Shanghai University of Electric Power held the first "Belt and Road" college business decision-making simulated contest for energy and electric power
On July 13th in 2019, the first "Belt and Road" college business decision-making simulated competition for energy and electric power which is hosted by Shanghai University of Electric Power, undertook by the International Exchange and Cooperation Center as well as the College of Economic and Management and co-sponsored by Finnish CESIM OY company, was held in conference room 1, 9th floor, administrative center, Changyang Road, a campus of Shanghai University of Electric Power. It aims to encourage students from the countries along the "Belt and Road" to carry out extensive, high-level, and deep learning, communication, and cooperation. Also, it is designed for jointly creating the learning environment and cooperation framework which are open, tolerant, balanced, and inclusive, to further enhance the business application and innovation capabilities of students in the energy and electric power industry, as well as enjoy learning, sharing and communicating. Xu Kai(Deputy Party Secretary and vice-chancellor of Shanghai University of Electric Power), Veijo(CEO at Finnish CESIM), Jia Xuedong(board chairman of Shandong Lineng Electric Technology Co., Ltd.), Zeng Fenyu(director of International Exchange and Cooperation Section), Wu Wen(general manager of CESIM China), Zhang Yi(Deputy Party Secretary of the College of Economic and Management and host of this competition), and contestants attended the opening ceremony together.
Xu Kai introduced the development of the university in his speech. Besides, he hoped the contestants would cherish the opportunity and achieve "five competitions", namely competition of score, competition of fairness, competition of mien, competition of mentality, and competition of gains. Jia Xuedong briefly introduced the importance of business decision-making in the development of energy and electric power, and he hoped that team members could learn from the competition. Veijo took practice Q&A and explained the rules for the finals.
After preliminary and quarterfinal matches, 9 teams from 10 countries which are the Philippines, Thailand, Sri Lanka, Indonesia, Vietnam, Zimbabwe, Morocco, Congo, Laos and China, took part in the final match. Teams introduced themselves in English first, then they played four-round games with the CESIM business decision-making simulation system based on energy and electric power scenarios. Each round stands for a fiscal year. The business should make decisions according to the different given market prospects every year and then the results of the operation will be obtained. After that, the decision conditions of the next year will be based on the result of the previous round. Repeatedly, the result of the last round is the final result. The ultimate goal of decision-making is profit maximum or shareholder value maximum so that comprehensive scores such as the cumulative return of shareholders are evaluation criteria, which aims to enhance the participants' understanding of the power market and energy futures.
During the business presentation, all teams reported and did Q&A focusing on four aspects. First, initial strategy. Second, the key points in the four-round simulation competitions. Third, improvements to the initial strategy through simulation contests. Fourth, what are you going to do if you have a chance to switch to a rival company?
After four rounds of decision-making simulation and commercial demonstration as well as reviews of experts, the Shanghai University of Electric Power team finally was awarded the grand prize. Moratuwa University team from Sri Lanka, the overseas student team of Shanghai University of Electric Power, and the Philippine Batangas State University team won the first prize. Teams from Sri Lanka Institute of Information Technology, Thai Nakhon Phanom University, Thai Suranaree University of Technology, Indonesian Singaperbangsa University of Karawang, and Vietnam Electric Power University obtained the second prize.
Commercial simulation is a popular educational mode of business and management, as well as the most effective tool to help managers master skills of administration and decision-making. In the current economic area, simulation is used in the enterprise operation and management field and financial marketing to summarize experience and adjust strategy. The same goes for the energy and electric power industry. Business simulation in this industry plays an irreplaceable and positive role in cultivating the future managers and leaders.
