Virtonomics Log- Due Week 12- 20% (70 marks)
The objective of this activity is to maintain a record of your engagement in the business
simulation game, Virtonomics, which we will be utilizing throughout this course. Each log entry
corresponds to a single day, and by the end of week 12, you should have documented activities
for 7 days. Your assignment should encompass a detailed report for each day we engage with the
game in class. Within your log, explicitly outline the actions you have taken, the steps you have
implemented, and the achievements you have attained on each designated day. At the conclusion
of your report, append a concluding paragraph of approximately 350 words, elucidating the
insights gained from the experience, how the acquired skills contribute to your overall
knowledge, and how you envision applying these skills in real-life scenarios.
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Assignment Format:
(Do not forget to include a cover page)
A) Introduction
This report aims to provide an outline and assessment of the Virtonomics business simulation
game I used throughout the course. This log can be used as the account of seven rotations of the
gameplay and the observation of the activities, my decisions, and the emergent outcomes. By
detailing daily activity, the strategies used, and the successes attained, it is this report’s purpose
to shed light on my learning process and skill growth as correlated to the objectives of the
simulation. The logs outline the transitional process that was manifested in the development of
my virtual business through various situations and stages. These entries encompass various
aspects of the running of the company’s business including office administration, human
resources, sales, usage of resources, and financial control. In this documentation, I want to show
how and to what extent I was able to apply the theoretical business concepts in a business-related
role play. It is necessary to assess the details I gained while using Virtonomics and reflect on the
extent to which the knowledge obtained corresponds to real-life business environments. Thus,
the purpose of the present reflection on the decision-making outcomes that occurred within the
context of the game is to demonstrate the heuristic potential of this simulation in terms of
preparing for real-life business situations.
B) Log Days: (Include minimum of 200 words for each log day on the specifics of your activities
on day that)
Week 2- Day 1: The first intervention that I had in the Virtonomics environment was at the
beginning of the simulation when starting a virtual enterprise. The first and second major
activities aimed to build the initial form and attributes of the company. To start with, I named the
enterprise well, choosing ‘Innovative Looms Inc.’ to alert that we have ventured into the textile
line of business we are venturing into. Subsequently, based on the seed capital I set up the first
office for the company in a befitting location. Issues like employment status, development of
infrastructures and growth of employee value were considered very important by me and each
one of them was always linked to the relative labour market situation. Closely judging the
situation, I planned the office in Umea and have provided it with one hundred workplaces for the
same number of employees. After this, I concentrated on staffing problems that could be
encountered in the particular facility. I assessed basic working wages anticipated in the local
employment market and the qualifications that are required. It made me cover all angles
necessary for my virtual company’s growth and management to be laid down.Week 3- Day
2:Office Management for Innovative Looms Inc.
Office Details: Location: Umea Size: 100 workplaces Employees Required: 100 Expected Salary Expenses:
66,200
Average City Salary: 665.06 Staff and Equipment: Number of Equipment: 100 Quality of Equipment: 11.02
Expected Level of Staff Qualification: 5.68 (City average: 5.73) Staff Qualification (required): 4.96
(Available: 5.68) Salary (99.54% of city average): 662.00 HR Department Responsibilities: Set Salary
Levels: Adjust salaries according to employee qualifications.
Qualification Adjustment: Maximum salary for self-correction is based on a qualification level of 4.96.
Regular Updates: HR will adjust salaries according to the technology requirements every update cycle.
Advertisement Strategy for Clothes: Target Areas: Gavle, Lulea, Skelleftea, Sundsvall, Umea
Contract Management for Sheep Farm with VictoriO, Nukus: Contract Reference Numbers: 6 491 023 and 6
635 385 Current Price per Unit: 10.30 New Price per Unit: 10.31 Suspend the Contract if: Quality Below:
Not specified (need to define a quality threshold)
Price Increase by: More than 10% Price Over: 11.33 (10% above 10.30) One-Time Purchase: Quantity to
Buy: 3,810 units Total Purchase Cost: 39,243 Action Plan: Ensure Office Efficiency: Verify that the number
of employees (100) matches the number of workplaces (100).
Ensure equipment quality (11.02) is maintained or improved for optimal performance. Confirm the salary
budget 66,200)aligns with the expected salary expenses. Monitor and Adjust Salaries: The HR Department
should regularly adjust salaries based on staff qualifications and city average salary 665.06. Ensure the
salary offered 662.00 is competitive but within budget.
Optimize Advertising Strategy: Launch targeted advertising campaigns for clothes in Gavle, Lulea,
Skelleftea, Sundsvall, and Umea. Monitor the impact of advertising on sales and adjust budgets as
needed.
Manage Sheep Farm Contract: Regularly assess the quality of goods from VictoriO, Nukus. Monitor price
changes; suspend the contract if the price exceeds 11.33 or if quality falls below the acceptable level.
Proceed with the one-time purchase of 3,810 units at 10.31 per unit, ensuring the total cost is 39,243.
Week 4-Day 3:My company went bankrupt due to expensive prime costs and there were no sales that is
why I have to restart all things again. I started up my company name
Office Innovation Ltd Mills.
I had increased the number from 4 to 10.
Sent staff for 1-week training.
Increased staff salary to 700
Sit up staff salary 612.
Sales for Innovation Ltd
Item: Clothes
Output: In stock
Quantity: 0 (zero)
Quality: 8.10 (on a scale, possibly out of 10)
Prime Cost: €1.00
Available Units: 118
Orders Volume: 132
Maximum Volume: 100 (assuming this refers to maximum capacity or production limit)
Price to Customer: €1.50 per unit
Week 5-Day 4: Virtonomics Day 4 log
Today advertising of clothes has been started in the regions of Boras, Goteborg, Helsingborg,
Jonkoping, Linkoping, Lund, Malmo, and Norrkoping.
Advertising efficiency is 100% today.
Product load is 100%.
Staff efficiency is 100% today.
The number of employees have increased from 50 to 80 employees.
Staff Qualification is sent on training.
Employee in the research department is also sent for training.
Week 9-Day 5:Virtonomics Daily Log | Office Innovation Ltd Mills
Date: July 2, 2024.
Company Overview:
New name: Office Innovation Ltd Mills.
Employees: 10; each earning $561.
Staff training is now underway to improve productivity and efficiency.
Ad Campaign:
Efficiency: 100%.
Mediums: Press, Internet, Outdoor
Reach: All areas.
Our most recent clothes marketing campaign was a huge success, with 100% efficiency. We are using a
multifaceted approach, advertising through print, online, and outdoor channels to achieve widespread
presence in all targeted locations.
Equipment:
Quantity: Ten.
Quality: 1.00.
We have ten high-quality items of equipment that are critical for ensuring efficient production operations.
Weaving Mill Expansion:
Employees: 200; each earning $499.57
Equipment increased from 50 to 200 units.
To suit our increasing production demands, we have greatly increased our weaving facility.
The workforce presently consists of 200 individuals, each earning $499.57.
The number of equipment units has grown from 50 to 200, allowing us to handle larger production
volumes.
Fabric Stock and Orders:
In stock: 3,200 pieces.
Quality: 9.72.
Prime Cost: $1.00 per unit.
Maximum Order Volume: 1,560 units.
Price: $1.59 per item.
Our current inventory includes 3,200 pieces of high-quality cloth rated at 9.72, with a prime cost of $1 per
unit. We are ready to complete orders of up to 1,560 units, solely for our firm, at a cost of $1.59 per item.
Summary: Office Innovation Ltd Mills is seeing great growth.
Week 10-Day 6:Log 6
I have restarted the company again because it want bankrupt and the chosen name for new company is
"Innovation Mills".
I had setup my company business in all region and started advertisement of clothing today.
Purchased of new equipment:
I had purchased 50 more for machines for the weaving mill, that will help the innovation mills to meet the
need of technology which is required.
Hiring of employees and training of staff:
Today new employees hiring has been done and 50 more skilled worker has been hired to meet the
requirement of staff.
Our current hiring strategy comprises onboarding 10 new workers, with a predicted total salary expense
of €65,575. We do not anticipate any expenditures associated with employing or terminating employees.
The average wage in the city is €11.667.32. We are searching for employees with a minimum qualification
level of 1.75, much lower than the city's average qualification level of 5.54.
Advertisement :
Advertisement campaign for clothing has been starts in all region and the mode of advertainments is
outdoor advertisement, internet ,press.
Laboratory:
initiated a preliminary research project on Mill. The project, manned by 10 scientists, is still in the basic
research phase, with no progress in preliminary research, hypothesis investigation, or industrial testing.
The preliminary phase, which has just begun, is expected to last around three more weeks. During this
period, the team plans to develop multiple working hypotheses.
Week 11-Day 7: LOG 7 Virtonomics.
Summary of completed actions: - Launched new research project.
Step 1: Industry Focus and Initial Actions.
Industry: Innovation Mill.
Objective: Improving product quality. To start the research project, pick the mill industry in the
"Researches" page.
Employee growth was optimized by giving one week of skill-enhancing training.
Salaries were increased by up to $2000 to recruit and retain talented scientists.
Purchased 50 more pieces of equipment to expand laboratory capacity.
Step 2: Improving Operational Efficiency for Thread-Craft Weavers
Employee Training: Implemented a two-week program to boost operational efficiency.
Purchased 500 units of equipment from Warehouse Company (reference number: 1593559).
Goldi Processing Innovation purchased 450 sets of equipment from Machine-Tool Factory.
Step 3: Activity look place in warehouse today
Our warehouse, which is 10,000 square meters in size and is now 28% full, is located in Jonkoping. We
monitor important data including earnings, costs, and taxes (which are zero), in addition to calculating
profit, which is 0.00% at the moment. We also keep a careful eye on how well our workplace runs. 50 PCs,
150 pieces of lab equipment, 500 machines, and 100 trainers are among the many products in our
inventory. Each item has information on its stock levels, quality ratings, costs, pricing, and designated
storage space. It is indicated that a vlog should be made, maybe to highlight certain areas of inventory
control or warehouse operations.
C) Concluding Paragraph:
The Virtonomics business simulation game was a real eye-opener for me Everyone knows that
business is a tough game and the Virtonomics business simulation game explained it to me
through 7 sessions of very close to real-life business decision-making processes. The most
valuable lesson, I got during my internship, was the role of adaptability in the sphere of business.
I understood that internal conditions are not the only drivers that enforce or impede an
organization’s performance; market conditions and competition can rapidly change. This was
brought home to me when one day, I got rid of my company, only to later open it. Despite being
an unrewarding experience, it was beneficial because it enlightened me on lessons that I should
never forget on the aspects of financial management, avoiding risks, and the need to plan for
something worse to happen. As noted by the simulation, all business functions are equally
connected and very much rely on one another. For instance, the decision to increase production
capability affected almost all corporations’ divisions such as HR, marketing, and financial. This
underlined that business management cannot be viewed in these isolated sections and that
consequences of decision-making touch on both the short and long terms. From this, I also got to
know the importance of market research and planning. The situations I encountered with
advertising and the use of pricing strategies helped to emphasize theoretical items about target
markets and consumers. The modest results which I managed to score with such initiatives
underlined the need to pay continuous attention and adapt to the market context.
Virtonomics allowed me to develop a clear perspective on the steps, setbacks and all the
intermediate actions in the competitive business environment. It restated the notion that the real
essence of business entails awareness, pliability, and a systemized approach.
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Rubric:
Introduction and conclusion (15 marks)
Record the progression of days and evaluate the quality of the log content, demonstrating
the capacity to adeptly navigate the game and generate real-life scenarios. Highlight the
ability to enhance skills and advance to higher levels as the log progresses over time (35
marks-each log day is 5 marks)
Overall format of the report (10 marks)
