Students from Singapore Polytechnic (SP) have just returned from Khanty Mansiysk, Siberia, Russia, after representing Singapore for the Global Management Challenge from 15 to 19 May 2010.
Team SP Strategists from the Diploma in Banking and Financial Services (DBF) course, consisting of Calister Ruan Sim, Cheryl Tan, Choy Man Man and Thia Yang Shen, emerged champions in the National Management Competition in July 2009. They had earlier represented Singapore in the Asian Management Game in Chennai India in September 2009, where they attained fourth position, and thus earned the right to represent Singapore again in the International finals of the Global Management Challenge.
The international finals was held at Khanty-Mansiysk, a beautiful town in Siberia, Russia. There were a total of 25 participating teams, which were all national champions, many of whom are corporate managers. The Global Management Challenge is a Management Simulation in which each team runs a Company, with the objective of getting the highest company share price in a simulated stock exchange. Managing a company, without running real-world risks, and making top management decisions, the competitors are given the opportunity to analyse financial and economic indicators. The eventual winner was the team from Ukraine who narrowly beat the team from Finland.
Team leader Calister revealed the key success factor: “Team work was extremely important, as we had a limited time to deliberate our decisions before submission. We had to assess market conditions to decide what had to be done for the period, which not only tested our team’s time management, but also our ability to work together effectively and efficiently.”
“Throughout the game, we faced many challenges, but we believed in our broad strategy and persevered even when we were down. The key ingredients to our success were strategic planning, accurate calculation and sound decision making” Man Man said.
Assistant Team Leader Yang Shen mentioned, “As many of our opponents are businessmen with vast experience in the industry, it is essential that we do not underestimate our opponents. Instead, we should learn from their success.”
“We have learnt not to overlook the potential benefits of each decision option and not place too much emphasis on the downside. Instead, we should think in a few dimensions and take on reasonable risk,” said Cheryl.
The team has a great learning and enjoyable experience in Russia, not only the international business strategy competition, but also the many networking opportunities with the global teams and some sightseeing. And we like to show our utmost appreciation to Mr Christopher Cheong, a senior lecturer at SP’s School of Business, an excellent coach who provided us with valuable advice and encouragement throughout the competitions.