MarketSim’s impact on data-driven decision-making: A cross-cultural study of business education in Latin American universities

Abstract

This study evaluated the effectiveness of MarketSim, an online business simulator, in developing data-driven decision-making skills among undergraduate business students across three Latin American universities. The research followed 215 students from Colombia, Venezuela, and Ecuador over two academic years, implementing a mixed-methods approach with experimental and control groups. Statistical analyses included McDonald’s Omega coefficients for instrument validation, Principal Component Analysis for construct assessment, and multiple procedures for hypothesis testing including Repeated Measures MANOVA, Hierarchical Linear Modeling, and Path Analysis. Results indicated stronger performance improvements in experimental groups using MarketSim compared to traditional teaching methods, with notable variations across institutional contexts. The study found sustained enhancement in data interpretation abilities, strategic planning skills, and knowledge retention among students using the simulation platform. Cross-university comparisons highlighted the importance of institutional support and technical infrastructure in successful implementation.