Congratulations to the following students for winning 1st and 2nd places in the 2022 ABW Inter-school Business Simulation Competition between Brisbane Girls Grammar School and Brisbane Grammar School:
- 1st Place
BGGS Team 5—Olivia A Mitchell (11H), Lilly Horsburgh (11O), Mia Sutton (11R), and Gabriella Stephens (11M)
- 2nd Place
BGGS Team 7—Josephine Fenech (11M), Sophie Coleman (11M), Evangelina Stutz (11L), and Sarah Beckingsale (11L)
The Australian Business Week (ABW) Business Simulation Competition offers students opportunities to apply their economics learning and management skills in a virtual business environment.
Twenty-eight Year 11 girls, forming seven teams, participated in this year’s event together with eight teams of boys from Brisbane Grammar School. They competed online for four weeks (30 July to 31 Aug) 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.
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. Overall, I would highly recommend participating in this competition if you are interested in economics or are looking to extend yourself beyond the classroom’.
Mia Sutton (11R): ‘The ABW Business Program put our knowledge of economics to the test. Over the four weeks, teams from BGGS and BGS were required to analyse financial reports from previous quarters and, from the data provided, make decisions regarding the business’ financial, marketing, and operational costs. 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): ‘My experience in the ABW competition has really changed the way I view business! Competing against 14 other teams was challenging at times, but I am so proud of what we were able to achieve—two successful hotels. My group and I had a hectic start, with our share price plummeting by Quarter 2 and rapidly gaining by Quarter 5—which we were able to mostly maintain. It was so interesting to see how one decision, something initially seen as insignificant, could greatly shape the success of our hotels. 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 for the last couple of weeks in this competition and wish all the best to future competitors’.
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