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Management Game Essay

Essay by   •  May 13, 2011  •  Essay  •  965 Words (4 Pages)  •  1,320 Views

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Management Essay

The sources that were used in my paper came from the Slater math book, and from the "management" game made by a game company named Avalon Hill. In the Slater math book chapter 16 had information that came helpful when writing this paper as well as giving a brief overview of the different financial reports. Avalon Hill made the "Management" game in 1960, which displays the directions and the concept of the game. Charles Roberts is the founder of the company Avalon Hill that started in 1954. In the game "Management" a player doesn't have to have prior business knowledge or experience. The rules of this game are designed for common practices in the world of business. Everyone in each group gets the same amount of cash in the beginning of the game, and they have to pull a "situation card" and follow all of the directions from it. The players will learn how to operate their own manufacturing companies, making decisions on purchasing supplies, determining production volume, setting sale prices, and expanding factories. Each player would have to learn how to think strategically on when to bid, as well as how to bid, either high or low. If a player is strategic at this game they wouldn't have to take out any loans and won't have any liabilities they would have played the game successful. At the end of the game the winner will be the player that has the largest business.

At first, when I started playing the game I was making low bids when saling my units. I thought whatever I sold my units for, that I had to cover the specific amount in my hand. I to keep getting loans, but as I continued to play I made more strategic bids and was able to make money off my units. Secondly, I was also continuing to get myself into debt by taking out numerous loans. When I was financially able to pay the loan off, I didn't so these loans ended up being part of my liabilities and he had and they had to be deducted from my total assets in the end. The third thing that I realized was that a player could never produce more than 3 units from raw materials to factories when there is a minimum or a odd number to be sold on the "situation card" because a player can only sale two factories at a time. I realized when I kept asking my team mates for advice that I was revealing to the other players my strategy accidentally. I learned to always look at the prices because they are effective when it is a certain amount of players playing in the game. The players have to be financially conscious about what they are spending and how they are spending it. It is best to bid mid-low or lowest bidder will be able to sell all of your units, never bid high at the wrong time, which was another mistake I learned from. It took me the whole three weeks to learn the game successfully.

A balance sheet displays a company's worth, as

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