THE PRACTICE FIRM

A practice firm is a simulated business that mirrors the real world. Such firms function like real enterprises. They are set up and run by students as part of their syllabuses. The teacher`s role is limited to assist the trainees in their work.

Practice firms do business with other practice firms in a simulated market economy. The network of UEBW - the Bavarian network - interacts with national practice firms in Bavaria, Thuringia, and Saxony as well as their international counterparts, e.g., Austria, Croatia, or Italy.



The products and services traded in this simulated market are virtual. However, all the actions taken by the students have to cope with the practices of a real world business. There are different institutions controlling the business activities of the single firms: banks, the register of companies, a district court, and of course the competitors of the single firms.

Practical firms communicate with each other by letter, fax, email, and web based communication means like on-line shopping, or on-line banking. They use the same means of communication real world business would use.

The project “Practice Firms” is considered to combine the “theoretical” skills students learn in their different classes at school. The participants have to do real work in the fields of purchase, sales, accounting, personnel management, marketing, project planning, and finance. Orders, acknowledgements, complaints, or advertisements are written, invoices and salaries are paid, or market research is done. Furthermore, the students get used to working in a team and to independent interacting. A practice firm is not a closed system. The single “employees” get their feedback from their customers or competitors.

Participants in practice firms are given the opportunity to gain the skills needed for their future employment. Moreover, in working at different posts they experience their own abilities and interests.