Icarus for UoL vs MasterIt

Icarus business simulation is for University of London students studying Professional Accountancy and requires a UoL username and password. This business simulation provides students working in small teams with a complex business challenge set in a real-life context, where research into the market and the industry will be directly relevant to and consistent with the simulated business. Teams use the model to explore different strategies, and carry out what-if analysis and scenario planning to test the robustness of their plans. The simulation includes the following stages: 1. Research and analysis. Students have access to past financial results of the simulation company and will be expected to research the real economic and competitive environment of the industry. 2. Teamworking. The simulation includes built-in social media tools to enable students in different locations to communicate and work as teams in managing their airports. A nominated Chief Executive is responsible for co-ordinating plans and submitting the agreed decisions each period. Teams are able to rotate the CEO and other roles. 3. Planning. Using the simulation, the students are able to build a five-year business plan, including exploring and comparing different strategies and testing the robustness of their plans in different external scenarios. 4. Implementation. Team decisions are processed through the “real world” model and teams will be able to compare their actual results against their plans and budgets and also benchmark their progress against other student teams. They also receive feedback about the market and data about changes in the competitive environment. 5. Reflection and further decision making. Teams can adapt their plans, review their decisions and respond to new stimulae before submitting subsequent sets of decisions. 6. Final report. Students may provide individual and/or team reports for tutors to provide feedback on.

The MasterIt App is designed to assist students in developing better habits using key behavioural economics principles effective in changing student learning behaviour. Through our select network of rewards partners, we incentivise positive learning behaviour. We use technology to capture a rich source of student behavioural data and insights and reward students along the way.