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The use of ICT in this learning design implementation aimed
to replace a three-week component in an Introductory Finance
class. The students learn about wealth maximisation, as well
as general financial theory and financial formulae.
In a face-to-face setting, the theory is discussed, but the
students are not able to transfer their knowledge to a real
world situation. The use of an interactive multimedia program
on CD-ROM provided an instructional landscape in the form
of a microworld which incorporates eight learner effects identified
in the literature as being the most likely to enhance motivation
and engagement. The microworld situated students in a physical
setting allowing them to acquire knowledge in context, whilst
having control over the pace, direction and timing of their
learning.
The learning environment is centred around a virtual “Investment
House” containing a library, an office, a broker, the
stock exchange, a learning institute and a viewing room. Each
of these areas contains the same information, in different
formats, so that students can learn in a manner sympathetic
to their learning styles. They are given a sum of money upon
registering with the environment, which they can spend on
education (at the Institute) or use to buy stocks (6 stocks
were available), or both. Students are presented with ethical
dilemmas via the telephone, and are able to use video clips
and newspaper reports to watch the effect of world events
on the prices of their stocks. The overall learning objective
is to provide students with the ability to value shares and
accurately forecast prices.
The program encompasses not only an environment that is realistic
and authentic, but also all the theory, in a variety of forms,
required to make good investment decisions. This allows the
students to confidently invest based on their understanding
of the theory while they watch the effect of variable market
forces on the share prices. It is the ability to interpret
world events in order to make 'buy and sell' decisions that
maximise the value of an individual’s share portfolio.
The program was planned to provide the ability to build on
the students’ intellectual skills by allowing them to
apply basic rules, generate their own rules based on experience,
and identify concrete concepts not specifically outlined in
the theory. The program also needed to develop cognitive strategies
to help students to remember the tutorial information presented
in The Institute. Cognitive strategies can be developed through
the problem-solving approach taken in the program.
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