Students will learn about finances by playing a board game
June 30, 2021
The Faculty of Economics and Management (FEM) at Ventspils University of Applied Sciences (VUAS) has purchased a board game, "Business Finances." Students learn about accounting fundamentals, budgeting, financial analysis, financial investments, and human resource management while playing the game. It takes between 16 and 24 hours to complete all of the game cycles. VUAS will use the game in several FEM study courses and after study events during the upcoming academic year.
The game's goal is for students to gain a practical understanding of business financial management; learn how to use management accounting documents in strategic and tactical decision making. The game also aims to teach how to use and manage accounting and resources and avoid mistakes caused by managers' lack of financial competence. Therefore, a trained instructor must guide the game to complete all of the game cycles. Twelve FIT professors and VUAS administration employees have completed the instructor courses.
The board game was purchased with the help of project No. 8.2.3.0/18/A/014 "Ventspils University of Applied Sciences study program quality development, utilization of resources for improving efficiency, and availability of better management." This project, No. 8.2.3.0/18/A/014 is being carried out with the assistance of the European Union Social Fund. The project's total cost is EUR 229 800.00, of which the planned amount of the European Union Social Fund is 85% of the total cost – EUR 195 330.00 – and the amount of state funding is 15% of the total cost EUR 34 470.00.
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