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It has become evident that university teachers must use authentic materials in teaching English for Specific Purposes (ESP) so that the students can use the language they will later apply on their workplace. The use of simulations is an effective tool for this type of learning situations since the simulations can be designed in each particular professional field with necessary vocabulary and structures. Besides, simulations and gaming methodology increase the learners’ motivation, critical thinking, feedback on participation and decision-making, the learning of collaborative and communication skills. Business simulations or business games / management games have a long history in teaching of business and management. In this paper, an empirical study is carried out to explore the effectiveness of simulation and gaming methodology in learning English for Specific Purposes including experimental and control groups of Bachelor and Masters’ students of Economics. In the study, based on the results of conducted questionnaires and semi-structured interviews we have also discovered the differences between various types of simulations, i.e. Computer-assisted simulations (CAS) and Computer-controlled simulations (CCS). The findings show that business games/ simulations give more practice in business vocabulary as well improve negotiation skills, business writing skills, etc. The immediate feedback offered in a natural context leads to appropriate and effective communication. In conclusion, general guidelines for adapting business games for language teaching /learning are given.