FAQ
What is a practice firm?
A practice firm is a simulated business that is set up and run by students as part of their study program with support from an educator (trainer/lecturer/facilitator). Practice firms conduct business with other practice firms in a simulated market economy on a local, national or international basis. “A practice firm is a measure of training and employability which simulates virtually every business of a real company.[1]”
[1] cf. URL http://www.charbonexinter.qc.ca/en/who-are-we/what-is-a-practice-firm/
[status: November 19, 2013]
What is the practice firm market and what are the “traded” products?
The products and services traded in this simulated global world are virtual (they never arrive!); similarly the money and the financial and regulatory institutions are fictitious. However, the business decisions, documentation and activity match up to the expectations and best practices of a real world business. “In short, everything is in line with reality, except production and delivery of goods, as money used for transactions, which remain fictitious.[2]”
Participation in a practice firm gives students unique insights into how a real business operates. They develop skills in decision making, problem solving, working effectively in a team, prioritizing, accountability and daily work routines.
[2] cf. URL http://www.charbonexinter.qc.ca/en/who-are-we/what-is-a-practice-firm/
[status: November 19, 2013]
How does the practice firm ensure the continous improvement of processes and products?
The practice firm eXpand uses the PDCA-cycle (plan-do-check-act) cycle to control and ensure the continous improvement of processes and products. With that method every member of eXpand is able to improve his or her working steps and a continous workflow is guaranteed.
Why does the process "Learning Point" in our practice firm exist?
On the one hand we should get to know the practice firm with all the business activities and on the other hand we should understand the practice firm as a place of learning. Therefore it is the main goal of learning point to ensure the maximum output of the Learning Processes. Furthermore learning point has to emphasise on competence-oriented method practice firm. This means that Learning Point supports all eXpand members in doing reflection-based learning. Learning Point offers possibilities to practice reflection and to think about learning and developing within eXpand. The aim is to get a feeling of the benefit of reflection.
What is the difference between departments and processes?
Our practice firm has two processes (Consulting and Learning Point) and three departments Accounting, Monitoring & Support and Marketing). In general the two processes are responsible to create value in our practice firm. Consulting is adding value for business and Learning Point for learning within and at the model. The departments Accounting, Monitoring & Support and Marketing are responsible to support the two processes with several information and activities which have to be full filled in a practice firm.
Where do the members of the practice firm work?
Our office is in the RESOWI-Building at Part FE and is shared with the workers of KFUNIline. You can find us there during our office hours on Tuesday between 12:00 and 15:00. However, you may find people working in our office during the whole week. During COVID-times most of us have to work from our home offices.