Peak Time is for students of economics and related disciplines meant to test and strengthen their theoretical knowledge. As Diana Pauna, director of studies at the Stockholm School of Economics in Riga, said, "Peak Time perfectly supplements the theoretical knowledge we give."
In comparison to last year the number of participants has almost tripled. Out of the 52 teams that applied to take part in the competition the 22 best were selected. These then had to prove their skills and knowledge in various activities.
With the support of the Finnish consultancy company Cesim, the teams were given the chance to participate in a simulation game. The game was a computer-based real life simulation for the pharmaceuticals market. To maximize the value of their virtual company the teams had to make strategic decisions in various spheres - finance, advertising, the production process, and so on.
There were also two professional teams participating, trying to build an edge over the student teams.
After four rounds the six most successful teams were chosen. The next day consisted of two case-solving sessions. The cases were provided by Hansabank and Sampo Latvia. While finalists prepared their answers, the guests could listen to lectures on topics related to the cases.
The jury consisted of three groups - academics, professionals and students - from Latvia, Lithuania and Estonia. The prize of $1,000 was won by a Latvian team.
Peak Time is the only competition of its kind organized in the Baltic states. This year the competition was sponsored by Nokia, Hansabank, Procter & Gamble and other smaller sponsors.