On 12th November 2013 the teams of the world's largest strategic management competition based on business simulation Global Management Challenge took over the first guidelines for decision. The winning team of each Group in the First Round proceeds to the Second Round. The winning teams in the Second Round will compete in the National Final.
Eight finalists will then compete not only for the International Final, but also for a number of highly valuable prizes. The first prize is free MBA studies for all team members. The prize is traditionally provided by our University as organizer of the national edition of this student competition.
The competition was formally launched on Monday, 11th November with gala opening in Boccaccio Grand Hotel Bohemia in Prague which brought together nearly 100 participants. They had a unique opportunity to meet with partners and representatives of patrons of the competition and exchange experience with each other.
In the Czech Republic, a total of 141 teams are taking part in the competition. 40 teams from the first round will proceed to the second round where they will compete for the National Final which will be held on 18th March 2014 at VSFS. The name of the winner will be announced at a gala evening on 25 March 2014 in the beautiful historic Brožík Hall of the Old Town Hall. The International Final this year is organized by Russia and will be held in mid-April 2014 in the Olympic Sochi. Over 30 countries are taking part in this year´s competition.
The Czech edition of the competition is held under the auspices of Prague City Council and the Ministry of Education, Youth and Sports. During the opening ceremony we asked a representative of the Ministry, Ing. Michael Zaorálek, Deputy Minister for operational programs, why they support this particular competition. He said: “GMC is an innovative and modern way for students to verify their theoretical knowledge and their instinct in terms of decision-making. For future managers who are studying a relevant subject at VSFS, as well as other universities in the Czech Republic, it is an opportunity to get unique training that gives them something more than just theoretical training."
This year the general partner is again J & T Banka, a.s., which not only provides much needed financial backing, but also a very active approach to students participating in the competition. For teams who will qualify to the second round, the company has a rich incentive program. This year the main partners of the competition are extremely attractive major companies such as Škoda Auto, a.s., Kooperativa, a.s., Vienna Insurance Group and Deloitte Advisory s.r.o.
The University of Finance and Administration (VSFS) is the organizer of already the third year of the competition in the Czech Republic and the Slovak Republic, where there is a separate National Final. Next year VSFS will even host the International Final, the best teams from the countries participating in the competition will visit Prague.
The competition Global Management Challenge tests theoretical and practical managerial skills of students while teaching them to bear the consequences of their decisions. It depends on them only whether the virtual company, which they control, will succeed in selected markets. One of the main advantages of the competition is the cooperation of students with prestigious companies. They are not only involved in the project as partners but also as patrons supporting their teams. Although the firms provide the students with professional help and help them to understand the principles of corporate governance, the very decisions are entirely up to the students.
