Young economists suggest feasible solutions to industrial issues

Seemran Rashid | Published: April 24, 2019 21:26:31 | Updated: April 27, 2019 12:56:38

Team Champions from North South University, winning team of consultancy-based contest Econsilium, receiving the prize from Farzana Chowdhury, managing director and CEO of Green Delta Insurance Company Limited

Young Economists' Forum (YEF) of North South University commenced its journey in 1998 to infuse all the outstanding ideas in the minds of young economists and build a platform to explore their potential. This organisation has brought a good number of ideas to life and it kept this sanctuary growing.

Due to the escalating demand of consultants in the country, Young Economists' Forum introduced  inter-university consultancy-based competition, "Econsilium" in Bangladesh, where students were given an opportunity to demonstrate their proficiency in the field of consultancy, thus allowing them to gain matter-of-fact experiences.

Econsilium has launched itself as the only event that puts students in the shoes of the consultants and gives them the colossal and complicated task of analysing and constructing strategies, providing the best feasible solutions, engaging in heated debates, and at last solving crucial industrial issues via innovative strategic decisions. Econsilium 1.0 was the first installment of this thrilling event.

Prior to the inauguration of the event, Young Economists' Forum sent out teams of its members to  universities to conduct roadshows and seminars to persuade participation in the event. These seminars were held at Bangladesh University of Professionals (BUP), Eastern University, Jahangirnagar University,  United International University (UIU), Dhaka University etc. Potential participants were informed of the prizes awaiting the finalists and winners of the competition during the workshop that took place on April 08. Approximately 432 teams from across the country registered for Econsilium 1.0.

The case for round one was given on the same day of the workshop. The task involved analysing and offering, identifying and providing the most suitable tactics of three different industries. Of all the teams that registered, 36 abstracts were chosen for second round--the Consultalk round-- held on April 12. Participants were given an impromptu case about the tobacco industry to solve within a few hours. Teams then had to present their resolution of a given case in detail to a panel of judges, where they acted as the consultants and the judges performed as their clients. After a strenuous competition, six  teams emerged as the finalists of Econsilium 1.0--Team Champions, Team Shurid, FLB, Shazam, Blank Balance and Team Uproar.

 The grand finale was held on April 16 in North South University. Finalists were presented with a unique case: teams had to elaborate the previous case about the tobacco industry and had to propose marketing strategy, sustainability concerns, feasible plan of action to solve each obstacle, financial breakdown and contingency plan. All finalists delivered  presentations with high content. The question-and-answer sessions were interactive.  This was followed by speech from the chief guest, Farzana Chowdhury, managing director and CEO, Green Delta Insurance Company Limited.

Renowned industry leaders supported the event with their insights. Ishtiaque Bin Masud--modern trade manager at British American Tobacco Bangladesh (BATB), Rezaul Kabir--chief information officer at Inter Cloud Limited, Shahmeem Raihanuddin--chief executive and consultant at Eshna Consulting Limited and Eshna Management Service, Belal Chowdhury--director of FM Consulting International, and Omar Nasif Abdullah--assistant proctor and lecturer at North South University acted as the judges of the competition.

Team Champions of North South University were crowned champions with Team Uproar of Institute of Business Administration, University of Dhaka and FLB of University of Dhaka became first and second runner-up respectively.

The writer is a student of North South University. She can be reached at rashid.seemran316@gmail.com

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