Case competitions involve teams competing to solve a business or finance-related case study in a short period of time. They are open to different educational levels and can have different formats, with teams presenting solutions to a panel of judges. They originated in the US and have spread globally, with Asia hosting numerous competitions.
A case competition is an activity where teams compete against each other to solve a case study largely related to business and finance. These competitions are usually designed to last for shorter periods of one to three days. This gives participants more challenge and motivation to find the ideal solution in a short amount of time. In some competitions, participants must study the case and solve the problem in one day.
Most likely, case competitions began in the United States, open to national universities in the country. After a few decades, the event spread around the world. Asia also hosts numerous case competitions, specifically in countries such as China, Japan and Singapore.
A case competition can be open to different educational levels and have different formats. More competitions are offered to undergraduate students and sometimes extended to graduate students pursuing an MBA. In some competitions, undergraduate and graduate students compete against each other. Companies can also have a case competition against each other, with professionals as participants. The most challenging competitions are those where professionals and students compete against each other, bringing the playing field to an even level.
Rules within a case competition can vary, but most, if not all, generally have the same system. Teams of four to five participants, along with a coach or mentor, are sent as representatives from a university or corporation. After preparations and briefings, the host gives each team the same case study to review within a time frame. After the specified time, teams are given more time to determine the main concerns of the case study and create a solution to the problems.
In the case competition planning stage, teams can each have a workroom to maximize their brainstorming. In a more stringent environment, the host may prohibit the use of cell phones, Internet access, or other tools to prevent staff from getting outside help. However, other machines such as computers and printers can be provided.
After presenting solutions and plans, teams are also tasked with making a final presentation to a panel of judges. These judges, if translated to a business environment, can be seen as the board of directors that will have the final say on the matter. Presentations can be visual, auditory, or both. When all the performances are over, the judges have time to decide on the winning team. Awards and prizes can be given in financial or non-financial forms.
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