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Computer-based simulations and games are powerful tools to support learning environments (Swanson and Holton, 1999) and Gartner research suggests that simulations may be e-learning s killer application (Lundy et al., 2002). The multi-billion dollar business and management training industry and management education are beginning to turn more attention to using simulations and games but there are doubts about even the most fundamental claims of the efficacy of simulations (Feinstein and Cannon, 2002). This study tests a model in comparing a training programme using three different experiential activities, a simulation, a business game and case studies using Kirkpatrick s (1959/60) familiar and ubiquitous (Russ-Eft and Preskill, 2001) four levels as a guiding model for evaluation. In particular, the study focuses attention on the development of managerial competencies and the differences in demonstrated competency before and after (May, 1993) a strategic management training programme (Baker et al., 1997).