Design and Evaluation of a Digital Business Simulation for MSc Students

Thesis Abstract

The rapid evolution of digital technology has transformed business education, necessitating innovative teaching methods that enhance practical skills and decision-making capabilities among MSc students. Despite the increasing adoption of virtual teaching paradigms, there remains a significant gap in the development and systematic evaluation of immersive digital simulations tailored specifically for business curricula. This study aims to design, implement, and evaluate a digital business simulation tool intended to improve strategic management and financial decision-making skills among MSc students. The specific objectives are (1) to develop a web-based digital business simulation model aligned with contemporary business practices and educational needs; (2) to assess the usability and student engagement with the simulation; (3) to evaluate the impact of the simulation on students’ cognitive learning outcomes and practical skills; and (4) to identify best practices for integrating digital simulations in postgraduate business education. Employing a mixed-methods research design, the study integrates quantitative and qualitative approaches to provide comprehensive insights. The quantitative phase involves a quasi-experimental pretest-posttest control group design with a sample size of 120 MSc students enrolled in strategic management courses across two comparable business faculties. Participants are randomly assigned to either the intervention group, which uses the simulation-based learning module, or the control group, which follows traditional case-study methods. Data collection instruments include validated Likert-scale questionnaires measuring learning engagement, self-efficacy in decision-making, and perceived usefulness, alongside pre- and post-tests assessing cognitive knowledge. Qualitative data are gathered through focus group discussions and semi-structured interviews with 20 students and 10 instructors to explore user experiences and pedagogical perceptions. Data analysis employs descriptive statistics, paired t-tests and ANCOVA for the quantitative data, and thematic analysis for qualitative insights, ensuring triangulation of findings. The anticipated results suggest that students exposed to the digital simulation will demonstrate statistically significant improvement in decision-making skills, strategic thinking, and financial literacy compared to the control group. Increased engagement levels and positive perceptions of simulation usability are expected, alongside qualitative evidence of enhanced motivation and practical understanding. It is further hypothesized that the digital simulation will serve as an effective pedagogical supplement, fostering experiential learning aligned with constructivist educational theories, particularly the experiential learning cycle proposed by Kolb and the situated cognition framework by Brown et al. This aligns with the Technology Acceptance Model (TAM) to evaluate user acceptance and technological efficacy. This research contributes to knowledge by providing an empirically validated model for integrating digital simulations into postgraduate business curricula, addressing current pedagogical gaps, and offering guidelines for scalable implementation. It advances the theoretical understanding of experiential and simulation-based learning in higher education, particularly within business management disciplines, and provides practical frameworks for curriculum designers, educators, and policymakers. The main conclusions indicate that well-designed digital business simulations significantly enhance postgraduate students’ practical skills, motivation, and engagement when integrated appropriately into course offerings. The study recommends adoption of simulation-based tools across business faculties, coupled with instructor training programs to maximize pedagogical impact. Further research should explore longitudinal effects and the transferability of simulation-acquired skills to real-world business environments. Overall, this study underscores the strategic value of digital simulations in modern business education, advocating for increased investment in immersive, learner-centered technologies that bridge theoretical knowledge and practical application in postgraduate settings.