In simple terms, a case competition is an academic competition in which students come together to solve a case that is presented. Students utilize their teamwork, critical thinking, analyzing, and organizational skills to deduce a recommendation that they support in a presentation in front of judges or company sponsors.
Although every case competition varies in time to work the problem and time to present to the judges, here are some "basics" that will help students starting out:
Case competitions provide students with an excellent opportunity to enhance their public speaking skills and overall communication. Presenting to judges can seem very intimidating. However, learning to communicate a solution clearly while maintaining a calm and collected presence is a skill that can be applied to many aspects of life, especially in business.
When receiving a case, students first identify what the issue/goal may be. The rest of the time is spent finding details and developing an effective strategy to execute their solution. By doing so, students can practice their skills not only in problem-solving but in situation analysis as well.
Case competitions prepare students by giving them real-life scenarios in which proper time management becomes a crucial factor in the overall success of the team. Some case competitions will take place over the course of a few days, maybe even a week. Others, such as the “STAMINA4” cases will last a duration of four hours with the final presentation following shortly after. With time being limited, participants are forced to work under pressure and learn to prioritize.
Developing a coherent strategy plays a major role in determining the success of a team’s solution. During the process, students will strengthen their ability to think strategically and analyze the information given
Case Competitions are much like simulations of real-life scenarios, so students will learn the etiquette of business very quickly when participating in these competitions, as their professionalism also plays a major part in their success.
Network Building and Internships
By participating in case competitions, students are able to illustrate what their résumés may say. Students are demonstrating not only their solution but their own abilities and talents to judges. This gives the judges a brief glance to what each student would be like in the workforce. With that being said, numerous students have received internships by building strong connections with judges and making themselves memorable.
Working as a team is crucial to project success in any area, not just in the world of business. Therefore, learning how to work well with others and conquer challenges together is very beneficial for students across campus.
Students not only learn the value of teamwork, but they are also provided with the opportunity of learning how to effectively lead their team. As leadership is a popular skill in demand, students can practice their skills by competing in competitions.
Every case competition will provide the students from third place to first place with award money. These rewards can range anywhere from $1,000-$3,000, sometimes higher.
Friendships and Mentors
The best reward behind any competition is the development of friendships and possible mentors. Krannert faculty and company sponsors recognize and remember many of the students who are actively engaging in the case community. Within the case community, many teams form close relationships that they maintain throughout college and beyond.