Capitalism Lab: A Simulation-Based Approach to Assessing and Enhancing Business Program Outcomes

Simulation is a process of replicating or imitating real systems to enhance users’ comprehension of their behavior. It allows individuals to experience and interact with a simulated environment that closely resembles real-world scenarios, enabling them to practice and develop relevant skills in a controlled and risk-free setting. The importance of simulation lies in its ability to bridge the gap between theoretical knowledge and practical application. In the Capitalism Lab simulation, students practice according to predetermined scenarios, and their scores are monitored and evaluated. Over a 14-week period, students learn about the use of simulation and its connections with real-life business, integrating this theoretical knowledge with practical application. Since 2020, this course has been administered this course to a total of 371 students across three departments. The results obtained measure the level of achievement of program outcomes, and adjustments are made in the program accordingly. The most significant benefit of simulation-supported education for educators is its ability to measure the level of achievement of graduating students concerning the targeted program outcomes. The results obtained from these measurements provide data for making necessary adjustments to the program and improving the quality of education.