(MENAFN- Arab Times) The Kuwait Maastricht Business School team won the top spot and bested five other teams in the national final event of the Global Management Challenge held on Tuesday in the Khaled Al-Kharafi Hall at the Kuwait Stock Exchange under the auspices of the Ambassador of Romania to Kuwait Vasile Sofineti.
The KMBS team composed of Wafa'a Salman, Sameh Antoun and Mohammed Adel Abouzeid will be representing Kuwait in the International final of the Global Management Challenge in Bucharest, Romania in April this year.
Landing on second place was the Al Hajery Group followed by the Envision Team. Other participating teams were from the Gulf Cryo, Kuwait Stock Exchange and Arab Financial Brokers. The Global Management Challenge is the largest Strategy and Management Competition in the world. It is the largest international event based on business simulations, in which more than 500,000 university students and company managers participate in this event throughout the world.
The concept of the competition emerged in 1980 in Portugal by the SDG - Simuladores e Modelos de Gestão - in partnership with the weekly newspaper Expresso. Expresso has not only given a great amount of national coverage on the competition, but has also contributed immensely to the globalization process.
The Global Management Challenge consists of a Management Simulation in which each team runs a Company, with the objective of getting the highest company share price on the simulated Stock exchange.
"We worked with several strategic decisions and thinking and we moved the company to raise the share price from a lower share price to a higher share price. The company was losing in the beginning and at the end, it has retained earnings and it has lots of cash and income," shared Salman, a freelance trainor who along with her team members found the simulation very challenging. She added that whatever they have studied in the business school, they were able to practice and implement it during the whole exercise.
"Since inception, the Global Management Challenge is constantly updated with the newest business challenges incorporating real life scenarios. To be able to fly an airplane, a pilot must spend several hours in a simulated environment because the highest performance is demanded of him and the same goes with a manager," stated Randa Haidar, the Managing Director of Adnar Group that spearheaded the event in Kuwait.
She outlined that to be able to manage a company, a high performance is demanded of managers, therefore, a simulated environment is the best practice to get them in there to be able to manage a company. "Simulating a real business environment is a blessing because bad decisions have zero effect on the company's resources in a simulated environment," she stated as she congratulated all the teams and welcomed distinguished guests to the awarding ceremony that included Ambassador Sofineti, Kuwait Stock Exchange Training Director Wafa'a Al-Jassem and SDG Technical & Sales Manager Joao de Assis Ferreira who flew in from Portugal.
"Some say that the axis which the world is turning around is money but I say that the axis that the world is turning around is management. Management never sleeps and is involved in everywhere - how you manage your time, your health, the education of your children, your house and so on. Management and managers are the ones running the world that is why it all depends on the quality of management," cited Ambassador Sofineti in his speech as he congratulated all the winners in the competition. He wished the Kuwait team all the best in the upcoming international final that will be hosted by Romania for the second time.
"I'm very pleased and honoured to witness the birth of a new generation of talents, of managers. I'm happy to witness again this event. For the human imagination, the sky is the limit. Imagination, good training and great courage represent the troika of success in life," he stated.
Meanwhile, Al Jassem also congratulated all the winners as she enjoined everyone to keep coming up with innovative business ideas to power the local business community as well as the international business arena. "The Global Management Challenge gives managers an opportunity to manage a company, without running real-world risks, and taking top management decisions, the competitors are given the opportunity to analyse Financial and Economic Indicators; broaden their views on Corporate Strategy; interact with the different Functional Areas of a Company; understand the Market Conditions in which they compete and Customer Satisfaction; and become aware of the impact of their Decisions on the Organization itself, within an environment designed to encourage and develop teamwork," explained Ferreira.
The Global Management Challenge is present in five continents and in countries namely Angola, Australia, Belarus, Belgium, Benin, Brazil, Cameroon, Czech Republic, Denmark, Estonia, France, Ghana, Germany, Greece, Hong Kong SAR (China), India, Italy, Ivory Coast, Kuwait, Latvia, Macao SAR (China), Mali, Mexico, Mozambique, Nigeria, People's Republic of China, Poland, Portugal, Puerto Rico, Romania, Russia, Senegal, Singapore, Scotland, Slovak Republic, Spain, Togo, Turkey, Ukraine, United States of America and Venezuela.
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