Enhancing Business Higher Education through Simulation-Based Learning, Problem-Based Learning, and Challenge-Based Learning

The increasing adoption of student-centered learning environments by the institutions of higher education in business has led to new mechanisms and methodologies such as Simulation-Based Learning (SBL), Problem-Based Learning (PBL), and Challenge-Based Learning (CBL). Literature has shown evidence of raising interest in these methodologies towards a more experiential paradigm regarding upcoming events from the surrounding real-world context. This paper presents a Systematic Bibliographic Literature Review (SBLR) concerning integrating and applying these innovative and collaborative methodologies in higher education. It aimed to identify its relevant advantages, challenges, and consequences for the future of business education. Researchers searched bibliographic databases for documents published up to May 2024 to categorize critical topics discussed in the literature on SBL, PBL, and CBL. The review identified 89 empirical and non-empirical papers on SBL, PBL, and CBL, business-related paperwork resulting from the PRISMA (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) method. PRISMA is a framework with evidence-based data designed to help authors perform a systematic literature review. Data analysis revealed diverse subthemes for those methodologies used in business higher education institutions. The research questions "What are the advantages, challenges, and implications of SBL, PBL, and CBL altogether in the training of business students?" guided the study. The central output of the research is the discovery of the varying uses of SBL, PBL, and CBL to cope with diverse demands arising within an environmental context. The study suggests future research directions.