Imagine you are assigned to a team that will start and run a new venture for your company. You and your team are entrusted with funding to obtain a facility, manufacture products, hire employees, and market and sell your products. You and your team must decide everything from product pricing, to taking loans for improvements and paying expenses as you work toward the goal of building equity and net worth.
You make mistakes along your journey and in doing so learn firsthand why “cash is king” and how your venture can be profitable while tottering on the brink of bankruptcy. And while you and your team benefit from these valuable business experiences, you are never in danger of financial ruin or suffering the many other life-changing pitfalls of running a business.
Welcome to the world of simulation business training.
I had the pleasure of speaking at ProductCamp RTP 2018 on the topic of reducing business risk through simulation — how business managers can achieve the same kind of benefits that pilots receive from the use of flight simulators. I have reduced my original ProductCamp RTP 2018 presentation to a 6-minute movie (below).
In simulated flight, pilots navigate a realistic virtual world while a trainer subjects them to rare events like engine failure. The pilot learns through repeated failure how to recover from these challenging training events without loss of property or life.
The current issue of Clinical Researcher includes an article that discusses how Project Managers influence parallel planning and collaboration between research sites and sponsors.
The article reveals the criticality of a well-run clinical trial, noting that trials that did not have a patient enrolled within the first two months were “significantly less likely to achieve” their their enrollment targets “despite the length of time the trial remained open“.
The authors make several common-sense observations on parallel planning and collaboration between managers who are co-managing a project, including: