsibilities in a changing economic environment. Congratulations to the following students for winning first and second places: • First Place B GGS Team 5—Olivia A Mitchell (11H), Lilly Horsburgh (11O), Mia Sutton (11R), and Gabriella Stephens (11M) • Second Place B GGS Team 7—Josephine Fenech (11M), Sophie Coleman (11M), Evangelina Stutz (11L), and Sarah Beckingsale (11L)

Students found the experience challenging, enjoyable, and rewarding. Here are some reflections in their own words: Olivia A Mitchell (11H): ‘The ABW Business Program has not only been a challenging experience but an enjoyable and rewarding one too! One thing I certainly gained out of the experience was how to transfer the economics skills I had been learning in the classroom to a real-world scenario. Not only this, but I also gained practical skills regarding how to read financial reports and forecasts which ultimately assisted my group in winning the competition.’ Mia Sutton (11R): ‘This program was an amazing experience that allowed us to apply our knowledge of the economy to a practical scenario and left us with a deeper understanding of the background costs and managing tasks required to run a successful business.’ Sophie Coleman (11M): ‘This competition was a great teamwork exercise, as the group had to rely on each other’s input to be successful. As well, this competition was incredibly educational in how the world of business ran, showing us how to budget, manage, and even make crucial case study decisions. Overall, I really enjoyed working with my team in this competition.’ Business simulation programs, such as the ABW Competition and the ECOMAN program, have greatly enriched students’ learning experience and developed their 21st-century skills. Dr Sam Peng HEAD OF ECONOMICS

098 | BRISBANE GIRLS GRAMMAR SCHOOL 2022