You will follow a decision-making cycle that will repeat itself for each simulated year, for instance 8 years in total. This cycle is called a decision round or a round. A simulated year is also called a period.
1. At the beginning of each round, the instructor will provide you with your results for the previous year (sales, R&D, production,) together with additional information on the market and your competitors. In the first year, you and your team should begin analyzing this information and then start formulating a strategy for your company and agree on objectives. In the subsequent years, you should appraise your results, check if you have met your objectives and possibly review your initial strategy and decide on what changes should or should not be made.
2. The previous step will lead to a series of decisions, which will be input into the decision forms provided. Decisions can be modified and refined throughout the decision round, until the time is over.
3. At the end of the round, the instructor collects and audits the decisions of all teams. If everything looks fine, the instructor runs the Markstrat mathematical model to simulate the round and produce new results. At this stage, you are ready to start a new round.